Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

v3.21.2
Cash, Cash Equivalents, Restricted Cash and Marketable Securities
 6 Months Ended
Jun. 30, 2021
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, Restricted Cash and Marketable Securities

Note 4 – Cash, Cash Equivalents, Restricted Cash and Marketable Securities

 

The Company considers all highly liquid financial instruments with original maturities of three months or less when purchased to be cash and cash equivalents and all investments with maturities of greater than three months from date of purchase are classified as marketable securities. Cash and cash equivalents consisted of cash in bank checking and savings accounts, money market funds and short-term U.S. treasury bonds that mature within three months of settlement date.

 

Cash, Cash Equivalents and Restricted Cash

 

The Company presents restricted cash with cash and cash equivalents in the Consolidated Statements of Cash Flows. Restricted cash represents funds the Company is required to set aside to cover building operating leases and other purposes.

 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flows as of June 30, 2021, December 31, 2020, June 30, 2020 and December 31, 2019:

 

    June 30,
2021		     December 31,
2020		     June 30,
2020		     December 31,
2019		  
Cash and cash equivalents   $ 30,352     $ 12,432     $ 14,904     $ 22,170  
Restricted cash included in current/long term assets     336       336       486       586  
Cash, cash equivalents and restricted cash in the statement of cash flows   $ 30,688     $ 12,768     $ 15,390     $ 22,756  

 

Marketable Securities

 

The Company has classified its investments in marketable securities as available-for-sale and as a current asset. The Company’s investments in marketable securities are carried at fair value, with unrealized gains and losses included as a separate component of stockholders’ equity. Unrealized losses and gains are classified as other comprehensive (loss)/income 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 three and six months ended June 30, 2021, the Company recorded unrealized losses of approximately $85 thousand and $177 thousand, respectively. For the three and six months ended June 30, 2020, the Company recorded unrealized loss of approximately $42 thousand and unrealized gains of approximately $481 thousand, respectively. As of June 30, 2021 and December 31, 2020, the Company had net accumulated unrealized gains of approximately $51 thousand and approximately $228 thousand, respectively.

 

 

The following tables summarizes the Company’s marketable securities as of June 30, 2021:

 

    Amortized     Unrealized     Unrealized        
    Cost     Gain     (Loss)     Fair Value  
U.S. Treasury Bonds   $ 10,453     $ 29     $ -     $ 10,482  
U.S. Government Notes     10,624       31       (1 )     10,654  
Corporate Debt Securities     7,087       -       (9 )     7,078  
State and Municipal Bonds     1,275       1       -       1,276  
Total marketable securities   $ 29,439     $ 61     $ (10 )   $ 29,490  

 

Maturities of debt securities classified as available-for-sale were as follows at June 30, 2021:

 

          Accrued     Net Carrying  
    Fair Value     Interest     Amount  
Due within one year   $ 21,851     $ 122     $ 21,973  
Due after one year through five years     7,639       25       7,664  
    $ 29,490     $ 147     $ 29,637  

 

The following tables summarizes the Company’s marketable securities for the year ended December 31, 2020 consisted of the following: 

 

    Amortized Cost     Unrealized Gain    

Unrealized

(Loss)

     Fair Value  
U.S. Treasury Bonds   $ 18,293     $ 136     $ -     $ 18,429  
U.S. Government Notes     22,148       82       -       22,230  
Corporate Debt Securities     4,303       3       -       4,306  
State and Municipal Bonds     1,275       7       -       1,282  
Total marketable securities   $ 46,019     $ 228     $ -     $ 46,247  

 

Maturities of debt securities classified as available-for-sale were as follows at December 31, 2020:

 

          Accrued     Net Carrying  
    Fair Value     Interest     Amount  
Due within one year   $ 31,438     $ 164     $ 31,602  
Due after one year through five years     14,809       36       14,845  
    $ 46,247     $ 200     $ 46,447