Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement

v3.20.1
Fair Value Measurement
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurement

7. FAIR VALUE MEASUREMENT

 

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

 

    For the Three Months Ended  
    March 31,  
    2020     2019  
             
Risk-free interest rate     0.17 %     2.40 %
Contractual term (years)     1.00       1.00  
Expected volatility     78 %     140 %
Expected dividend yield     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, 2020   $ 5,102  
Change in fair value of warrants payable     (521 )
Ending balance as of March 31, 2020   $ 4,581  

 

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

 

    March 31, 2020  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Alternative fuel credits   $ -     $ 553,177     $ -     $ 553,177  
Marketable securities     1,952,510       -       -       1,952,510  
Total assets   $ 1,952,510     $ 553,177     $ -     $ 2,505,687  
                                 
Liabilities:                                
Warrants payable   $ -     $ -     $ 4,581     $ 4,581  
Total liabilities   $ -     $ -     $ 4,581     $ 4,581  

 

    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