Note 9 - Fair Value

9 Months Ended

Sep. 30, 2019

NOTE

FAIR VALUE

September 30, 2019

and

December 31, 2018

, our financial instruments included cash, cash equivalents, restricted cash, receivables, marketable equity securities, certain investments, accounts payable, and long-term debt. The carrying value of cash, cash equivalents, restricted cash, receivables, and accounts payable approximates fair value due to the short-term nature of the instruments. As our long-term debt was issued during the

third

quarter of

2019,

its carrying value is considered to approximate fair value. If our debt was measured at fair value within our Consolidated Balance Sheets, it would have been classified as level

in the fair value hierarchy.

Marketable equity securities and U.S. Treasury securities available for sale are reported at fair values. Fair values for equity investments in private companies are

not

readily available, but are estimated to approximate fair value. Substantially all of the fair value is determined using observed prices of publicly traded securities, level

in the fair value hierarchy.

	Total Carrying		Quoted Prices				Total Changes
	Amount in		in Active				in Fair Values
	Consolidated		Markets for				Included in
	Balance Sheet		Identical		Trading Gaines		Current Period
	September 30, 2019		Assets		and Losses		Earnings (Loss)

Marketable equity securities	$	52,866,683	$	52,866,683	$	415,572	$	2,925,116

Securities available for sale		75,095,227		75,095,227		14,902		(61,056	)

					$	430,474	$	2,864,060

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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