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Fair Value (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value

Schedule of financial assets and liabilities measured at fair value

		Level 1				Level 2				Level 3				Total
		(in thousands)
June 30, 2022
Cash and Cash Equivalents - Money Market Funds		$	9,930			$	—			$	—			$	9,930
Cash and Cash Equivalents - U.S. Government Agency Bonds			—				65,125				—				65,125
Warrants		$	—			$	—			$	4,725			$	4,725
December 31, 2021
Warrants		$	—			$	—			$	28,875			$	28,875

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

		June 30, 2022				December 31, 2021
		Values				Values
Stock Price		$	2.27			$	8.76
Strike price		$	11.50			$	11.50
Holding Period/Term (years)			4.33				4.80
Volatility			72.00	%			52.90	%
Expected dividends			None				None
Risk-Free Rate			3.00	%			1.23	%
Fair value of warrants		$	0.54			$	3.30

Schedule of liabilities measured at fair value

Warrants:		(in thousands)
Balance as of December 31, 2021		$	28,875
Fair value adjustment of Private Placement Warrants			(24,150	)
Balance as of June 30, 2022		$	4,725

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)
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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
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-Topic 718
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