Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

v3.22.2.2
Fair Value of Financial Instruments
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

Note 3 – Fair Value of Financial Instruments

 

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

 

    June 30, 2022 (Unaudited)  
          Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
Short-term investments   $ 18,397     $    

$

(30 )   $ 18,367  
Total   $ 18,397     $     $ (30 )   $ 18,367  

 

    December 31, 2021  
          Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
Short-term investments   $ 23,040     $     $ (29 )   $ 23,011  
Total   $ 23,040     $     $ (29 )   $ 23,011  

 

 

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

 

                                 
    June 30, 2022 (Unaudited)  
    Fair Value     Level 1     Level 2     Level 3  
Money market funds   $ 5,339     $ 5,339     $     $  
Corporate notes and commercial paper     18,367             18,367        
Total financial assets   $ 23,706     $ 5,339     $ 18,367     $  

 

                                 
    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     $  

 

As of June 30, 2022, the fair value of the derivative liability amounted to $115,000. The details of derivative liability transactions for the six months ended June 30, 2022 and 2021, are as follows:

 

                                 
    Three Months Ending     Six Months Ending  
    June 30, 2022     June 30, 2021     June 30, 2022     June 30, 2021  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Beginning Balance   $ 120,000     $ 362,000     $ 138,000     $ 383,000  
Fair value upon issuance of warrants                        
Change in fair value   $ (5,000 )   $ 480,000     $ (23,000 )   $ 459,000  
Extinguishment                        
Ending Balance   $ 115,000     $ 842,000     $ 115,000     $ 842,000