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WARRANT LIABILITY AND FAIR VALUE MEASUREMENTS | 9 Months Ended
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Sep. 30, 2020
WARRANT LIABILITY AND FAIR VALUE MEASUREMENTS |
WARRANT LIABILITY AND FAIR VALUE MEASUREMENTS | NOTE 9: WARRANT LIABILITY AND FAIR VALUE MEASUREMENTS During the nine months ended September 30, 2020, all of the Company's common stock purchase warrants previously treated as a liability expired. A summary of quantitative information with respect to valuation methodology and significant unobservable inputs used for the Company’s common stock purchase warrants that are categorized within Level 3 of the fair value hierarchy for the nine months ended September 30, 2020 and 2019 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Weighted Average Inputs | ​
​ | ​ | For the Nine Months Ended | ​
​ | ​ | September 30, | ​
​ |  | 2020 |  | 2019 | ​
Exercise price | ​ | $ | — | ​ | $ | 6.92 | ​
Contractual term (years) | ​ |  | — | ​ |  | 0.30 | ​
Volatility (annual) | ​ |  | — | ​ |  | 92 | %
Risk-free rate | ​ |  | — | ​ |  | 2 | %
Dividend yield (per share) | ​ |  | — | ​ |  | 0 | %
​ Financial Liabilities Measured at Fair Value on a Recurring Basis Financial liabilities measured at fair value on a recurring basis are summarized below and disclosed on the balance sheet under Warrant liability: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair value measured at September 30, 2020
​ | ​ | Quoted prices in active | ​ | Significant other | ​ | Significant | ​ | ​ | ​
​ | ​ | markets | ​ | observable inputs | ​ | unobservable inputs | ​ | Fair value at
​ |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | September 30, 2020
Warrant liability | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair value measured at December 31, 2019
​ | ​ | Quoted prices in active | ​ | Significant other | ​ | Significant | ​ | ​ | ​
​ | ​ | markets | ​ | observable inputs | ​ | unobservable inputs | ​ | Fair value at
​ |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | December 31, 2019
Warrant liability | ​ | $ | — | ​ | $ | — | ​ | $ | 31,000 | ​ | $ | 31,000
​ The fair value accounting standards define fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is determined based upon assumptions that market participants would use in pricing an asset or liability. Fair value measurements are rated on a three-tier hierarchy as follows:
| ● | Level 1 inputs: Quoted prices (unadjusted) for identical assets or liabilities in active markets;
| ● | Level 2 inputs: Inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly; and
| ● | Level 3 inputs: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.
​ There were no transfers between Level 1, 2 or 3 during the nine months ended September 30, 2020. The following table presents changes in Level 3 liabilities measured at fair value for the nine months ended September 30, 2020: ​
​ | ​ | ​ | ​
​ |  | Warrant
​ | ​ | Liability
Balance - January 1, 2020 | ​ | $ | 31,000
Change in fair value of warrant liability | ​ |  | (31,000)
Balance – September 30, 2020 | ​ | $ | —
​

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