The Company measures the fair value of financial assets and liabilities in accordance with ASC 820, Fair Value Measurement, which establishes a framework for measuring fair value and a three-tier hierarchy that prioritizes the inputs used in valuation techniques. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1, including quoted prices for similar instruments in active markets and quoted prices for identical or similar instruments in markets that are not active. Level 3 inputs are unobservable and reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability.

Cash and cash equivalents, restricted cash, receivables, accounts payable, and accrued liabilities are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments.