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Fair Value Measurements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Derivative Liabilities Measured at Fair Value on Recurring Basis

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 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

Schedule of Changes in Fair Value of Derivative Liabilities

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 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

Schedule of Changes in Fair Value of Financial Instruments Using Level 3 Inputs

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

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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)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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