v3.22.2.2
Note 10 - Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 10.  Fair Value of Financial Instruments​

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The following table represents a summary of the Company’s financial instruments measured at fair value on a recurring basis for the periods indicated (in thousands):

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As of September 30, 2022

  

As of December 31, 2021

 

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(Level 1)

  

(Level 2)

  

(Level 3)

  

Total

  

(Level 1)

  

(Level 2)

  

(Level 3)

  

Total

 

Assets:

 

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Cash and cash equivalents

 $26,268  $—  $—  $26,268  $34,656  $—  $—  $34,656 

Restricted cash

  8,307   —   —   8,307   6,480   —   —   6,480 

Note receivable

  —   9   —   9   —   8,148   —   8,148 

Total assets

 $34,575  $9  $—  $34,584  $41,136  $8,148  $—  $49,284 

Liabilities:

 

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Bank acceptance payable

 $—  $13,760  $—  $13,760  $—  $8,198  $—  $8,198 

Convertible senior notes

  —   56,524   —   56,524   —   67,588   —   67,588 

Total liabilities

 $—  $70,284  $—  $70,284  $—  $75,786  $—  $75,786 

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The carrying value amounts of accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximate fair value because of the short-term maturity of these instruments. The carrying value amounts of bank acceptances approximate fair value due to the short-term nature of the debt since it renews frequently at current interest rates. The Company believes that the interest rates in effect at each period end represent the current market rates for similar borrowings.

 

The fair value of its convertible senior debt is measured for disclosure purpose. The fair value is based on observable market prices for this debt, which is traded in less active markets and are therefore classified as a Level 2 fair value measurement.​