| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables summarize the fair values of financial instruments measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021.
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Items Measured at Fair Value at March 31, 2022 |
| (in thousands) |
Quoted prices in active market for identical assets (liabilities) (Level 1) |
Significant other observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
| Redeemable preferred stock |
$ |
—
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$ |
48,470
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$ |
—
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| Related party note |
—
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8,852
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—
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| Warrant liability |
—
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—
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3,240
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| Total |
$ |
—
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$ |
57,322
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$ |
3,240
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Items Measured at Fair Value at December 31, 2021 |
| (in thousands) |
Quoted prices in active market for identical assets (liabilities) (Level 1) |
Significant other observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
| Redeemable preferred stock |
$ |
—
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$ |
47,525
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$ |
—
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| Related party note |
—
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8,724
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—
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| Warrant liability |
—
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—
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2,706
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| Total |
$ |
—
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$ |
56,249
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$ |
2,706
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| Input Variable for Black-Scholes Model |
The following table summarizes activity of restricted stock units during the three months ended March 31, 2022:
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Number of Restricted Stock Units |
|
Weighted Average Grant Date Fair Value |
| Non-vested at December 31, 2021 |
1,783,698 |
|
$ |
14.18 |
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| Granted |
377,847 |
|
3.34 |
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| Vested |
(83,750) |
|
13.30 |
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| Forfeited |
(142,120) |
|
9.04 |
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| Non-vested at March 31, 2022 |
1,935,675 |
|
$ |
13.07
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Performance Condition |
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Service Condition |
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Market Condition |
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Restricted Stock Units |
|
Weighted Average Grant Date Fair Value |
|
Restricted Stock Units |
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Weighted Average Grant Date Fair Value |
|
Restricted Stock Units |
|
Weighted Average Grant Date Fair Value |
| Non-vested at December 31, 2021 |
1,251,698 |
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$ |
15.15 |
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252,000 |
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$ |
15.79 |
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280,000 |
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$ |
8.42 |
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| Granted |
132,000 |
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5.41 |
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115,847 |
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6.26 |
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130,000 |
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1.84 |
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| Vested |
(8,750) |
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10.66 |
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(60,000) |
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15.78 |
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(15,000) |
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4.96 |
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| Forfeited |
(97,120) |
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14.32 |
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— |
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— |
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(45,000) |
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3.34 |
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| Non-vested at March 31, 2022 |
1,277,828
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$ |
14.23
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307,847
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$ |
14.27
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350,000
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$ |
7.75
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The input variables for the Black-Scholes are noted in the table below:
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2022 |
2021 |
| Risk-free interest rate |
2.41
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% |
1.11 |
% |
| Expected life in years |
3.72 |
4 |
| Expected volatility |
62.1
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% |
41.8 |
% |
| Expected dividend yield |
—
|
% |
— |
% |
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