Annual report pursuant to Section 13 and 15(d)

Cash, Cash Equivalents and Marketable Securities

v3.20.1
Cash, Cash Equivalents and Marketable Securities
12 Months Ended
Dec. 31, 2019
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Marketable Securities

Note 4 – Cash, Cash Equivalents and Marketable Securities

 

The Company has classified its investments in marketable securities as available-for-sale and as a current asset. Our investments in marketable securities are carried at fair value, with unrealized gains and losses included as a separate component of stockholders’ equity. Unrealized gains and losses are classified as other comprehensive income (loss) and costs are determined on a specific identification basis. Realized gains and losses from our marketable securities are recorded in other income, net. For the year ended December 31, 2019, the Company reported an unrealized loss of $0.1 thousand. The Company had an accumulated unrealized loss of $0.1 thousand for the year ended December 31, 2019. The Company had no marketable securities for the year ended December 31, 2018.

 

The following tables summarizes the Company’s cash, cash equivalents and marketable securities for the year ended December 31, 2019 consisted of the following (in thousands):

 

    Amortized     Unrealized     Unrealized        
    Cost     Gain     (Loss)     Fair Value  
Cash and cash equivalents   $ 22,169     $ 1     $     $ 22,170  
                                 
U.S. Treasury Bonds   $ 4,003     $     $ (1 )   $ 4,002  
Corporate Debt Securities     1,604             (1 )     1,603  
Total marketable securities   $ 5,607     $     $ (2 )   $ 5,605  
                                 
Total cash, cash equivalents and marketable securities   $ 27,776     $ 1     $ (2 )   $ 27,775  

 

Maturities of debt securities classified as available-for-sale were as follows at December 31, 2019 (in thousands):

 

          Net Carrying  
    Fair Value     Amount  
Due within one year   $ 5,002     $ 5,019  
Due after one year through five years     603       607  
    $ 5,605     $ 5,626  

  

We have determined that the unrealized losses are deemed to be temporary as of December 31, 2019. We believe that the unrealized losses generally are the result of increases in the risk premiums required by market participants rather than an adverse change in cash flows for a fundamental weakness in the credit quality of the issuer or underlying assets. We have the ability and intent to hold these investments until a recovery of fair value, which may be maturity. We do not consider the investment in corporate bonds to be other-than-temporarily impaired at December 31, 2019.