Note 13 - Financial Instruments

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

13. Financial Instruments

The following table summarizes the carrying value, estimated fair value and classification of our financial instruments as of:

	March 31, 2022
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	48,610	$	48,610	$	48,610	$	-	$	-
Restricted cash		18,036		18,036		18,036		-		-
Restricted investments		166,560		165,526		165,526		-		-
	$	233,206	$	232,172	$	232,172	$	-	$	-
Liabilities
Bonds payable	$	160,756	$	161,892	$	-	$	161,892	$	-
Warrants liability		21,924		21,924		10,267		11,657		-
	$	182,680	$	183,816	$	10,267	$	173,549	$	-

	December 31, 2021
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	6,805	$	6,805	$	6,805	$	-	$	-
Restricted cash		197,130		197,130		197,130		-		-
Restricted investments		-		-		-		-		-
	$	203,935	$	203,935	$	203,935	$	-	$	-
Liabilities
Bonds payable	$	160,679	$	173,093	$	-	$	173,093	$	-
Warrants liability		-		-		-		-		-
	$	160,679	$	173,093	$	-	$	173,093	$	-

The fair value of the Company’s restricted investments is estimated utilizing Level 1 inputs including prices for U.S. Treasury securities with comparable maturities on active markets. The fair value of the Company’s bonds is estimated utilizing Level 2 inputs including prices for the bonds on inactive markets. See Note 9 for discussion regarding the estimation of the fair value of the warrants. The carrying values of all other financial instruments on the consolidated balance sheets, approximate their fair values due to the short-term nature of these instruments.