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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2019
Fair Value Measurements [Abstract] |
Fair Value Measurements | 4. Fair Value Measurements The guidance regarding fair value measurements prioritizes the inputs used in measuring fair value and establishes a three-tier value hierarchy that distinguishes among the following:
| · |  | Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
| · |  | Level 2—Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly.
| · |  | Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
The Company estimates the fair values of derivative liabilities utilizing Level 3 inputs. No derivative liabilities have been transferred between the classification levels. Estimating the fair values of derivative liabilities requires the use of significant and subjective inputs that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. The recurring fair value measurements of the Company’s liabilities at September 30, 2019 and December 31, 2018 consisted of the following:
|  | Quoted Prices in |  |  |  |  |  |  |  |  |
|  | Active Markets |  | Significant Other |  | Significant |  |  |
|  | for Identical |  | Observable Inputs |  | Unobservable |  |  |
|  | Items (Level 1) |  | (Level 2) |  | Inputs (Level 3) |  | Total
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 4,282,000 |  | $ | — |  | $ | — |  | $ | 4,282,000
Total assets |  | $ | 4,282,000 |  | $ | — |  | $ | — |  | $ | 4,282,000
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 9,430,000 |  | $ | — |  | $ | — |  | $ | 9,430,000
Total assets |  | $ | 9,430,000 |  | $ | — |  | $ | — |  | $ | 9,430,000
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Asset acquisition derivative liability |  | $ | — |  | $ | — |  | $ | 1,117,000 |  | $ | 1,117,000
Total liabilities |  | $ | — |  | $ | — |  | $ | 1,117,000 |  | $ | 1,117,000
The following table sets forth a summary of changes in the fair value of the Company’s liabilities:
|  | Asset |
|  | Acquisition |
|  | Derivative |
|  | Liability |
Balance, December 31, 2018 |  | $ | 1,117,000 |
Changes in estimated fair value |  |  | (1,117,000) |
Balance, September 30, 2019 |  | $ | — |
We estimated the fair value of this derivative by forecasting the timing and likelihood of the events occurring and discounting the probability adjusted payments using an appropriate discount based on market interest rates and our own non-performance risk as required by ASC 820 – Fair Value Measurement. There is no longer a potential payment requirement associated with the derivative liability subsequent to the Merger. Accordingly, the fair value of the derivative liability was reduced to zero with the associated change recorded in other income.

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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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