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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

Note 3 – Fair Value of Financial Instruments

 

Financial Assets

 

The following table represents the estimated fair values of the Company’s financial instruments:

    June 30, 2024 (Unaudited)  
          Unrealized     Unrealized     Fair  
    Cost     Gains     Losses     Value  
Short-term investments   $ —     $  —     $ —     $ —  
Total   $ —     $  —     $ —     $ —  

 

 

   December 31, 2023 
       Unrealized   Unrealized   Fair 
   Cost   Gains   Losses   Value 
Short-term investments  $12,845,000   $48,000   $—   $12,893,000 
Total  $12,845,000   $48,000   $—   $12,893,000 

 

The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments):

 

   Fair Value   Level 1   Level 2   Level 3 
   June 30, 2024 (Unaudited) 
   Fair Value   Level 1   Level 2   Level 3 
                 
Cash equivalents:                    
Money market funds  $1,037,000   $1,037,000   $—   $— 
US treasuries   6,570,000    —    6,570,000    — 
Short-term investments:                    
US treasuries   —    —    —    — 
Total financial assets  $7,607,000   $1,037,000   $6,570,000   $— 

 

   Fair Value   Level 1   Level 2   Level 3 
   December 31, 2023 
   Fair Value   Level 1   Level 2   Level 3 
Cash equivalents:                    
Money market funds  $443,000   $443,000   $—   $— 
Short-term investments:                    
US treasuries and US gov’t. agencies   12,893,000    —    12,893,000    — 
Total financial assets  $13,336,000   $443,000   $12,893,000   $— 

 

Warrant Liability

 

For the details of warrant liability transactions see Note 5 – Warrant Liability.