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Contingent Consideration
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Contingent Consideration Contingent Consideration
The following table summarizes information about the Company’s contingent consideration arrangements measured at fair value on a recurring basis, grouped into Level 1 to 3 based on the degree to which the input to fair value is observable (in thousands):
December 31, 2023
Level 1Level 2Level 3Total
DBOT - Contingent Considerationa
$— $— $649 $649 
Tree Technology - Contingent Considerationb
— — 78 78 
Solectrac - Contingent Considerationc
— — — — 
VIA - Contingent considerationd
$— $— $— $— 
Total$— $— $727 $727 
December 31, 2022
Level 1Level 2Level 3Total
DBOT - Contingent Considerationa
$— $— $649 $649 
Tree Technology - Contingent Considerationb
— — 118 118 
Solectrac - Contingent Considerationc
— — 100 100 
Total$— $— $867 $867 
(a) DBOT Contingent Consideration
This represents the liability incurred in connection with the acquisition of DBOT shares during the three months ended September 30, 2019 and as remeasured as of April 17, 2020. The contractual period which required periodic remeasurement has expired at that time, and therefore the Company will not remeasure this liability after that.

(b) Tree Technologies Contingent Consideration

This represents the liability incurred in connection with the acquisition of Tree Technologies during the three months ended December 31, 2019 and as subsequently remeasured as of June 30 2023 and December 31, 2022 . The contractual period which required periodic remeasurement expired at that time, and therefore the Company did not remeasure this liability after that.
The fair value of the Tree Technologies contingent consideration as of December 31, 2022 was valued using a probability-weighted discounted cash flow approach which incorporates various estimates, including projected gross revenue for the periods, probability estimates, discount rates and other factors. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement.

The following table summarizes the significant inputs and assumptions used in the probability-weighted discounted cash flow
approach:
December 31, 2022
Weighted-average cost of capital
15.0%
Probability
5%-20%

(c) Solectrac Contingent Consideration

This represents the liability incurred in connection with the acquisition of Solectrac. The liability represents the fair value of the three contingent considerations that were entered into at closing. The fair value was determined using Monte-Carlo simulations as of December 31, 2022. The fair value was reduced to zero as of December 31, 2023 due to the change of projection.
The fair value of the Solectrac contingent consideration as of December 31, 2022, was valued using a Monte-Carlo simulation model. The significant unobservable inputs include volatility, discount rate and the risk free rate. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. The following table summarizes the significant inputs and assumptions used in the model:

December 31, 2022
Risk-free interest rate3.4 %
Expected volatility25.0 %
Expected discount rate13.1 %

(d) VIA Contingent Consideration

This represents the liability incurred in connection with the acquisition of VIA. The liability represents the fair value of the three contingent considerations that were entered into at closing. The fair value was $73.6 million determined using Monte-Carlo simulations. The fair value was reduced to zero as of December 31, 2023 due to the change of projection.
The fair value of the VIA contingent consideration $73.6 million was valued using a Monte-Carlo simulation model. The significant unobservable inputs include volatility, discount rate and the risk free rate, Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. The following table summarizes the significant inputs and assumptions used in the model:
January 31 2023
Risk-free interest rate3.7 %
Expected volatility65.0 %
Expected discount rate13.9 %
The following table summarizes the reconciliation of contingent consideration measured using Level 3 inputs (in thousands):
Contingent
Consideration
December 31 2021
999 
Remeasurement loss/(gain) recognized in the income statement(132)
December 31 2022$867 
Addition
73,628 
Remeasurement loss/(gain) recognized in the income statement(73,768)
December 31 2023
727