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Warrants (Tables)

9 Months Ended

Sep. 30, 2021

Warrants and Rights Note Disclosure [Abstract]

Summary of Fair Value of Warrant Units Estimated at Option Pricing Model

The fair value of the warrant units was estimated using an option pricing model that used the following assumptions:

												December 31, 2020
Expected term												3 years
Volatility												52.0		%
Discount for lack of marketability												45.0		%
Risk free rate												0.2		%

						September 30, 2021
Interest rate on finance receivables						151.10		%
Discount rate						21.70		%
Servicing fee*						5.02		%
Remaining life						0.58 years
Default rate*						19.09		%
Accrued interest*						3.20		%
Prepayment rate*						21.40		%
*Stated as a percentage of finance receivables

The following table presents the significant assumptions used in the simulation at September 30, 2021 and July 20, 2021, the Closing Date:
						September 30, 2021												July 20, 2021
Input						$11.50 Exercise Price Warrants						$15 Exercise Price Warrants						$11.50 Exercise Price Warrants						$15 Exercise Price Warrants
Risk-free interest rate						0.93		%				1.51		%				0.69		%				1.23		%
Expected term (years)						4.8						9.8						5.0						10.0
Expected volatility						37.00		%				35.50		%				36.50		%				36.00		%
Exercise price						$	11.50					$	15.00					$	11.50					$	15.00
Fair value of warrants						$	1.64					$	2.23					$	2.80					$	3.50

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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

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- References

No definition available.

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