FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Financial assets and liabilities measured at fair value on a recurring basis

Financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, are summarized below:

	September 30, 2021
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money Market Funds	$	33,138,000	$	—	$	—	$	33,138,000
Subtotal		33,138,000		—		—		33,138,000
Short-term investments:
Corporate Notes/Bonds		—		2,861,000		—		2,861,000
Subtotal		—		2,861,000		—		2,861,000
Long-term investments:
Corporate Notes/Bonds		—		2,794,000		—		2,794,000
Convertible debt		—		—		250,000		250,000
Subtotal		—		2,794,000		250,000		3,044,000
Total	$	33,138,000	$	5,655,000	$	250,000	$	39,043,000

	December 31, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money Market Funds	$	9,424,000	$	—	$	—	$	9,424,000
Subtotal		9,424,000		—		—		9,424,000
Short-term investments:
Commercial Paper		—		700,000		—		700,000
Corporate Notes/Bonds		—		2,059,000		—		2,059,000
Subtotal		—		2,759,000		—		2,759,000
Long-term investments:
Corporate Notes/Bonds		—		5,605,000		—		5,605,000
Convertible debt		—		—		605,000		605,000
Subtotal		—		5,605,000		605,000		6,210,000
Current Liabilities:
Contingent Consideration		—		—		(550,000)		(550,000)
Subtotal		—		—		(550,000)		(550,000)
Total	$	9,424,000	$	8,364,000	$	55,000	$	17,843,000

The estimated fair value of contingent consideration as of December 31, 2020 was $550,000, as noted above. The estimated fair value is considered a level 3 measurement because the probability weighted discounted cash flow methodology used to estimate fair value includes the use of significant unobservable inputs, primarily the contractual contingent consideration revenue targets and assumed probabilities. The Company paid the full amount of the contingent consideration during the first quarter of 2021 and there was no liability at September 30, 2021.

We record transfers between levels of the fair value hierarchy, if necessary, at the end of the reporting period. There were no transfers between levels during the three months ended September 30, 2021.

Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, are summarized below:

	December 31, 2020
	Level 1		Level 2		Level 3			Total Fair Value
Cash equivalents:
Money Market funds	$	9,424,000	$	—	$	—		$	9,424,000
Subtotal		9,424,000		—		—			9,424,000
Short-term investments:
Commercial Paper		—		700,000		—			700,000
Corporate Notes/Bonds		—		2,059,000		—			2,059,000
Subtotal		—		2,759,000		—			2,759,000
Long-term investments:
Corporate Notes/Bonds		—		5,605,000		—			5,605,000
Convertible Debt		—		—		605,000			605,000
Subtotal		—		5,605,000		605,000			6,210,000
Current Liabilities:
Accrued Consideration		—		—		(550,000	)		(550,000	)
Subtotal		—		—		(550,000	)		(550,000	)
Total	$	9,424,000	$	8,364,000	$	55,000		$	17,843,000

	December 31, 2019
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money Market funds	$	8,761,000	$	—	$	—	$	8,761,000
Subtotal		8,761,000		—		—		8,761,000
Short-term investments:
Commercial Paper		—		8,694,000		—		8,694,000
Corporate Notes/Bonds		—		756,000		—		756,000
Subtotal		—		9,450,000		—		9,450,000
Long-term investments:
Convertible Debt		—		—		250,000		250,000
Subtotal		—		—		250,000		250,000
Total	$	8,761,000	$	9,450,000	$	250,000	$	18,461,000