Post-effective amendment to a registration statement that is not immediately effective upon filing

FAIR VALUE MEASUREMENTS

v3.21.1
FAIR VALUE MEASUREMENTS
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Fair Value Disclosures [Abstract]    
FAIR VALUE MEASUREMENTS

4. FAIR VALUE MEASUREMENTS

The following table provides the fair value measurement hierarchy of the Company’s assets and liabilities, except for those assets and liabilities that are short term in nature and approximate the fair values, as of the periods presented:

  

Level 1

  

Level 2

  

Level 3

  

Total

As of March 31, 2021

  

 

    

 

    

 

    

 

  

Assets:

  

 

    

 

    

 

    

 

  

Investment – Cansativa

  

 

—

  

 

—

  

 

1,542

  

 

1,542

Total Assets

  

 

—

  

 

—

  

 

1,542

  

 

1,542

Liabilities:

  

 

    

 

    

 

    

 

  

Loans and borrowings

  

 

—

  

 

7,924

  

 

—

  

 

7,924

Warrant liability

  

 

—

  

 

—

  

 

23,912

  

 

23,912

Convertible notes

  

 

—

  

 

27,266

  

 

—

  

 

27,266

Total Liabilities

  

$

—

  

$

35,190

  

$

23,912

  

$

59,102
   

 

    

 

    

 

    

 

  

As of December 31, 2020

  

 

    

 

    

 

    

 

  

Assets:

  

 

    

 

    

 

    

 

  

Investment – Cansativa

  

 

—

  

 

—

  

 

1,553

  

 

1,553

Total Assets

  

$

—

  

$

—

  

$

1,553

  

$

1,553

Liabilities:

  

 

    

 

    

 

    

 

  

Loans and borrowings

  

$

—

  

$

6,701

  

$

—

  

$

6,701

Warrant liability

  

 

—

  

 

—

  

 

19,061

  

$

19,061

Convertible notes

  

 

—

  

 

27,142

  

 

—

  

$

27,142

Total Liabilities

  

$

—

  

$

33,843

  

$

19,061

  

$

52,904

During the three months ended March 31, 2021 and December 31, 2020, there were no transfers between fair value measurement levels.

4. FAIR VALUE MEASUREMENTS

The following table provides the fair value measurement hierarchy of the Company’s assets and liabilities, except for those assets and liabilities that are short term in nature and approximate the fair values, as of the periods presented:

 

Level 1

  

Level 2

  

Level 3

  

Total

As of December 31, 2020

  

 

    

 

    

 

    

 

  

Assets:

  

 

    

 

    

 

    

 

  

Investment – Lift & Co

  

$

—

  

$

—

  

$

—

  

$

—

Investment – Cansativa

  

 

—

  

 

—

  

 

1,553

  

 

1,553

Total Assets

  

 

—

  

 

—

  

 

1,553

  

 

1,553

Liabilities:

  

 

    

 

    

 

    

 

  

Loans and borrowings

  

 

—

  

 

6,701

  

 

—

  

 

6,701

Warrant liability

  

 

—

  

 

—

  

 

19,061

  

 

19,061

Convertible notes

  

 

—

  

 

27,142

  

 

—

  

 

27,142

Total Liabilities (Restated)(a)

  

$

—

  

$

33,843

  

$

19,061

  

$

52,904
   

 

    

 

    

 

    

 

  

As of December 31, 2019

  

 

    

 

    

 

    

 

  

Assets:

  

 

    

 

    

 

    

 

  

Investment – Lift & Co

  

$

319

  

$

57

  

$

—

  

$

376

Investment – Cansativa

  

 

—

  

 

—

  

 

1,701

  

 

1,701

Total Assets

  

$

319

  

$

57

  

$

1,701

  

$

2,077

Liabilities:

  

 

    

 

    

 

    

 

  

Loans and borrowings

  

$

—

  

$

7,162

  

$

—

  

$

7,162

Convertible notes

  

 

 

  

 

26,566

  

 

 

$

26,566

Total Liabilities

  

$

—

  

$

33,728

  

$

—

  

$

33,728

(a)      See Note 3. for information on the restatement adjustment as of December 31, 2020.

In September 2020, Lift & Co. (“Lift”) filed for bankruptcy protection under Section 49 of the Bankruptcy and Insolvency Act of Canada. In connection with the filing, the Company fully impaired its investment in Lift and as a result, the carrying value of the Company’s common stock and warrant ownership was $nil as of December 31, 2020.

During the year ended December 31, 2020 and December 31, 2019, there were no transfers between fair value measurement levels.