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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2022
Fair Value Measurements |
Fair Value Measurements |
11. | Fair Value Measurements
We have financial instruments as of March 31, 2022 and December 31, 2021 for which the fair value is summarized below (in thousands):
|  | March 31, 2022 |  |  | December 31, 2021 |
|  | Carrying Value |  |  | Estimated Fair Value |  |  | Carrying Value |  |  | Estimated Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables, net |  | $ | 2,702 |  |  | $ | 2,702 |  |  | $ | 2,177 |  |  | $ | 2,177 |
Equipment financing receivables |  |  | 1,364 |  |  |  | 1,364 |  |  |  | 1,274 |  |  |  | 1,274 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance lease obligations |  | $ | 275 |  |  | $ | 275 |  |  | $ | 303 |  |  | $ | 303 |
Notes payable |  |  | 1,854 |  |  |  | 1,854 |  |  |  | 1,873 |  |  |  | 1,873 |
We have no liabilities for which fair value is recognized in the balance sheet on a recurring basis as of March 31, 2022 and December 31, 2021. In January 2021, the Company recorded $746,000 of contingent consideration in connection with the Centric Telecom business acquisition, to be paid based on the completion of the earn-out period. Upon completion of the earn-out period in October 2021, the Company paid out $746,000 of contingent consideration and additional consideration of $126,000 based on revenue target achievements, which was recorded as general and administrative expenses for the year ended December 31, 2021. The progression of the Company’s Level 3 instruments fair valued on a recurring basis for the year ended December 31, 2021 and the three months ended March 31, 2022 are shown in the table below (in thousands):
|  | Asset and Business Acquisition Contingent Consideration |
Balance at January 1, 2021 |  | $ | - |
Cash payments |  |  | 746 |
Adjustment |  |  | (746 | )
Balance at December 31, 2021 |  | $ | - |
Additions |  |  | - |
Cash payments |  |  | - |
Balance at March 31, 2022 |  | $ | - |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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