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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, and are determined using the following inputs as of March 31, 2020:

	Fair Value Measurements at
	March 31, 2020
	Total				Quoted Prices in Active Markets (Level 1)				Significant Other Unobservable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$	2,759,436			$	2,759,436			$	—			$	—
Mutual funds	104,566,630				104,566,630				—				—
Corporate debt securities	3,972,300				—				3,972,300				—
Certificates of deposit	3,011,960				—				3,011,960				—
Investment in affiliated entities	21,210,745				21,210,745				—				—
Total assets	$	135,521,071			$	128,536,811			$	6,984,260			$	—
Liabilities:
Derivative liability (Note 9)	$	22,041,000			$	—			$	—			22,041,000
Total liabilities	$	22,041,000			$	—			$	—			$	22,041,000

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, and are determined using the following inputs as of December 31, 2019:

	Fair Value Measurements at
	December 31, 2019
	Total				Quoted Prices in Active Markets (Level 1)				Significant Other Unobservable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$	2,349,729			$	2,349,729			$	—			$	—
Mutual funds	67,338,017				67,338,017				—				—
Investment in affiliated entities	6,315,356				6,315,356				—				—
Total assets	$	76,003,102			$	76,003,102			$	—			$	—
Liabilities:
Derivative liability (Note 9)	$	8,819,023			$	—			$	—			$	8,819,023
Total Liabilities	$	8,819,023			$	—			$	—			$	8,819,023

Changes in Fair Value of the Company's Derivative Liability

The following table presents the changes in fair value of the Company's derivative liability for the three months ended March 31, 2020:

Balance at December 31, 2019	$	8,819,023
Change in fair value	13,221,977
Balance at March 31, 2020	$	22,041,000

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- References

No definition available.

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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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-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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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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