Note 4 - Fair Value Measurements

6 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(4) Fair Value Measurements

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 other than quoted prices included in Level 1 (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:

	March 31, 2024
	Level 1		Level 2		Level 3		Total
	(In thousands)
Money market fund deposits	$	59,380	$	-	$	-	$	59,380
Mutual fund investments		11		-		-		11
Total	$	59,391	$	-	$	-	$	59,391
Amounts included in:
Cash and cash equivalents	$	59,380	$	-	$	-	$	59,380
Investments in marketable securities		11		-		-		11
Total	$	59,391	$	-	$	-	$	59,391

	September 30, 2023
	Level 1		Level 2		Level 3		Total
	(In thousands)
Money market fund deposits	$	59,382	$	-	$	-	$	59,382
Mutual fund investments		10		-		-		10
Total	$	59,392	$	-	$	-	$	59,392
Amounts included in:
Cash and cash equivalents	$	59,382	$	-	$	-	$	59,382
Investments in marketable securities		10		-		-		10
Total	$	59,392	$	-	$	-	$	59,392

There were no transfers between levels during the three months ended March 31, 2024, or the year ended September 30, 2023.

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 $38.5 million as of March 31, 2024, based on the last trading price of the notes on that date (Level 1).