
	Level 1		Level 2		Level 3		Total
June 30, 2025
Investment securities	$	3,860	$	—	$	—	$	3,860
Total assets	$	3,860	$	—	$	—	$	3,860
Derivative liabilities	$	—	$	—	$	(980)	$	(980)
Total liabilities	$	—	$	—	$	(980)	$	(980)

December 31, 2024
Investment securities	$	11,880	$	—	$	—	$	11,880
Total assets	$	11,880	$	—	$	—	$	11,880
Derivative liability	$	—	$	—	$	(621)	$	(621)
Total liabilities	$	—	$	—	$	(621)	$	(621)

The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 3 financial instruments:


Financial asset/financial liability	Valuation techniques	Significant unobservable inputs	Relationship of unobservable inputs to fair value
Derivative liability	Market approach	Conversion period	Increase or decrease in conversion period will result in an increase or decrease in fair value

There has been no change in the valuation methodology for the six months ended June 30, 2025. The carrying amounts of cash and restricted cash, accounts receivable, other current assets, accounts payable, accrued expenses, other current liabilities, the current portion of long-term debt, and lease liabilities as of June 30, 2025 and December 31, 2024 approximate their fair values because of the short-term nature of these items and are not included in the table above. The Company’s other long-term liabilities and long-term debt approximate fair value due to the market rate of interest used on initial recognition.

In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not presented at their fair value on the consolidated balance sheet. The fair values of financial instruments are estimates based upon market conditions and perceived risks as of June 30, 2025 and December 31, 2024. These estimates require management's judgment and may not be indicative of the future fair values of the assets and liabilities.