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Earn-out Liability | 3 Months Ended
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Mar. 31, 2022
Reverse Recapitalization [Abstract] |
Earn-out Liability | Earn-out Liability At closing of the Business Combination, certain stockholders were entitled to receive up to 21,241,250 earn-out shares, in the form of common units of Authentic Brands and Class A Common Stock of the Company, if certain milestones were satisfied. A total of 50% of the earn-out shares were issuable ("First Tier Vesting Event"), in the aggregate, if the volume weighted average trading price of the Company's Class A Common Stock is $15.00 or greater for any 20 trading days within a period of 30 trading days prior to the fifth anniversary of the closing of the Business Combination. The remaining 50% of earn-out shares were issuable ("Second Tier Vesting Event"), in the aggregate, if the volume weighted average trading price of the Company’s Class A Common Stock is $20.00 or greater for any 20 trading days within a period of 30 trading days prior to the seventh anniversary of the closing of the Business Combination. In March 2022, the First Tier Vesting Event occurred, as a result of which 694,062 shares of Class C Common Stock were exchanged for 694,062 shares of Class A Common Stock and 9,926,563 Restricted Common Units were converted into Common Units and the Company issued 9,926,563 shares of Class B Common Stock to the holders thereof. At the First Tier Vesting Event, the fair value of the liability was remeasured and a realized loss was recorded in the amount of $60,006. The Second Tier Vesting liability was remeasured at the end of the reporting period. The changes in fair value of the earn-out liabilities are recorded as Non-operating income (expense), net in the unaudited consolidated statement of operations. The following table is a summary of the earn-out shares changes in fair value and the reported balances:
| Tier 1 |  | Tier 2 | Total
Initial fair value, as of February 9, 2022 | $ | 112,366 |  |  | $ | 106,312 |  | $ | 218,678 |
Loss on change in fair value | 60,006 |  |  | 111,092 |  | 171,098 |
First Tier Vesting Event | (172,372) |  |  | — |  | (172,372) |
Balance as of March 31, 2022 | $ | — |  |  | $ | 217,404 |  | $ | 217,404 |

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- Definition Reverse Recapitalization + References No definition available. + Details
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- Definition Reverse Recapitalization Disclosure + References No definition available. + Details
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