Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2022

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
March 31, 2022
Promissory note	$	—	$	—	$	—
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):

January 1, 2020	$	16,169
Interest expense accrued	150
Decrease in fair value	(927)
December 31, 2020	15,392
Interest expense accrued	37
Increase in fair value	699
March 31, 2021	16,128
Interest expense accrued	77
Decrease in fair value	(605)
Conversion	(15,600)
March 31, 2022	$	—

Fair value of promissory note

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

	March 31, 2021
Stock price	$3.75
Time	1.5 years
Risk-free rate	0.12%
Volatility	50.6%