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FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy:
|  | Fair Value Measurement at December 31, 2021 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Investment in term promissory note of Ault & Company, Inc. (“Ault & Company”) and other – a related party |  | $ | 2,842,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,842,000 |
Investment in common stock of Alzamend – a related party |  |  | 13,230,000 |  |  |  | 13,230,000 |  |  |  | - |  |  |  | - |
Investments in marketable equity securities |  |  | 40,380,000 |  |  |  | 40,380,000 |  |  |  | - |  |  |  | - |
Cash and marketable securities held in trust account |  |  | 116,725,000 |  |  |  | 116,725,000 |  |  |  | - |  |  |  | - |
Investments in equity securities |  |  | 30,482,000 |  |  |  | - |  |  |  | - |  |  |  | 30,482,000 |
Total assets measured at fair value |  | $ | 203,659,000 |  |  | $ | 170,335,000 |  |  | $ | - |  |  | $ | 33,324,000 |
|  | Fair Value Measurement at December 31, 2020 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Investments in convertible promissory notes and advances of Alzamend – related parties |  | $ | 797,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 797,000 |
Investments in marketable equity securities |  |  | 653,000 |  |  |  | - |  |  |  | - |  |  |  | 653,000 |
Investments in marketable equity securities |  |  | 2,563,000 |  |  |  | 2,563,000 |  |  |  | - |  |  |  | - |
Investments in equity securities |  |  | 262,000 |  |  |  | - |  |  |  | - |  |  |  | 262,000 |
Total assets measured at fair value |  | $ | 4,275,000 |  |  | $ | 2,563,000 |  |  | $ | - |  |  | $ | 1,712,000 |
The Company assesses the inputs used to measure fair value using the three-tier hierarchy based on the extent to which inputs used in measuring fair value are observable in the market. See Note 13 for activity related to investments in convertible promissory notes and advances of Alzamend – related parties, and investment in common stock and warrants of Alzamend – a related party. The decline in investment in warrants of public companies was due to a decrease upon remeasurement of fair value of the underlying warrants. The following table summarizes the changes in investments in equity securities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the year ended December 31, 2021:
|  | Investments in |
|  | equity |
|  | securities |
Balance at January 1, 2021 |  | $ | 262,000 |
Investment in convertible preferred stock |  |  | 14,950,000 |
Investment in warrants |  |  | 2,673,000 |
Change in fair value of warrants |  |  | 8,224,000 |
Conversion of loans to equity securities |  |  | 3,520,000 |
Unrealized gains on equity securities |  |  | 2,510,000 |
Conversion to marketable securities |  |  | (1,657,000 | )
Balance at December 31, 2021 |  | $ | 30,482,000 |
See Note 13 for the changes in investments in Alzamend and Ault & Company measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) during the year ended December 31, 2021.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + 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 (b) -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 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=123874694&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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