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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2022
Fair Value Disclosures [Abstract] |
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: | 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 June 30, 2022 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Investment in term promissory note of Ault & Company, Inc. (“Ault & Company”) and other – a related party |  | $ | 2,770,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,770,000 |
Investment in common stock of Alzamend Neuro, Inc. (“Alzamend”) – a related party |  |  | 8,845,000 |  |  |  | 8,845,000 |  |  |  | - |  |  |  | - |
Investments in marketable equity securities |  |  | 17,467,000 |  |  |  | 17,467,000 |  |  |  | - |  |  |  | - |
Cash and marketable securities held in trust account |  |  | 116,895,000 |  |  |  | 116,895,000 |  |  |  | - |  |  |  | - |
Investments in other equity securities |  |  | 804,000 |  |  |  | - |  |  |  | - |  |  |  | 804,000 |
Total assets measured at fair value |  | $ | 146,781,000 |  |  | $ | 143,207,000 |  |  | $ | - |  |  | $ | 3,574,000 |
|  | Fair Value Measurement at December 31, 2021 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Investment in term promissory note of 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 other equity securities |  |  | 9,215,000 |  |  |  | - |  |  |  | - |  |  |  | 9,215,000 |
Total assets measured at fair value |  | $ | 182,392,000 |  |  | $ | 170,335,000 |  |  | $ | - |  |  | $ | 12,057,000 |
The following table summarizes the changes in investments in other equity securities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the six months ended June 30, 2022: | The following table summarizes the changes in investments in other equity securities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the six months ended June 30, 2022:
|  | Investments in other equity securities |
Balance at January 1, 2022 |  | $ | 9,215,000 |
Investment in preferred stock |  |  | 2,550,000 |
Change in fair value of warrants |  |  | 13,867,000 |
Conversion to marketable securities |  |  | (24,828,000 | )
Balance at June 30, 2022 |  | $ | 804,000 |
These investments were not measured due to an observable price change or impairment during the six months ended June 30, 2022. | The following table presents information on the assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy as of June 30, 2022 and December 31, 2021. These investments were not measured due to an observable price change or impairment during the six months ended June 30, 2022.
|  | Fair Value Measurement Using |
|  | Total |  |  | Quoted prices in active markets for identical assets (Level 1) |  |  | Other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |
As of June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Investments in other equity securities that do not report net asset value |  | $ | 37,691,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 37,691,000 |
|  | Fair Value Measurement Using |
|  | Total |  |  | Quoted prices in active markets for identical assets (Level 1) |  |  | Other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |
As of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in other equity securities that do not report net asset value |  | $ | 21,241,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 21,241,000 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&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 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of liabilities measured at fair value measured on a recurring or nonrecurring basis. Includes, but is 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. + 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 (a) -URI https://asc.fasb.org/extlink&oid=126976982&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 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 + Details
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