Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Measurements

Fair Value Measurements

NOTE 7 – Fair Value Measurements

Our financial instruments are classified and disclosed in one of the following three categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability;

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The following table summarizes the valuation of our financial instrument pricing levels as of September 30, 2021 and December 31, 2020:

	Total		Level 1		Level 2		Level 3
September 30, 2021
Equity investments	$	1,406,000	$	1,406,000	$	—	$	—
December 31, 2020
Equity investments	$	1,322,000	$	1,322,000	$	—	$	—

Our equity investments consist of mutual funds. These investments are included in other assets in our consolidated balance sheets. Gains and losses on our equity investments for the three and nine-month periods ended September 30, 2021 and 2020, respectively, are as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net (losses) gains recognized during the period on equity investments	$	(6,000)	$	54,000	$	86,000	$	4,000
Less: net gains recognized during the period on equity investments sold during the period		5,000		14,000		5,000		37,000
Unrealized (losses) gains recognized during the period on equity investments still held at period end	$	(11,000)	$	40,000	$	81,000	$	(33,000)

The carrying amounts of other financial instruments reported in our consolidated balance sheets for current assets and current liabilities approximate their fair values because of the short maturity of these instruments.