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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                      

Commission File Number: 001-34108

 

DIGIMARC CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Oregon

 

26-2828185

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

8500 SW Creekside Place, Beaverton, Oregon 97008

(Address of principal executive offices) (Zip Code)

(503469-4800

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

 

Trading Symbol

 

Name of Each Exchange on Which Registered

Common Stock, $0.001 Par Value Per Share

 

DMRC

 

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

  

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act).    Yes      No  

As of May 6, 2022, there were 19,940,921 shares of the registrant’s common stock, par value $0.001 per share, outstanding

 


 

 

 

Table of Contents

 

PART I FINANCIAL INFORMATION

 

 

 

Item 1.

Financial Statements (Unaudited):

3

 

Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

3

 

Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2022 and 2021

4

 

Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 2022 and 2021

5

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021

6

 

Notes to Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 4.

Controls and Procedures

36

 

 

PART II OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

37

Item 6.

Exhibits

38

SIGNATURES

39

 

 

 

2


 

 

PART I. FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements.

DIGIMARC CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

(UNAUDITED)

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,228

 

 

$

13,789

 

Marketable securities

 

 

15,958

 

 

 

19,537

 

Trade accounts receivable, net

 

 

5,934

 

 

 

6,368

 

Loan receivable from related party

 

 

 

 

 

2,001

 

Other current assets

 

 

4,489

 

 

 

2,316

 

Total current assets

 

 

29,609

 

 

 

44,011

 

Marketable securities

 

 

5,709

 

 

 

8,292

 

Property and equipment, net

 

 

2,922

 

 

 

2,875

 

Intangibles, net

 

 

41,833

 

 

 

6,611

 

Goodwill

 

 

6,412

 

 

 

1,114

 

Lease right of use assets

 

 

5,746

 

 

 

1,300

 

Other assets

 

 

1,268

 

 

 

673

 

Total assets

 

$

93,499

 

 

$

64,876

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and other accrued liabilities

 

$

10,875

 

 

$

4,727

 

Deferred revenue

 

 

4,315

 

 

 

2,989

 

Total current liabilities

 

 

15,190

 

 

 

7,716

 

Long-term lease liabilities

 

 

6,267

 

 

 

1,028

 

Other long-term liabilities

 

 

519

 

 

 

752

 

Total liabilities

 

 

21,976

 

 

 

9,496

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock (par value $0.001 per share, 2,500 authorized, 10 shares

issued and outstanding at March 31, 2022 and December 31, 2021)

 

 

50

 

 

 

50

 

Common stock (par value $0.001 per share, 50,000 authorized, 17,687 and

16,940 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively)

 

 

18

 

 

 

17

 

Additional paid-in capital

 

 

296,364

 

 

 

261,324

 

Accumulated deficit

 

 

(223,792

)

 

 

(206,011

)

Accumulated other comprehensive loss

 

 

(1,117

)

 

 

 

Total shareholders’ equity

 

 

71,523

 

 

 

55,380

 

Total liabilities and shareholders’ equity

 

$

93,499

 

 

$

64,876

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

3


 

 

DIGIMARC CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except per share data)

(UNAUDITED)

 

 

 

Three

 

 

Three

 

 

 

Months

 

 

Months

 

 

 

Ended

 

 

Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

Service

 

$

3,620

 

 

$

3,784

 

Subscription

 

 

3,791

 

 

 

2,916

 

Total revenue

 

 

7,411

 

 

 

6,700

 

Cost of revenue:

 

 

 

 

 

 

 

 

Service (1)

 

 

1,831

 

 

 

1,570

 

Subscription (1)

 

 

1,042

 

 

 

791

 

Amortization expense on acquired intangible assets

 

 

1,194

 

 

 

 

Total cost of revenue

 

 

4,067

 

 

 

2,361

 

Gross profit

 

 

3,344

 

 

 

4,339

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 

7,945

 

 

 

4,941

 

Research, development and engineering

 

 

6,091

 

 

 

4,131

 

General and administrative

 

 

6,408

 

 

 

3,493

 

Amortization expense on acquired intangible assets

 

 

342

 

 

 

 

Impairment of lease right of use assets and leasehold improvements

 

 

574

 

 

 

 

Total operating expenses

 

 

21,360

 

 

 

12,565

 

Operating loss

 

 

(18,016

)

 

 

(8,226

)

Other income (loss), net

 

 

(4

)

 

 

10

 

Loss before income taxes

 

 

(18,020

)

 

 

(8,216

)

Benefit (provision) for income taxes

 

 

239

 

 

 

(6

)

Net loss

 

$

(17,781

)

 

$

(8,222

)

 

 

 

 

 

 

 

 

 

Loss per common share:

 

 

 

 

 

 

 

 

Loss per common share — basic

 

$

(1.03

)

 

$

(0.50

)

Loss per common share — diluted

 

$

(1.03

)

 

$

(0.50

)

Weighted average common shares outstanding — basic

 

 

17,344

 

 

 

16,333

 

Weighted average common shares outstanding — diluted

 

 

17,344

 

 

 

16,333

 

 

 

 

 

 

 

 

 

 

Comprehensive loss:

 

 

 

 

 

 

 

 

Unrealized loss on marketable securities, net of tax of $0

 

$

(198

)

 

$

 

Foreign currency translation adjustment, net of tax of $0

 

 

(919

)

 

 

 

Other comprehensive loss

 

$

(1,117

)

 

$

 

Net loss

 

 

(17,781

)

 

 

(8,222

)

Comprehensive loss

 

$

(18,898

)

 

$

(8,222

)

(1) Cost of revenue for Service and Subscription excludes amortization expense on acquired intangible assets.

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

4


 

 

DIGIMARC CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(In thousands)

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Comprehensive

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

BALANCE AT DECEMBER 31, 2021

 

 

10

 

 

$

50

 

 

 

16,940

 

 

$

17

 

 

$

261,324

 

 

$

(206,011

)

 

$

 

 

$

55,380

 

Issuance of common stock for acquisition

 

 

 

 

 

 

 

 

772

 

 

 

1

 

 

 

31,518

 

 

 

 

 

 

 

 

 

31,519

 

Issuance of warrants for acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,601

 

 

 

 

 

 

 

 

 

1,601

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of restricted common stock

 

 

 

 

 

 

 

 

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of common stock

 

 

 

 

 

 

 

 

(18

)

 

 

 

 

 

(583

)

 

 

 

 

 

 

 

 

(583

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,504

 

 

 

 

 

 

 

 

 

2,504

 

Unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(198

)

 

 

(198

)

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(919

)

 

 

(919

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,781

)

 

 

 

 

 

(17,781

)

BALANCE AT MARCH 31, 2022

 

 

10

 

 

$

50

 

 

 

17,687

 

 

$

18

 

 

$

296,364

 

 

$

(223,792

)

 

$

(1,117

)

 

$

71,523

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE AT DECEMBER 31, 2020

 

 

10

 

 

$

50

 

 

 

16,735

 

 

$

17

 

 

$

255,024

 

 

$

(171,252

)

 

$

 

 

$

83,839

 

Issuance of restricted common stock

 

 

 

 

 

 

 

 

154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of restricted common stock

 

 

 

 

 

 

 

 

(19

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of common stock

 

 

 

 

 

 

 

 

(20

)

 

 

 

 

 

(870

)

 

 

 

 

 

 

 

 

(870

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,046

 

 

 

 

 

 

 

 

 

2,046

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,222

)

 

 

 

 

 

(8,222

)

BALANCE AT MARCH 31, 2021

 

 

10

 

 

$

50

 

 

 

16,850

 

 

$

17

 

 

$

256,200

 

 

$

(179,474

)

 

$

 

 

$

76,793

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

5


 

 

DIGIMARC CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(UNAUDITED)

 

 

 

Three

 

 

Three

 

 

 

Months

 

 

Months

 

 

 

Ended

 

 

Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(17,781

)

 

$

(8,222

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and write-off of property and equipment

 

 

390

 

 

 

363

 

Amortization of acquired intangible assets

 

 

1,536

 

 

 

 

Amortization and write-off of other intangible assets

 

 

171

 

 

 

177

 

Amortization of lease right of use assets under operating leases

 

 

271

 

 

 

118

 

Amortization of net premiums (discounts) on marketable securities

 

 

26

 

 

 

(266

)

Stock-based compensation

 

 

2,468

 

 

 

2,010

 

Impairment of lease right of use assets and leasehold improvements

 

 

574

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Trade accounts receivable

 

 

1,731

 

 

 

(612

)

Other current assets

 

 

(17

)

 

 

219

 

Other assets

 

 

(601

)

 

 

(44

)

Accounts payable and other accrued liabilities

 

 

219

 

 

 

501

 

Deferred revenue

 

 

(423

)

 

 

(55

)

Lease liability and other long-term liabilities

 

 

(420

)

 

 

(177

)

Net cash used in operating activities

 

 

(11,856

)

 

 

(5,988

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Net cash paid for acquisition

 

 

(3,512

)

 

 

 

Purchase of property and equipment

 

 

(414

)

 

 

(317

)

Capitalized patent costs

 

 

(119

)

 

 

(159

)

Proceeds from maturities of marketable securities

 

 

5,937

 

 

 

17,494

 

Purchases of marketable securities

 

 

 

 

 

(25,151

)

Net cash provided by (used in) investing activities

 

 

1,892

 

 

 

(8,133

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Purchase of common stock

 

 

(583

)

 

 

(870

)

Repayment of loan

 

 

(15

)

 

 

 

Net cash used in financing activities

 

 

(598

)

 

 

(870

)

Effect of exchange rate on cash

 

 

1

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(10,561

)

 

 

(14,991

)

Cash and cash equivalents at beginning of period

 

 

13,789

 

 

 

19,696

 

Cash and cash equivalents at end of period

 

$

3,228

 

 

$

4,705

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid for income taxes, net

 

$

(3

)

 

$

(17

)

Supplemental schedule of non-cash activities:

 

 

 

 

 

 

 

 

Property and equipment and patent costs in accounts payable

 

$

29

 

 

$

(103

)

Stock-based compensation capitalized to software and patent costs

 

$

36

 

 

$

36

 

Common stock issued for acquisition

 

$

31,519

 

 

$

 

Warrants issued for acquisition

 

$

1,601

 

 

$

 

Right of use assets obtained in exchange for lease obligations

 

$

5,176

 

 

$

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

6


 

 

DIGIMARC CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands, except per share data)

(UNAUDITED)

 

 

1. Description of Business and Significant Accounting Policies

Description of Business

Digimarc Corporation (“Digimarc” or the “Company”), an Oregon corporation, is a global leader in product digitization, delivering business value across industries through unique identifiers and cloud-based solutions. Our technology illuminates a product's journey to provide complete visibility into all relevant product data, allowing companies to make intelligent business decisions.

The Digimarc Platform is a unique software as a service to manage digital identities, connect physical items using most existing data carriers, and provide a digital twin to help connected physical items interact with machines, devices, and applications. The Digimarc Platform is underpinned by:

 

Digital Watermarks: Built on a patented foundation, these data carriers provide an imperceptible digital identity and make scanning much more efficient than traditional visual barcodes as they are repeated many times throughout product packaging.

 

Detection Software: A software program for computing devices and network interfaces that recognizes and decodes Digimarc watermarks and easily scans most digital identifiers.

 

Verification/QC Software: Verification and quality control software that offers detailed reports enabling printers and premedia professionals to validate Digimarc watermarks and assess the expected performance.

 

EVRYTHNG Product Cloud: The Product Cloud assigns products a unique digital identity, making products trackable, intelligent, and interactive by applying analytics and real-time intelligence to a company’s data.

Interim Consolidated Financial Statements

Our significant accounting policies are detailed in “Note 1: Description of Business and Summary of Significant Accounting Policies” of our Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the U.S. Securities and Exchange Commission (“SEC”) on March 4, 2022 (the “2021 Annual Report”). The Company has added “Business Combinations” below as a new significant accounting policy.

The accompanying interim consolidated financial statements have been prepared from the Company’s records without audit and, in management’s opinion, include all adjustments (consisting of only normal recurring adjustments) necessary to fairly reflect the financial condition and the results of operations for the periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”) have been condensed or omitted in accordance with the rules and regulations of the SEC.

These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the 2021 Annual Report. The results of operations for the interim periods presented in these consolidated financial statements are not necessarily indicative of the results for the full year.

Principles of Consolidation

The consolidated financial statements include the accounts of Digimarc and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. Digimarc acquired EVRYTHNG Limited (“EVRYTHNG”) on January 3, 2022. The financial results of EVRYTHNG are consolidated with Digimarc’s financial results for the post-acquisition period. See Notes 6 and 9 for information related to the EVRYTHNG acquisition.

Reclassifications

Certain prior period amounts in the accompanying consolidated financial statements and notes thereto have been reclassified to conform to current period presentation. These reclassifications had no material effect on the results of operations or financial position for any period presented.

Business Combinations

The Company allocates purchase price consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. The purchase price is determined based on the fair value of the assets transferred,

7


DIGIMARC CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(In thousands, except per share data)

(UNAUDITED)

 

 

liabilities assumed and equity interests issued, after considering any transactions that are separate from the business combination. The fair value of equity issued as part of a business combination is determined based on the closing price of the Company’s stock on the date of  issuance. The excess of fair value of purchase price consideration over the fair values of the identifiable assets and liabilities is recorded as goodwill. Such fair value calculations require management to make significant estimates and assumptions, especially with respect to intangible assets and contingent liabilities. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired customer bases, acquired technology, useful lives, and discount rates.

The estimates are inherently uncertain and subject to revision as additional information is obtained during the measurement period for an acquisition, which may last up to one year from the acquisition date. During the measurement period, the Company may record adjustments to the fair value of tangible and intangible assets acquired and liabilities assumed, with a corresponding offset to goodwill. After the conclusion of the measurement period or the final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to earnings.

Foreign Currency Translation

The Company translates the accounts of our non-U.S. subsidiaries into U.S. dollars as follows: revenues, expenses, gains and losses are translated at average exchange rates during the period; and assets and liabilities are translated at the exchange rate on the balance sheet date. Translation gains and losses are reported in our Consolidated Balance Sheets as a component of “accumulated other comprehensive income (loss).”

Accounting Pronouncements Adopted

In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, “Business Combination (Topic 805): Accounting for Contract Assets and Liabilities from Contracts with Customers,” which improves the accounting for acquired revenue contracts with customers in a business combination. The amendments in this update primarily address the accounting for contract assets and liabilities from revenue contracts with customers in a business combination, and improves comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. The Company adopted this standard on January 1, 2022. The impact of adopting this standard was not material to the Company’s consolidated financial statements.

Accounting Pronouncements Issued But Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which amends the guidance on the impairment of financial instruments. The amendments in this update remove the thresholds that entities apply to measure credit losses on financial instruments measured at amortized cost, such as loans, trade receivables, reinsurance recoverables, off-balance-sheet credit exposures, and held-to-maturity securities. Under current GAAP, entities generally recognize credit losses when it is probable that the loss has been incurred. The guidance removes all current recognition thresholds and introduces the new current expected credit loss (“CECL”) model which will require entities to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that an entity expects to collect over the instrument’s contractual life. The new CECL model is based upon expected losses rather than incurred losses. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. The Company does not expect the impact of the adoption of this standard to have a material impact on its consolidated financial statements.

 

2. Fair Value of Financial Instruments

The estimated fair values of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable and other accrued liabilities, approximate their carrying values due to the short-term nature of these instruments. The Company’s marketable securities are now classified as available-for-sale, as the Company recently sold a marketable security, which was previously classified as held-to-maturity. The Company has reassessed classification of the remaining marketable securities and therefore adjusted them to be reported at fair value. Unrealized holding gains and losses are excluded from earnings and are reported net of tax in “accumulated other comprehensive income (loss)” in the Consolidated Balance Sheets until realized. Realized gains and losses are included in “other income (loss), net” in the Consolidated Statement of Operations and are derived using the specific identification method for determining the cost of marketable securities sold.

8


DIGIMARC CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(In thousands, except per share data)

(UNAUDITED)

 

As of December 31, 2021, the Company’s marketable securities were classified as held-to-maturity and reported at amortized cost, which approximated fair value.

The Company’s fair value hierarchy for its cash equivalents and marketable securities was as follows:

 

March 31, 2022

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Money market securities

 

$

4

 

 

$

 

 

$

 

 

$

4