Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

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Fair Value Measurements
 3 Months Ended
Mar. 31, 2024
Fair Value Measurements [Abstract]  
FAIR VALUE MEASUREMENTS
C. FAIR VALUE MEASUREMENTS:

 

Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2024 and December 31, 2023. The carrying amount of accounts payable approximated fair value as they are short term in nature. The fair value of stock options are estimated based on the Black-Scholes model during the three months ended March 31, 2024 and the year ended December 31, 2023.

 

Fair Value on a Recurring Basis

 

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period. The estimated fair value of the Company’s investments and money market accounts represent Level 1 measurements. The estimated fair value of the earn-out liabilities represent Level 3 measurements. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at periods ended March 31, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

Description   Level   March 31,
2024		     December 31,
2023		  
Assets:                
Investments   1   $ 10,710     $ 10,393  
                     
Liabilities:                    
Earn-out liabilities   3   $ 987     $ 987  

 

Investments

 

The Company’s investments consisted of the following as of March 31, 2024:

 

    Cost     Unrealized Gain
(Loss)		     Fair Value  
Money market fund   $ 1,200     $
 —
     $ 1,200  
Corporate bonds     3,567       (66 )     3,501  
Mutual funds     746       11       757  
US Treasury bills     5,277       (25 )     5,252  
    $ 10,790     $ (80 )   $ 10,710  

 

Earn-Out Liabilities

 

For the three months ended March 31, 2024 and 2023 the Company did not recognize any change in fair value of contingent earn-out liability as it was deemed immaterial in both periods.