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FAIR VALUE MEASUREMENT

9 Months Ended

Sep. 30, 2022

The carrying values of the Company’s cash and cash equivalents, trade receivables and accounts payable approximate fair value due to their short maturities.

The following tables present the financial assets not measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021:


	September 30, 2022
	Carrying Value		Estimated Fair Value		Fair Value Hierarchy	Financial Statement Line Item
Financial assets:
Notes receivable - current	$	102	$	102	Level 3	Receivables
Notes receivable - non-current	192		192		Level 3	Other long-term assets
Prepaid expenses - non-current	8,000		8,000		Level 3	Other long-term assets
Total financial assets	$	8,294	$	8,294


	December 31, 2021
	Carrying Value		Estimated Fair Value		Fair Value Hierarchy	Financial Statement Line Item
Financial assets:
Notes receivable - current	$	8	$	8	Level 3	Receivables
Notes receivable - non-current	3,391		3,391		Level 3	Other long-term assets
Prepaid expenses - non-current	8,000		8,000		Level 3	Other long-term assets
Total financial assets	$	11,399	$	11,399

The notes receivable are fixed-rate investments, are not traded and do not have observable market inputs, therefore, the fair value is estimated to be equal to the carrying value. The Advance Payment is not a traded asset and does not have observable market inputs, therefore, the fair value is estimated to be equal to the carrying value.

The following tables present the liabilities measured at fair value on a recurring basis, by input level, in the Consolidated Balance Sheets at September 30, 2022 and December 31, 2021:


	September 30, 2022
	Level 1		Level 2		Level 3		Total
Financial liabilities:
Public Warrants	$	2,099	—		—		2,099
Private Warrants	—		1,491		—		1,491
Total financial liabilities	$	2,099	$	1,491	$	—	$	3,590


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Financial liabilities:
Public Warrants	$	4,255	—		—		4,255
Private Warrants	—		2,266		—		2,266
Total financial liabilities	$	4,255	$	2,266	$	—	$	6,521

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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