XML 36 R21.htm IDEA: XBRL DOCUMENT

Note 13 - Financial Instruments

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

13. Financial Instruments

Fair value is defined by ASC 820, Fair Value Measurement (“ASC 820”) as the price that would be received upon selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

•

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

•

Level 3 — Unobservable inputs for the asset or liability.

		*Three Months Ended March 31,*
		*2022*
		(in thousands)
		Level 1				Level 2				Level 3				Total
Assets
Cash Equivalents:
U.S. treasury bills		$	—			$	19,939			$	—			$	19,939
Certificate of deposits			—				1,756				—				1,756
Short term investments:
U.S. treasury bills			—				179,743				—				179,743
Certificate of deposits			—				1,548				—				1,548
Other assets:
Certificate of deposits			—				186				—				186
Total		$	—			$	203,172			$	—			$	203,172
Liabilities:
Earn-out shares liabilities:
Earn-out shares ⁽¹⁾		$	—			$	—			$	7,136			$	7,136
I-Access contingent consideration ⁽²⁾			—				—				5,665				5,665
Other non-current liabilities:
Warrant liabilities ⁽¹⁾			—				362				—				362
Total		$	—			$	362			$	12,801			$	13,163

(1) As a result of the Business Combination on July 1, 2021, the Company recorded Company Earn-Out Shares and private placement warrants as liabilities and measured at fair value each reporting period. The Company measured the Company Earn-Out Shares at fair value determined at Level 3. The Company measured the private placement warrants at fair value determined at Level 2. Refer to “Note 10 — Earn-Out and Warrant Liabilities” for further details.

(2) As a result of the Business Combination on February 18, 2022, the Company recorded I-Access contingent consideration as liabilities and measured at fair value each reporting period. The Company measured the I-Access contingent consideration at fair value determined at Level 3. Refer to “Note 3 — Business Combination” for further details.

		*Year Ended December 31,*
		*2021*
		(in thousands)
		Level 1				Level 2				Level 3				Total
Assets
Cash Equivalents:
U.S. treasury bills		$	—			$	199,999			$	—			$	199,999
Certificate of deposits			—				1,433				—				1,433
Short term investments:
Certificate of deposits			—				2,411				—				2,411
Other assets:
Certificate of deposits			—				285				—				285
Total		$	—			$	204,128			$	—			$	204,128
Liabilities:
Earn-out shares liabilities:
Earn-out shares ⁽¹⁾		$	—			$	—			$	10,012			$	10,012
Other non-current liabilities:
Warrant liabilities ⁽¹⁾			—				458				—				458
Total		$	—			$	458			$	10,012			$	10,470

(1) As a result of the Business Combination on July 1, 2021, the Company recorded Company Earn-Out Shares and private placement warrants as liabilities and measured at fair value each reporting period. The Company measured the Company Earn-Out Shares at fair value determined at Level 3. The Company measured the private placement warrants at fair value determined at Level 2. Refer to “Note 10 — Earn-Out and Warrant Liabilities” for further details.