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Fair Value of Financial Assets and Liabilities – Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value of Financial Assets and Liabilities – Derivative Instruments [Abstract]  
Liabilities Measured at Fair Value

There were no assets or liabilities that require recurring fair value measurements as of December 31, 2019. The recurring fair value measurements of the Company at December 31, 2018 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Quoted Prices in

    

 

 

    

 

 

    

 

 

 

 

Active Markets

 

Significant Other

 

Significant

 

 

 

 

 

for Identical

 

Observable Inputs

 

Unobservable

 

 

 

 

 

Items (Level 1)

 

(Level 2)

 

Inputs (Level 3)

 

Total

December 31, 2018

 

 

  

 

 

  

 

 

  

 

 

  

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

9,430,000

 

$

 —

 

$

 —

 

$

9,430,000

Total assets

 

$

9,430,000

 

$

 —

 

$

 —

 

$

9,430,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

  

 

 

  

 

 

  

 

 

  

Asset acquisition derivative liability

 

$

 —

 

$

 —

 

$

1,117,000

 

$

1,117,000

Total liabilities

 

$

 —

 

$

 —

 

$

1,117,000

 

$

1,117,000

 

Changes in Fair Value of Derivative Liabilities

The following table sets forth a summary of changes in the fair value of the Company’s derivative liabilities during the year ended December 31, 2019:

 

 

 

 

 

 

    

Asset

    

 

 

Acquisition

 

 

 

Derivative

 

 

 

Liability

 

Balance, December 31, 2018

 

$

1,117,000

 

Changes in estimated fair value

 

 

(1,117,000)

 

Balance, December 31, 2019

 

$

 —