Cash, Cash Equivalents, Restricted Cash and Marketable Securities
|3 Months Ended|
Mar. 31, 2020
|Cash and Cash Equivalents [Abstract]|
|Cash, Cash Equivalents, Restricted Cash and Marketable Securities||
Note 4 – Cash, Cash Equivalents, Restricted Cash and Marketable Securities
The Company considers all highly liquid financial instruments with original maturities of three months or less when purchased to be cash and cash equivalents and all investments with maturities of greater than three months from date of purchase are classified as marketable securities. Cash and cash equivalents consisted of cash in bank checking and savings accounts and money market funds.
Cash, Cash Equivalents and Restricted Cash
The Company presents restricted cash with cash and cash equivalents in the Condensed Consolidated Statements of Cash Flows. Restricted cash represents funds the Company is required to set aside to cover building operating leases and other purposes.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flows as of March 31, 2020 and 2019:
The Company has classified its investments in marketable securities as available-for-sale and as a current asset. The Company’s investments in marketable securities are carried at fair value, with unrealized gains and losses included as a separate component of stockholders’ equity. Unrealized gains and losses are classified as other comprehensive income (loss) and costs are determined on a specific identification basis. Realized gains and losses from our marketable securities are recorded in other income, net. For the three months ended March 31, 2020 and 2019, the Company recorded unrealized gains of approximately $523.2 thousand and $0, respectively. As of March 31, 2020 and December 31, 2019, the Company had accumulated unrealized gains of approximately $522.4 thousand and accumulated unrealized losses of approximately $0.9 thousand, respectively.
The following tables summarizes the Company’s marketable securities as of March 31, 2020:
Maturities of debt securities classified as available-for-sale were as follows at March 31, 2020:
The following tables summarizes the Company’s cash, cash equivalents and marketable securities for the year ended December 31, 2019:
Maturities of debt securities classified as available-for-sale were as follows at December 31, 2019:
The Company determined that the unrealized gains and (losses) are deemed to be temporary as of March 31, 2020. Unrealized gains and (losses) generally are the result of increases in the risk premiums required by market participants rather than an adverse change in cash flows for a fundamental weakness in the credit quality of the issuer or underlying assets. The Company has the ability and intent to hold these investments until maturity. The Company does not consider the investment in marketable securities to be other-than-temporarily impaired at March 31, 2020.
The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss).
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef