Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.21.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
    The fair value topic of the FASB Accounting Standards Codification defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting guidance also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:
 Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. We currently do not have any Level 1 financial assets or liabilities.
 Level 2 - Observable inputs other than quoted prices included in Level 1. Level 2 inputs include quoted prices for identical assets or liabilities in non-active markets, quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for substantially the full term of the asset or liability. We have Level 2 financial assets and liabilities as provided below.
 Level 3 - Unobservable inputs reflecting management’s own assumptions about the input used in pricing the asset or liability. We do not currently have any Level 3 financial assets or liabilities.
    The following tables presents the asset reported in "other assets" in the consolidated balance sheet measured at its fair value on a recurring basis as of March 31, 2021 and 2020 by level within the fair value hierarchy.
March 31, 2021 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs
Total Level 1 Level 2 Level 3
Description
Recurring fair value measurements
Marketable equity securities
EuroSite Power Inc. $ 149,990  $ —  $ 149,990  $ — 
Total recurring fair value measurements $ 149,990  $ —  $ 149,990  $ — 
March 31, 2020 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs
Total Level 1 Level 2 Level 3
Description
Recurring fair value measurements
Marketable equity securities
EuroSite Power Inc. $ 196,806  $ —  $ 196,806  $ — 
Total recurring fair value measurements $ 196,806  $ —  $ 196,806  $ — 
      
    We utilize a Level 2 category fair value measurement to value its investment in EuroSite Power, Inc. as a marketable equity security at period end. That measurement is equal to the quoted market closing price at period end. Since this security is not actively traded we classify it as Level 2.
    The following table summarizes changes in Level 2 assets which are comprised of marketable equity securities for the periods ended March 31, 2021 and 2020:
Fair value at December 31, 2020 $ 118,084 
Sale of 93,187 shares (5,591)
Unrealized gain included in net income for the three months ended March 31, 2021 37,497 
Fair value at March 31, 2021 $ 149,990 
Fair value at December 31, 2019 $ 216,487 
Unrealized loss included in net income for the three months ended March 31, 2020 (19,681)
Fair value at March 31, 2020 $ 196,806 
During the three months ended March 31, 2021, we received net proceeds of $11,637 from the sale of 93,187 shares of Eurosite Power, Inc. common stock, and recognized a realized gain of $6,046 which is included in the Consolidated Statement of Operations.