FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following tables present assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2022 and 2021 (in thousands):

	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Derivative instruments, assets
Commodity	$	—	$	—	$	—	$	—
Derivative instruments, assets	—		—		—		—
Derivative instruments, liabilities
Commodity	242		—		—		242
Derivative warrants	—		—		14,270		14,270
Derivative warrants, liabilities	242		—		14,270		14,512
Total	$	(242)	$	—	$	(14,270)	$	(14,512)
	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Derivative instruments, assets
Commodity	$	96	$	—	$	—	$	96
Derivative instruments, assets	96		—		—		96
Derivative instruments, liabilities
Derivative warrants	—		—		75,211		75,211
Derivative warrants, liabilities	—		—		75,211		75,211
Total	$	96	$	—	$	(75,211)	$	(75,115)

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The Dynamic Black-Scholes Merton unobservable inputs used were as follows:

Dynamic Black-Scholes Merton Unobservable Inputs
	Initial Warrants	Additional Warrants
Expected dividend rate	—%	—%
Expected volatility	105%	102%
Risk free interest rate	3.99%	3.99%
Expected term	5.0	5.5

The following is an analysis of changes in the derivative liability classified as level 3 in the fair value hierarchy for the nine months ended December 31, 2022 (in thousands):

Level Three Roll-Forward
	2022
Balance at beginning of period	$	75,211
April 1 warrants granted	22,795
May 26 warrants granted	2,874
Equity component of the convertible senior note	(78,789)
Change in valuation of warrants included in net income	(7,821)
Balance at end of period	$	14,270