General form of registration statement for all companies including face-amount certificate companies

Fair Value Measurements (Tables)

v3.21.2
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measured at fair value on a recurring basis
 

December 31, 2020

   

(Level 1)

 

(Level 2)

 

(Level 3)

Liabilities

 

 

   

 

   

 

 

Preferred stock warrant liability

 

$

 

$

 

$

 

December 31, 2019

   

(Level 1)

 

(Level 2)

 

(Level 3)

Liabilities

 

 

   

 

   

 

 

Preferred stock warrant liability

 

$

 

$

 

$

4,391,372

Schedule of significant weighted-average assumptions
 

October 5,

 

December 31,

   

2020

 

2019

Risk-free interest rate

 

 

0.7

%

 

 

1.9

%

Remaining contractual life of warrant (years)

 

 

8.9

 

 

 

9.7

 

Expected volatility

 

 

57.8

%

 

 

50.9

%

Annual dividend yield

 

 

0

%

 

 

0

%

Fair value of Series B convertible preferred stock

 

$

1.26

 

 

$

1.14

 

Schedule of Series B preferred stock warrant liability measured at fair value recurring basis using significant unobservable inputs

Balance, January 1, 2019

 

$

328,559

 

Issuance of warrants in connection with Series B financing

 

 

3,991,178

 

Change in fair value recorded as other expense

 

 

71,635

 

Balance, December 31, 2019

 

 

4,391,372

 

Issuance of warrants in connection with Series B financing

 

 

95,478

 

Change in fair value recorded as other expense

 

 

743,837

 

Reclassification to equity

 

 

(5,230,687

)

Balance, December 31, 2020

 

$