Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

v3.21.1
Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 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 Years Ended  
    December 31,  
    2020     2019  
             
Risk-free interest rate      0.16%-1.69 %     1.47%-2.45 %
Contractual term (years)      1.00-8.00       1.00-10.00  
Expected volatility      78%-143.8 %     74%-140 %
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,  
    2020     2019  
Warrants Payable                
Beginning balance as of January 1   $ 5,102     $ 5,965  
Change in fair value of warrants payable     153,459       (863 )
Ending balance as of December 31   $ 158,561     $ 5,102  
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, 2020  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Alternative fuel credits   $ -     $ 30,937     $ -     $ 30,937  
Total assets   $ -     $ 30,937     $ -     $ 30,937  
                                 
Liabilities:                                
Warrants payable     -       -       158,561       158,561  
Total liabilities   $ -     $ -     $ 158,561     $ 158,561  

 

    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