Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

v3.20.1
Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Summary of Assumptions Used for Valuation of Fair Value Liabilities

Assumptions utilized in the valuation of Level 3 liabilities are described as follows:

 

    For the Years Ended  
    December 31,  
    2019     2018  
             
Risk-free interest rate     1.47%-2.45 %     1.62 - 2.63 %
Contractual term (years)     1.00-10.00       0.25 - 3.25  
Expected volatility     74%-140 %     113% - 217 %
Expected dividend yield     0.00 %     0.00 %

Summary of Changes in Fair Value of Level 3 Warrant Liabilities Measured at Recurring Basis

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:

 

    December 31,  
    2019     2018  
Derivative Liabilities                
Beginning balance as of January 1   $ -     $ 3,448,390  
Conversion of derivative liability to equity     -       (419,415 )
Reclassify derivative liability to equity     -       (36,445 )
Change in fair value of derivative liability     -       (2,992,530 )
Ending balance as of December 31   $ -     $ -  
                 
Warrants Payable                
Beginning balance as of January 1   $ 5,965     $ 1,154,120  
Exchange of warrants payable for equity     -       (1,183,091 )
Accrual of other warrant obligations     -       2,135,430  
Change in fair value of warrants payable     (863 )     (2,100,494 )
Ending balance as of December 31   $ 5,102     $ 5,965  

Summary of Assets and Liabilities Measured at Fair Value Recurring and Nonrecurring Basis

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

 

    December 31, 2019  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Alternative fuel credits   $ -     $ 476,992     $ -     $ 476,992  
Marketable securities     3,150,332       -       -       3,150,332  
Total assets   $ 3,150,332     $ 476,992     $ -     $ 3,627,324  
                                 
Liabilities:                                
Warrants payable   $ -     $ -     $ 5,102     $ 5,102  
Total liabilities   $ -     $ -     $ 5,102     $ 5,102  

 

      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   $ 2,878,664     $ 331,120     $ -     $ 3,209,784  
                                 
Liabilities:                                
Warrants payable   $ -     $ -     $ 5,965     $ 5,965  
Total liabilities   $ -     $ -     $ 5,965     $ 5,965