Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.19.2
Fair Value Measurement (Tables)
6 Months Ended
Jun. 30, 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 Three Months Ended     For the Six Months Ended  
    June 30,     June 30,  
    2019     2018     2019     2018  
                         
Risk-free interest rate     1.88%-2.45 %     2.39% - 2.63 %     1.88%-2.45 %     1.62% - 2.63 %
Contractual term (years)     1.00-10.00       0.28 - 3.00       1.00-10.00       0.25- 3.25  
Expected volatility     106%-139 %     131% - 171 %     106%-140 %     113% - 171 %
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:

 

Warrants Payable      
Beginning balance as of January 1, 2019   $ 5,965  
Change in fair value of warrants payable     2,741  
Ending balance as of June 30, 2019   $ 8,706  
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:

 

    June 30, 2019  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Alternative fuel credits   $ 357,366     $ -     $ -     $ 357,366  
Marketable securities     3,032,386       -       -       3,032,386  
Total assets   $ 3,389,752     $ -     $ -     $ 3,389,752  
                                 
Liabilities:                                
Warrants payable   $ -     $ -     $ 8,706     $ 8,706  
Total liabilities   $ -     $ -     $ 8,706     $ 8,706  

 

    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   $ 3,209,784     $ -     $ -     $ 3,209,784  
                                 
Liabilities:                                
Warrants payable   $ -     $ -     $ 5,965     $ 5,965  
Total liabilities   $ -     $ -     $ 5,965     $ 5,965