Note 16 - Fair Value Measurement

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Fair Value Disclosures [Text Block]

16.

Fair value measurement:

For financial assets and liabilities recorded in our financial statements at fair value we utilize a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into

three

broad levels. Level 

1

inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 

2

inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 

3

inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following table provides a summary of the fair values of the Company’s derivative instruments measured at fair value on a recurring basis as at 

March 31, 2020

 (Dollar amounts in thousands of U.S. dollars):

	March 31, 2020
	Fair Value Measurement Using						Assets (Liabilities)
	Level 1		Level 2		Level 3		at Fair value
Derivative instrument asset	$	-	$	542	$	-	$	542
Derivative instrument liability	$	-	$	(1,718)	$	-	$	(1,718)
Total assets (liability)	$	-	$	(1,176)	$	-	$	(1,176)

The following table provides a summary of the fair values of the Company’s derivative instruments measured at fair value on a recurring basis as at

December 31,

2019

 (Dollar amounts in thousands of U.S. dollars):

	December 31, 2019
	Fair Value Measurement Using						Assets (Liabilities)
	Level 1		Level 2		Level 3		at Fair value
Derivative instrument liability	$	-	$	731	$	-	$	731
Total liabilities	$	-	$	731	$	-	$	731