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Fair Value Measurements (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2020 | Dec. 31, 2019
Schedule of Assets Measured at Fair Value on Recurring Basis | The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
Fair Value Measured as of September 30, 2020 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial papers |  | $ | — |  |  | $ | 61,594 |  |  | $ | — |  |  | $ | 61,594 |
Corporate debt securities |  |  | — |  |  |  | 41,980 |  |  |  | — |  |  |  | 41,980 |
Treasury bills |  |  | 4,098 |  |  |  | — |  |  |  | — |  |  |  | 4,098 |
Agency securities |  |  | — |  |  |  | 1,999 |  |  |  | — |  |  |  | 1,999 |
Asset backed securities |  |  | — |  |  |  | 5,190 |  |  |  | 1,250 |  |  |  | 6,440 |
Foreign corporate debt |  |  | — |  |  |  | 1,019 |  |  |  | — |  |  |  | 1,019 |
Total fair value |  | $ | 4,098 |  |  | $ | 111,782 |  |  | $ | 1,250 |  |  | $ | 117,130 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017 Warrant |  | $ | — |  |  | $ | — |  |  | $ | 7,413 |  |  | $ | 7,413 |
2018 Warrant |  |  | — |  |  |  | — |  |  |  | 853 |  |  |  | 853 |
2020 Warrants |  |  | — |  |  |  | — |  |  |  | 7,146 |  |  |  | 7,146 |
Total fair value |  | $ | — |  |  | $ | — |  |  | $ | 15,412 |  |  | $ | 15,412 |
Fair Value Measured (in thousands) as of December 31, 2019 Using: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial papers |  | $ | — |  |  | $ | 3,212 |  |  |  | — |  |  | $ | 3,212 |
Corporate debt |  |  | — |  |  |  | 2,698 |  |  |  | — |  |  |  | 2,698 |
Treasury bills |  |  | 749 |  |  |  | — |  |  |  | — |  |  |  | 749 |
Total fair value |  | $ | 749 |  |  | $ | 5,910 |  |  | $ | — |  |  | $ | 6,659 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017 Warrant |  | $ | — |  |  | $ | — |  |  | $ | 1,035 |  |  | $ | 1,035 |
2018 Warrant |  |  | — |  |  |  | — |  |  |  | 87 |  |  |  | 87 |
Total fair value |  | $ | — |  |  | $ | — |  |  | $ | 1,122 |  |  | $ | 1,122 |
| The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows:
|  | Fair Value (in thousands) Measured as of December 31, 2019 Using: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial papers |  | $ | — |  |  | $ | 3,212 |  |  | $ | — |  |  | $ | 3,212 |
Corporate debt |  |  | — |  |  |  | 2,698 |  |  |  | — |  |  |  | 2,698 |
Treasury bills |  |  | 749 |  |  |  | — |  |  |  | — |  |  |  | 749 |
Total fair value |  |  | 749 |  |  |  | 5,910 |  |  |  | — |  |  |  | 6,659 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SAFEs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2017 Warrants |  |  | — |  |  |  | — |  |  |  | 1,035 |  |  |  | 1,035 |
2018 Warrants |  |  | — |  |  |  | — |  |  |  | 87 |  |  |  | 87 |
Total fair value |  | $ | — |  |  | $ | — |  |  | $ | 1,122 |  |  | $ | 1,122 |
|  | Fair Value (in thousands) Measured as of December 31, 2018 Using: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SAFEs |  | $ | — |  |  | $ | — |  |  | $ | 122,588 |  |  | $ | 122,588 |
2017 Warrants |  |  | — |  |  |  | — |  |  |  | 808 |  |  |  | 808 |
2018 Warrants |  |  | — |  |  |  | — |  |  |  | 58 |  |  |  | 58 |
Total fair value |  | $ | — |  |  | $ | — |  |  | $ | 123,454 |  |  | $ | 123,454 |
Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level 3 | The following table presents changes in Level 3 liabilities measured at fair value for the nine months ended September 30, 2020 and September 30, 2019 (in thousands):
For the nine months ended September 30, 2020 |
|  | 2017 Warrant |  |  | 2018 Warrant |  |  | 2020 Warrants |
Balance-beginning of period |  | $ | 1,035 |  |  | $ | 87 |  |  | $ | — |
Additions |  |  | — |  |  |  | — |  |  |  | 1,728 |
Exercise or conversion |  |  | — |  |  |  | — |  |  |  | — |
Measurement adjustments |  |  | 6,378 |  |  |  | 766 |  |  |  | 5,418 |
Balance-end of period |  | $ | 7,413 |  |  | $ | 853 |  |  | $ | 7,146 |
For the nine months ended September 30, 2019 |
|  | SAFEs |  |  | 2017 Warrants |  |  | 2018 Warrants |
Balance-beginning of period |  | $ | 122,588 |  |  | $ | 808 |  |  | $ | 58 |
Additions |  |  | 37,379 |  |  |  | — |  |  |  | — |
Exercise or conversion |  |  | (184,182 | ) |  |  | — |  |  |  | — |
Measurement adjustments |  |  | 24,215 |  |  |  | 147 |  |  |  | 17 |
Balance-end of the nine months period |  | $ | — |  |  | $ | 955 |  |  | $ | 75 |
| The following table presents changes in Level 3 liabilities measured at fair value for the years ended December 31, 2018 and December 31, 2019 (in thousands):
|  | For the year ended December 31, 2019 |
|  | SAFEs |  |  | 2017 Warrants |  |  | 2018 Warrants |
Balance-beginning of year |  | $ | 122,588 |  |  | $ | 808 |  |  | $ | 58 |
Additions |  |  | 37,379 |  |  |  | — |  |  |  |  |
Exercise or conversion |  |  | (184,182 | ) |  |  |  |  |  |  |  |
Measurement adjustments |  |  | 24,215 |  |  |  | 227 |  |  |  | 29 |
Balance-end of year |  | $ | — |  |  | $ | 1,035 |  |  | $ | 87 |
|  | For the year ended December 31, 2018 |
|  | SAFEs |  |  | 2017 Warrants |  |  | 2018 Warrants |
Balance-beginning of year |  | $ | 43,775 |  |  | $ | 723 |  |  | $ |  |
Additions |  |  | 66,467 |  |  |  | — |  |  |  |  |
Exercise or conversion |  |  |  |  |  |  |  |  |  |  |  |
Measurement adjustments |  |  | 12,345 |  |  |  | 85 |  |  |  | 58 |
Balance-end of year |  | $ | 122,588 |  |  | $ | 808 |  |  | $ | 58 |
Gores Metropoulos, Inc. |  |
Schedule of Assets Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2020 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability:
Description |  | September 30, 2020 |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Other Unobservable Inputs (Level 3) |
Investments and cash held in Trust Account |  |  | 405,725,195 |  |  |  | 405,725,195 |  |  |  | — |  |  |  | — |
Total |  | $ | 405,725,195 |  |  | $ | 405,725,195 |  |  | $ | — |  |  | $ | — |
| The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2019, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability:
Description |  | December 31, 2019 |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Other Unobservable Inputs (Level 3) |
Investments and cash held in Trust Account |  |  | 406,434,959 |  |  |  | 406,434,959 |  |  |  | — |  |  |  | — |
Total |  | $ | 406,434,959 |  |  | $ | 406,434,959 |  |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of assets, 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). + 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 http://asc.fasb.org/extlink&oid=117815213&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 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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