XML 43 R31.htm IDEA: XBRL DOCUMENT v3.21.2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary of Assets and Liabilities Measurements on a Recurring Basis

As of September 30, 2021 and December 31, 2020, the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis were classified within the fair value hierarchy as follows (in thousands):

			September 30, 2021												December 31, 2020
			Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Assets
Investments:
Commercial paper, available for sale			$	—		$	83,723		$	—		$	83,723		$	—		$	—		$	—		$	—
Corporate Bonds, available for sale			—			94,974			—			94,974			—			—			—			—
Municipal bonds, available for sale			—			5,878			—			5,878			—			—			—			—
Total investments			$	—		$	184,575		$	—		$	184,575		$	—		$	—		$	—		$	—
Liabilities
Warrant liability:
RTI warrants			$	—		$	—		$	8,214		$	8,214		$	—		$	—		$	—		$	—
Private warrants			—			—			1,316			1,316			—			—			—			—
Total warrant liability			$	—		$	—		$	9,530		$	9,530		$	—		$	—		$	—		$	—

RTI warrants

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value Measurement Inputs

The Company has determined its warrant to be a Level 3 fair value measurement and has remeasured using the Black-Scholes option pricing model to calculate its fair value for both initial measurement upon close of the Business Combination and subsequent measurement using the following assumptions:

			September 30, 2021			March 18, 2021 (Initial Recognition)
Expected annual dividend yield			—		%	—		%
Expected volatility			55.49		%	48.51		%
Risk-free rate of return			0.59		%	0.54		%
Expected option term (years)			3.25			3.79

Level 3 Liabilities Measured at Fair Value

Changes in Level 3 liabilities measured at fair value for nine months ended September 30, 2021 are as follows (in thousands):

			Fair value (Level 3)
Balance at December 31, 2020			$	—
Change in fair value			8,214
Balance at September 30, 2021			$	8,214

Private warrants

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value Measurement Inputs

The private warrants are measured at fair value on a recurring basis using a Black-Scholes model. The private warrants are classified as Level 3 for both initial measurement upon close of the Business Combination and subsequent measurement using the following assumptions:

			September 30, 2021			March 18, 2021 (Initial Recognition)
Expected annual dividend yield			—		%	—		%
Expected volatility			56.2		%	47.3		%
Risk-free rate of return			0.86		%	0.86		%
Expected option term (years)			4.47			5.0

Level 3 Liabilities Measured at Fair Value

A summary of the private warrants activity from the Business Combination date at March 18, 2021 to September 30, 2021 is as follows:

			Fair value (Level 3)
Balance at March 18, 2021			$	4,604
Change in fair value			(3,288)
Balance at September 30, 2021			$	1,316

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
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 http://asc.fasb.org/extlink&oid=117815213&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 http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_ClassOfWarrantOrRightAxis=pct_RTIWarrantMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_ClassOfWarrantOrRightAxis=pct_PrivateWarrantMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: