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Note 3 - Fair Value Measurement
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
3.
Fair value measurement
 
As a basis for determining the fair value of certain of the Company’s financial instruments, the Company utilizes a
three
-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
 
Level
1—Observable
inputs such as quoted prices in active markets for identical assets or liabilities.
 
Level
2—Observable
inputs, other than Level
1
prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are
not
active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
 
Level
3—Unobservable
inputs that are supported by little or
no
market activity and that are significant to the fair value of the assets or liabilities.
 
This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The carrying amount of certain of the Company’s financial instruments, including cash, accounts receivable, prepaid expenses and other assets, accounts payable, and accrued liabilities approximate fair value due to their short term nature.
 
Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the entire fair value measurement requires management to make judgments and consider factors specific to the asset or liability.
 
The Company had a term loan outstanding under an agreement with MidCap Financial Trust, or MidCap, at
March 31, 2018.
The amount outstanding on the term loan was reported at its carrying value in the accompanying balance sheet at that date. The estimated fair value of the term loan
,
 based upon market rates at the time for similar borrowings, as measured using Level 
2
 inputs, approximated the carrying amount as presented on the consolidated balance sheets. In connection with the sale of the U.S. Laboratory Services Business to Quest on
November 6, 2018,
approximately
$32.3
million of the gross proceeds received pursuant to the Transaction, was paid directly to MidCap to repay the outstanding indebtedness under an agreement with MidCap Financial Trust, or the MidCap Agreement, which included prepayment and exit fees of approximately
$2.3
million (see Note
8.
Loans payable
).