Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Note 6. Fair Value of Financial Instruments

The Company’s disclosures of the fair value of financial instruments is based on a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. Level 1 inputs are unadjusted quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for assets or liabilities, and reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability.

The estimated fair value of the Company’s assets and liabilities as of September 30, 2013 and December 31, 2012 were as follows (in thousands):

	Level 1		Level 2		Level 3		Total		Carrying Value
September 30, 2013
Assets:
Cash, cash equivalents, restricted cash	$	11,005					$	11,005	$	11,005
Receivables		5,013					$	5,013		5,013
Common stock investment						300	$	300		2,701
Total	$	16,018	$	-	$	300	$	16,318	$	18,719
Liabilities
Accounts payable and other accrued liabilities	$	3,397					$	3,397	$	3,397
Advances on line of credit	$	8,740					$	8,740	$	8,740
Debt obligations						31,870	$	31,870		32,293
Total	$	12,137	$	-	$	31,870	$	44,007	$	44,430
December 31, 2012
Assets:
Cash, cash equivalents, restricted cash	$	10,614					$	10,614	$	10,614
Receivables		4,107					$	4,107		4,107
Preferred stock investment						1,300	$	1,300		2,687
Total	$	14,721	$	-	$	1,300	$	16,021	$	17,408
Liabilities
Accounts payable and other accrued liabilities	$	1,979					$	1,979	$	1,979
Advances on line of credit	$	8,550					$	8,550	$	8,550
Debt obligations						34,577	$	34,577		34,684
Total	$	10,529	$	-	$	34,577	$	45,106	$	45,213