Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Measurements

Schedule of fair value measurements

The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are summarized below:

	March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—
Liabilities:
Derivative liability	$	—	$	—	$	6,450	$	6,450
Other non-current liabilities:
Public Warrants		8,107		—		—		8,107
Private Warrants		—		247		—		247
Total	$	8,107	$	247	$	6,450	$	14,804

	December 31, 2021
	Level 1			Level 2		Level 3	Total
Assets:
Cash equivalents:
Money market funds	$	1	$	—	$	—	$	1
Total	$	1	$	—	$	—	$	1
Liabilities:
Derivative liability	$	—	$	—	$	4,875	$	4,875
Other non-current liabilities:
Public Warrants		4,792		—		—		4,792
Private Warrants		—		146		—		146
Total	$	4,792	$	146	$	4,875	$	9,813

Schedule of quantitative information regarding the significant unobservable inputs used by the Company related to the derivative liability

	March 31,		December 31,
	2022		2021
Term (in years)	4.7		4.9
Risk-free rate	2.42	%	1.25	%
Volatility	35.4	%	31.5	%

Schedule of activity of the Level 3 instruments

	Derivative
	Liability
Balance as of December 31, 2021	$	4,875
Change in fair value of derivative liability		1,575
Balance as of March 31, 2022	$	6,450