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Warrants (Tables)
6 Months Ended
Jun. 30, 2022
Warrants and Rights Note Disclosure [Abstract]  
Schedule of Warrants Issued and Outstanding

Warrants issued and outstanding consisted of the following:

 

Balance Sheet Classification

 

June 30, 2022

 

 

December 31, 2021

 

Public Warrants

Liability

 

 

9,994,635

 

 

 

9,994,635

 

Private Placement Warrants

Liability

 

 

9,172,782

 

 

 

9,172,782

 

Series A Warrants

Liability

 

 

6,666,662

 

 

 

6,222,218

 

Term C Loan Warrants

Equity

 

 

14,999,999

 

 

 

-

 

RDO Investor Warrants

Equity

 

 

14,180,375

 

 

 

-

 

Placement Agent Warrants

Equity

 

 

992,626

 

 

 

-

 

 

Schedule of Liabilities Measured at Fair Value on Recurring Basis

The following tables present the Company's fair value hierarchy for liabilities measured at fair value on a recurring basis:

 

 

Quoted Prices in Active Markets
(Level 1)

 

 

Other Observable Inputs
(Level 2)

 

 

Unobservable Inputs
(Level 3)

 

 

Total

 

As of June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Public Warrants

 

$

546

 

 

$

-

 

 

$

-

 

 

$

546

 

Private Placement Warrants

 

 

-

 

 

 

578

 

 

 

-

 

 

 

578

 

Series A Warrants

 

 

-

 

 

 

1,609

 

 

 

-

 

 

 

1,609

 

 

 

$

546

 

 

$

2,187

 

 

$

-

 

 

$

2,733

 

As of December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Public Warrants

 

$

752

 

 

$

-

 

 

$

-

 

 

$

752

 

Private Placement Warrants

 

 

-

 

 

 

871

 

 

 

-

 

 

 

871

 

Series A Warrants

 

 

-

 

 

 

1,934

 

 

 

-

 

 

 

1,934

 

 

 

$

752

 

 

$

2,805

 

 

$

-

 

 

$

3,557

 

Summary of Assumptions Used to Calculate the Fair Value of Warrants

The following assumptions were used to calculate the fair value for the Private Placement Warrants and Series A Warrants:

 

 

Private Placement Warrants

 

Series A Warrants

As of June 30, 2022

 

 

 

 

Expected remaining life

 

1.4 years

 

3.4 years

Volatility rate

 

255.8%

 

255.8%

Risk-free interest rate

 

2.8%

 

3.0%

Expected dividend rate

 

0%

 

0%

 

 

 

 

 

As of December 31, 2021

 

 

 

 

Expected remaining life

 

1.9 years

 

3.9 years

Volatility rate

 

227.5%

 

227.5%

Risk-free interest rate

 

0.7%

 

1.1%

Expected dividend rate

 

0%

 

0%