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Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 that are measured at fair value on a recurring basis, and are determined using the following inputs as of December 31, 2020:

			Fair Value Measurements at
			December 31, 2020
			Total						Quoted Prices in Active Markets (Level 1)						Significant Other Unobservable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Cash and cash equivalents
U.S. treasury securities			$	59,996,800					$	59,996,800					$	—					$	—
Short-term investments
Mutual funds			154,873,174						154,873,174						—						—
Certificates of deposit			3,016,260						—						3,016,260						—
U.S. agency mortgage-backed securities			3,025,501						—						3,025,501						—
Total short-term investments			160,914,935						154,873,174						6,041,761						—
Investment in affiliated entity			4,460,366						4,460,366						—						—
Total assets measured at fair value			$	225,372,101					$	219,330,340					$	6,041,761					$	—

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:
Cash and cash equivalents
Money market funds			$	2,349,729					$	2,349,729					$	—					$	—
Short-term investments
Mutual funds			67,338,017						67,338,017						—						—
Investments in affiliated entities			6,315,356						6,315,356						—						—
Total assets measured at fair value			$	76,003,102					$	76,003,102					$	—					$	—
Liabilities:
Derivative liability			$	8,819,023					$	—					$	—					$	8,819,023
Total liabilities measured at fair value			$	8,819,023					$	—					$	—					$	8,819,023

Changes in fair value of the financial liabilities

The following table presents the changes in fair value of the derivative liability for the year ended December 31, 2020:

Balance at December 31, 2019			$	8,819,023
Change in fair value			75,670,977
Derecognition of the derivative liability upon conversion			(84,490,000)
Balance at December 31, 2020			$	—

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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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