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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assumptions

The Company worked with a third-party valuation expert estimating the value of the warrants at December 31, 2020 and 2019, with the following assumptions:

		2020				2019
Number of warrants outstanding			50,000				100,000
Expiration date			June 21, 2022				June 21, 2022
Exercise price		$	3.92			$	11.30
Stock price		$	3.68			$	3.00
Dividend yield			0	%			0	%
Average volatility rate (1)			120	%			80	%
Probability of down-round event (2)			0	%			25	%
Risk free interest rate			0.11	%			1.59	%

(1)	The average volatility represents the Company’s volatility measurement, the observed volatility of our peer group over a similar period, and the stock market volatility as of the valuation date.
(2)	Represents the estimated probability of a future down-round event during the remaining term of the warrants.

Schedule of Investment in the Marketable Equity Securities

As a result, the fair value of the Company’s investment in the marketable equity securities of Sutter is $0.

		Anfield				Sutter
Number of shares owned			2,421,180				495,816
Quoted market price		$	0.07455			$	0.0000
Fair value		$	180,500			$	-

Schedule of Recurring Measurements of Fair Value of Assets and Liabilities

Recurring measurements of the fair value of assets and liabilities as of December 31, 2020 and 2019 are as follows:

		December 31, 2020																December 31, 2019
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
(in thousands)
Assets:
Marketable Equity Securities			181				-				-				181				307				-				-				307
Total		$	181			$	-			$	-			$	181			$	307			$	-			$	-			$	307
Liabilities:
Warrants			-				-				95				95				-				-				73				73
Total		$	-			$	-			$	95			$	95			$	-			$	-			$	73			$	73

Schedule of Reconciliation of Changes in Liabilities Measured at Fair Value on a Recurring Basis

The following table presents a reconciliation of our Level 3 warrants measured at fair value:

		Year Ended December 31,
		2020				2019
		(in thousands)
Fair value of Level 3 instruments liabilities at beginning of period		$	73			$	425
Net unrealized loss (gain) on warrant valuation			22				(352	)
			-
Fair value of Level 3 instruments liabilities at end of period		$	95			$	73

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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.

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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).

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