| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
A financial asset or liability’s classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. Assets and liabilities measured at fair value and fair value measurement level were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | December 31, 2019 | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | Assets | | | | | | | | | | | | | | | | | Investment in LMC | $ | 330,556,744 | | | $ | 330,556,744 | | | $ | — | | | $ | — | | | $ | 12,194,800 | | | $ | — | | | $ | — | | | $ | 12,194,800 | | | Total assets at fair value | $ | 330,556,744 | | | $ | 330,556,744 | | | $ | — | | | $ | — | | | $ | 12,194,800 | | | $ | — | | | $ | — | | | $ | 12,194,800 | | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | Convertible notes | $ | 197,700,000 | | | $ | — | | | $ | — | | | $ | 197,700,000 | | | $ | 39,020,000 | | | $ | — | | | $ | — | | | $ | 39,020,000 | | | Warrant liability | — | | | — | | | — | | | — | | | 16,335,000 | | | — | | | — | | | 16,335,000 | | | Total liabilities at fair value | $ | 197,700,000 | | | $ | — | | | $ | — | | | $ | 197,700,000 | | | $ | 55,355,000 | | | $ | — | | | $ | — | | | $ | 55,355,000 | |
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| Fair Value, Liabilities Measured on a Recurring Basis |
The following table sets forth a reconciliation of the convertible notes: | | | | | | | | | | | | | | | | | December 31, | | | 2020 | | 2019 | | | | | | | Convertible notes, beginning of year | | $ | 39,020,000 | | | $ | — | | | Convertible notes at issuance | | 268,925,000 | | | 38,520,000 | | | Conversion of convertible notes into common stock | | (270,794,684) | | | (481,728) | | | Change in fair value | | 160,549,684 | | | 981,728 | | | | | | | | Convertible notes, end of year | | $ | 197,700,000 | | | $ | 39,020,000 | |
The following table sets forth a reconciliation of the Warrant Liability: | | | | | | | | | | | | | | | | | December 31, | | | 2020 | | 2019 | | | | | | | Warrant liability, beginning of year | | $ | 16,335,000 | | | $ | 1,822,819 | | | | | | | | Exercise of warrants | | (28,511,690) | | | — | | | Change in fair value of warrant liability | | 12,176,690 | | | 15,369,253 | | | Reclassification to additional paid-in capital | | — | | | (857,072) | | | Warrant liability, end of year | | $ | — | | | $ | 16,335,000 | |
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