Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.23.2
Fair Value Measurements
6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements
NOTE 11. FAIR VALUE MEASUREMENTS
As of June 30, 2023, the carrying value of cash and cash equivalents, accounts receivables, accounts payable, accrued expenses and accrued interest approximates fair value due to the short-term nature of such instruments. The carrying amount of the Notes on June 30, 2023 was $159.4 million compared to the estimated fair value of $150.6 million, based on the prevailing interest rates and trading activity of our Notes.
We have certain assets that are measured at fair value on a
non-recurring
basis that are adjusted to fair value only when the carrying values exceed the fair values. The categorization of the framework used to price the assets is considered Level 3 due to the subjective nature of the unobservable inputs used when estimating the fair value.
The following table summarizes the fair value of our financial assets and liabilities that are measured at fair value:
 
 
  
June 30, 2023
 
 
  
Carrying Value on
Balance Sheet
 
  
Fair Value Measurement Category
 
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  
(Dollars in thousands)
 
Liabilities:
                                   
Estimated fair value of contingent
earn-out
consideration included in accrued expenses
  
$
529
 
     —          —        $ 529  
Long-term debt less unamortized discount and debt issuance costs
  
 
174,912
 
     —          168,834        —