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Fair Value Measurements (Tables) | 4 Months Ended | 6 Months Ended | 9 Months Ended
--- | --- | --- | ---
Dec. 31, 2020 | Jun. 30, 2021 | Sep. 26, 2021
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 September 26, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities included in: |  |  |  |  |  |  |  |
Warrant liability (Public) |  | $ | 30,400 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,400 |
Warrant liability (Private) |  |  | — |  |  |  | — |  |  |  | 15,586 |  |  |  | 15,586 |
Acquisition contingent consideration payable |  |  | — |  |  |  | — |  |  |  | 24,373 |  |  |  | 24,373 |
Earn-out liability |  |  | — |  |  |  | — |  |  |  | 24,588 |  |  |  | 24,588 |
Total fair value |  | $ | 30,400 |  |  | $ | — |  |  | $ | 64,547 |  |  | $ | 94,947 |
Summary of Assumptions for Estimated Fair Value Using Monte Carlo Simulation Model |  |  | The fair value of private warrants was estimated as of September 26, 2021 using the Monte Carlo simulation model with the following assumptions:
Valuation date price |  | $ | 12.21 |
Strike price |  | $ | 11.50 |
Remaining life |  |  | 4.81 years |
Expected dividend |  | $ | — |
Risk-free interest rate |  |  | 0.93 | %
Price threshold |  | $ | 18.00 |
The fair value of the earn-out liability was estimated as of September 26, 2021 using the Monte Carlo simulation model with the following assumptions:
Valuation date price |  | $ | 12.21 |
Expected term |  |  | 6.81 years |
Expected volatility |  |  | 38.24 | %
Risk-free interest rate |  |  | 1.25 | %
Price hurdle 1 |  | $ | 13.00 |
Price hurdle 2 |  | $ | 15.00 |
Reconciliation of changes |  |  | The reconciliation of changes in Level 3 during the 13-week and 39-week periods ended September 26, 2021 is as follows:
|  | For the thirty-nine weeks ended September 26, 2021 |
|  | Private Warrants |  |  | Acquisition Contingent Consideration |  |  | Earn-Out Liability |  |  | Total |
Balance on December 31, 2020 |  | $ | — |  |  | $ | 9,200 |  |  | $ | — |  |  | $ | 9,200 |
Cash paid for contingent consideration |  |  | — |  |  |  | (2,000 | ) |  |  | — |  |  |  | (2,000 | )
Liabilities assumed in recapitalization |  |  | 9,613 |  |  |  | — |  |  |  | 17,722 |  |  |  | 27,335 |
Losses included in earnings |  |  | 5,973 |  |  |  | 17,173 |  |  |  | 6,866 |  |  |  | 30,012 |
Balance on September 26, 2021 |  | $ | 15,586 |  |  | $ | 24,373 |  |  | $ | 24,588 |  |  | $ | 64,547 |
Empower Ltd [Member] |  |  |
Schedule of value assets and liabilities measured on recurring basis |
Description |  | Level |  |  | December 31, 2020 |
Assets: |  |  |  |  |  |  |  |
Cash and marketable securities held in trust account |  |  | 1 |  |  | $ | 250,052,906 |
Liabilities: |  |  |  |  |  |  |  |
Warrant liability – public warrants |  |  | 1 |  |  |  | 9,583,333 |
Warrant liability – private placement warrants |  |  | 3 |  |  |  | 5,506,667 |
Forward purchase agreement liability |  |  | 3 |  |  |  | 2,050,000 |
Description |  | Level |  |  | June 30, 2021 |  |  | December 31, 2020 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and marketable securities held in trust account |  |  | 1 |  |  | $ | 250,112,265 |  |  | $ | 250,052,906 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability – public warrants |  |  | 1 |  |  |  | 15,666,666 |  |  | $ | 9,583,333 |
Warrant liability – private placement warrants |  |  | 3 |  |  |  | 9,566,667 |  |  | $ | 5,506,667 |
Forward purchase agreement liability |  |  | 3 |  |  |  | 3,250,000 |  |  |  | 2,050,000 |
Summary of changes in the fair value of warrant liabilities | The following table presents the changes in the fair value of warrant liabilities:
|  | Private Placement |  |  | Public |  |  | Warrant Liabilities |
Fair value as of August 19, 2020 |  | $ | — |  |  | $ | — |  |  | $ | — |
Initial measurement on October 9, 2020 |  |  | 4,900,000 |  |  |  | 8,500,000 |  |  |  | 13,400,000 |
Change in valuation inputs or other assumptions |  |  | 606,667 |  |  |  | 1,083,333 |  |  |  | 1,690,000 |
Fair value as of December 31, 2020 |  | $ | 5,506,667 |  |  | $ | 9,583,333 |  |  | $ | 15,090,000 |
| The following table presents the changes in the fair value of warrant liabilities:
|  | Private Placement |  |  | Public |  |  | Warrant Liabilities |
Fair value as of December 31, 2020 |  | $ | 5,506,667 |  |  | $ | 9,583,333 |  |  | $ | 15,090,000 |
Change in valuation inputs or other assumptions |  |  | 186,667 |  |  |  | 250,000 |  |  |  | 436,667 |
Fair value as of March 31, 2021 |  |  | 5,693,334 |  |  |  | 9,833,333 |  |  |  | 15,526,667 |
Change in valuation inputs or other assumptions |  |  | 3,873,333 |  |  |  | 5,833,333 |  |  |  | 9,706,666 |
Fair value as of June 30, 2021 |  | $ | 9,566,667 |  |  | $ | 15,666,666 |  |  | $ | 25,233,333 |
Summary of the changes in the fair value of the FPA liability | The following table presents a summary of the changes in the fair value of the FPA liability, a Level 3 liability, measured on a recurring basis.
|  | FPA Liability |
Fair value, October 6, 2020 |  | $ | 50,000 |
Recognized loss on change in fair value (1) |  |  | 2,000,000 |
Fair value, December 31, 2020 |  | $ | 2,050,000 |
(1) | Represents the non-cash loss on change in valuation of the FPA liability and is included in Recognized loss on change in fair value of FPA liability on the statement of operations.
| The following table presents a summary of the changes in the fair value of the FPA liability, a Level 3 liability, measured on a recurring basis.
|  | FPA Liability |
Fair value, December 31, 2020 |  | $ | 2,050,000 |
Recognized gain on change in fair value (1) |  |  | (300,000 | )
Fair value, March 31, 2021 |  |  | 1,750,000 |
Recognized loss on change in fair value (1) |  |  | 1,500,000 |
Fair value, June 30, 2021 |  | $ | 3,250,000 |
(1) | Represents the non-cash loss (gain) on change in valuation of the FPA liability and is included in change in fair value of FPA liability on the accompanying condensed statements of operations.
Summary of Assumptions for Estimated Fair Value Using Monte Carlo Simulation Model | The key inputs into the models for the Private Placement Warrants, Public Warrants and FPA at initial measurement and for the Private Placement Warrants and FPA at December 31, 2020 were as follows:
Input |  | October 9, 2020 |  |  | December 31, 2020 |
Risk-free interest rate |  |  | 0.45 | % |  |  | 0.51 | %
Trading days per year |  |  | 252 |  |  |  | 252 |
Expected volatility |  |  | 17.5 | % |  |  | 16.5 | %
Exercise price |  | $ | 11.50 |  |  | $ | 11.50 |
Stock price |  | $ | 9.54 |  |  | $ | 10.01 |
| The key inputs into the models for the Private Placement Warrants at June 30, 2021, March 31, 2021 and December 31, 2020 were as follows:
Input |  | June 30, 2021 |  |  | March 31, 2021 |  |  | December 31, 2020 |
Risk-free interest rate |  |  | 0.88 | % |  |  | 0.98 | % |  |  | 0.51 | %
Trading days per year |  |  | 252 |  |  |  | 252 |  |  |  | 252 |
Expected volatility |  |  | 27.2 | % |  |  | 17.4 | % |  |  | 16.5 | %
Exercise price |  | $ | 11.50 |  |  | $ | 11.50 |  |  | $ | 11.50 |
Stock Price |  | $ | 10.01 |  |  | $ | 9.98 |  |  | $ | 10.01 |

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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 + Details
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- Definition 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. + 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 (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- Definition 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
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