Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.20.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Classification of Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company has classified assets and liabilities measured at fair value on a recurring basis as follows:

 

 

 

Fair value measurements at reporting date using

 

 

 

Quoted prices

in active

markets for

identical

assets

(Level 1)

 

 

Significant

other

observable

inputs

(Level 2)

 

 

Significant

unobservable

inputs

(Level 3)

 

At June 30, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (See Note 5)

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds

 

$

36,109

 

 

$

—

 

 

$

—

 

Total cash equivalents

 

$

36,109

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrants (See Note 13(c))

 

$

—

 

 

$

—

 

 

$

21,410

 

Contingent consideration (See Note 12(b))

 

 

—

 

 

 

—

 

 

 

98,037

 

 

 

$

—

 

 

$

—

 

 

$

119,447

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (See Note 5)

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds

 

$

16,514

 

 

$

—

 

 

$

—

 

Total cash equivalents

 

$

16,514

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (See Note 12(b))

 

$

—

 

 

$

—

 

 

$

66,358

 

 

 

$

—

 

 

$

—

 

 

$

66,358

 

 
Reconciliation of Liabilities Measured at Fair Value on Recurring Basis Using Unobservable Inputs

The Company developed certain of its own assumptions to determine the value of the warrants that do not have observable inputs or available market data to support the fair value. This method of valuation involves using inputs such as the fair value of the Company’s common stock, stock price volatility, the contractual term of the warrants, risk free interest rates and dividend yield. Due to the nature of these inputs, the valuation of the warrants is considered a Level 3 measurement.

The reconciliation of liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:

 

 

 

Warrants

 

 

Contingent

Consideration

 

Balance at December 31, 2019

 

$

—

 

 

$

66,358

 

Additions

 

 

8,111

 

 

 

—

 

Exercise of warrants

 

 

(746

)

 

 

—

 

Remeasurement

 

 

14,045

 

 

 

31,679

 

Total at June 30, 2020

 

$

21,410

 

 

$

98,037

 

 

 

 

 

 

 

 

 

 

Current portion as of June 30, 2020

 

$

-

 

 

$

13,135

 

Long-term portion as of June 30, 2020

 

 

21,410

 

 

 

84,902