Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Disclosure Text Block Supplement [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The fair values of the Company’s financial instruments associated with each of the three levels of the hierarchy are:

	As of September 30, 2021
	Level 1		Level 2		Level 3			Total
Cash and Cash Equivalents	$	285,792,378	$	—	$	—		$	285,792,378
Investments		29,520,367		—		21,107,459			50,627,826
Contingent Consideration Payable		—		—		(108,024,422	)		(108,024,422	)
Warrant Liability		—		—		(34,003,000	)		(34,003,000	)
	$	315,312,745	$	—	$	(120,919,963	)	$	194,392,782

	As of December 31, 2020
	Level 1		Level 2		Level 3			Total
Cash and Cash Equivalents	$	83,757,785	$	—	$	—		$	83,757,785
Investments		923,581		—		39,871,225			40,794,806
Contingent Consideration Payable		—		—		(27,100,000	)		(27,100,000	)
Warrant Liability		—		—		(39,454,000	)		(39,454,000	)
	$	84,681,366	$	—	$	(26,682,775	)	$	57,998,591

During the nine months ended September 30, 2021, the Company held an investment in a privately held entity that became a publicly traded company. As a result, the Company received shares of the publicly traded entity in exchange for the shares in the privately held entity. The transaction resulted in a transfer of the investment from Level 3 to Level 1. As of September 30, 2021 and December 31, 2020 the fair value of the investment was $28,705,037 and $37,249,189, respectively.

Similarly, during the nine months ended September 30, 2020, the Company held an equity investment in a privately held entity that was subsequently acquired by a publicly traded entity . As a result of the acquisition, the Company received shares of the acquiring entity in exchange for the shares in the privately held entity. The transaction resulted in a transfer of the investment from Level 3 to Level 1. As of September 30, 2020, the fair value of the Level 1 investment was $675,594.