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Fair Value Measurements (Tables)

3 Months Ended

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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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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