Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Schedule of Fair Value Assumptions These two types of inputs have created the following fair-value hierarchy:
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 following table presents the fair value per warrant and the valuation assumptions under the Black-Scholes OPM as of March 31, 2022 and December 31, 2021.
March 31, 2022 December 31, 2021
Fair value $ 2.63  $ 2.47 
Exercise price $ 11.50  $ 11.50 
Common stock price $ 8.48  $ 6.75 
Expected option term (years) 4.42 years 4.67 years
Expected volatility 45.90  % 60.50  %
Risk-free rate of return 2.41  % 1.21  %
Expected annual dividend yield —  % —  %
The assumptions used in the Black-Scholes OPM were as follows:
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  %
As of March 31, 2022, the Company expects to pay the Roccor contingent earnout during the second half of 2022 in accordance with the acquisition agreement.
Property, Plant and Equipment, net
Expected useful lives for property, plant and equipment are reviewed at least annually. Estimated useful lives are as follows:
Estimated useful
life in years
Computer equipment
Furniture and fixtures
Laboratory equipment
Leasehold improvements
5 or lease term