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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of value assets and liabilities measured on recurring basis

The Company’s financial liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows:

		Fair Value Measured as of December 31, 2021
		Level 1				Level 2				Level 3				Total
Liabilities included in:
Warrant liability (Public)		$	39,500			$	—			$	—			$	39,500
Warrant liability (Private)			—				—				21,793				21,793
Earn-out liability			—				—				26,596				26,596
Total fair value		$	39,500			$	—			$	48,389			$	87,889

Summary of Assumptions for Estimated Fair Value Using Monte Carlo Simulation Model

The fair value of private warrants was estimated as of December 31, 2021 using the Monte Carlo simulation model with the following assumptions:

Valuation date price		$	12.99
Strike price		$	11.50
Remaining life		4.54 years
Expected dividend		$	—
Risk-free interest rate			1.19		%
Price threshold		$	18.00

The fair value of the earn-out liability was estimated as of December 31, 2021 using the Monte Carlo simulation model with the following assumptions:

Valuation date price		$	12.99
Expected term		6.54 years
Expected volatility			40.59		%
Risk-free interest rate			1.40		%
Price hurdle 1		$	13.00
Price hurdle 2		$	15.00

Reconciliation of changes

The reconciliation of changes in Level 3 during the year ended December 31, 2021 is as follows:

		For the year ended December 31, 2021
		Private Warrants				Acquisition Contingent Consideration				Earn-Out Liability				Total
Balance on December 31, 2020		$	—			$	9,200			$	—			$	9,200
Cash paid for contingent consideration			—				(26,573	)			—				(26,573	)
Liabilities assumed in recapitalization			9,613				—				17,722				27,335
Losses included in earnings			12,180				17,373				8,874				38,427
Balance on December 31, 2021		$	21,793			$	—			$	26,596			$	48,389

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Reconciliation of Changes.

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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.

+ 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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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef
-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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-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

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