Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.23.2
Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assumptions The table below presents the fair value per warrant and the valuation assumptions under the Black-Scholes OPM:
June 30,
2023
December 31, 2022
Fair value per share $ 0.43  $ 0.17 
Warrants outstanding 7,732,168  7,732,168 
Exercise price $ 11.50  $ 11.50 
Common stock price $ 2.55  $ 1.98 
Expected option term 3.17 years 3.67 years
Expected volatility 72.80  % 60.70  %
Risk-free rate of return 4.40  % 4.10  %
Expected annual dividend yield —  % —  %
Schedule of Liabilities Measured at Fair Value
The table below presents the Company’s financial instruments measured at fair value on a recurring basis:
  June 30, 2023
  Balance Sheet Location Level 1 Level 2 Level 3 Total
Assets:
Committed equity facility Other non-current assets $ —  $ —  $ 282  $ 282 
Total assets $ —  $ —  $ 282  $ 282 
Liabilities:
Private warrants Warrant liabilities $ —  $ —  $ 3,325  $ 3,325 
Contingent consideration
Notes payable to sellers —  —  —  — 
Total liabilities $ —  $ —  $ 3,325  $ 3,325 
December 31, 2022
Balance Sheet Location Level 1 Level 2 Level 3 Total
Assets:
Committed equity facility Other non-current assets $ —  $ —  $ 216  $ 216 
Total assets $ —  $ —  $ 216  $ 216 
Liabilities:
Private warrants Warrant liabilities $ —  $ —  $ 1,314  $ 1,314 
Contingent consideration
Notes payable to sellers —  —  1,000  1,000 
Total liabilities $ —  $ —  $ 2,314  $ 2,314 
Changes in the Fair Value of Level 3 Financial Assets
Changes in the fair value of Level 3 financial assets and liabilities were as follows:
Assets: Committed Equity Facility Total
Level 3
December 31, 2022 $ 216  $ 216 
Changes in fair value
66  66 
Settlements
—  — 
June 30, 2023 $ 282  $ 282 
Liabilities: Contingent Consideration Private
Warrants
Total
Level 3
December 31, 2022 $ 1,000  $ 1,314  $ 2,314 
Additions
—  —  — 
Changes in fair value
—  2,011  2,011 
Settlements
(1,000) —  (1,000)
June 30, 2023 $ —  $ 3,325  $ 3,325 
Changes in the Fair Value of Level 3 Financial Liabilities
Changes in the fair value of Level 3 financial assets and liabilities were as follows:
Assets: Committed Equity Facility Total
Level 3
December 31, 2022 $ 216  $ 216 
Changes in fair value
66  66 
Settlements
—  — 
June 30, 2023 $ 282  $ 282 
Liabilities: Contingent Consideration Private
Warrants
Total
Level 3
December 31, 2022 $ 1,000  $ 1,314  $ 2,314 
Additions
—  —  — 
Changes in fair value
—  2,011  2,011 
Settlements
(1,000) —  (1,000)
June 30, 2023 $ —  $ 3,325  $ 3,325