General form of registration statement for all companies including face-amount certificate companies

Fair Value of Financial Instruments

v3.21.2
Fair Value of Financial Instruments
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Fair Value of Financial Instruments
20.
Fair Value of Financial Instruments
Recurring basis
The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, as well as indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value:​​​​​​​​​​​​​​
September 30, 2021
  
Quoted Prices in
Active Markets
 
  
Significant Other
Observable Input
 
  
Significant Other
Unobservable Inputs
 
 
  
(Level 1)
 
  
(Level 2)
 
  
(Level 3)
 
 
  
(in thousands)
 
Liabilities
  
  
  
Public Warrants
  
 
24,193
  
 
—  
 
  
 
—  
 
Private Placement Warrants
  
 
—  
 
  
 
—  
 
  
 
12,363
Sponsor Shares
  
 
—  
 
  
 
—  
 
  
 
15,418
  
 
 
 
  
 
 
 
  
 
 
 
  
$
24,193
  
$
—  
  
$
27,781
  
 
 
 
  
 
 
 
  
 
 
 
December 31, 2020
  
Quoted Prices in
Active Markets
 
  
Significant Other
Observable Input
 
  
Significant Other
Unobservable Inputs
 
 
  
(Level 1)
 
  
(Level 2)
 
  
(Level 3)
 
 
  
(in thousands)
 
Liabilities
  
  
  
Series B Preferred Stock Warrants
  
$
—  
  
$
—  
  
$
508
Series C Preferred Stock Warrants
  
 
—  
 
  
 
—  
 
  
 
50
  
 
 
 
  
 
 
 
  
 
 
 
  
$
—  
  
$
—  
  
$
558
  
 
 
 
  
 
 
 
  
 
 
 
The carrying values of the following financial instruments approximated their fair values as
of S
eptember 30, 2021 and December 31, 2020 based on their maturities: cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, leases payable and short-term debt and other current liabilities.
There were no transfers into or out of any of the levels of the fair value hierarchy during the nine months ended September 30, 2021 or 2020.
The following is a summary of changes in the fair value of the Level 3 liabilities during the nine months ended September 30, 2021 and 2020:
 
  
Bridge Notes
 
 
Consent Fee
Liability
 
 
Sponsor
Shares
 
 
Private
Placement
Warrants
 
 
Class A
Common
Stock
Warrants
 
 
Preferred
Stock Warrant
Series B and C
 
 
  
(in thousands)
 
Balance, January 1, 2021
  
$
—  
 
$
—  
 
$
—  
 
$
—  
 
$
—  
 
$
558
Issuance of financial instruments carried at fair value
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
18,800
 
Liability recorded at fair value
  
 
77,033
 
 
2,715
 
 
17,659
 
 
14,902
 
 
—  
 
 
 
—  
 
Loss/(gain) from changes in fair value
  
 
64
 
 
(251
) 
 
 
(2,241
) 
 
 
(2,539
) 
 
 
19,529
 
 
1,568
Settlement
(1)
  
 
(77,097
) 
 
 
(2,464
) 
 
 
—  
 
 
 
—  
 
 
 
(38,329
) 
 
 
(2,126
) 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, September 30, 2021
  
$
—  
 
$
—  
 
$
15,418
 
$
12,363
 
$
—  
 
$
—  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.
Bridge Notes were converted to class A common stock, Consent fees were settled for cash and all warrants were exercised.
20.
Fair Value of Financial Instruments
Recurring basis
The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 and 2019 and indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value:
 
December 31, 2020
   
Quoted Prices in
Active Markets
(Level 1)
     
Significant Other
Observable Input
(Level 2)
     
Significant Other
Unobservable Inputs
(Level 3)
  
    
(in thousands)
  
Liabilities
                           
Series B Preferred Stock Warrants
    $ —        $ —        $ 508  
Series C Preferred Stock Warrants
      —          —          50  
    
 
 
     
 
 
     
 
 
  
     $ —        $ —        $ 558  
    
 
 
     
 
 
     
 
 
  
 
December 31, 2019
   
Quoted Prices in
Active Markets
(Level 1)
     
Significant Other
Observable Input
(Level 2)
     
Significant Other
Unobservable Inputs
(Level 3)
  
    
(in thousands)
  
Liabilities
                           
Series B Preferred Stock Warrants
    $ —        $ —        $ 1  
Series C Preferred Stock Warrants
      —          —          —  
    
 
 
     
 
 
     
 
 
  
     $ —        $ —        $ 1