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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

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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Derivative Instrument, Contingent Consideration, Liability

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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.

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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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).

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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.

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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.

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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.

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