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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2021
Fair Value Disclosures [Abstract] |
SCHEDULE OF FAIR VALUE ASSUMPTIONS | SCHEDULE OF FAIR VALUE ASSUMPTIONS
|  | September 30, 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 |  | $ | 4.58 |  |  | $ | 3.68 |
Dividend yield |  |  | 0 | % |  |  | 0 | %
Average volatility rate (1) |  |  | 106 | % |  |  | 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 volatility measurement for the remaining term of the warrants, 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 | SCHEDULE OF INVESTMENT IN THE MARKETABLE EQUITY SECURITIES
|  | September 30, 2021 |  |  | December 31, 2020 |
Number of shares owned |  |  | 2,421,180 |  |  |  | 2,421,180 |
Quoted market price |  | $ | .10227 |  |  | $ | .07455 |
Fair value |  | $ | 247,610 |  |  | $ | 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 September 30, 2021 and December 31, 2020 are as follows: SCHEDULE OF RECURRING MEASUREMENTS OF FAIR VALUE OF ASSETS AND LIABILITIES
|  | September 30, 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 |  | $ | 248 |  |  | $ | - |  |  | $ | - |  |  | $ | 248 |  |  | $ | 181 |  |  | $ | - |  |  | $ | - |  |  | $ | 181 |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives |  | $ | - |  |  |  | 116 |  |  |  | - |  |  |  | 116 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Warrants |  |  | - |  |  |  | - |  |  |  | 93 |  |  |  | 93 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | - |  |  |  | 116 |  |  |  | 93 |  |  |  | 209 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Non-current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 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: SCHEDULE OF RECONCILIATION OF CHANGES IN LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
|  | Nine Months Ended September 30, 2021 |  |  | Year Ended December 31, 2020 |
|  | (in thousands) |
Fair value liabilities of Level 3 instruments beginning of period |  | $ | 95 |  |  | $ | 73 |
(Gain) loss on warrant valuation |  |  | (2 | ) |  |  | 22 |
Fair value liabilities of Level 3 instruments end of period |  | $ | 93 |  |  | $ | 95 |

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