Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 8 – Fair Value Measurements

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 by level within the fair value hierarchy:

	Fair Value Measured as of March 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Investments held in Trust Account - U.S. Treasury Securities	$	115,003,350	$	—	$	—	$	115,003,350
Liabilities:
Public Warrant liabilities	$	4,025,000	$	—	$	—	$	4,025,000
Private Placement Warrant liabilities		—		2,660,000		—		2,660,000
Total Warrant liabilities	$	4,025,000	$	2,660,000	$	—	$	6,685,000

	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Investments held in Trust Account - U.S. Treasury Securities	$	115,024,797	$	—	$	—	$	115,024,797
Liabilities:
Public Warrant liabilities	$	—	$	—	$	5,443,335	$	5,443,335
Private Placement Warrant liabilities		—		—		3,597,335		3,597,335
Total Warrant liabilities	$	—	$	—	$	9,040,670	$	9,040,670

The Company utilized a Monte Carlo simulation to estimate the fair value of the Public Warrants and Private Placement Warrants at December 31, 2020, and used the quoted price of the Public Warrants on the Nasdaq Stock Market at March 31, 2021 to estimate the fair value of both the Public Warrants and Private Placement Warrants at that date.

Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period. At March 31, 2021, the fair value of the Public Warrant liabilities was reclassified from Level 3 to Level 1, and the fair value of the Private Placement Warrants was reclassified from Level 3 to Level 2.

The following table presents the changes in the fair value of Warrant liabilities during the three months ended March 31, 2021:

	Public Warrants			Private Placement Warrants			Total Warrant Liabilities
Fair value as of December 31, 2020	$	5,443,335		$	3,597,335		$	9,040,670
Change in fair value recognized in earnings		(1,418,335	)		(937,335	)		(2,355,670	)
Fair value as of March 31, 2021	$	4,025,000		$	2,660,000		$	6,685,000