XML 23 R11.htm IDEA: XBRL DOCUMENT v3.21.2
INVESTMENT AT FAIR VALUE
 6 Months Ended
Jun. 30, 2021
Schedule of Investments [Abstract]  
INVESTMENT AT FAIR VALUE

5. INVESTMENT AT FAIR VALUE

 

During 2016 and 2017, Acacia made certain investments in Veritone. As a result of these transactions, Acacia received an aggregate total of 4,119,521 shares of Veritone common stock and warrants to purchase a total of 1,120,432 shares of Veritone common stock at an exercise price of $13.61 per share expiring between 2020 and 2027. During the six months ended June 30, 2020, Acacia sold all remaining 298,450 shares Veritone common stock and recorded a realized loss of $3.3 million.

 

During the year ended December 31, 2020, Acacia exercised 963,712 Veritone warrants, and recorded a realized gain of $11.5 million. During the three months ended March 31, 2021, Acacia exercised all remaining 156,720 warrants, and recorded a realized gain of $839,000. At June 30, 2021, there are no remaining Veritone warrants held by Acacia.

 

Changes in the fair value of Acacia’s investment in Veritone are recorded as unrealized gains or losses in the consolidated statements of operations. For the three and six months ended June 30, 2021 and 2020, the accompanying consolidated statements of operations reflected the following: 

                    
   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2021   2020   2021   2020 
   (In thousands) 
Change in fair value of investment, warrants  $–   $2,677   $–   $3,306 
Change in fair value of investment, common stock   –    –    –    3,479 
Gain on sale of investment, warrants   –    554    839    554 
Loss on sale of investment, common stock   –    –    –    (3,316)
Net realized and unrealized gain on investment at fair value  $–   $3,231   $839   $4,023