v3.26.1
Note 7 - Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

7.  Fair Value Measurements

 

The carrying value and estimated fair value of financial instruments are reflected in the following tables:

 

          

As of June 30, 2026

 
  

Carrying

  

Fair

  

Quoted Prices

  

Significant

         
  

Value

  

Value

  

in Active

  

Other

  

Significant

     
          

Markets for

  

Observable

  

Observable

     
          

Identical Assets

  

Inputs

  

Inputs

     
          

(Level 1)

  

(Level 2)

  

(Level 3)

  

Total

 

Assets:

                        

Cash and money market accounts(1)

 $8,860,205  $8,860,205  $8,860,205  $—  $—  $8,860,205 
                         

Liabilities:

                        

Bank debt(2)

 $8,302,886  $7,685,612  $—  $7,685,612  $—  $7,685,612 

 

          

As of December 31, 2025

 
  

Carrying

  

Fair

  

Quoted Prices

  

Significant

         
  

Value

  

Value

  

in Active

  

Other

  

Significant

     
          

Markets for

  

Observable

  

Observable

     
          

Identical Assets

  

Inputs

  

Inputs

     
          

(Level 1)

  

(Level 2)

  

(Level 3)

  

Total

 

Assets:

                        

Cash and money market accounts(1)

 $3,806,831  $3,806,831  $3,806,831  $—  $—  $3,806,831 
                         

Liabilities:

                        

Bank debt(2)

 $9,099,107  $8,457,433  $—  $8,457,433  $—  $8,457,433 

 

(1) Cash and cash equivalents are stated at nominal value, which equals fair value. A portion of our cash and cash equivalents is invested in money market accounts. The fair value of these investments is based on their closing published net asset value.

(2) Due to inflation and the changing interest rate environment, the carrying values of our fixed rate bank debt as of June 30, 2026 and December 31, 2025 differed from their fair market values. The amount outstanding under our bank debt facilities is measured at carrying value in our accompanying balance sheets. 

 

We evaluate assets and liabilities subject to fair value measurements on a recurring and nonrecurring basis to determine the appropriate level at which to classify them for each reporting period. Some nonfinancial assets are measured at fair value only in certain circumstances, including the event of impairment. 

 

We assess the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with our accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the six months ended June 30, 2026 and 2025, there were no transfers between levels.

 

As of June 30, 2026 and December 31, 2025, the carrying amounts of accounts receivable, inventory, prepaid expenses and other current assets, other assets, accounts payable and accrued expenses approximate fair value because of their short-term nature.