Investments (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Investments [Line Items]

Schedule Of Long Term Investments

The following table summarizes the change in the Company’s investments as of December 31, 2020:

	Convertible Notes Receivable			Equity			Total
Balance at January 1, 2020	$	7,533,000		$	6,535,821		$	14,068,821
Additions		—			525,000			525,000
Disposals		—			(169,818	)		(169,818	)
Conversion of notes receivable		(7,533,000	)		7,533,000			—
Fair value adjustments		—			26,370,803			26,370,803
Balance at December 31, 2020	$	—		$	40,794,806		$	40,794,806

The following table summarizes the change in the Company’s investments as of December 31, 2019:

	Convertible Notes Receivable			Equity			Total
Balance at January 1, 2019	$	30,336,000		$	10,597,283		$	40,933,283
Fair value adjustment		(1,398,000	)		(4,061,462	)		(5,459,462	)
Applied to consideration in business combination		(21,405,000	)		—			(21,405,000	)
Balance at December 31, 2019	$	7,533,000		$	6,535,821		$	14,068,821

Schedule Of Fair Value Measurement Inputs and Valuation Techniques

As of December 31, 2019, the Company held an investment in a convertible note which carried simple interest of 6.00% per annum. The fair value of this investment (which was considered a Level 3 investment) was $7,533,000, and was valued using the Binomial Lattice Model, which was based on a generalized binomial option pricing formula, using the following assumptions:

	December 31, 2019
Risk free rate	1.58% – 2.46%
Equity Volatility *	58% – 106%
Market Yield	15% – 18%
Probability of Qualified Financing	0%
Probability of Sale	30%
Probability of No Event	70%

* Management estimated that market interest rates on similar borrowings without the conversion feature to be approximately 18% and used an implied volatility of 58% in measuring the fair value of the convertible note.