2. Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Disaggregation of revenue

	Three Months Ended
	March 31,
	2020		2019
	(In thousands)
Paid-up Revenue Agreements	$	3,300	$	–
Recurring Revenue Agreements		515		3,387
Total Revenue	$	3,815	$	3,387

Gain (loss) on trading securities

	Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
	(In thousands)
Security Type
March 31, 2020:
Trading securities - debt	$	89,322	$	24	$	(383	)	$	88,963
Trading securities - equity		16,616		96		(6,242	)		10,470
	$	105,938	$	120	$	(6,625	)	$	99,433
December 31, 2019:
Trading securities - debt	$	93,712	$	143	$	(12	)	$	93,843
Trading securities - equity		17,674		211		(745	)		17,140
	$	111,386	$	354	$	(757	)	$	110,983

Schedule of fair value of financial assets and liabilities on a recurring basis

	Level 1		Level 2		Level 3
				(In thousands)
Assets as of March 31, 2020:
Trading securities - debt	$	–	$	88,963	$	–
Trading securities - equity		10,470		–		–
Investment at fair value - warrants (Note 5)		–		1,387		–
Total recurring fair value measurements as of March 31, 2020	$	10,470	$	90,350	$	–
Assets as of December 31, 2019:
Trading securities - debt	$	–	$	93,843	$	–
Trading securities - equity		17,140		–		–
Investment at fair value - warrants (Note 5)		–		757		–
Investment at fair value - common stock (Note 5)		743		–		–
Total recurring fair value measurements as of December 31, 2019	$	17,883	$	94,600	$	–
Liabilities as of March 31, 2020:
Profits interest units	$	–	$	591	$	–
Series A warrants		–		2,610		–
Series B warrants		–		–		6,231
Embedded derivative liability		–		–		21,682
Total liabilities as of March 31, 2020	$	–	$	3,201	$	27,913
Liabilities as of December 31, 2019:
Profits interest units	$	–	$	591	$	–
Series A warrants		–		3,568		–
Embedded derivative liability		–		–		17,974
Total liabilities as of December 31, 2019	$	–	$	4,159	$	17,974

Summary of changes in finacial liability Level 3

		Series A Preferred Stock Embedded Derivative Liability		Series B Warrants Liability
		(In thousands)
Opening balance as of December 31, 2019	$	17,974	$	–
Issuance of Series B warrants		–		4,600
Remeasurement to fair value		3,708		1,631
Balance as of March 31, 2020	$	21,682	$	6,231