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

6. Fair Value of Financial Instruments

 

The Company measures and discloses fair value measurements as required by FASB Accounting Standards Codification ("ASC") Topic No. 820, Fair Value Measurements and Disclosures. Fair value is an exit price, representing the amount that would be received upon the sale of an asset or the amount that would be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, the FASB establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

 

 

•

Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

 

 

•

Level 2 – Include other inputs that are directly or indirectly observable in the marketplace.

 

 

•

Level 3 – Unobservable inputs which are supported by little or no market activity.

 

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

 

The following table presents information about the financial liabilities that are measured at fair value on a recurring basis at  June 30, 2026 and  December 31, 2025 (unaudited except for  December 31, 2025, in thousands):

 

Level 3

 

June 30, 2026

 

 

December 31, 2025

 

Notes Warrants

 

$

54

 

 

$

41

 

Additional Warrants

 

 

—

 

 

 

4

 

Total

 

$

54

 

 

$

45

 

 

The following tables present the changes in the fair value (unaudited, except for  December 31, 2025, in thousands):

 

 

 

Notes

 

 

Additional

 

 

 

 

​

 

 

Warrants

 

 

Warrants

 

 

Total

 

Measurement at December 31, 2025

 

$

41

 

 

$

4

 

 

$

45

 

Change in fair value

 

 

(4

)

 

 

—

 

 

 

(4

)

Measurement at March 31, 2026

 

$

37

 

 

$

4

 

 

$

41

 

Change in fair value

 

 

17

 

 

 

(4

)

 

 

13

 

Measurement at June 30, 2026

 

$

54

 

 

$

—

 

 

$

54

 

 

 

 

 

Notes

 

 

Additional

 

 

 

 

​

 

 

Warrants

 

 

Warrants

 

 

Total

 

Measurement at December 31, 2024

 

$

197

 

 

$

27

 

 

$

224

 

Change in fair value

 

 

(107

)

 

 

(16

)

 

 

(123

)

Measurement at March 31, 2025

 

$

90

 

 

$

11

 

 

$

101

 

Change in fair value

 

 

17

 

 

 

3

 

 

 

20

 

Measurement at June 30, 2025

 

$

107

 

 

$

14

 

 

$

121