Quarterly report pursuant to Section 13 or 15(d)

Fair Value (Tables)

v3.21.2
Fair Value (Tables)
6 Months Ended
Jun. 30, 2021
Convertible Debt [Member]  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
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

%

Private Warrant [Member]  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
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
Schedule of fair value by using key inputs

Fair Value Assumptions - Private Warrants

 

June 30, 2021

 

 

December 31, 2020

 

Number of Private Warrants 

  


225,635

  

  


225,635

  

Original conversion price

 

$

11.50

 

 

$

11.50

 

Value of Common Stock

 

$

4.03

 

 

$

3.24

 

Expected term (years)

 

 

2.96

 

 

 

3.46

 

Volatility

 

 

98.2

%

 

 

102.3

%

Risk free rate

 

 

0.5

%

 

 

0.2

%