(5) Fair Value Measurements
The Company’s cash and cash equivalents are
stated at fair value. The carrying value of accounts receivable, other current assets, and accounts payable approximates fair market value because of the short maturity of these financial instruments.
The Company’s cash equivalents are generally
classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.
The tables below set forth the Company’s cash
and cash equivalents, as well as marketable securities as of March 31, 2022 and December 31, 2021, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.
|
|
March 31, 2022
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
12,195,390
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
12,195,390
|
|
|
|
December 31, 2021
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
12,381,521
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
12,381,521
|
|
There were cash proceeds of $458,237 from the sale of available-for-sale securities for the period ended March 31, 2021.
|