Annual report [Section 13 and 15(d), not S-K Item 405]

FAIR VALUE MEASUREMENTS

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FAIR VALUE MEASUREMENTS
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

Note 8. FAIR VALUE MEASUREMENTS

 

The Company analyzes all financial instruments with features of both liabilities and equity under the FASB accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

 

The three levels of the hierarchy and the related inputs are as follows:

 

Level   Inputs
1   Unadjusted quoted prices in active markets for identical assets and liabilities.
  Unadjusted quoted prices in active markets for similar assets and liabilities;
2   Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or
    Inputs other than quoted prices that are observable for the asset or liability.
3   Unobservable inputs for the asset or liability.

 

The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts and other receivables, prepaid and other current assets, accounts payable, accrued expenses, and loan payable, are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.