| Schedule of Fair Value Assumptions |
These two types of inputs have created the following fair-value hierarchy:
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Level 1: |
Quoted prices for identical instruments in active markets; |
Level 2: |
Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and |
Level 3: |
Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
The assumptions used in the Black-Scholes OPM were as follows:
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| Roccor Black-Scholes OPM Assumptions |
|
Risk-free interest rate |
0.1 |
% |
Revenue discount rate |
7.0 |
% |
Revenue volatility |
30.0 |
% |
Earnout payment discount rate |
4.0 |
% |
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December 31, 2022 |
|
December 31, 2021 |
| Fair value |
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$ |
0.17 |
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|
$ |
2.47 |
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| Exercise price |
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$ |
11.50 |
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$ |
11.50 |
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| Common stock price |
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$ |
1.98 |
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$ |
6.75 |
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| Expected option term (years) |
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3.67 years |
|
4.67 years |
| Expected volatility |
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|
60.70 |
% |
|
60.50 |
% |
| Risk-free rate of return |
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|
4.10 |
% |
|
1.21 |
% |
| Expected annual dividend yield |
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|
— |
% |
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— |
% |
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| Schedule of Supplemental Cash Flow Information |
The table below presents supplemental cash flow information during the following periods:
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Year Ended |
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December 31, 2022 |
|
December 31, 2021 |
| Supplemental cash flow information: |
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Cash paid (received) during the period for: |
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Interest |
$ |
6,868 |
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$ |
6,017 |
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| Income taxes |
— |
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— |
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| Earnout settlement |
— |
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1,602 |
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Non-Cash Investing and Financing Activities: |
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Holdings’ contribution for acquisition of businesses |
$ |
— |
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$ |
40,646 |
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| Initial fair value of warrants at closing of Merger |
— |
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|
21,727 |
|
Capital expenditures not yet paid |
1,209 |
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|
1,576 |
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| Equity financing transaction costs not yet paid |
622 |
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— |
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| Property, Plant and Equipment, net |
Expected useful lives for property, plant and equipment are reviewed at least annually. Estimated useful lives are as follows:
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Estimated useful
life in years |
Computer equipment |
3 |
Furniture and fixtures |
7 |
Laboratory equipment |
3-10 |
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|
Leasehold improvements |
shorter of 5 or lease term |
| Assets subject to finance lease |
lease term |
Property, plant and equipment were as follows:
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| |
December 31, 2022 |
|
December 31, 2021 |
|
United States |
|
Europe |
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Total |
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United States |
|
Europe |
|
Total |
Computer equipment |
$ |
1,256 |
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|
$ |
252 |
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$ |
1,508 |
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$ |
1,273 |
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$ |
107 |
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$ |
1,380 |
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Furniture and fixtures |
1,062 |
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|
38 |
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|
1,100 |
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|
783 |
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— |
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|
783 |
|
Laboratory equipment |
3,646 |
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|
483 |
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|
4,129 |
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|
16,550 |
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|
306 |
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16,856 |
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Leasehold improvements |
2,229 |
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|
4,475 |
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|
6,704 |
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|
2,205 |
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— |
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|
2,205 |
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| Finance lease ROU assets |
— |
|
|
944 |
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|
944 |
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— |
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— |
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— |
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| Construction in process |
1,408 |
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— |
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|
1,408 |
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|
415 |
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— |
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|
415 |
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| Property, plant and equipment, gross |
9,601 |
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|
6,192 |
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|
15,793 |
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|
21,226 |
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|
413 |
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|
21,639 |
|
Less: accumulated depreciation |
(2,785) |
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|
(247) |
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(3,032) |
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(1,919) |
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(336) |
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(2,255) |
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| Total property, plant and equipment, net |
$ |
6,816 |
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|
$ |
5,945 |
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$ |
12,761 |
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$ |
19,307 |
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$ |
77 |
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$ |
19,384 |
|
The table below presents the depreciation expense related to property, plant and equipment for the following periods:
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Year Ended |
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| |
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December 31, 2022 |
|
December 31, 2021 |
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Depreciation expense |
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$ |
3,325 |
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$ |
1,944 |
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