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Fair Value Measurements
6 Months Ended
Jun. 30, 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 June 30, 2021 and December 31, 2020 by level within the fair value hierarchy:

 

   Fair Value Measured as of June 30, 2021 
   Level 1   Level 2   Level 3   Total 
Assets                
Investments held in Trust Account - money market fund holding solely U.S. Treasury Securities  $115,007,460   $
   $
   —
   $115,007,460 
Liabilities:                    
Public Warrant liabilities  $5,711,666   $
   $
   $5,711,666 
Private Placement Warrant liabilities   
    3,774,666    
    3,774,666 
Total Warrant liabilities  $5,711,666   $3,774,666   $
   $9,486,332 

 

   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 June 30, 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. Effective 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.

 

Level 1 assets include investments in money market funds that invest solely in U.S. Treasury securities. The Company uses inputs such as actual trade data, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

 

The following table presents the changes in the fair value of warrant liabilities measured using Level 3 inputs during the six months ended June 30, 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 
                
Transfers to Levels 1 and 2   (5,443,335)   (3,597,335)   (9,040,670)
                
Fair value as of June 30, 2021  $0   $0   $0