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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Assumptions | The Company worked with a third-party valuation expert to estimate the value of the warrants at March 31, 2021 and December 31, 2020 using a Black Scholes model, with the following observable and unobservable inputs:
|  | March 31, 2021 |  |  | December 31, 2020 |
Number of warrants outstanding |  |  | 50,000 |  |  |  | 50,000 |
Expiration date |  |  | June 21, 2022 |  |  |  | June 21, 2022 |
Exercise price |  | $ | 3.92 |  |  | $ | 3.92 |
Beginning share price |  | $ | 4.38 |  |  | $ | 3.68 |
Dividend yield |  |  | 0 | % |  |  | 0 | %
Average volatility rate (1) |  |  | 120 | % |  |  | 120 | %
Probability of down-round event (2) |  |  | 0 | % |  |  | 0 | %
Risk free interest rate |  |  | 0.11 | % |  |  | 0.11 | %
(1) | The average volatility represents the Company’s 2-year 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 |
|  | March 31, 2021 |
Number of shares owned |  |  | 2,421,180 |
Quoted market price |  | $ | 0.09529 |
Fair value |  | $ | 230,714 |
Schedule of Recurring Measurements of Fair Value of Assets and Liabilities | Recurring measurements of the fair value of assets and liabilities as of March 31, 2021 and December 31, 2020 are as follows:
|  | March 31, 2021 |  |  | December 31, 2020 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable Equity Securities |  | $ | 231 |  |  | $ | - |  |  | $ | - |  |  | $ | 231 |  |  | $ | 181 |  |  | $ | - |  |  | $ | - |  |  | $ | 181 |
Commodity derivatives |  |  | - |  |  |  | 109 |  |  |  | - |  |  |  | 109 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 231 |  |  |  | 109 |  |  |  |  |  |  |  | 340 |  |  |  | 181 |  |  |  | - |  |  |  | - |  |  |  | 181 |
Non-current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants |  | $ | - |  |  | $ | - |  |  | $ | 115 |  |  | $ | 115 |  |  | $ | - |  |  | $ | - |  |  | $ | 95 |  |  | $ | 95 |
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:
|  | Three Months Ended March 31, 2021 |  |  | Year Ended December 31, 2020 |
|  | (in thousands) |
Fair value liabilities of Level 3 instruments beginning of period |  | $ | 95 |  |  | $ | 73 |
Loss on warrant valuation |  |  | 20 |  |  |  | 22 |
Fair value liabilities of Level 3 instruments end of period |  | $ | 115 |  |  | $ | 95 |

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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=123874694&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=123874694&loc=d3e19279-110258 + Details
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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=123874694&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=123874694&loc=d3e19207-110258 + Details
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