Cash Equivalents and Investments |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Cash Equivalents and Investments [Abstract] | |
| Cash Equivalents and Investments | NOTE 4 – CASH EQUIVALENTS AND INVESTMENTS The following tables show the Company’s cash equivalents and available-for-sale securities’ amortized cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or short- and long-term investments as of September 30, 2021 and December 31, 2020: September 30, 2021 Amortized Cost Gross UnrealizedGains Gross UnrealizedLosses Fair Value Cash Equivalents Short-TermInvestments Long-TermInvestmentsCash equivalents: Money Market funds$ 33,138,000 $ — $ — $ 33,138,000 $ 33,138,000 $ — $ —Subtotal 33,138,000 — — 33,138,000 33,138,000 — — Investments: Corporate Notes/Bonds 5,653,000 3,000 (1,000) 5,655,000 — 2,861,000 2,794,000 Convertible Debt 250,000 — — 250,000 — — 250,000 Subtotal 5,903,000 3,000 (1,000) 5,905,000 — 2,861,000 3,044,000 Total$ 39,041,000 $ 3,000 $ (1,000) $ 39,043,000 $ 33,138,000 $ 2,861,000 $ 3,044,000 December 31, 2020 Amortized Cost Gross UnrealizedGains Gross UnrealizedLosses Fair Value Cash Equivalents Short-TermInvestments Long-TermInvestmentsCash equivalents: Money Market funds$ 9,424,000 $ — $ — $ 9,424,000 $ 9,424,000 $ — $ —Subtotal 9,424,000 — — 9,424,000 9,424,000 — — Investments: Commercial Paper 700,000 — — 700,000 — 700,000 —Corporate Notes/Bonds 7,658,000 7,000 (1,000) 7,664,000 — 2,059,000 5,605,000 Convertible Debt 605,000 — — 605,000 — — 605,000 Subtotal 8,963,000 7,000 (1,000) 8,969,000 — 2,759,000 6,210,000 Total$ 18,387,000 $ 7,000 $ (1,000) $ 18,393,000 $ 9,424,000 $ 2,759,000 $ 6,210,000 The following table summarizes the estimated fair value of our investments, designated as available-for-sale and classified by the contractual maturity date of the securities as of September 30, 2021: Amortized Cost Estimated MarketValueDue within one year $ 2,860,000 $ 2,861,000Due after one year through five years 3,043,000 3,044,000 $ 5,903,000 $ 5,905,000 During the first nine months of 2021, the Company recognized a realized loss on its convertible debt investments and recorded $400,000 in expense within investment and other income (expense) in the accompanying condensed consolidated statement of income (loss) and comprehensive income (loss). The Company did not recognize any gross realized gains during either of the three or nine-month periods ending September 30, 2021. In April 2020, the Company made an $899,000 investment in the common stock of Quortus Ltd., a UK-based company that provides virtual core network software for Private LTE solutions for critical and secure communications. This investment was important for the Company’s Electronics & Software segment because this segment was partnering with Quortus to integrate the Quortus Private LTE core in existing and new products for that segment’s federal business, network extensions, and private networks for enterprises. The Company’s investment represents less than 10% of the outstanding equity of Quortus Ltd. The Company uses the cost method to account for investments in common stock of entities such as Quortus if the Company does not have the ability to exercise significant influence over the operating and financial matters of the entity. The Company also uses the cost method to account for its investments that are not in the form of common stock or in-substance common stock in entities if the Company does not have the ability to exercise significant influence over the entity’s operating and financial matters. |