XML 87 R14.htm IDEA: XBRL DOCUMENT v3.24.1
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2023
Fair Value of Financial Instruments  
Fair Value of Financial Instruments

8. Fair Value of Financial Instruments:

 

For certain of Solitario's financial instruments, including cash and cash equivalents, and short-term investments the carrying amounts approximate fair value due to their short maturities. Solitario's marketable equity securities, including its investment in shares of Kinross common stock, Vendetta common stock, and Vox common stock are carried at their estimated fair value based on publicly available quoted market prices.

 

Solitario applies ASC 820 that establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements within a hierarchy between Level 1: quoted market prices; Level 2 quoted market prices for similar assets and liabilities; and Level 3: unobservable inputs with little or no market data.

 

The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. During the years ended December 31, 2023 and 2022, there were no reclassifications in financial assets or liabilities between Level 1, 2 or 3 categories.

 

The following is a listing of Solitario’s financial assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of December 31, 2023:

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

  Short-term investments

 

$8,436

 

 

$-

 

 

$-

 

 

$8,436

 

  Marketable equity securities

 

$1,032

 

 

$-

 

 

$-

 

 

$1,032

 

 

The following is a listing of Solitario’s financial assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of December 31, 2022:

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

  Short-term investments

 

$3,951

 

 

$-

 

 

$-

 

 

$3,951

 

  Marketable equity securities

 

$949

 

 

$-

 

 

$-

 

 

$949

 

 

Items measured at fair value on a recurring basis:

 

Short-term investments: At December 31, 2023 and 2022, Solitario’s holdings of short-term investments consist of USTS recorded at their fair values of $698,000 and $3,951,000, respectively, based upon quoted market prices.

In addition, at December 31, 2023 Solitario has $7,738,000 in a money market account included in short-term investments.

Marketable equity securities: At December 31, 2023 and 2022, the fair value of Solitario’s holdings in shares of Vendetta, Kinross, and Vox marketable equity securities are based upon quoted market prices.

 

During the year ended December 31, 2023, Solitario did not change any of the valuation techniques used to measure its financial assets and liabilities at fair value.