Schedule of reconciliation of fair values |
|
Three Months Ended June 30,
|
|
|
2021 |
|
|
2020 |
|
Fair value balance at beginning of period or issue date (June 9, 2020)
|
$
|
7,705,000
|
|
|
$ |
14,960,000 |
|
Payments on Convertible Notes |
|
(1,572,405
|
) |
|
|
— |
|
Change in fair value reported in the statements of operations |
|
16,405 |
|
|
|
(766,000 |
) |
Change in fair value reported in other comprehensive loss
|
|
3,000
|
|
|
|
(63,000 |
) |
Fair value balance at end of period
|
$
|
6,152,000
|
|
|
$ |
14,131,000 |
|
|
Six Months Ended June 30,
|
|
|
2021 |
|
|
2020 |
|
Fair value balance at beginning of period or issue date (June 9, 2020)
|
$
|
13,398,000
|
|
|
$ |
14,960,000 |
|
Payments on Convertible Notes |
|
(9,269,677
|
) |
|
|
— |
|
Change in fair value reported in the statements of operations |
|
2,007,677 |
|
|
|
(766,000 |
) |
Change in fair value reported in other comprehensive loss
|
|
16,000
|
|
|
|
(63,000 |
) |
Fair value balance at end of period
|
$
|
6,152,000
|
|
|
$ |
14,131,000 |
|
|
Schedule of fair value by using key inputs |
|
|
|
|
|
|
|
|
|
|
|
Fair Value Assumptions - Convertible Notes
|
|
June 30, 2021 |
|
|
December 31, 2020 |
|
Face value principal payable (in thousands)
|
|
$
|
5,903,000
|
|
|
$
|
15,172,272
|
|
Original conversion price
|
|
$
|
11.50
|
|
|
$
|
11.50
|
|
Value of Common Stock
|
|
$
|
4.03
|
|
|
$
|
3.24
|
|
Expected term (years)
|
|
|
1.93
|
|
|
|
2.3
|
|
Volatility
|
|
|
89
|
%
|
|
|
77
|
%
|
Market yield
|
|
|
26.1% |
to 26.3
|
% |
|
|
27.1% |
to 27.2
|
%
|
Risk free rate
|
|
|
0.2
|
%
|
|
|
0.1
|
%
|
|
Schedule of reconciliation of fair values |
|
Three Months Ended June 30, |
|
|
2021 |
|
|
2020 |
|
Fair value balance at beginning of period
|
$
|
487,372
|
|
|
$ |
451,270 |
|
Change in fair value reported in the statements of operations
|
|
(133,125
|
) |
|
|
606,958 |
|
Fair value balance at end of period
|
$
|
354,247
|
|
|
$ |
1,058,228 |
|
|