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Series A Preferred Equity and Derivative Liability (Tables)

3 Months Ended

Mar. 31, 2022

Temporary Equity [Abstract]

Summary of Changes in Fair Value

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

The following table is a summary of the Warrants changes in fair value and the reported balances:

			Public Warrants			Private Warrants			Total
Initial fair value, as of February 9, 2022			$	23,575		$	12,909		$	36,484
Loss on change in fair value			27,830			34,279			62,109
Balance as of March 31, 2022			$	51,405		$	47,188		$	98,593

The following table is a summary of the Derivative liability changes in fair value and the reported balance:

			Derivative Liability
Initial fair value, as of February 9, 2022			$	9,741
Loss on change in fair value			7,507
Balance as of March 31, 2022			$	17,248

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ 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 (c)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

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X

- References

No definition available.

+ Details

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