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Fair Value Measurement of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2022 and 2021 (in thousands):

			December 31, 2022																		December 31, 2021
			Total Fair Value						Level 3						Level 1						Total Fair Value						Level 3						Level 1
Assets
Cash equivalents
Money market funds			$	—					$	—					$	—					$	126					$	—					$	126
Total assets			$	—					$	—					$	—					$	126					$	—					$	126
Liabilities
2025 Notes
Interest make-whole payment			$	—					$	—					$	—					$	926					$	926					$	—
Total liabilities			$	—					$	—					$	—					$	926					$	926					$	—

During the years ended December 31, 2022 and 2021, there were no transfers between the levels within the fair value hierarchy.

Schedule of Fair Value Valuation Model and Assumptions

The fair value of the interest make-whole payment derivative liability was determined using a Monte Carlo model with the following key assumptions:

			December 31, 2022						December 31, 2021
Volatility			50		%				50		%
Stock price			$0.84 per share						$5.83 per share
Credit spread			56.52		%				15.93		%
Term			2.34 years						3.34 years
Dividend yield			—		%				—		%
Risk-free rate			4.35		%				1.02		%

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ 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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
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-Publisher FASB
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-Topic 820
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (a)
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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