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Financial Instruments | 12 Months Ended
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Dec. 29, 2018
Financial Instruments [Abstract] |
Financial Instruments | Financial Instruments Fair Value Measurements Financial instruments are categorized as Level 1, Level 2 or Level 3 based upon the method by which their fair value is computed. An investment is categorized as Level 1 when its fair value is based on unadjusted quoted prices in active markets for identical assets that the Company has the ability to access at the measurement date. An investment is categorized as Level 2 if its fair market value is based on quoted market prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, based on observable inputs such as interest rates, yield curves, or derived from or corroborated by observable market data by correlation or other means. An investment is categorized as Level 3 if its fair value is based on assumptions developed by the Company about what a market participant would use in pricing the assets. The following table details the fair value measurements of the Company’s financial assets:
|  |  | Fair Value Measurement at December 29, 2018 Using:
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | $ | 14,326,347 |  |  | $ | 14,326,347 |  |  | $ | — |  |  | $ | — |
U.S. government and agency backed securities | 12,810,923 |  |  | — |  |  | 12,810,923 |  |  | — |
Corporate debt | 10,107,093 |  |  | — |  |  | 10,107,093 |  |  | — |
GCS Holdings | 288,026 |  |  | 288,026 |  |  | — |  |  | — |
Equity Investments | 5,565,499 |  |  | — |  |  | — |  |  | 5,565,499 |
| $ | 43,097,888 |  |  | $ | 14,614,373 |  |  | $ | 22,918,016 |  |  | $ | 5,565,499 |
|  |  | Fair Value Measurement at December 30, 2017 Using:
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | $ | 24,848,227 |  |  | $ | 24,848,227 |  |  | $ | — |  |  | $ | — |
U.S. government and agency backed securities | 34,725,811 |  |  | 6,927,323 |  |  | 27,798,488 |  |  | — |
Corporate debt | 8,980,906 |  |  | — |  |  | 8,980,906 |  |  | — |
Certificates of deposit | 200,740 |  |  | — |  |  | 200,740 |  |  | — |
GCS Holdings | 478,546 |  |  | 478,546 |  |  | — |  |  | — |
Warrant | 2,000,000 |  |  | — |  |  | — |  |  | 2,000,000 |
| $ | 71,234,230 |  |  | $ | 32,254,096 |  |  | $ | 36,980,134 |  |  | $ | 2,000,000 |
Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because of their short-term nature. If accrued liabilities were carried at fair value, these would be classified as Level 2 in the fair value hierarchy. Changes in Level 3 investments are as follows:
| December 30, 2017 |  | Net unrealized gains/(losses) |  | Purchases, issuances and settlements |  | Transfers in and or out of Level 3 |  | December 29, 2018
Equity Investments | $ | — |  |  | $ | (284,317 | ) |  | $ | 5,849,816 |  |  | $ | — |  |  | $ | 5,565,499 |
Warrant | 2,000,000 |  |  | (50,184 | ) |  | (1,949,816 | ) |  | — |  |  | — |
| $ | 2,000,000 |  |  | $ | (334,501 | ) |  | $ | 3,900,000 |  |  | $ | — |  |  | $ | 5,565,499 |
Equity Investments Equity investments rarely traded or not quoted will generally have less (or no) pricing observability and a higher degree of judgment utilized in measuring fair value. Initial measurement of equity investments occurs when an observable price for the equity investment is available. The Company adopted ASU No. 2016-01 and the related amendments on December 31, 2017 (the first day of the Company's fiscal year 2018). This standard amends various aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The Company adopted the measurement alternative for equity investments without readily determinable fair values (often referred to as cost method investments) on a prospective basis. As a result, these investments will be revalued upon occurrence of an observable price change for similar investments and for impairments. Warrant The Company had a warrant to acquire up to 15% of the next round of equity offered by a customer as part of the licensing of technology to the customer. The Company exercised the warrant in April 2018. Marketable Debt Securities The corporate debt consists of floating rate notes with a maturity that is over multiple years but has interest rates that are reset every three months based on the then-current three-month London Interbank Offering Rate ("three-month Libor"). The Company validates the fair market values of the financial instruments above by using discounted cash flow models, obtaining independent pricing of the securities or through the use of a model that incorporates the three-month Libor, the credit default swap rate of the issuer and the bid and ask price spread of the same or similar investments which are traded on several markets. Investments in available-for-sale marketable debt securities are as follows at December 29, 2018 and December 30, 2017:
| Amortized Cost |  | Unrealized Losses |  | Fair Value
| 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017
U.S. government and agency backed securities | $ | 13,064,418 |  |  | $ | 35,014,593 |  |  | $ | (253,495 | ) |  | $ | (288,782 | ) |  | $ | 12,810,923 |  |  | $ | 34,725,811 |
Corporate debt | 10,175,084 |  |  | 8,988,608 |  |  | (67,991 | ) |  | (7,702 | ) |  | 10,107,093 |  |  | 8,980,906 |
Certificates of deposits | — |  |  | 201,000 |  |  | — |  |  | (260 | ) |  | — |  |  | 200,740 |
Total | $ | 23,239,502 |  |  | $ | 44,204,201 |  |  | $ | (321,486 | ) |  | $ | (296,744 | ) |  | $ | 22,918,016 |  |  | $ | 43,907,457 |
The contractual maturity of the Company’s marketable debt securities is as follows at December 29, 2018:
| Less than One year |  | One to Five years |  | Total
U.S. government and agency backed securities | $ | 3,741,183 |  |  | $ | 9,069,740 |  |  | $ | 12,810,923 |
Corporate debt | 2,709,074 |  |  | 7,398,019 |  |  | 10,107,093 |
Total | $ | 6,450,257 |  |  | $ | 16,467,759 |  |  | $ | 22,918,016 |

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- Definition Financial Instruments [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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