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Fair Value Measurements
9 Months Ended
Sep. 30, 2023
Fair Value Measurements [Abstract]  
Fair Value Measurements

7. Fair Value Measurements

The carrying value of the Company’s bank debt is a reasonable estimate of fair value because of the nature of its payment terms and maturity. The Company’s contingent liability related to the acquisition of Safety Made is recorded at its fair value of $750,000 which is recorded in other current liabilities on the condensed consolidated balance sheet as of September 30, 2023. Changes in the fair value of the liability are recorded in earnings. There was an increase in the liability of $45,000 and $170,000, respectively, during the three and nine months ended September 30, 2023. During the nine months ended September 30, 2023, the Company paid $750,000 of the $1.5 million held in escrow related to the contingent liability.