| Schedule of assets and liabilities that are measured at fair value on a recurring basis |
The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s assets and liabilities that are measured at fair value on a recurring basis:
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|
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September 30, 2019 |
|
|
Fair Value Measurements Using |
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|
Quoted prices in |
|
Significant other |
|
Significant |
|
|
active markets for |
|
observable |
|
unobservable |
|
|
identical assets |
|
inputs |
|
inputs |
|
|
(Level 1) |
|
(Level 2) |
|
(Level 3) |
Assets |
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|
|
|
|
|
Investments in money market funds* |
|
$ |
3,221,364 |
|
|
$ |
— |
|
|
$ |
— |
|
Liabilities |
|
|
|
|
|
|
Contingent consideration |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,473,485 |
|
Warrant liability** |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
850 |
|
Unit purchase option liability** |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,493 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
|
Fair Value Measurements Using |
|
|
Quoted prices in |
|
Significant other |
|
Significant |
|
|
active markets for |
|
observable |
|
unobservable |
|
|
identical assets |
|
inputs |
|
inputs |
|
|
(Level 1) |
|
(Level 2) |
|
(Level 3) |
Assets |
|
|
|
|
|
|
Investments in money market funds* |
|
$ |
7,324,932 |
|
|
$ |
— |
|
|
$ |
— |
|
Liabilities |
|
|
|
|
|
|
Contingent consideration |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,050,564 |
|
Warrant liability** |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,950 |
|
Unit purchase option liability** |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,216 |
|
*Investments in money market funds are reflected in cash and cash equivalents on the accompanying condensed consolidated balance sheets.
**Warrant liability and UPO liability are reflected in accrued expenses and other current liabilities on the accompanying condensed consolidated balance sheets.
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| Summary of changes in the fair value of the Level 3 valuation for the Warrant Liability and the Investor Rights Obligation |
The tables presented below are a summary of changes in the fair value of the Company’s Level 3 valuations for the warrant liability, UPO liability and contingent consideration for the nine months ended September 30, 2019 and 2018:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant |
|
Unit purchase |
|
Contingent |
|
|
|
|
liability |
|
option liability |
|
consideration |
|
Total |
Balance at December 31, 2018 |
|
$ |
2,950 |
|
|
$ |
7,216 |
|
|
$ |
9,050,564 |
|
|
$ |
9,060,730 |
|
Payment of contingent consideration |
|
— |
|
|
— |
|
|
(567,911 |
) |
|
(567,911 |
) |
Change in fair value due to Lachlan Settlement |
|
— |
|
|
— |
|
|
(1,277,150 |
) |
|
(1,277,150 |
) |
Other changes in fair value |
|
(2,100 |
) |
|
(4,723 |
) |
|
267,982 |
|
|
261,159 |
|
Balance at September 30, 2019 |
|
$ |
850 |
|
|
$ |
2,493 |
|
|
$ |
7,473,485 |
|
|
$ |
7,476,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant |
|
Unit purchase |
|
Contingent |
|
|
|
|
liability |
|
option liability |
|
consideration |
|
Total |
Balance at December 31, 2017 |
|
$ |
8,185 |
|
|
$ |
26,991 |
|
|
$ |
2,576,633 |
|
|
$ |
2,611,809 |
|
Issuance of contingent consideration |
|
— |
|
|
— |
|
|
7,920,000 |
|
|
7,920,000 |
|
Payment of contingent consideration |
|
— |
|
|
— |
|
|
(137,008 |
) |
|
(137,008 |
) |
Purchase price allocation measurement period adjustment of contingent consideration |
|
— |
|
|
— |
|
|
(1,210,000 |
) |
|
(1,210,000 |
) |
Change in fair value |
|
6,145 |
|
|
16,183 |
|
|
360,850 |
|
|
383,178 |
|
Balance at September 30, 2018 |
|
$ |
14,330 |
|
|
$ |
43,174 |
|
|
$ |
9,510,475 |
|
|
$ |
9,567,979 |
|
|