Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.19.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2019
Fair Value Measurements [Abstract]  
Fair Value Measurements

15.  Fair Value Measurements

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs.  ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). 



The three levels are described below:



Level 1 Inputs

 

—

 

Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible by the Company;

Level 2 Inputs

 

—

 

Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and

Level 3 Inputs

 

—

 

Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants.

The following tables present assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.  There have been no changes in the methodologies used at June 30, 2019 and December 31, 2018, and no transfers between Level 1, 2 and 3 during the six months ended June 30, 2019.

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Fair Value Measurements at June 30, 2019



  Total  

Level 1

Level 2

Level 3

Assets:

 

 

 

 

 

 

 

 

     Commercial Paper

$

 5,945,560 

$

 -

$

 5,945,560 

$

 -

     Corporate Bonds

 

 3,004,560 

 

 -

 

 3,004,560 

 

 -

Total Assets:

$

 8,950,120 

$

 -

$

 8,950,120 

$

 -



 

 

 

 

 

 

 

 

Liabilities: 

 

 

 

 

 

 

 

 

     Warrant Liabilities

$

 366,732 

$

-

$

-

$

 366,732 







 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2018



  Total  

Level 1

Level 2

Level 3

Assets:

 

 

 

 

 

 

 

 

     Corporate Bonds

$

 5,981,520 

$

 -

$

 5,981,520 

$

 -



 

 

 

 

 

 

 

 

Liabilities: 

 

 

 

 

 

 

 

 

     Warrant Liabilities

$

 2,307,586 

$

-

$

-

$

 2,307,586 





The reconciliation of changes to the fair value of the Company’s warrant liabilities for the six months ended June 30, 2019 is as follows:







 

 

 



 

Warrant Liabilities

Balance at January 1, 2019

 

$

 2,307,586 

Unrealized gains, net

 

 

 (1,940,854)

Balance at June 30, 2019

 

$

 366,732