Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Liabilities Measured on Recurring Basis

The following table presents our assets at September 30, 2020 measured at fair value on a recurring basis:


			Fair Value Measurements at
			September 30, 2020
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Convertible preferred shares of Tonogold (Note 3)	$	2,616,000	$	—	$	—	$	2,616,000
Common shares of Tonogold (Note 3)	7,106,022		7,106,022		—		—
Tonogold note receivable (Note 3)	6,397,497		—		—		6,397,497
Total Assets	$	16,119,519	$	7,106,022	$	—	$	9,013,497

The following table presents our assets and liabilities at December 31, 2019 measured at fair value on a recurring basis:


			Fair Value Measurements at
			December 31, 2019
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Convertible preferred shares of Tonogold (Note 3)	$	9,080,000	$	—	$	—	$	9,080,000
Total Assets	$	9,080,000	$	—	$	—	$	9,080,000

Liabilities:
Accrued make-whole for Pelen LLC (Note 21)	$	222,602	$	—	$	222,602	$	—
Accrued make-whole for Mercury Clean Up LLC (Note 22)	452,740		—		452,740		—
Total Liabilities	$	675,342	$	—	$	675,342	$	—

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables provide reconciliation between the beginning and ending balance of investments measured at fair value on a recurring basis using significant unobservable inputs (Level 3).


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Beginning balance	$	10,581,334	$	4,995,000	$	9,080,000	$	—
Total gains or losses recognized in earnings	(2,890,502)		(332,263)		(1,522,120)		(332,263)
Additions							—
Convertible preferred shares of Tonogold	—		987,263		—		5,982,263
Contingent forward asset	—		—		1,232,952
Tonogold note receivable	6,141,497		—		6,141,497		—
Transfers
Tonogold preferred shares converted to Tonogold common shares	(2,820,000)		—		(3,920,000)		—
Contingent forward asset	(1,998,832)		—		(1,998,832)		—
Ending balance	$	9,013,497	$	5,650,000	$	9,013,497	$	5,650,000