Post-effective amendment to a registration statement that is not immediately effective upon filing

Fair Value (Tables)

v3.20.4
Fair Value (Tables)
 3 Months Ended 12 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Fair Value Disclosures [Abstract]    
Schedule of reconciliation of fair values
Fair value balance as of June 30, 2020   $ 14,131,000  
Change in fair value reported in the statements of operations     (778,000 )
Change in fair value reported in other comprehensive income     70,000  
Fair value balance as of September 30, 2020   $ 13,423,000

Beginning fair value balance on issue date - June 9, 2020   $ 14,960,000  
Change in fair value reported in the statements of operations     (766,000 )
Change in fair value reported in other comprehensive income     (63,000 ) 
Ending fair value balance - June 30, 2020   $ 14,131,000
Schedule of fair value by using key inputs
Fair Value Assumptions - Convertible Notes   September 30,
2020		     June 30,
2020		  
Face value principal payable    $ 17,000,000     $ 17,000,000  
Original conversion price   $ 11.50     $ 11.50  
Value of Common Stock   $ 3.64     $ 8.80  
Expected term (years)     2.67       2.90  
Volatility     68 %     45 %
Market yield      28.0 %     23.9 % 
Risk free rate     0.1% to 0.2 %     0.2 %

Fair Value Assumptions - Convertible Notes   June 30,
2020		     June 9,
2020		  
Face value principal payable   $ 17,000,000     $ 17,000,000  
Original conversion price   $ 11.50     $ 11.50  
Value of Common Stock   $ 8.80     $ 10.28  
Expected term (years)     2.9       3.0  
Volatility     45.0 %     45.0 %
Market yield (range)     23.9 %     23.3% to 23.4%  
Risk free rate     0.2 %     0.2 %