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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

The following table classifies the Company’s assets and liabilities measured at fair value on a recurring basis into the fair value hierarchy as of December 31, 2020 and December 31, 2019 (in thousands):

		Fair valued measured at December 31, 2020
		Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Total
Financial liabilities at fair value:
Warrant liabilities		$	-			$	-			$	22,686			$	22,686
Total financial liabilities at fair value		$	-			$	-			$	22,686			$	22,686

		Fair valued measured at December 31, 2019
		Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Total
Financial assets at fair value
Financial assets at fair value		$	-			$	-			$	1,965			$	1,965
Total Financial Assets at Fair Value		$	-			$	-			$	1,965			$	1,965
Financial liabilities at fair value:
Derivative liability - convertible notes		$	-			$	-			$	1,203			$	1,203
Profits interest sold			-				-				1,971				1,971
Embedded put option			-				-				376				376
Warrant liability - Subsidiary			-				-				24				24
Total financial liabilities at fair value		$	-			$	-			$	3,574			$	3,574

Schedule of Liability for Derivatives and Warrants

The following table presents changes in Level 3 liabilities measured at fair value (in thousands) for the year ended December 31, 2020 and 2019. Unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category.

		Derivative - Convertible Notes				Profits Interests Sold				Embedded Put Option				Warrant liabilities
Fair value at December 31, 2018		$	1,018			$	-			$	-			$	4,528
Change in fair value			(678	)			198				(137	)			(4,504	)
Additions			863				1,773				589				-
Redemption			-				-				(76	)			-
Fair value at December 31, 2019			1,203				1,971				376				24
Change in fair value			(206	)			(1,971	)			(220	)			83,338
Additions			3,583				-				172				50,743
Redemption			(4,580	)			-				(328	)			(97,884	)
Reclassification of warrant liabilities			-				-				-				(13,535	)
Fair value at December 31, 2020		$	-			$	-			$	-			$	22,686

Schedule of Warrant Liabilities, Change in Using Black Scholes to Monte Carlo Simulation Assumptions

The Company used a Black-Scholes model to estimate the fair value of the warrant liability at December 31, 2020 using the following inputs:

		December 31, 2020
Fair value of underlying common shares		$	28.00
Exercise price		$	9.25
Expected dividend yield			—	%
Expected volatility			73.9% - 75.1	%
Weighted average expected volatility			74.35	%
Risk free interest rate			0.1% - 0.11	%
Weighted average risk free interest rate			10.57	%
Expected term (years)			1.14 - 1.24
Weighted average expected term (years)			1.19

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Subparagraph (a)
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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

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