| Fair Value Measurement |
8.
FAIR VALUE MEASUREMENT
Assumptions
utilized in the valuation of Level 3 liabilities are described as follows:
| |
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Risk-free interest rate |
|
|
1.88%-2.45 |
% |
|
|
2.39%
- 2.63 |
% |
|
|
1.88%-2.45 |
% |
|
|
1.62%
- 2.63 |
% |
| Contractual term (years) |
|
|
1.00-10.00 |
|
|
|
0.28 - 3.00 |
|
|
|
1.00-10.00 |
|
|
|
0.25- 3.25 |
|
| Expected volatility |
|
|
106%-139 |
% |
|
|
131%
- 171 |
% |
|
|
106%-140 |
% |
|
|
113%
- 171 |
% |
| Expected dividend yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
The
following table sets forth a summary of the changes in the fair value of Level 3 warrant liabilities that are measured at fair
value on a recurring basis:
| Warrants Payable |
|
|
|
| Beginning balance as of January 1, 2019 |
|
$ |
5,965 |
|
| Change in fair value of warrants payable |
|
|
2,741 |
|
| Ending balance as of June 30, 2019 |
|
$ |
8,706 |
|
See
Note 6 - Accrued Issuable Equity for additional information.
Assets
and liabilities measured at fair value on a recurring or nonrecurring basis are as follows:
| |
|
June 30, 2019 |
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Alternative fuel credits |
|
$ |
357,366 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
357,366 |
|
| Marketable securities |
|
|
3,032,386 |
|
|
|
- |
|
|
|
- |
|
|
|
3,032,386 |
|
| Total assets |
|
$ |
3,389,752 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,389,752 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants payable |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
8,706 |
|
|
$ |
8,706 |
|
| Total liabilities |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
8,706 |
|
|
$ |
8,706 |
|
| |
|
December 31, 2018 |
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alternative fuel credits |
|
$ |
331,120 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
331,120 |
|
| Marketable securities |
|
|
2,878,664 |
|
|
|
- |
|
|
|
- |
|
|
|
2,878,664 |
|
| Total assets |
|
$ |
3,209,784 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,209,784 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants payable |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
5,965 |
|
|
$ |
5,965 |
|
| Total liabilities |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
5,965 |
|
|
$ |
5,965 |
|
|