Contingent Consideration (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The following table summarizes information about the Company’s financial instruments measured at fair value on a recurring basis, grouped into Level 1 to 3 based on the degree to which the input to fair value is observable (in thousands):

	September 30, 2023
	Level I		Level II		Level III		Total
DBOT - Contingent consideration1	$	—	$	—	$	—	$	—
Tree Technology - Contingent consideration2	—		—		78		78
Solectrac - Contingent consideration3	—		—		—		—
VIA - Contingent consideration4	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	78	$	78

	December 31, 2022
	Level I		Level II		Level III		Total
DBOT - Contingent consideration1	$	—	$	—	$	649	$	649
Tree Technology - Contingent consideration2	—		—		118		118
Solectrac - Contingent consideration3	—		—		$	100	100
Total	$	—	$	—	$	867	$	867

1 This represents the liability incurred in connection with the acquisition of DBOT shares during the three months ended September 30, 2019 and as remeasured as of April 17, 2020. The contractual period which required periodic remeasurement expired at that time, and therefore the Company did not remeasure this liability after that. During the three months ended September 30, 2023, The Company did not believe it has any remaining obligation related to this and reversed the remaining liabilities.

2 This represents the liability incurred in connection with the acquisition of Tree Technology shares during the three months ended December 31, 2019 and as subsequently remeasured as of June 30 2023. The contractual period which required periodic remeasurement expired at that time, and therefore the Company did not remeasure this liability after that.

3 This represents the liability incurred in connection with the acquisition of Solectrac. The liability represents the fair value of the three contingent considerations that were entered into at closing. The fair value was determined using Monte-Carlo simulations as of December 31, 2022. The fair value was reduced to zero as of September 30, 2023 due to the change of projection.

4 This represents the liability incurred in connection with the acquisition of VIA. The liability represents the fair value of the three contingent considerations that were entered into at closing. The fair value was determined using Monte-Carlo simulations.The fair value was reduced to zero as of September 30, 2023 due to the change of projection.

Schedule of Significant Inputs and Assumptions

The following table summarizes the significant inputs and assumptions used in the model:

	December 31, 2022
Risk-free interest rate	0.1%
Expected volatility	30%
Expected term (years)	0.08
Expected dividend yield	—	%

The following table summarizes the significant inputs and assumptions used in the probability-weighted discounted cash flow approach :

	December 31, 2022
Weighted-average cost of capital	15.0%
Probability	5%-20%

The following table summarizes the significant inputs and assumptions used in the model:

	December 31, 2022
Risk-free interest rate	3.4%
Expected volatility	25.0%
Expected discount rate	13.1%

The following table summarizes the significant inputs and assumptions used in the model:

	January 31, 2023
Risk-free interest rate	3.7	%
Expected volatility	65.0	%
Expected discount rate	13.9	%

Schedule of Reconciliation of Level 3 Fair Value Measurements

The following table summarizes the reconciliation of Level 3 fair value measurements (in thousands):

	Contingent Consideration
January 1, 2023	$	867
Addition	73,628
Remeasurement loss/(gain) recognized in the statement of operations	(74,417)
September 30, 2023	$	78