Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

v3.21.2
Fair Value of Financial Instruments
6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company's assets measured at fair value consisted of the following at June 30, 2021:
Fair Value at June 30, 2021
Total Level 1 Level 2 Level 3
Assets:
Short-term investments 45,303  —  45,303  — 
Investments in equity securities 29,940  —  —  29,940 
Total assets $ 75,243  $ —  $ 45,303  $ 29,940 
The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value.

Short-term investments represent treasury bills with maturities greater than three months and based off of valuation received from data such as closing market prices provided by independent pricing services after considering factors such as the yields or prices of comparable investments of comparable quality, coupon, maturity, terms and type, reported transactions, indications as to values from dealers and general market conditions.

Investments in equity securities are marked to market based on the respective publicly quoted market prices of the equity securities adjusted for liquidity. The fair value was determined using a pricing model with certain significant unobservable market data inputs.

The Company had no Level 3 investments for the twelve months ended December 31, 2020. The following table is a reconciliation of assets for Level 3 investments for which significant unobservable inputs were used to determine fair value for the six months ended June 30, 2021:

Level 3
Level 3 Investments
Balance at beginning of period $ — 
Transfers in- Sysorex Securities Settlement Agreement
       Benefit (provision) for valuation allowance on related party loan - held for sale 7,461 
       Interest income (expense), net 1,627 
       Gain on related party loan held for sale 49,817 
Unrealized loss on equity securities (28,965)
Balance at end of period $ 29,940