Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Financial Assets and Liabilities Measured on Recurring Basis

The following tables present financial assets and liabilities remeasured on a recurring basis by level within the fair value hierarchy:


	September 30, 2021
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	570,000	$	—	$	—

Liabilities:
Notes payable	—		—		188,589
Private Warrants	—		—		1,153
Obligation to issue registered shares of Class A Common Stock	—		—		22,511


	December 31, 2020
	Level 1		Level 2		Level 3
Liabilities:
Related party notes payable	$	—	$	—	$	32,949
Notes payable	—		—		59,742
The9 Conditional Obligation	—		—		1,128

Summary of Activity for Level 3 Fair Value Measurements

The following table summarizes the financial instruments carried at fair value:


	Related Party Notes Payable at Fair Value		Notes Payable at Fair Value		The9 Conditional Obligation		Private Warrants		Obligation to Issue Registered Shares of Class A Common Stock
Balance as of December 31, 2020	$	32,949	$	59,742	$	1,128	$	—	$	—
Proceeds, net of original issuance discount	—		171,929		—		—		—
Original issue discount (1)	—		11,860		—		—		—
Consent fees	—		1,334		—		—		—
Transaction costs charged to interest expense	—		1,700		—		—		—
Warrant fair value charged to interest expense	—		1,988		—		—		—
Repayment of principal and liquidation premium	(27,593)		(48,210)		—		—		—
Conversion to equity	(5,518)		(52,473)		(2,863)		—		—
Proceeds allocated to equity classified warrants	—		(17,596)		—		—		—
Liabilities assumed in the Business Combination	—		—		—		2,152		32,900
Issuance of warrants	—		—		—		290		—
Changes in fair value measurements	162		58,315		1,735		(1,289)		(10,389)
Balance as of September 30, 2021	$	—	$	188,589	$	—	$	1,153	$	22,511

(1) Original issue discount represents the amount withheld by the note payable holder upon issuance of the note which will be paid, in addition to the full note payable principal, to the lender upon maturity of the notes payable. The original issue discount is included in Change in Fair Value Measurements in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss.