v3.25.1
Note 2 - Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 2 – Fair Value Measurements

 

The Company follows the provisions of FASB ASC Topic 820, “Fair Value Measurement and Disclosures” (“ASC 820”), which defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) 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 Company applies the fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, which are the following:

 

 

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

 

 

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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.

 

 

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

 

 

 

The assigned level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Money market funds included in cash and cash equivalents in the accompanying consolidated balance sheet are considered a Level 1 measurement as they are valued at quoted market prices in active markets.

 

 

 

The following table sets forth the Company’s assets which are measured at fair value on a recurring basis by level within the fair value hierarchy:

 

Fair Value Measurements as of March 31, 2025

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 

Assets

                

Money market accounts

 $15,868  $—  $—  $15,868 

Total Assets

 $15,868  $—  $—  $15,868 

 

Fair Value Measurements as of December 31, 2024

 

  

Level 1

  

Level 2

  

Level 3

  

Total

 

Assets

                

Money market accounts

 $16,520  $—  $—  $16,520 

Total Assets

 $16,520  $—  $—  $16,520 

    

There were no Level 2 or 3 instruments measured at fair value as of  March 31, 2025 or December 31, 2024.