Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.19.1
Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Financial Instruments

The fair value of financial instruments measured on a recurring basis is as follows:


 

 

As of March 31, 2019

 

Description

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

$

5,611,538

 

 

$

5,611,538

 

 

 

—

 

 

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

 

3,219,515

 

 

 

—

 

 

 

—

 

 

$

3,219,515

 


 

 

As of December 31, 2018

 

Description

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

$

5,570,027

 

 

$

5,750,027

 

 

 

—

 

 

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

 

3,105,225

 

 

 

—

 

 

 

—

 

 

$

3,105,225

 

Schedule of Level 3 Fair Value Measurements

The following table summarizes the change in fair value, as determined by Level 3 inputs, for all assets and liabilities using unobservable Level 3 inputs for the year ended March 31, 2019:


 

 

Contingent Consideration

 

Balance at December 31, 2018

 

$

3,105,225

 

Change in fair value

 

 

114,290

 

Balance at March 31, 2019

 

$

3,219,515

 

Schedule of Inputs and Valuation Methodologies Used for Fair Value of Contingent Consideration

The following table presents quantitative information about the inputs and valuation methodologies used for the Company’s fair value measurements of contingent consideration classified as Level 3 as of March 31, 2019:


 

 

Valuation
Methodology

 

Significant
Unobservable Input

 

Weighted Average
(range, if applicable)

 

 

 

 

 

 

 

Contingent Consideration

 

Probability weighted
income approach

 

Milestone dates

 

2019-2026

 

 

 

 

Discount rate

 

5.96%

 

 

 

 

Probability of occurrence

 

23% to 86%