XML 40 R15.htm IDEA: XBRL DOCUMENT
v3.21.2

Fair Value Measurements | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2021 | Dec. 31, 2020
Fair Value Disclosures [Abstract] |  |
Fair Value Measurements | 8. Fair Value Measurements The following table presents information about the Company’s derivative liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
|  | As of June 30, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants |  | $ | 15,750,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,750,000 |
Private Placement Warrants |  |  | — |  |  |  | 12,833,333 |  |  |  | — |  |  |  | 12,833,333 |
Forward purchase agreements (FPAs) |  |  | — |  |  |  | — |  |  |  | 6,190,000 |  |  |  | 6,190,000 |
Total |  | $ | 15,750,000 |  |  | $ | 12,833,333 |  |  | $ | 6,190,000 |  |  | $ | 34,773,333 |
|  | As of December 31, 2020 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants |  | $ | 19,350,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,350,000 |
Private Placement Warrants |  |  | — |  |  |  | 15,766,667 |  |  |  | — |  |  |  | 15,766,667 |
Forward purchase agreements (FPAs) |  |  | — |  |  |  | — |  |  |  | 24,420,000 |  |  |  | 24,420,000 |
Total |  | $ | 19,350,000 |  |  | $ | 15,766,667 |  |  | $ | 24,420,000 |  |  | $ | 59,536,667 |
The following table presents the changes in the fair value of the Company’s derivative liabilities that are measured at fair value for the three and six months ended June 30, 2021. The Company did not hold any derivative liabilities measured at fair value as of or for the three and six months ended June 30, 2020.
|  | Warrants |  |  | Private Placement Warrants |  |  | Forward Purchase Agreements (FPAs) |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value at March 31, 2021 |  | $ | 12,150,000 |  |  | $ | 9,900,000 |  |  | $ | 4,670,000 |  |  | $ | 26,720,000 |
Change in fair value |  |  | 3,600,000 |  |  |  | 2,933,333 |  |  |  | 1,520,000 |  |  |  | 8,053,333 |
Fair value at June 30, 2021 |  | $ | 15,750,000 |  |  | $ | 12,833,333 |  |  | $ | 6,190,000 |  |  | $ | 34,773,333 |
|  | Warrants |  |  | Private Placement Warrants |  |  | Forward Purchase Agreements (FPAs) |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value at December 31, 2020 |  | $ | 19,350,000 |  |  | $ | 15,766,667 |  |  | $ | 24,420,000 |  |  | $ | 59,536,667 |
Change in fair value |  |  | (3,600,000 | ) |  |  | (2,933,334 | ) |  |  | (18,230,000 | ) |  |  | (24,763,334 | )
Fair value at June 30, 2021 |  | $ | 15,750,000 |  |  | $ | 12,833,333 |  |  | $ | 6,190,000 |  |  | $ | 34,773,333 |
The valuation methodology used in the determination of the fair value of financial instruments for which Level 3 inputs were used at June 30, 2021 and December 31, 2020 was a market approach. The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level 3 inputs to determine fair value for the three and six months ended June 30, 2021. The Company did not hold any Level 3 financial instruments as of or for the three and six months ended June 30, 2020.
|  | Forward Purchase Agreements (FPAs) |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |
Fair value at March 31, 2021 |  | $ | 4,670,000 |  |  | $ | 4,670,000 |
Change in fair value |  |  | 1,520,000 |  |  |  | 1,520,000 |
Fair value at June 30, 2021 |  | $ | 6,190,000 |  |  | $ | 6,190,000 |
|  | Forward Purchase Agreements (FPAs) |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |
Fair value at December 31, 2020 |  | $ | 24,420,000 |  |  | $ | 24,420,000 |
Change in fair value |  |  | (18,230,000 | ) |  |  | (18,230,000 | )
Fair value at June 30, 2021 |  | $ | 6,190,000 |  |  | $ | 6,190,000 |
| 9. Fair Value Measurements The following table presents information about the Company’s derivative liabilities that are measured at fair value on a recurring basis as of December 31, 2020 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants |  | $ | 19,350,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,350,000 |
Private Placement Warrants |  |  | — |  |  |  | 15,766,667 |  |  |  | — |  |  |  | 15,766,667 |
Forward purchase agreements (FPAs) |  |  | — |  |  |  | — |  |  |  | 24,420,000 |  |  |  | 24,420,000 |
Total |  | $ | 19,350,000 |  |  | $ | 15,766,667 |  |  | $ | 24,420,000 |  |  | $ | 59,536,667 |
The following table presents the changes in the fair value of the Company’s derivative liabilities that are measured at fair value for the year ended December 31, 2020.
|  | Warrants |  |  | Private Placement Warrants |  |  | Forward Purchase Agreements (FPAs) |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value when issued (October 2020) |  | $ | 13,500,000 |  |  | $ | 11,000,000 |  |  | $ | 3,110,000 |  |  | $ | 27,610,000 |
Change in fair value |  |  | 5,850,000 |  |  |  | 4,766,667 |  |  |  | 21,310,000 |  |  |  | 31,926,667 |
Fair value at December 31, 2020 |  | $ | 19,350,000 |  |  | $ | 15,766,667 |  |  | $ | 24,420,000 |  |  | $ | 59,536,667 |
The valuation methodologies used in the determination of the fair value of financial instruments for which Level 3 inputs were used at December 31, 2020 included a market approach. The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level 3 inputs to determine fair value (in thousands):​​​​​​​
|  | Warrants |  |  | Private Placement Warrants |  |  | Forward Purchase Agreements (FPAs) |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value when issued (October 2020) |  | $ | 13,500,000 |  |  | $ | 11,000,000 |  |  | $ | 3,110,000 |  |  | $ | 27,610,000 |
Change in fair value |  |  | — |  |  |  | — |  |  |  | 21,310,000 |  |  |  | 21,310,000 |
Transfers |  |  | (13,500,000 | ) |  |  | (11,000,000 | ) |  |  | — |  |  |  | (24,500,000 | )
Total |  | $ | — |  |  | $ | — |  |  | $ | 24,420,000 |  |  | $ | 24,420,000 |
Transfers between Level 3 and Level 1 and Level 3 and Level 2 during the year ended December 31, 2020 occurred due to a change in observable inputs for the related derivatives. There were no transfers between Level 2 and Level 1 during the year ended December 31, 2020. Total realized and unrealized gains and losses recorded for Level 3 investments are reported in change in fair value of derivatives on the Statement of Operations.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration