Note 13 - Fair Value Measurement

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE 13. FAIR VALUE MEASUREMENT

The fair value of cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable, commodities payable and short-term debt approximated their carrying value due to shorter maturities. As of December 31, 2023, the fair values of our long-term debt and finance lease liabilities approximated their carrying values, based on current market rates for similar debt and leases with similar maturities (Level 3 measurements).

The following tables summarize the fair values by input hierarchy of items measured at fair value on a recurring basis on our consolidated balance sheets (in thousands):

	Level 1		Level 2		Level 3		Total
As of December 31, 2022:
Derivative warrant liability	$	-	$	-	$	69	$	69
Total liabilities at fair value	$	-	$	-	$	69	$	69

The following tables summarize the changes in level 3 items measured at fair value on a recurring basis (in thousands):

	Fair Value as of Beginning of Period		Total Realized and Unrealized Gains (Losses)			Issuance of New Instruments		Net Transfers (Into) Out of Level 3		Fair Value, at End of Period		Change in Unrealized Gains (Losses) on Instruments Still Held
2023:
Derivative warrant liability	$	69	$	(69	)	$	-	$	-	$	-	$	(69	)
Total Level 3 fair value	$	69	$	(69	)	$	-	$	-	$	-	$	(69	)
2022:
Derivative warrant liability	$	258	$	(189	)	$	-	$	-	$	69	$	(189	)
Total Level 3 fair value	$	258	$	(189	)	$	-	$	-	$	69	$	(189	)

The derivative warrant liability in the tables above relates to Series Warrant A, discussed further in Note 10. Series Warrant A, previously held by Cove Lane, was exchanged for 150,000 shares of Common Stock and is no longer carried in our consolidated balance sheets at December 31, 2023 as derivative warrant liability.