Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement

v3.22.2.2
Fair Value Measurement
9 Months Ended
Sep. 30, 2022
Fair Value Measurement  
Fair Value Measurement

8.     Fair Value Measurement

The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis:

As of September 30, 2022

Quoted Market

Prices in Active

Significant

(in thousands)

Markets for

Significant Other

Unobservable

Identical Assets

Observable Inputs

Inputs

Total Fair Value

(Level 1)

(Level 2)

(Level 3)

Measurements

Assets:

    

  

    

  

    

  

    

  

Cash equivalents

$

10,446

$

$

$

10,446

Liabilities:

Contingent consideration current

 

 

Contingent consideration non-current

 

 

Total contingent consideration

$

$

$

$

As of December 31, 2021

Quoted Market

 

Prices in Active

Significant

(in thousands)

Markets for

Significant Other

Unobservable

 

Identical Assets

 

Observable Inputs

Inputs

Tota1 Fair Value

(Level 1)

(Level 2)

 

(Level 3)

Measurements

Assets:

    

 

  

    

 

  

    

 

  

    

 

  

Cash equivalents

 

$

12,324

$

$

 

$

12,324

Liabilities:

Contingent consideration current

1,717

1,717

Contingent consideration non-current

 

 

Total contingent consideration

$

 

$

 

$

1,717

 

$

1,717

 

Cash equivalents consisting of money market funds of $10.4 million and money market funds and time deposits of $12.3 million as of September 30, 2022 and December 31, 2021, respectively, were classified as Level 1 of the fair value hierarchy and valued using quoted market prices in active markets.

As described in Note 4, Business Combinations, on February 16, 2022, pursuant to the terms of the Zentrick Early Termination Agreement, the Company paid the remaining balance of the contingent consideration referred to as the Zentrick Deferred Payment Terms.