Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement

v3.19.3
Fair Value Measurement
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
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 Nine Months Ended  
    September 30,     September 30,  
    2019     2018     2019     2018  
                         
Risk-free interest rate     1.47%-1.75 %     2.12% - 2.63 %     1.47%-2.45 %     1.62% - 2.63 %
Contractual term (years)     1.00-5.00       0.03 - 2.75       1.00-10.00       0.25-3.25  
Expected volatility     118%-139 %     171% - 217 %     106%-140 %     113%-217 %
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     2,645  
Ending balance as of September 30, 2019   $ 8,610  

 

Assets and liabilities measured at fair value on a recurring or nonrecurring basis are as follows:

 

    September 30, 2019  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Alternative fuel credits   $ -     $ 352,625     $ -     $ 352,625  
Marketable securities     3,032,399       -       -       3,032,399  
Total assets   $ 3,032,399     $ 352,625     $ -     $   3,385,024  
                                 
Liabilities:                                
Warrants payable   $ -     $ -     $ 8,610     $ 8,610  
Total liabilities   $ -     $ -     $ 8,610     $ 8,610  

 

    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   $ 2,878,644     $ 331,120     $ -     $ 3,209,784  
                                 
Liabilities:                                
Warrants payable   $ -     $ -     $ 5,965     $ 5,965  
Total liabilities   $ -     $ -     $ 5,965     $ 5,965