FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2021

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Measurement Inputs

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

Assets and Liabilities Measured at Fair Value on Recurring Basis

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

Roll Forward of Level 3 Instruments

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

Roll Forward of Level 1 Instruments

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	$	-