Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.20.2
Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of Liabilities Measured at Fair Value

The following tables set forth the Company’s consolidated financial assets and liabilities measured at fair value by level within the fair value hierarchy at September 30, 2020 and December 31, 2019. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

 

    Fair value at                    
    Sept. 30, 2020     Level 1     Level 2     Level 3  
Convertible Bridge Notes   $ 2,674,000     $ -     $ -     $ 2,674,000  
Total   $ 2,674,000     $ -     $ -     $ 2,674,000  

 

 

    Fair value at                    
    December 31, 2019     Level 1     Level 2     Level 3  
Convertible Bridge Notes   $ 2,473,000     $ -     $ -     $ 2,473,000  
Total   $ 2,473,000     $ -     $ -     $ 2,473,000  
Schedule of Reconciliation of Level 3 Conversion Option Liability

The following tables present a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that use significant unobservable inputs (Level 3) and the related realized and unrealized gains (losses) recorded in the consolidated statement of operations during the periods.

 

    Nine Months Ended
Sept. 30, 2020		  
Fair value, December 31, 2019   $ 2,473,000  
Conversion to common shares     (1,090,210 )
Accrued interest     (376,462 )
Amortization of debt issuance costs     1,250  
Net unrealized loss on convertible bridge notes     1,666,422  
Fair value, September 30, 2020   $ 2,674,000  
Less: current portion of bridge notes     0  
Fair value, September 30, 2020, less current portion   $ 2,674,000