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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Summary of Categorization of Assets and Liabilities Measured at Fair Value
The tables below summarize the categorization of the Company’s assets and liabilities measured at fair value. During the three months ended March 31, 2019 and 2018, there were no transfers between Levels 1, 2 and 3.
 
 
 
March 31, 2019
 
 
 
Total
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recurring fair value measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents
 
$
566
 
 
$
566
 
 
$
 
 
$
 
Securities owned, at fair value
 
 
6,419
 
 
 
6,419
 
 
 
 
 
 
 
Total
 
$
6,985
 
 
$
6,985
 
 
$
 
 
$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recurring fair value measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred consideration (Note 11)
 
$
157,147
 
 
$
 
 
$
 
 
$
157,147
 
Securities sold, but not yet purchased
 
 
1,338
 
 
 
1,338
 
 
 
 
 
 
 
Total
 
$
158,485
 
 
$
1,338
 
 
$
 
 
$
157,147
 
 
 
  
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
Total
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recurring fair value measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents
 
$
24
 
 
$
24
 
 
$
 
 
$
 
Securities owned, at fair value
 
 
8,873
 
 
 
8,873
 
 
 
 
 
 
 
Total
 
$
8,897
 
 
$
8,897
 
 
$
 
 
$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-recurring fair value measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Thesys – Series Y preferred stock
(1)
 
$
3,080
 
 
$
 
 
$
 
 
$
3,080
 
Total
 
$
3,080
 
 
$
 
 
$
 
 
$
3,080
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recurring fair value measurements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred consideration (Note 11)
 
$
161,540
 
 
$
 
 
$
 
 
$
161,540
 
Securities sold, but not yet purchased
 
 
1,698
 
 
 
1,698
 
 
 
 
 
 
 
Total
 
$
163,238
 
 
$
1,698
 
 
$
 
 
$
161,540
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
(1)
Fair value determined on December 31, 2018 (See Note 9).
Summary of Reconciliation of Recurring Fair Value Measurements
The following table presents a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3:
 
 
 
Three Months Ended
March 31,
 
 
 
2019
 
 
2018
 
Deferred consideration (See Note 11)
 
 
 
 
 
 
 
 
Beginning balance
 
$
161,540
 
 
$
 
Net realized losses/(gains)
(1)
 
 
3,098
 
 
 
 
Net unrealized losses/(gains)
(2)
 
 
(4,404
)
 
 
 
Settlements
 
 
(3,087
)
 
 
 
Ending balance
 
$
157,147
 
 
$
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
(1)
Recorded as contractual gold payments expense on the Company’s Consolidated Statements of Operations.
(2)
Recorded as gain on revaluation of deferred consideration – gold payments on the Company’s Consolidated Statements of Operations.