Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of fair values private warrants were valued using a Black-Scholes model

The Private Warrants were valued using a Black-Scholes model, pursuant to the inputs provided in the table below:


Input	Mark-to-Market Measurement at December 31, 2022			Mark-to-Market Measurement at December 31, 2021
Risk-free rate	1.111		%	1.11		%
Remaining term in years	3.98			3.98
Expected volatility	88.77		%	88.8		%
Exercise price	$	11.50		$	11.50
Fair value of common stock	$	3.31		$	3.31

Schedule of assets and liabilities which are measured at fair value on a recurring basis

The following table sets forth the Company’s assets and liabilities which are measured at fair value on a recurring basis by level within the fair value hierarchy:


	Fair Value Measurements as of December 31, 2022
(Amounts in thousands)	Level I		Level II		Level III		Total

Asset:
Interest rate swaps	$	—	$	32,252	$	—	$	32,252

Liabilities:
Private Warrants	$	—	$	—	$	256	$	256
Fair value of obligation to issue shares of common stock to sellers of World Energy	—		—		151		151
Total	$	—	$	—	$	407	$	407


	Fair Value Measurements as of December 31, 2021
(Amounts in thousands)	Level I		Level II		Level III		Total

Liability:
Private Warrants	$	—	$	—	$	5,404	$	5,404
Contingent consideration – Quantum	—		—		1,950		1,950
Earnout – World Energy	—		—		1,000		1,000
Fair value of obligation to issue shares of common stock to sellers of World Energy	—		—		541		541
Total	$	—	$	—	$	8,895	$	8,895

Schedule of roll forward of the company's level 3 instruments

The following is a roll forward of the Company’s Level 3 instruments:


	For the Years Ended December 31, 2022 and 2021
(Amounts in thousands)	Asset		Liability
Balance, January 1, 2021	$	—	$	83,044
Obligation to issue shares of common stock to sellers of World Energy	—		1,526
Fair value adjustment – Quantum contingent consideration	—		101
Fair value adjustments – Warrant liability	—		(75,790)
Fair value adjustments – World Energy	—		(565)
Partial settlement of World Energy contingent consideration			(421)
Purchase of eNow Convertible Note at fair value	3,000		—
Reserve for investment in convertible note	(3,000)		—
Earnout – World Energy	—		1,000
Balance, December 31, 2021	—		8,895
Fair value adjustment – Quantum contingent consideration	—		(145)
Cash settlement of Quantum liability	—		(950)
Share settlement of Quantum liability	—		(186)
Cash settlement of World Energy liability	—		(1,000)
Fair value adjustments – Warrant liability	—		(5,148)
Fair value adjustments – World Energy	—		(390)
Adjustment - Quantum Liability	—		(669)
Balance, December 31, 2022	$	—	$	407