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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Financial assets measured at fair value on a recurring basis | The Company’s financial assets and liabilities measured at fair value on a recurring basis, consisted of the following types of instruments as of the following dates:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
March 31, 2022 |  |  |  |  |  |  |  |
Assets Carried at Fair Value: |  |  |  |  |  |  |  |
Derivative asset - interest rate swap |  | $ | — |  |  | $ | — |  |  | $ | 4,036 |  |  | $ | 4,036 |
Liabilities Carried at Fair Value: |  |  |  |  |  |  |  |
Public warrants |  | 17,946 |  |  | — |  |  | — |  |  | 17,946 |
Private warrants |  | — |  |  | — |  |  | 18,749 |  |  | 18,749 |
Earnout consideration |  | — |  |  | — |  |  | 34,320 |  |  | 34,320 |
Derivative liability - redemption with make-whole provision |  | — |  |  | — |  |  | 800 |  |  | 800 |
December 31, 2021 |  |  |  |  |  |  |  |
Liabilities Carried at Fair Value: |  |  |  |  |  |  |  |
Public warrants |  | $ | 17,714 |  |  | $ | — |  |  | $ | — |  |  | 17,714 |
Private warrants |  | — |  |  | — |  |  | 17,557 |  |  | 17,557 |
Earnout consideration |  | — |  |  | — |  |  | 38,427 |  |  | 38,427 |
Derivative liability - redemption with make-whole provision |  | — |  |  | — |  |  | 552 |  |  | 552 |
Financial liabilities measured at fair value on a recurring basis | The Company’s financial assets and liabilities measured at fair value on a recurring basis, consisted of the following types of instruments as of the following dates:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
March 31, 2022 |  |  |  |  |  |  |  |
Assets Carried at Fair Value: |  |  |  |  |  |  |  |
Derivative asset - interest rate swap |  | $ | — |  |  | $ | — |  |  | $ | 4,036 |  |  | $ | 4,036 |
Liabilities Carried at Fair Value: |  |  |  |  |  |  |  |
Public warrants |  | 17,946 |  |  | — |  |  | — |  |  | 17,946 |
Private warrants |  | — |  |  | — |  |  | 18,749 |  |  | 18,749 |
Earnout consideration |  | — |  |  | — |  |  | 34,320 |  |  | 34,320 |
Derivative liability - redemption with make-whole provision |  | — |  |  | — |  |  | 800 |  |  | 800 |
December 31, 2021 |  |  |  |  |  |  |  |
Liabilities Carried at Fair Value: |  |  |  |  |  |  |  |
Public warrants |  | $ | 17,714 |  |  | $ | — |  |  | $ | — |  |  | 17,714 |
Private warrants |  | — |  |  | — |  |  | 17,557 |  |  | 17,557 |
Earnout consideration |  | — |  |  | — |  |  | 38,427 |  |  | 38,427 |
Derivative liability - redemption with make-whole provision |  | — |  |  | — |  |  | 552 |  |  | 552 |
Derivative asset - interest rate swap | The following tables present additional information about assets and liabilities remeasured at fair value on a recurring basis and for which the Company utilizes Level 3 inputs to determine fair value. Derivative asset - interest rate swap
|  | Derivative asset - interest rate swap
Balance at December 31, 2021 |  | $ | — |
Fair value recognized upon interest rate swap agreement |  | 4,036 |
Estimated fair value at March 31, 2022 |  | $ | 4,036 |
Reconciliation of warrant liabilities measured at fair value | The following table provides a reconciliation of the ending balances for the warrant liabilities remeasured at fair value:
|  | Warrant Liabilities
Estimated fair value at December 31, 2021 |  | $ | 35,271 |
Change in estimated fair value |  | 1,424 |
Estimated fair value at March 31, 2022 |  | $ | 36,695 |
Assumptions used to determine fair value | The following assumptions were used to determine the fair value of the private warrants as of March 31, 2022:
|  | March 31, 2022
Exercise Price |  | $ | 11.50 |
Risk-free interest rate |  | 2.42 | %
Expected volatility |  | 38 | %
Expected dividends |  | 0 | %
Expected term (years) |  | 4.7 years
Common Stock market value |  | $ | 7.59 |
The following assumptions were used to determine the fair value of the Earnout considerations as of March 31, 2022:
|  | March 31, 2022
Valuation date share price |  | $ | 7.59 |
Risk-free interest rate |  | 2.41% - 2.44%%
Expected volatility |  | 70.0 | %
Expected dividends |  | 0 | %
Expected term (years) |  | 2.7 - 3.7 years
Earnout consideration | The following table provides a reconciliation of the ending balances for the earnout consideration liabilities remeasured at fair value:
|  | Earnout Consideration Liability
Estimated fair value at December 31, 2021 |  | $ | 38,427 |
Change in estimated fair value |  | (4,107) |
Estimated fair value at March 31, 2022 |  | $ | 34,320 |

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- 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=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&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 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + 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 (b) -URI http://asc.fasb.org/extlink&oid=123874694&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 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: 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=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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