Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.3.0.814
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2015
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents a summary of the Company’s financial instruments that are measured on a recurring basis:
 
 
 
Fair Value Measurements at September 30, 2015
 
Balance at
September 30,
2015
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets
 
 
 
 
 
 
 
Money market funds
$
13,088

 
$
13,088

 
$
—

 
$
—

Government debt securities
11,821

 
—

 
11,821

 
—

Corporate debt securities
34,823

 
—

 
34,823

 
—

 
$
59,732

 
$
13,088

 
$
46,644

 
$
—

Liabilities
 
 
 
 
 
 
 
Contingent consideration
$
142

 
$
—

 
$
—

 
$
142

 
$
142

 
$
—

 
$
—

 
$
142

 
 
 
Fair Value Measurements at December 31, 2014
 
Balance at
December 31,
2014
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets
 
 
 
 
 
 
 
Money market funds
$
1,858

 
$
1,858

 
$
—

 
$
—

Government debt securities
27,151

 
—

 
27,151

 
—

Corporate debt securities
31,504

 
—

 
31,504

 
—

 
$
60,513

 
$
1,858

 
$
58,655

 
$
—

Liabilities
 
 
 
 
 
 
 
Contingent consideration
$
265

 
$
—

 
$
—

 
$
265

 
$
265

 
$
—

 
$
—

 
$
265

Available-for-sale Securities [Table Text Block]
The composition of financial instruments is as follows:
 
September 30, 2015
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
Gains
 
Losses
 
Assets
 
 
 
 
 
 
 
Money market funds
$
13,088

 
$
—

 
$
—

 
$
13,088

Government debt securities
11,810

 
11

 
—

 
11,821

Corporate debt securities
34,812

 
17

 
(6
)
 
34,823

 
59,710

 
28

 
(6
)
 
59,732

Less amounts included in cash and cash equivalents
(13,088
)
 
—

 
—

 
(13,088
)
 
$
46,622

 
$
28

 
$
(6
)
 
$
46,644

 
Fair Value at September 30, 2015
Liabilities
 
Contingent Consideration
$
142

Total
$
142

 
December 31, 2014
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
Gains
 
Losses
 
Assets
 
 
 
 
 
 
 
Money market funds
$
1,858

 
$
—

 
$
—

 
$
1,858

Government debt securities
27,154

 
5

 
(8
)
 
27,151

Corporate debt securities
31,543

 
3

 
(42
)
 
31,504

 
60,555

 
8

 
(50
)
 
60,513

Less amounts included in cash and cash equivalents
(1,858
)
 
—

 
—

 
(1,858
)
 
$
58,697

 
$
8

 
$
(50
)
 
$
58,655


 
Fair Value at December 31, 2014
Liabilities
 
Contingent Consideration
$
265

Total
$
265

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following summarizes the activity in Level 3 financial instruments:
 
Nine Months Ended September 30, 2015
Contingent Consideration (1)
 
Beginning balance
$
265

(Gain) loss recognized in earnings (2)
(123
)
Ending balance
$
142

Net gain (loss) for the period included in earnings attributable to contingent consideration held at the end of the period:
$
(123
)
(1)
In connection with the acquisition of Physpeed, the Company recorded contingent consideration based upon the expected achievement of certain 2015 and 2016 revenue milestones. Changes to the fair value of contingent consideration due to changes in assumptions used in preparing the valuation model are recorded in selling, general and administrative expense in the statement of operations.
(2)
Changes to the estimated fair value of contingent consideration were primarily due to revisions to the Company's expectations of earn-out achievement.