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Note 10 - Fair Value (As Restated) | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Fair Value Disclosures [Text Block] |
NOTE 10. | FAIR VALUE (As Restated)
The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three broad levels: Level 1 — Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs other than quoted prices in active markets that are observable either directly or indirectly, including: quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market data and require the reporting entity to develop its own assumptions. At December 31, 2020 and 2019, our financial instruments included cash, cash equivalents, restricted cash, receivables, marketable securities, investments, accounts payable, liability-classified warrants, and long-term debt. The carrying value of cash, cash equivalents, restricted cash, receivables, and accounts payable approximates fair value due to the short-term nature of the instruments. The fair value of long-term debt is estimated using quoted prices for similar debt (level 2 in the fair value hierarchy). At December 31, 2020 , the estimated fair value of our long-term debt was $23,839,007 which exceeds the carrying amount of $23,057,650. Warrants We have determined that the public warrants issued in connection with Yellowstone's initial public offering in October 2020 are subject to treatment as a liability. We utilized a binomial lattice model to value the warrants as of their issuance date, and subsequently marked them to market based upon their observable trading price with changes in fair value recognized in the statement of operations. The estimated fair value of the warrant liability at October 26, 2020 was determined using Level 2 and Level 3 inputs. The key assumptions in the option pricing model utilized relate to expected share-price volatility, expected term, risk-free interest rate and dividend yield. The expected volatility as of the IPO Closing Date was derived from observable public warrant pricing on comparable ‘blank-check’ companies that recently went public in 2020 and 2021. The risk-free interest rate is based on the interpolated U.S. Constant Maturity Treasury yield. The expected term of the warrants is assumed to be six months until the close of Yellowstone's Business Combination, and the contractual five year term subsequently. The dividend rate is based on the historical rate, which we anticipate to remain at zero. Our re-measurement of the public warrants from Yellowstone’s IPO date to December 31, 2020 resulted in a loss of $217,582 which is included within "Remeasurement of warrant liability" within our consolidated statement of operations. The warrants were classified as Level 1 instruments as of December 31, 2020. Marketable Equity Securities, U.S. Trading Securities, and Corporate Bonds Marketable equity securities and U.S. Treasury trading securities are reported at fair values. Substantially all of the fair value is determined using observed prices of publicly traded securities, level 1 in the fair value hierarchy.
|  |  |  |  |  |  |  |  |  |  |  | Total Changes |
|  | Total Carrying |  |  | Quoted Prices |  |  |  |  |  |  | in Fair Values |
|  | Amount in |  |  | in Active |  |  |  |  |  |  | Included in |
|  | Consolidated |  |  | Markets for |  |  | Realized Gains |  |  | Current Period |
|  | Balance Sheet |  |  | Identical |  |  | and (Losses) |  |  | Earnings (Loss) |
|  | Dec. 31, 2020 |  |  | Assets |  |  | (As Restated) |  |  | (As Restated) |
Marketable equity securities, U.S. Treasury trading securities, and corporate bonds |  | $ | 102,824,427 |  |  | $ | 102,824,427 |  |  | $ | 5,701,048 |  |  | $ | (10,399,932 | )

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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