Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Black Scholes model for the Private Warrants

To estimate the fair value of the Private Warrants as of December 31, 2021 and 2020, the Company used a Black Scholes closed form model, which is a Level 3 fair value measurement. Significant inputs used in the Black Scholes model for the Private Warrants were as follows:

	December 31, 2021			December 31, 2020
Expected volatility		27.00	%		16.00	%
Expected term (in years)		2.94			3.97
Risk free interest rate		0.96	%		1.74	%
Dividend yield		0.00	%		0.00	%
Exercise Price	$	11.50		$	11.50
Fair value of Common Stock	$	6.80		$	8.05

The following table summarizes the assumptions used in the valuation models to determine the fair value of awards granted to employees and non-employees under both the 2019 Plan:

	Year Ended December 31, 2021		Year Ended December 31, 2020
Expected volatility	43.22 - 44.61%		37.63 - 41.24%
Expected term (in years)		6.0		6.0
Dividend yield	0%		0%
Risk free interest rate	0.70 - 1.16%		0.30 - 1.43%

Summary of Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table provides a reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2021 and 2020 (in thousands):

Balance at December 31, 2019	$	822
Change in fair value of contingent consideration		98
Balance at December 31, 2020		920
Private Warrants		3,810
Change in fair value of Private Warrants		(1,969	)
Change in fair value of contingent consideration		(275	)
Balance at December 31, 2021	$	2,486