Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Black Scholes model for the Private Warrants

To estimate the fair value of the Private Warrants as of December 31, 2021 and June 30, 2022, the Company used a Black Scholes closed form model, which is a Level 3 fair value measurement. Significant inputs used in the Black Scholes model for the Private Warrants were as follows:

	December 31, 2021 & June 30, 2022
Expected volatility		27.00	%
Expected term (in years)		2.94
Risk free interest rate		0.96	%
Dividend yield		0.00	%
Exercise Price	$	11.50
Fair value of Common Stock	$	6.80

The following table summarizes the assumptions used in the valuation models to determine the fair value of awards granted to employees and non-employee directors under the 2019 Plan:

	Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Expected volatility	42.8% - 42.9%		44.06% - 44.61%
Expected term (in years)		6.00		6.00
Dividend yield	0.00%		0.00%
Risk-free interest rate	1.62%-2.71%		0.70% - 1.00%

Summary of Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table provides a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the periods ended June 30, 2022 and December 31, 2021 (in thousands):

Balance at December 31, 2020	$	920
Private Warrants		3,810
Change in fair value of Private Warrants		(1,969	)
Change in fair value of contingent consideration		(275	)
Balance at December 31, 2021		2,486
Change in fair value of Private Warrants		(686	)
Change in fair value of contingent consideration		18
Balance at June 30, 2022	$	1,818