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Note 2 - Fair Value Measurements | 12 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Fair Value Disclosures [Text Block] |
(2) | Fair Value Measurements
The Company applies Accounting Standards Codification 820 — Fair Value Measurement for all financial assets and liabilities, which establishes a framework for measuring fair value and expands disclosures about fair value measurements. The standard defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” It also establishes a fair value hierarchy consisting of the following three levels that prioritize the inputs to the valuation techniques used to measure fair value:
| ● | Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that an entity has the ability to access at the measurement date;
| ● | Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, and model‑derived valuations in which all significant inputs and significant value drivers are observable in active markets); and
| ● | Level 3 – Significant unobservable inputs (including the entity’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are not available.
Based on the definitions, the following table represents the Company’s assets categorized in the Level 1 to Level 3 hierarchies:
|  | September 30, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Money market fund deposits |  | $ | 59,382 |  |  | $ | - |  |  | $ | - |  |  | $ | 59,382 |
Mutual fund investments |  |  | 10 |  |  |  | - |  |  |  | - |  |  |  | 10 |
Total |  | $ | 59,392 |  |  | $ | - |  |  | $ | - |  |  | $ | 59,392 |
Amounts included in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 59,382 |  |  | $ | - |  |  | $ | - |  |  | $ | 59,382 |
Investments in marketable securities |  |  | 10 |  |  |  | - |  |  |  | - |  |  |  | 10 |
Total |  | $ | 59,392 |  |  | $ | - |  |  | $ | - |  |  | $ | 59,392 |
|  | September 30, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Money market fund deposits |  | $ | 54,225 |  |  | $ | - |  |  | $ | - |  |  | $ | 54,225 |
Mutual fund investments |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | 9 |
Total |  | $ | 54,234 |  |  | $ | - |  |  | $ | - |  |  | $ | 54,234 |
Amounts included in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 54,225 |  |  | $ | - |  |  | $ | - |  |  | $ | 54,225 |
Investments in marketable securities |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | 9 |
Total |  | $ | 54,234 |  |  | $ | - |  |  | $ | - |  |  | $ | 54,234 |
There were no transfers between levels during fiscal years 2023 or 2022. The fair values of receivables, payables, and accrued liabilities approximate their book values given the short-term nature of those instruments. The fair value of the 2026 Notes (see Note 9 in this Item 8, “Financial Statements and Supplementary Data”) was approximately $36.8 million as of September 30, 2023, based on the last trading price of the notes on that date (Level 1).

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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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