XML 41 R26.htm IDEA: XBRL DOCUMENT
v3.22.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Fair Value Disclosures [Abstract] |
Summary of Assets and Liabilities Measured at Fair Value | The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value as of June 30, 2022 and December 31, 2021 based on the three-tier fair value hierarchy:
| June 30, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 200,537 |  | (1) | $ | — |  |  | $ | — |  |  | $ | 200,537 |
Other current assets: |  |  |  |  |  |  |
Digital assets held for users | — |  |  | 17,283 |  | (2) | — |  |  | 17,283 |
Other non-current assets: |  |  |  |  |  |  |
Derivative instruments | — |  |  | — |  |  | 46,633 |  | (5) | 46,633 |
Equity securities | 18,675 |  | (3) | 13,533 |  | (4) | — |  |  | 32,208 |
Total | $ | 219,212 |  |  | $ | 30,816 |  |  | $ | 46,633 |  |  | $ | 296,661 |
Liabilities |  |  |  |  |  |  |
Other current liabilities: |  |  |  |  |  |  |
Digital assets held for users | $ | — |  |  | $ | 17,283 |  | (2) | $ | — |  |  | $ | 17,283 |
Warrant liabilities | — |  |  | 13,081 |  | (6) | — |  |  | 13,081 |
Total | $ | — |  |  | $ | 30,364 |  |  | $ | — |  |  | $ | 30,364 |
| December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 550,169 |  | (1) | $ | — |  |  | $ | — |  |  | $ | 550,169 |
Other non-current assets: |  |  |  |  |  |  |
Derivative instruments | — |  |  | — |  |  | 3,850 |  | (5) | 3,850 |
Equity securities | 27,200 |  | (3) | — |  |  | — |  |  | 27,200 |
Total | $ | 577,369 |  |  | $ | — |  |  | $ | 3,850 |  |  | $ | 581,219 |
Liabilities |  |  |  |  |  |  |
Warrant liabilities | $ | — |  |  | $ | 26,911 |  | (6) | $ | — |  |  | $ | 26,911 |
Total | $ | — |  |  | $ | 26,911 |  |  | $ | — |  |  | $ | 26,911 |
(1)Represents the Company’s money market funds, which are classified as Level 1 because the Company measures these assets to fair value using quoted market prices. (2)Represents the asset and liability balance for the digital assets held by the Company for its users, which are classified as Level 2 because the Company measures these digital assets to fair value using observable inputs for similar transactions. (3)Represents the Company’s marketable equity securities, which are classified as Level 1 because the Company measures these assets to fair value using quoted market prices. (4)Represents the Company’s non-marketable equity securities, which are classified as Level 2 because the Company measures these assets to fair value using observable inputs for similar investments of the same issuer. The Company has elected the remeasurement alternative for these assets. (5)Represents the Company’s derivative instruments held in other public and privately held entities. The Company measures these derivative instruments to fair value using option pricing models and, accordingly, classifies these assets as Level 3. During the six months ended June 30, 2022, there were not a significant amount of new derivative instruments purchased by or issued to the Company. The table below includes a range and an average weighted by relative fair value of the significant unobservable inputs used to measure these Level 3 derivative instruments to fair value. A change in these significant unobservable inputs might result in a significantly higher or lower fair value measurement at the reporting date.
| June 30, 2022 |  | December 31, 2021
Significant Unobservable Input | Range (Weighted Average) |  |
Underlying stock price | $7.47 - $39.22 ($34.35) |  | $ | 10.88 |
Volatility | 70.0% - 75.0% (73.5%) |  | 60.0 | %
Risk-free rate | 1.3% - 1.6% (1.4%) |  | 0.3 | %
(6)The Company measures its Private Warrants and the GNOG Private Warrants to fair value using a binomial lattice model with the significant assumptions being observable inputs and, accordingly, classifies these liabilities as Level 2.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration