Schedule of Liabilities Measured on a Recurring Basis |
The following tables set forth the Company’s liabilities that were measured at fair value on a recurring basis, by level, within the fair value hierarchy as of June 30, 2023 and December 31, 2022 (in thousands):
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Fair Value Measurements Using: |
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June 30, 2023 |
Level 1 |
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Level 2 |
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Level 3 |
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Total |
Liabilities: |
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Founders advisory fees payable - related party |
$ |
34,727 |
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$ |
— |
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$ |
51,729 |
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$ |
86,456 |
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LaderaTech contingent earn-out included in other liabilities, non-current |
— |
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— |
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7,665 |
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7,665 |
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Total liabilities |
$ |
34,727 |
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$ |
— |
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$ |
59,394 |
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$ |
94,121 |
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December 31, 2022 |
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Liabilities: |
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Founders advisory fees payable - related party |
$ |
56,883 |
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$ |
— |
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$ |
118,490 |
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$ |
175,373 |
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LaderaTech contingent earn-out included in other liabilities, non-current |
— |
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— |
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7,273 |
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7,273 |
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Total liabilities |
$ |
56,883 |
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$ |
— |
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$ |
125,763 |
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$ |
182,646 |
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Schedule of Reconciliation of Level 3 Liabilities Measured on a Recurring Basis |
The reconciliations for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (in thousands):
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Three Months Ended June 30, 2023 |
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Six Months Ended June 30, 2023 |
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Founders Advisory Fees Payable - Related Party |
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LaderaTech Contingent Earn-out |
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Founders Advisory Fees Payable - Related Party |
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LaderaTech Contingent Earn-out |
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Fair value, beginning of period |
$ |
100,938 |
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$ |
7,519 |
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$ |
118,490 |
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$ |
7,273 |
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Founders advisory fees - related party, change in fair value |
(49,209) |
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— |
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(66,761) |
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— |
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Loss on contingent earn-out, change in fair value |
— |
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146 |
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— |
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392 |
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Fair value, end of period |
$ |
51,729 |
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$ |
7,665 |
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$ |
51,729 |
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$ |
7,665 |
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Three Months Ended June 30, 2022 |
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Six Months Ended June 30, 2022 |
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Founders Advisory Fees Payable - Related Party |
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LaderaTech Contingent Earn-out |
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Founders Advisory Fees Payable - Related Party |
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LaderaTech Contingent Earn-out |
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Fair value, beginning of period |
$ |
153,986 |
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$ |
19,979 |
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$ |
251,513 |
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$ |
19,979 |
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Settlements |
— |
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— |
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(40,776) |
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— |
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Reclassification from liability to equity |
— |
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— |
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(10,495) |
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— |
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Founders advisory fees - related party, change in fair value |
(15,349) |
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— |
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(61,605) |
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— |
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Gain on contingent earn-out, change in fair value |
— |
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(9,398) |
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— |
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(9,398) |
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Fair value, end of period |
$ |
138,637 |
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$ |
10,581 |
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$ |
138,637 |
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$ |
10,581 |
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