FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

Financial assets and liabilities measured at fair value on a recurring basis as of the date indicated below were presented on our unaudited condensed consolidated balance sheets as follows:


	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	1,026,034	$	—	$	—	$	1,026,034
Cash and securities segregated under federal and other regulations:
U.S. Treasury securities	134,994		—		—		134,994
Other current assets:
Equity securities - user-held fractional shares	802,483		—		—		802,483
Equity securities - securities owned	3,222		—		—		3,222
Total financial assets	$	1,966,733	$	—	$	—	$	1,966,733

Liabilities
Accounts payable and accrued expenses:
Equity securities - referral program liability	$	695	$	—	$	—	$	695
Other current liabilities:
Equity securities - repurchase obligations	802,483		—		—		802,483
Total financial liabilities	$	803,178	$	—	$	—	$	803,178


	September 30, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	4,006,138	$	—	$	—	$	4,006,138
Cash and securities segregated under federal and other regulations:
U.S. Treasury securities	50,000		—		—		50,000
Other current assets:
Equity securities - user-held fractional shares	1,530,971		—		—		1,530,971
Equity securities - securities owned	22,769		—		—		22,769
Total financial assets	$	5,609,878	$	—	$	—	$	5,609,878

Liabilities
Accounts payable and accrued expenses:
Equity securities - referral program liability	$	46	$	—	$	—	$	46
Other current liabilities:
Equity securities - repurchase obligations	1,530,971		—		—		1,530,971
Total financial liabilities	$	1,531,017	$	—	$	—	$	1,531,017

SCHEDULE OF CHANGES IN ESTIMATED FAIR VALUE OF CONVERTIBLE NOTES AND WARRANT LIABILITY

The following table sets forth a summary of the changes in the estimated fair value of our convertible notes and warrant liability:


(in thousands)	Convertible notes		Warrant liability
Beginning of period, January 1, 2021	$	—	$	—
Issued during the period	3,299,031		252,944
Change in fair value	1,918,565		127,092
Reclassifications to equity	(5,217,596)		(380,036)
End of period, September 30, 2021	$	—	$	—