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Proceeds Investment Agreement Obligation (Tables) | 6 Months Ended
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Jun. 30, 2020
Proceeds Investment Agreement Obligation |
Schedule of Proceeds Investment Obligation | The proceeds investment agreement obligations is comprised of the following:
|  | June 30, 2020 |  |  | December 31, 2019 |
Proceeds investment agreement, at fair value |  | $ | 3,615,000 |  |  | $ | 6,500,000 |
Less: Current portion |  |  | (3,615,000 | ) |  |  | — |
Proceeds investment agreement, at fair value - Long-term |  | $ | — |  |  | $ | 6,500,000 |
Schedule of Fair Value of PIA | The Company elected to account for the PIA on the fair value basis. Therefore, the Company determined the fair value of the PIA and PIA Warrants which yielded estimated fair values of the PIA including their embedded derivatives and the detachable PIA Warrants as follows:
Proceeds investment agreement |  | $ | 9,067,513 |
Common stock purchase warrants |  |  | 932,487 |
Gross cash proceeds |  | $ | 10,000,000 |
Schedule of Certain Estimates and Assumptions of Weighted Patent Asset | Following is a range of certain estimates and assumptions utilized as of June 30, 2020 and December 31, 2019 to probability weighted present value of expected patent asset proceeds for the litigation involving both Axon and WatchGuard:
|  | June 30, 2020 |  |  | December 31, 2019 |
Discount rate |  |  | 15.13% -15.18% |  |  |  | 3.0% -16.6% |
Expected term to patent asset proceeds payment |  |  | 0.33 years – 3.75 .06 - .29 years |  |  |  | 0.58 years - 4 years |
Probability of success |  |  | 90.0 | % |  |  | 5.9% -38.5% |
Estimated minimum return payable to BKI |  |  | $ 4 million |  |  |  | $ 21 million |
Negotiation discount |  |  | 0.0 | % |  |  | 43.3 | %
Schedule of Proceeds Investment Agreement Activity | The following represents activity in the PIA during the six months ended June 30, 2020:
Beginning balance as of December 31, 2019 |  | $ | 6,500,000 |
Repayment of obligation |  |  | — |
Change in the fair value during the period |  |  | (2,885,000 | )
Ending balance as of June 30, 2020 |  | $ | 3,615,000 |

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