Registration of securities issued in business combination transactions

FAIR VALUE MEASUREMENTS (Tables)

v3.21.4
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Fair Value Disclosures [Abstract]    
Financial assets and liabilities measured at fair value on a recurring basis

Financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, are summarized below:

                       
  September 30, 2021
                       
  Level 1   Level 2   Level 3   Total Fair Value
Cash equivalents:                      
Money Market Funds $ 33,138,000   $ —   $ —   $ 33,138,000
Subtotal   33,138,000     —     —     33,138,000
                       
Short-term investments:                      
Corporate Notes/Bonds   —     2,861,000     —     2,861,000
Subtotal   —     2,861,000     —     2,861,000
                       
Long-term investments:                      
Corporate Notes/Bonds   —     2,794,000     —     2,794,000
Convertible debt   —     —     250,000     250,000
Subtotal   —     2,794,000     250,000     3,044,000
                       
Total $ 33,138,000   $ 5,655,000   $ 250,000   $ 39,043,000

 

  December 31, 2020
                       
  Level 1   Level 2   Level 3   Total Fair Value
Cash equivalents:                      
Money Market Funds $ 9,424,000   $ —   $ —   $ 9,424,000
Subtotal   9,424,000     —     —     9,424,000
                       
Short-term investments:                      
Commercial Paper   —     700,000     —     700,000
Corporate Notes/Bonds   —     2,059,000     —     2,059,000
Subtotal   —     2,759,000     —     2,759,000
                       
Long-term investments:                      
Corporate Notes/Bonds   —     5,605,000     —     5,605,000
Convertible debt   —     —     605,000     605,000
Subtotal   —     5,605,000     605,000     6,210,000
                       
Current Liabilities:                      
Contingent Consideration   —     —     (550,000)     (550,000)
Subtotal   —     —     (550,000)     (550,000)
                       
Total $ 9,424,000   $ 8,364,000   $ 55,000   $ 17,843,000

The estimated fair value of contingent consideration as of December 31, 2020 was $550,000, as noted above. The estimated fair value is considered a level 3 measurement because the probability weighted discounted cash flow methodology used to estimate fair value includes the use of significant unobservable inputs, primarily the contractual contingent consideration revenue targets and assumed probabilities. The Company paid the full amount of the contingent consideration during the first quarter of 2021 and there was no liability at September 30, 2021.

We record transfers between levels of the fair value hierarchy, if necessary, at the end of the reporting period. There were no transfers between levels during the three months ended September 30, 2021.

Financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, are summarized below:

 

    December 31, 2020        
                         
    Level 1     Level 2     Level 3     Total Fair Value  
                                 
Cash equivalents:                                
Money Market funds   $ 9,424,000     $ —     $ —     $ 9,424,000  
Subtotal     9,424,000       —       —       9,424,000  
                                 
Short-term investments:                                
Commercial Paper     —       700,000       —       700,000  
Corporate Notes/Bonds     —       2,059,000       —       2,059,000  
Subtotal     —       2,759,000       —       2,759,000  
                                 
Long-term investments:                                
Corporate Notes/Bonds     —       5,605,000       —       5,605,000  
Convertible Debt     —       —       605,000       605,000  
Subtotal     —       5,605,000       605,000       6,210,000  
                                 
Current Liabilities:                                
Accrued Consideration     —       —       (550,000 )     (550,000 )
Subtotal     —       —       (550,000 )     (550,000 )
                                 
Total   $ 9,424,000     $ 8,364,000     $ 55,000     $ 17,843,000  

 

    December 31, 2019        
                         
    Level 1     Level 2     Level 3     Total Fair Value  
                                 
Cash equivalents:                                
Money Market funds   $ 8,761,000     $ —     $ —     $ 8,761,000  
Subtotal     8,761,000       —       —       8,761,000  
                                 
Short-term investments:                                
Commercial Paper     —       8,694,000       —       8,694,000  
Corporate Notes/Bonds     —       756,000       —       756,000  
Subtotal     —       9,450,000       —       9,450,000  
                                 
Long-term investments:                                
Convertible Debt     —       —       250,000       250,000  
Subtotal     —       —       250,000       250,000  
                                 
Total   $ 8,761,000     $ 9,450,000     $ 250,000     $ 18,461,000