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Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2020

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

We measure the following financial instruments at fair value on a recurring basis. The fair values of these financial instruments were as follows (in thousands):

		December 31, 2020												June 30, 2020
		Level 1				Level 2				Level 3				Level 1				Level 2				Level 3
Warrant liability		$	—			$	—			$	(20,176	)		$	—			$	—			$	(40,483	)
Total		$	—			$	—			$	(20,176	)		$	—			$	—			$	(40,483	)

Schedule of Assumptions Used to Calculate Fair Value of Warrant Liability

To calculate the fair value of the warrant liability, the following assumptions were used:

		December 31,				June 30,
		2020				2020
Risk-free interest rate			0.1	%			0.2	%
Expected life (years)			2.4				2.9
Expected volatility			80.5	%			77.4	%
Dividend yield			0.0	%			0.0	%
Black-Scholes Fair Value		$	1.26			$	2.52

Schedule of Changes in Estimated Fair Value of Warrant Liability

The following table sets forth a summary of changes in the estimated fair value of our Level 3 warrant liability for the six months ended December 31, 2020 and 2019 (in thousands):

		Fair Value of Warrants Using Significant
		Unobservable Inputs (Level 3)
		2020				2019
Balance at July 1,		$	(40,483	)		$	(17,613	)
Change in estimated fair value of liability classified warrants			20,307				830
Balance at December 31,		$	(20,176	)		$	(16,783	)

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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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