Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.20.2
Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2020
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 Three Months Ended     For the Nine Months Ended  
    September 30,     September 30,  
    2020     2019     2020     2019  
                         
Risk-free interest rate     0.36 %     1.47%-1.75 %     0.16%-1.69 %     1.47%-2.45 %
Contractual term (years)     6.00       1.00 - 5.00       1.00-8.00       1.00 - 10.00  
Expected volatility     137 %     118% - 139 %     78%-138 %      106% - 140 %
Expected dividend yield     0.00 %     0.00 %     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:

 

Contingetnt Consideration      
Beginning balance as of January 1, 2020   $ -  
Contingent consideration assumed in BlueLA acquisition     245,000  
Change in fair value of contingent consideration     -  
Ending balance as of September 30, 2020     245,000  
         
Warrants Payable        
Beginning balance as of January 1, 2020   $ 5,102  
Change in fair value of warrants payable     35,711  
Ending balance as of September 30, 2020   $ 40,813  
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:

 

    September 30, 2020  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Alternative fuel credits   $      -     $ 164,647     $ -     $ 164,647  
Total assets   $ -     $ 164,647     $ -     $ 164,647  
                                 
Liabilities:                                
Warrants payable   $ -     $ -     $ 40,813     $ 40,813  
Total liabilities   $ -     $ -     $ 40,813     $ 40,813  

 

    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