Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.20.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
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: 
  June 30, 2020
  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* $ 43,800,469    $ —    $ —   
Investment in Aytu $ —    $ —    $ —   
Liabilities
Warrant liability** $ —    $ —    $ 20   
Unit purchase option liability** $ —    $ —    $ 106   
  December 31, 2019
  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* $ 2,240,230    $ —    $ —   
Investment in Aytu $ —    $ 7,628,947    $ —   
Liabilities
Warrant liability** $ —    $ —    $ 3,460   
Unit purchase option liability** $ —    $ —    $ 10,594   
*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.
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 six months ended June 30, 2020 and 2019:
  Warrant Unit purchase Contingent  
  liability option liability consideration Total
Balance at December 31, 2019 $ 3,460    $ 10,594    $ —    $ 14,054   
Change in fair value (3,440)   (10,488)   —    (13,928)  
Balance at June 30, 2020 $ 20    $ 106    $ —    $ 126   
  Warrant Unit purchase Contingent  
  liability option liability consideration Total
Balance at December 31, 2018 $ 2,950    $ 7,216    $ 1,256,210    $ 1,266,376   
Change in fair value 8,570    20,098    (1,256,210)   (1,227,542)  
Balance at June 30, 2019 $ 11,520    $ 27,314    $ —    $ 38,834