Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2020
Summary of Significant Accounting Policies  
Schedule of fair value of financial instruments measured on a recurring basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2020

Description

    

Total

    

Level 1

    

Level 2

    

Level 3

Assets:

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

$

100,842,438

 

$

100,842,438

 

 —

 

 

 —

Liabilities:

 

 

  

 

 

  

 

  

 

 

  

Contingent consideration

 

$

2,912,515

 

 

 —

 

 —

 

$

2,912,515

Warrant liability

 

$

33,779

 

 

 —

 

 —

 

$

33,779

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2019

Description

    

Total

    

 

Level 1

    

Level 2

    

Level 3

Assets:

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

$

5,713,922

 

$

5,713,922

 

 —

 

 

 —

Liabilities:

 

 

  

 

 

  

 

  

 

 

  

Contingent consideration

 

$

3,718,515

 

 

 —

 

 —

 

$

3,718,515

 

Schedule of change in fair value, as determined by Level 3 inputs, for all assets and liabilities using unobservable Level 3 inputs

 

 

 

 

 

 

 

 

 

 

Contingent 

 

Warrant

 

    

Consideration

 

Liability

Balance at December 31, 2019

 

$

3,718,515

 

$

 —

Fair value at issuance

 

 

 —

 

 

2,494,823

Reclassification of warrants from equity to liability due to modification

 

 

 —

 

 

869,078

Reclassification of warrant liability to equity upon cashless exercise of warrants

 

 

 —

 

 

(2,766,647)

Reclassification of warrant liability to equity upon exchange of warrants

 

 

 —

 

 

(1,575,642)

Payout of contingent consideration

 

 

(2,005,000)

 

 

 —

Change in fair value

 

 

1,199,000

 

 

1,012,167

Balance at December 31, 2020

 

$

2,912,515

 

$

33,779

 

Contingent Consideration Classified As Level 3  
Summary of Significant Accounting Policies  
Schedule of fair value inputs

 

 

 

 

 

 

 

 

 

As of December 31, 2020

 

 

Valuation

 

Significant

 

Weighted Average

 

    

Methodology

 

Unobservable Input

 

(range, if applicable)

 

 

 

 

 

 

 

Contingent Consideration

 

Probability weighted   income approach

 

Milestone dates

 

2022-2030

 

 

 

 

Discount rate

 

7.66%

 

 

 

 

Probability of occurrence

 

2.7% to 68%

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2019

 

 

 

Valuation 

 

Significant 

 

Weighted Average 

 

    

 

 Methodology

    

 Unobservable Input

    

 (range, if applicable)

 

 

 

 

 

 

 

 

Contingent Consideration

 

 

Probability weighted   income approach

 

Milestone dates

 

2020-2030

 

 

 

 

 

Discount rate

 

7.83%

 

 

 

  

 

Probability of occurrence

 

2.1% to 82%

 

Liability-Classified Warrants  
Summary of Significant Accounting Policies  
Schedule of fair value inputs

 

 

 

 

 

 

 

January 21, 2020

Current stock price

 

$

2.31

 

Estimated volatility of future stock price

 

 

124

%

Risk free interest rate

 

 

1.53

%

Expected term

 

 

3.7

years

 

Warrant Liability Classified As Level 3  
Summary of Significant Accounting Policies  
Schedule of fair value inputs

 

 

 

 

 

 

 

December 31, 2020

Current stock price

 

$

5.36

 

Estimated volatility of future stock price

 

 

141.28

%

Risk free interest rate

 

 

0.17

%

Contractual term

 

 

2.90

years