The Company applies Accounting Standards Codification 820 — Fair Value Measurement for all financial assets and liabilities, which establishes a framework for measuring fair value and expands disclosures about fair value measurements. The standard defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” It also establishes a fair value hierarchy consisting of the following three levels that prioritize the inputs to the valuation techniques used to measure fair value:

•

Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that an entity has the ability to access at the measurement date;

•

Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, and

model-derived

valuations in which all significant inputs and significant value drivers are observable in active markets); and

•

Level 3 – Significant unobservable inputs (including the entity’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are not available.

Based on the definitions, the following tables represent the Company’s assets categorized in the Level 1 to Level 3 hierarchies:


	December 31, 2022
	Level 1		Level 2		Level 3		Total

	(In thousands)
Money market fund deposits	$	54,613	$	—	$	—	$	54,613
Mutual fund investments		10		—		—		10

Total	$	54,623	$	—	$	—	$	54,623

Amounts included in:
Cash and cash equivalents	$	54,613	$	—	$	—	$	54,613
Investments in marketable securities		10		—		—		10

Total	$	54,623	$	—	$	—	$	54,623


	September 30, 2022
	Level 1		Level 2		Level 3		Total

	(In thousands)
Money market fund deposits	$	54,225	$	—	$	—	$	54,225
Mutual fund investments		9		—		—		9

Total	$	54,234	$	—	$	—	$	54,234

Amounts included in:
Cash and cash equivalents	$	54,225	$	—	$	—	$	54,225
Investments in marketable securities		9		—		—		9

Total	$	54,234	$	—	$	—	$	54,234

There were no transfers between levels during the three months ended December 31, 2022, or the year ended September 30, 2022.

The fair values of receivables, payables, and accrued liabilities approximate their book values given the short-term nature of those instruments.

The fair value of the 2026 Notes (see Note 7) was approximately $38.16 million as of December 31, 2022, based on the last trading price of the notes on that date (Level 1).