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Fair Value (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured at fair value

		Level 1		Level 2		Level 3			Total
September 30, 2021:
Warrants		—		—		$	168,016		$	168,016
December 31, 2020:
Warrants		—		—		$	101,325		$	101,325

		Level 1		Level 2		Level 3			Total
		(in thousands)
December 31, 2020
Warrants		—		—		$	101,325		$	101,325
December 31, 2019
Warrants		—		—		$	3,531		$	3,531

Schedule of fair value warrants estimated using the Black-Scholes option-pricing model

		September 30, 2021		December 31, 2020
Discount for lack of marketability		14.0% – 37.0%		10.0%
Equity value		$727,808,000 – $736,000,000		$525,034,000
Expected volatility		45.5% – 62.2%		59.50%
Dividend rate		—		—
Expected term (in years)		0.58 – 2.50		3.00
Risk-free interest rate		0.04% – 0.5%		0.17%

		December 31, 2020				December 31, 2019
OPM Inputs/Assumptions		Values				Values
Equity Value		$	525,034,000			20,369,000
Holding Period/Term (years)			3.00			5.00
Volatility			59.50	%		51.00	%
Risk-Free Rate			0.17	%		1.67	%
Discount for Lack of Marketability			10.0	%		9.5	%

Schedule of beginning and ending balances for the liabilities measured at fair value

Warrants:		(in thousands)
Balance as of December 31, 2020		$	101,325
Vesting of Vendor Warrants			5,504
Fair value adjustment for Vendor Warrants			(11,930	)
Fair value adjustment for Financing Warrants			73,117
Balance as of September 30, 2021		$	168,016

Warrants:		(in thousands)
Balance as of January 1, 2020		$	3,531
Issuance of warrants in connection with Fortress Financing Agreement			190
Fair value adjustment of outstanding warrants			97,604
Balance as of December 31, 2020		$	101,325

X

- 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

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-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

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- 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

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-Publisher FASB
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-Topic 820
-SubTopic 10
-Section 50
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- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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