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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table represents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019:

September 30, 2020

Level 1

Level 2

Level 3

Total

Liabilities:

Secured convertible notes

$

—

$

—

$

—

$

—

Proceeds investment agreement obligation

—

—

—

$

—

$

—

$

—

$

—

$

—

		December 31, 2019
		Level 1				Level 2				Level 3				Total
Liabilities:
Secured convertible notes		$	—			$	—			$	1,593,809			$	1,593,809
Proceeds investment agreement obligation			—				—				6,500,000				6,500,000
		$	—			$	—			$	8,093,809			$	8,093,809

Fair Value Measurements Change in Level 3 Inputs

The following table represents the change in Level 3 tier value measurements:

		2019				2020
		Secured				Secured				Proceeds
		Convertible				Convertible				Investment
		Notes				Notes				Agreement				Total
Balance, December 31, 2019		$	1,593,809			$	—			$	6,500,000			$	8,093,809
Issuance of secured convertible debt			—				778,859				—				778,859
Conversion of secured convertible debentures			(1,259,074	)			(1,665,666	)			—				(2,924,740	)
Repayment of proceeds investment agreement			—				—				(1,250,000	)			(1,250,000	)
Repayment of secured convertible notes			(747,180	)			(1,000	)			—				(748,180	)
Change in fair value of secured convertible debentures and proceeds investment agreement			412,445				887,807				(5,250,000	)			(3,949,748	)
Balance, September 30, 2020		$	—			$	—			$	—			$	—

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- References

No definition available.

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- Definition

Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

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 (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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