WARRANTS (Tables)

3 Months Ended

Mar. 31, 2021

WARRANTS

Schedule of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs

The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2021:

	Fair Value
	Measurement
	Using Level 3
	Inputs
	Total
Balance, January 1, 2021	$	—
Derivative liabilities recorded on issuance of derivative warrants		14,720,000
Change in fair value of derivative liabilities		335,000
Balance, March 31, 2021	$	14,385,000

Schedule of weighted average assumptions

During the three months ended March 31, 2021, the fair value of the derivative feature of the warrants was calculated using the following range of weighted average assumptions:

	March 15, 2021		March 31, 2021
Risk-free interest rate	0.9 - 1.01	%		0.9 - 1.01	%
Expected life of grants	5.0	years		4.75 - 5.0	years
Expected volatility of underlying stock	18.0	%		18.0	%
Dividends	0	%		0	%
Probability of Business Combination	90	%		90	%