CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

9 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

The Company considers all short-term investments in interest bearing accounts and all securities and other instruments with an original maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost which approximates market value.

During the third quarter of fiscal 2023, the Company invested in marketable securities. The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at estimated fair value, with unrealized gains and losses, net of tax, reported as a separate component of stockholders' equity.

At June 30, 2023, cost for marketable securities was determined using the specific identification method. A summary of the amortized costs and fair values of the Company’s marketable securities at the end of the period presented is shown in the following table. All of the Company’s marketable securities are classified as Level 2, as defined by

FASB ASC 820, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable.

The following table summarizes the Company’s marketable securities measured at fair value as of June 30, 2023:


	Amortized Cost		Fair Value		Gross unrealized gains		Gross unrealized losses

Fixed rate US Government Bonds	$	29,614	$	29,526	$	—	$	87
Fixed rate Canadian Government Bonds	$	11,251	$	11,170	$	—	$	82
Total	$	40,865	$	40,696	$	—	$	169

There were no maturities or sales of available-for-sale securities for the three month periods ended June 30, 2023 and July 1, 2022, respectively. No unrealized gains or losses were reclassified out of accumulated other comprehensive income during the same periods.

The contractual maturities of the marketable securities held at June 30, 2023 are as follows: $26,651 within one year and $14,045 beyond one year to five years