Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.22.1
Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Value of Financial Instrument

The estimated fair values of financial instruments outstanding were (in thousands):

 

    March 31, 2022 (Unaudited)  
          Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
Cash and cash equivalents   $ 7,286     $               $               $ 7,286  
Short-term investments     19,496             (42 )     19,454  
Total   $ 26,782     $     $ (42 )   $ 26,740  

 

    December 31, 2021  
          Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
Cash and cash equivalents   $ 8,968     $                $                  $ 8,968  
Short-term investments     23,040             (29 )     23,011  
Total   $ 32,008     $     $ (29 )   $ 31,979  
Schedule of Fair Value Hierarchy Financial Assets

The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) (in thousands):

 

    Fair Value     Level 1     Level 2     Level 3  
    March 31, 2022 (Unaudited)  
    Fair Value     Level 1     Level 2     Level 3  
Money market funds   $ 6,299     $ 6,299     $            $           
Corporate notes and commercial paper     19,454             19,454        
Total financial assets   $ 25,753     $ 6,299     $ 19,454     $  

 

    Fair Value     Level 1     Level 2     Level 3  
    December 31, 2021  
    Fair Value     Level 1     Level 2     Level 3  
Money market funds   $ 5,484     $ 5,484     $             $           
Corporate notes and commercial paper     23,011             23,011        
Total financial assets   $ 28,495     $ 5,484     $ 23,011     $  
Schedule of Derivative Liability Transactions

As of March 31, 2022, the fair value of the derivative liability amounted to $120,000. The details of derivative liability transactions for the three months ended March 31, 2022 and 2021, are as follows:

 

    March 31, 2022     March 31, 2021  
      (Unaudited)       (Unaudited)  
Beginning balance   $ 138,000     $ 383,000  
Fair value upon issuance of warrants     -       -  
Change in fair value     (18,000 )     (21,000 )
Extinguishment     -       -  
Ending balance   $ 120,000     $ 362,000