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 September 30, 2023 and December 31, 2022 (in thousands):
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Fair Value Measurements Using: |
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September 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 |
$ |
29,597 |
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$ |
— |
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$ |
32,315 |
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$ |
61,912 |
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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 September 30, 2023 |
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Nine Months Ended September 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 |
$ |
51,729 |
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$ |
7,665 |
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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 |
(19,414) |
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— |
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(86,175) |
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— |
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Gain on contingent earn-out, change in fair value |
— |
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(7,665) |
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— |
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(7,273) |
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Fair value, end of period |
$ |
32,315 |
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$ |
— |
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$ |
32,315 |
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$ |
— |
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Three Months Ended September 30, 2022 |
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Nine Months Ended September 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 |
$ |
138,637 |
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$ |
10,581 |
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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 |
(53,216) |
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— |
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(114,821) |
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— |
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Gain on contingent earn-out, change in fair value |
— |
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(3,644) |
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— |
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(13,042) |
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Fair value, end of period |
$ |
85,421 |
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$ |
6,937 |
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$ |
85,421 |
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$ |
6,937 |
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