Quarterly report pursuant to Section 13 or 15(d)

Accounting for Warrant Liability (Tables)

v3.21.1
Accounting for Warrant Liability (Tables)
 3 Months Ended
Mar. 31, 2021
Account For Warrant Liability [Abstract]  
Schedule of warrant liabilities are measured at fair value on a recurring basis
Description   March 31,
2021		     Quoted Prices in
Active
Markets
(Level 1)		     Significant
Other
Observable
Inputs
(Level 2)		     Significant
Other
Unobservable
Inputs
(Level 3)		  
Warrant Liabilities:                        
Public Warrants   $ 14,317,000     $ 14,317,000     $ —     $ -  
Private Placement Warrants     9,848,000       —       —       9,848,000  
Warrant liability at March 31, 2021   $ 24,165,000       14,317,000             $ 24,165,000  
Description   December 31,
2020		     Quoted
Prices in
Active
Markets
(Level 1)		     Significant
Other
Observable
Inputs
(Level 2)		     Significant
Other
Unobservable
Inputs
(Level 3)		  
Warrant Liabilities:                        
Public Warrants   $ 12,851,000     $ —     $ —     $ 12,851,000  
Private Placement Warrants   $ 8,668,000     $ —     $ —     $ 8,668,000  
Warrant liability at December 31, 2020   $ 21,519,000                     $ 21,519,000  
Schedule of quantitative information regarding Level 3 fair value measurements
    As of
March 31,
2021		     As of
December 31,
2020		  
Private Warrants:                
Term (in years)     5.0       5.0  
Volatility – pre announcement     10.0 %     10.0 %
Volatility – post announcement     22 %     30 %
Risk-free rate     1.04 %     0.469 %
Fair value of warrants   $ 1.73     $ 1.52  
Public Warrants:                
Simulated warrant value       $ 1.49  
Publicly-traded value       $ 1.49  
Schedule of changes in fair value of warrant liabilities
    Public     Private
Placement		     Warrant
Liabilities		  
                   
Fair value measurement on December 31, 2020   $ 12,851,000     $ 8,668,000     $ 21,519,000  
Change in valuation inputs or other assumptions     1,466,000       1,180,000       2,646,000  
Fair value as of March 31, 2021   $ 14,317,000     $ 9,848,000     $ 24,165,000