Fair Value Measurements

6 Months Ended

Jun. 30, 2022

16.

FAIR VALUE MEASUREMENTS

The following tables summarize the Company's assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:


	June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Investment in SymetryML Holdings(2)	$	—	$	—	$	851	$	851
Total assets	$	—	$	—	$	851	$	851
Liabilities:
Public warrants(1)	$	4,533	$	—	$	—	$	4,533
Private placement warrants(1)		—		5,046		—		5,046
Seller's Earn-Out(1)		—		—		5,318		5,318
Total liabilities	$	4,533	$	5,046	$	5,318	$	14,897


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Investment in SymetryML Holdings(2)	$	—	$	—	$	—	$	—
Total assets	$	—	$	—	$	—	$	—
Liabilities:
Public warrants(1)	$	7,168	$	—	$	—	$	7,168
Private placement warrants(1)		—		4,998		—		4,998
Seller's Earn-Out(1)		—		—		18,081		18,081
Total liabilities	$	7,168	$	4,998	$	18,081	$	30,247

(1)

Refer to Note 14 — Seller's Earn-Out and Note 15 — Warrants to the Consolidated Financial Statements for the year ended December 31, 2021 for further information about the initial and subsequent measurement, including significant assumptions and valuation methodologies of these instruments.

(2)

Refer to Note 18— SymetryML and SymetryML Holdings below for further information about the initial measurement, including significant assumptions and valuation methodologies of this investment.

The following table presents a rollforward of the Company's assets and liabilities classified as Level 3 for the six months ended June 30, 2022. The Company did not have Level 3 assets or liabilities in the six months ended June 30, 3021.


	Six Months Ended June 30, 2022
	Investment in SymetryML Holdings			Seller's Earn-Out Liability
Balance as December 31, 2021	$	—		$	18,081
Additions		861			—
Measurement adjustments		(10	)		(12,763	)
Balance as of June 30, 2022	$	851		$	5,318

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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