Financial Instruments

9 Months Ended

Sep. 30, 2021

Investments, All Other Investments [Abstract]

Financial Instruments

4. Financial Instruments

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

The following tables show the Company’s cash, cash equivalents, restricted cash, and marketable securities by significant investment category as of September 30, 2021, and December 31, 2020:

	2021
	Adjusted Cost		Unrealized Gain/(Loss)			Fair Value		Cash, Cash Equivalents, and Restricted Cash		Marketable Securities		Investments
Cash and cash equivalents	$	51,438,000	$	-		$	51,438,000	$	51,438,000	$	-	$	-
Restricted cash		350,000		-			350,000		350,000		-		-
Level 1
Money Market Funds		17,699,000		-			17,699,000		17,699,000		-		-
Marketable Securities		6,608,000		2,599,000			9,207,000		-		9,207,000		-
Level 2
Warrants		15,657,000		(9,121,000	)		6,536,000		-		-		6,536,000
Total	$	91,752,000	$	(6,522,000	)	$	85,230,000	$	69,487,000	$	9,207,000	$	6,536,000

	2020
	Adjusted Cost		Unrealized Gain/(Loss)		Fair Value		Cash and Cash Equivalents		Marketable Securities		Investment
Cash and cash equivalents	$	1,690,000	$	-	$	1,690,000	$	1,690,000	$	-	$	-
Level 1
Money Market Funds		3,493,000		-		3,493,000		3,493,000		-		-
Marketable Securities		5,641,000		3,495,000		9,136,000		-		9,136,000		-
Level 2
Warrants		700,000		356,000		1,056,000		-		-		1,056,000
Total	$	11,524,000	$	3,851,000	$	15,375,000	$	5,183,000	$	9,136,000	$	1,056,000

The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. Fair values were determined for each individual security in the investment portfolio.