Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Liabilities measured at fair value by level

The following table summarizes the Company’s liabilities measured at fair value as of the dates presented, by level within the fair value hierarchy (in thousands):

	Level 1		Level 2		Level 3
June 30, 2021
Promissory note	$	—	$	—	$	17,190
March 31, 2021
Promissory note	$	—	$	—	$	16,128

Changes in fair value of promissory notes

The following table includes the changes in fair value of the promissory note which are Level 3 on the fair value hierarchy (in thousands):

April 1, 2021	$	16,128
Interest expense accrued	38
Increase in fair value	1,024
June 30, 2021	$	17,190
January 1, 2021	$	15,392
Interest expense accrued	37
Increase in fair value	699
March 31, 2021	$	16,128

Fair value of prommissory note

The following table summarizes assumptions used for fair value of promissory note as of the dates presented:

	June 30, 2021	March 31, 2021
Stock price	$4.69	$3.75
Time	1.25 years	1.5 years
Risk-free rate	0.12%	0.12%
Volatility	43.7%	50.6%