Crexendo, Inc. Fair Value Disclosure
12. Fair Value Measurements
We have financial instruments as of December 31, 2024 and 2023 for which the fair value is summarized below (in thousands):
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| December 31, 2024 |
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| December 31, 2023 |
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| Carrying Value |
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| Estimated Fair Value |
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| Carrying Value |
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| Estimated Fair Value |
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Assets: |
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Trade receivables, net |
| $ | 4,352 |
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| $ | 4,352 |
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| $ | 3,476 |
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| $ | 3,476 |
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Equipment financing receivables |
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| 3,446 |
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| 3,446 |
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| 2,624 |
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| 2,624 |
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Liabilities: |
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Finance leases |
| $ | 23 |
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| $ | 23 |
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| $ | 98 |
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| $ | 98 |
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Notes payable |
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| 592 |
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| 587 |
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| 1,049 |
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| 1,012 |
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We have no liabilities for which fair value is recognized in the balance sheet on a recurring basis as of December 31, 2024 and 2023.
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About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.