Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.23.1
Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of liabilities at fair value on a recurring basis
The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 and indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value:
March 31, 2023 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs
(Level 1) (Level 2) (Level 3)
(in thousands)
Liabilities
Public Warrants $ 2,894  $ —  $ — 
Private Placement Warrants - Issued October 2019 —  —  1,499 
Private Placement Warrants - Issued March 2023 —  —  15,091 
Sponsor Shares —  —  1,814 
$ 2,894  $ —  $ 18,404 
December 31, 2022 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs
(Level 1) (Level 2) (Level 3)
(in thousands)
Liabilities
Public Warrants $ 2,097  $ —  $ — 
Private Placement Warrants - Issued October 2019 —  —  1,332 
Sponsor Shares —  —  1,684 
$ 2,097  $ —  $ 3,016 
Schedule of change sin the fair value of Level 3 liabilities The following is a summary of changes in the fair value of the Level 3 liabilities during the three months ended March 31, 2023:
Sponsor Shares Private Placement Warrants - Issued October 2019 Private Placement Warrants - Issued March 2023
(in thousands)
Balance, January 1, 2023 $ 1,684  $ 1,332  $ — 
Liability recorded at fair value —  —  17,716 
Loss (gain) from changes in fair value 130  167  (2,625)
Balance, March 31, 2023 $ 1,814  $ 1,499  $ 15,091 
Fair Value of Debt
The estimated fair value of the Company’s outstanding long-term debt was $68.3 million and $73.2 million as of March 31, 2023 and December 31, 2022, respectively, which is different than the historical costs of such
long-term debt as reflected in the Company’s unaudited condensed consolidated balance sheets. The fair value of the long-term debt was estimated using Level 3 inputs, based on interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements and credit rating.