Note 7 - Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Note

7

- Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on

three

levels of inputs, of which the

first

two

are considered observable and the last unobservable, as follows:

● Level 1 - Quoted prices in active markets for identical assets and liabilities.

● Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

● Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis are categorized in the table below as of

December 31, 2019

and

2018:

	Fair Value		Fair value measurement using
	December 31,
(in thousands)	2019		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	1,819	$	1,819	$	-	$	-
U.S. Treasury notes		18,230		18,230		-		-
Total Assets	$	20,049	$	20,049	$	-	$	-

	Fair Value		Fair value measurement using
	December 31,
(in thousands)	2018		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	103	$	103	$	-	$	-
U.S. Treasury notes		6,018		6,018
Available-for-sale marketable securities:
U.S. Treasury notes		13,959		13,959		-		-
Total Assets	$	20,080	$	20,080	$	-	$	-