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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

The following table summarizes the conclusions reached regarding fair value measurements as of March 31, 2022, and December 31, 2021 (in thousands):

	Balance at March 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Equity securities with readily determinable fair value	$	1,694	$	1,694	$	—	$	—
Total	$	1,694	$	1,694	$	—	$	—

Liabilities:
Warrant liability, related party ⁽¹⁾	$	770					$	770
Total	$	770	$	—	$	—	$	770

	Balance at December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Equity securities with readily determinable fair value	$	4,928	$	4,928	$	—	$	—
Total	$	4,928	$	4,928	$	—	$	—

Liabilities:
Warrant liability, related party ⁽¹⁾	$	1,262	$	—	$	—	$	1,262
Total	$	1,262	$	—	$	—	$	1,262

(1)	Fair value determined using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of the Company’s common stock over the most recent period. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of valuation.

	Changes in Level 3 instruments for the three months ended March 31,
	Balance at January 1		Net Change in fair value included in earnings			Purchases / Issuance		Sales / Repurchases		Balance at March 31,
2022
Warrant liability, related party	$	1,262	$	(492	)	$	—	$	—	$	770
Total	$	1,262	$	(492	)	$	—	$	—	$	770

2021
Warrant liability, related party	$	2,871	$	1,648		$	—	$	—	$	4,519
Total	$	2,871	$	1,648		$	—	$	—	$	4,519

Significant inputs utilized in the valuation of the Letter Agreement Warrants as of March 31, 2022, and December 31, 2021, were: