v3.25.1
FAIR VALUE MEASUREMENT (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
SUMMARY OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE RECURRING AND NONRECURRING BASIS

Assets and liabilities measured at fair value on a recurring basis are as follows:

 

   December 31, 2024 
   Level 1   Level 2   Level 3   Total 
Assets:                    
Marketable securities  $13,630   $-   $-   $13,630 
Money market funds   27,347    -    -    27,347 
Alternative fuel credits   -    51    -    51 
Total assets  $40,977   $51   $-   $41,028 
                     
Liabilities:                    
Warrant liability  $-   $-   $22   $22 
Common stock consideration payable   -    -    21,028    21,028 
Total liabilities  $-   $-   $21,050   $21,050 

 

   December 31, 2023 
   Level 1   Level 2   Level 3   Total 
Assets:                    
Marketable securities  $22,970   $-   $-   $22,970 
Money market funds   46,572    -    -    46,572 
Alternative fuel credits   -    32    -    32 
Total assets  $69,542   $32   $-   $69,574 
                     
Liabilities:                    
Warrant liability  $-   $-   $32   $32 
Option liability   293    -    -    293 
Common stock liability   743    -    -    743 
Common stock consideration payable   -    -    18,118    18,118 
Total liabilities  $1,036   $-   $18,150   $19,186 
SUMMARY OF ASSUMPTIONS USED FOR VALUATION OF FAIR VALUE LIABILITIES

Assumptions utilized in the valuation of warrant liabilities are described as follows:

 

   For the Years Ended 
   December 31, 
   2024   2023   2022 
Risk-free interest rate   3.98%-5.09%    4.64%-5.46%    1.63%-4.73%
Contractual term (years)   1.00    1.00    1.00 
Expected volatility   84%-92%    67%-80%    74%-85%
Expected dividend yield   0.00%   0.00%   0.00%
SUMMARY OF CHANGES IN FAIR VALUE OF LEVEL 3 WARRANT LIABILITIES MEASURED AT RECURRING BASIS

The following table sets forth a summary of the changes in the fair value of Level 3 fair value measurements on a recurring basis:

 

   2024   2023 
Common Stock Consideration Payable          
Beginning balance as of January 1,  $18,118   $- 
Consideration payable assumed in Envoy acquisition   -    18,118 
Change in fair value of consideration payable   2,910    - 
Ending balance as of December 31,  $21,028   $18,118 
           
Warrant Liability          
Beginning balance as of January 1  $32   $24 
Change in fair value of warrant liability   (10)   8 
Ending balance as of December 31,  $22   $32 
           
Contingent Consideration          
Beginning balance as of January 1  $ -   $ 1,316 
Change in fair value of contingent consideration   -    (1,316)
Ending balance as of December 31,  $ -   $ -