Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

v3.20.4
Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
A financial asset or liability’s classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. Assets and liabilities measured at fair value and fair value measurement level were as follows:

December 31, 2020 December 31, 2019
Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3
Assets
Investment in LMC $ 330,556,744  $ 330,556,744  $ —  $ —  $ 12,194,800  $ —  $ —  $ 12,194,800 
Total assets at fair value $ 330,556,744  $ 330,556,744  $ —  $ —  $ 12,194,800  $ —  $ —  $ 12,194,800 
Liabilities
Convertible notes $ 197,700,000  $ —  $ —  $ 197,700,000  $ 39,020,000  $ —  $ —  $ 39,020,000 
Warrant liability —  —  —  —  16,335,000  —  —  16,335,000 
Total liabilities at fair value $ 197,700,000  $ —  $ —  $ 197,700,000  $ 55,355,000  $ —  $ —  $ 55,355,000 
Fair Value, Liabilities Measured on a Recurring Basis The following table sets forth a reconciliation of the convertible notes:
December 31,
2020 2019
Convertible notes, beginning of year $ 39,020,000  $ — 
Convertible notes at issuance 268,925,000  38,520,000 
Conversion of convertible notes into common stock (270,794,684) (481,728)
Change in fair value 160,549,684  981,728 
Convertible notes, end of year $ 197,700,000  $ 39,020,000 
The following table sets forth a reconciliation of the Warrant Liability:
December 31,
2020 2019
Warrant liability, beginning of year $ 16,335,000  $ 1,822,819 
Exercise of warrants (28,511,690) — 
Change in fair value of warrant liability 12,176,690  15,369,253 
Reclassification to additional paid-in capital —  (857,072)
Warrant liability, end of year $ —  $ 16,335,000