Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.21.2
Fair Value Measurements
 9 Months Ended
Sep. 30, 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 September 30, 2021 and December 31, 2020 by level within the fair value hierarchy.
September 30, 2021 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs
Description Total Level 1 Level 2 Level 3
Recurring fair value measurements
    Marketable equity securities
          EuroSite Power Inc. $ 131,242  $ —  $ 131,242  $ — 
Total recurring fair value measurements $ 131,242  $ —  $ 131,242  $ — 
December 31, 2020 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs
Description Total Level 1 Level 2 Level 3
Recurring fair value measurements
Marketable equity securities
EuroSite Power Inc. $ 118,084  $ —  $ 118,084  $ — 
Total recurring fair value measurements $ 118,084  $ —  $ 118,084  $ — 
      
    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 nine months ended September 30, 2021 and 2020:
Fair value at December 31, 2020 $ 118,084 
Sale of 93,187 shares (5,591)
Unrealized gain 18,749 
Fair value at September 30, 2021 $ 131,242 
Fair value at December 31, 2019 $ 216,487 
Unrealized loss (98,403)
Fair value at September 30, 2020 $ 118,084 
During the nine months ended September 30, 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 other income (expense), net in the condensed consolidated statements of operations.