Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of fair value measurements, recurring

The following table presents the Company’s liabilities that are measured at fair value on a recurring basis and the level within the fair value hierarchy (in thousands):

							December 31,								December 31,
	Level 1		Level 2		Level 3		2022		Level 1		Level 2		Level 3		2021
Contingent earnout consideration	$	—	$	—	$	583	$	583	$	—	$	—	$	608	$	608
Initial ProFrac Agreement contract consideration convertible notes	—		—		14,220		14,220		—		—		—		—
Amended ProFrac Agreement contract consideration convertible notes	—		—		69,350		69,350		—		—		—		—
Total	$	—	$	—	$	84,153	$	84,153	$	—	$	—	$	608	$	608

Schedule of valuation techniques

	December 31,
	2022	2021
Risk-free interest rate	4.34%	1.02%
Expected volatility	100.0%	90.0%
Term until liquidation (years)	2.38	3.38
Stock price	$1.12	$1.13
Discount rate	9.95%	6.71%

The key inputs into the Monte Carlo simulation used to estimate the fair value of the Initial ProFrac Agreement Contract Consideration Convertible Notes Payable maturing February 2, 2023, as of December 31, 2022 were as follows:

	December 31, 2022
Risk-free interest rate	4.12%
Expected volatility	100.0%
Term until liquidation (years)	0.09
Stock price	$1.12
Discount rate	4.12%

The key inputs into the Monte Carlo simulation used to estimate the fair value of the Amended ProFrac Agreement Contract Consideration Convertible Notes Payable, on the issuance date of May 17, 2022, and as of December 31, 2022 were as follows:

	May 17, 2022	December 31, 2022
Risk-free interest rate	2.16%	4.59%
Expected volatility	90.0%	100.0%
Term until liquidation (years)	1.00	0.38
Stock price	$1.29	$1.12
Discount rate	8.40%	4.59%

Schedule of fair value, liabilities measured on recurring basis, unobservable input reconciliation

The following table presents the changes in balances of liabilities for the years ended December 31, 2022 and 2021 classified as Level 3 balances (in thousands):

	Years ended December 31,
	2022		2021
Balance - beginning of period	$	608	$	1,416
Transfer of Initial ProFrac Agreement contract consideration convertible notes payable from Level 2	10,000		—
Issuance of Amended ProFrac Agreement contract consideration convertible notes payable	69,460		—
Increase in principle of Initial ProFrac Agreement contract consideration convertible notes payable for paid-in-kind interest	954		—
Increase in principle of Amended ProFrac Agreement contract consideration convertible notes payable for paid-in-kind interest	3,231		—
Change in fair value of contingent earnout consideration	(25)		(808)
Change in fair value of Initial ProFrac Agreement contract consideration convertible notes payable	3,266		—
Change in fair value of Amended ProFrac Agreement contract consideration convertible notes payable	(3,341)		—
Balance - end of period	$	84,153	$	608