FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2021

FAIR VALUE MEASUREMENTS [Abstract]

FAIR VALUE MEASUREMENTS

9. FAIR VALUE MEASUREMENTS

The Public Warrants were traded under the symbol ISUNW and the fair values were based upon the closing price of the Public Warrants at each measurement date. The Private Warrants were valued using a Black-Scholes model, pursuant to the inputs provided in the table below:

Input	Mark-to-Market Measurement at June 30, 2021			Mark-to-Market Measurement at December 31, 2020
Risk-free rate		0.460	%		0.214	%
Remaining term in years		2.98			3.47
Expected volatility		123.2	%		81.0	%
Exercise price	$	11.50		$	11.50
Fair value of common stock	$	11.38		$	5.95

The following table sets forth the Company’s assets and liabilities which are measured at fair value on a recurring basis by level within the fair value hierarchy:

			Fair Value Measurement as of June 30, 2021
	Total		Level 1		Level 2		Level 3
Liabilities:
Public Warrants	$	-	$	-	$	-	$	-
Private Warrants		350,455		-		-		350,455

			Fair Value Measurement as of December 31, 2020
	Total		Level 1		Level 2		Level 3
Liabilities:
Public Warrants	$	773,956	$	773,956	$	-	$	-
Private Warrants		294,500		-		-		294,500

The following is a roll forward of the Company’s Level 3 instruments:

Balance, January 1, 2021	$	350,455
Fair value adjustment – Warrant liability		(43,550	)
Balance, June 30, 2021	$	306,905

The following is a roll forward of the Company’s Level 1 – warrant liability was as follows:

Balance, January 1, 2021	$	773,956
Fair value adjustment – Warrant liability		(773,956	)
Balance, June 30, 2021	$	-