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Financial Instruments | 3 Months Ended
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Mar. 31, 2021
Investments All Other Investments [Abstract] |
Financial Instruments | NOTE 4. FINANCIAL INSTRUMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs that may be used to measure fair value. Level 1 and Level 2 are considered observable and Level 3 is considered unobservable, as follows:
| • | Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities;
| • | Level 2—inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or
| • | Level 3—unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Cash and Cash Equivalents The Company’s money market funds are categorized as Level 1 within the fair value hierarchy. As of March 31, 2021, the Company’s cash and cash equivalents balances were as follows:
|  |  |  |  |  | Gross |  |  |  |  |  |  | Cash and |
|  |  |  |  |  | Unrealized |  |  | Fair |  |  | Cash |
|  | Cost |  |  | Losses |  |  | Value |  |  | Equivalents |
Cash |  | $ | 57,435 |  |  | $ | — |  |  | $ | 57,435 |  |  | $ | 57,435 |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 70,024 |  |  |  | — |  |  |  | 70,024 |  |  |  | 70,024 |
Total |  | $ | 127,459 |  |  | $ | — |  |  | $ | 127,459 |  |  | $ | 127,459 |
As of December 31, 2020, the Company’s cash and cash equivalents balances were as follows:
|  |  |  |  |  | Gross |  |  |  |  |  |  | Cash and |
|  |  |  |  |  | Unrealized |  |  | Fair |  |  | Cash |
|  | Cost |  |  | Losses |  |  | Value |  |  | Equivalents |
Cash |  | $ | 44,795 |  |  | $ | — |  |  | $ | 44,795 |  |  | $ | 44,795 |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 70,022 |  |  |  | — |  |  |  | 70,022 |  |  |  | 70,022 |
Total |  | $ | 114,817 |  |  | $ | — |  |  | $ | 114,817 |  |  | $ | 114,817 |
Stock Warrants All of the Company’s outstanding stock warrants are categorized as Level 3 within the fair value hierarchy. Stock warrants have been recorded at their fair value using either a probability weighted expected return model, the Monte Carlo simulation model or the Black-Scholes option-pricing model. These models incorporate contractual terms, maturity, risk-free interest rates and volatility. The value of the Company’s stock warrants would increase if a higher risk-free interest rate was used, and would decrease if a lower risk-free interest rate was used. Similarly, a higher volatility assumption would increase the value of the stock warrants, and a lower volatility assumption would decrease the value of the stock warrants. The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s management with the assistance of a third-party valuation specialist.

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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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