Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.22.4
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
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 during the period, by level, within the fair value hierarchy for the periods ended December 31, 2022 and 2021 (in thousands):
Fair Value Measurements Using:
December 31, 2022
Level 1 Level 2 Level 3 Total
Liabilities:
Founders advisory fees payable - related party $ 56,883  $ —  $ 118,490  $ 175,373 
LaderaTech contingent earn-out included in other liabilities, non-current —  —  7,273  7,273 
Total liabilities $ 56,883  $ —  $ 125,763  $ 182,646 
December 31, 2021
Liabilities:
Founders advisory fees payable - related party $ 114,276  $ —  $ 251,513  $ 365,789 
LaderaTech contingent earn-out included in other liabilities, non-current —  —  19,979  19,979 
Total liabilities $ 114,276  $ —  $ 271,492  $ 385,768 
Schedule Reconciliation of Level 3 Liabilities Measured on a Recurring Basis
A roll forward of Level 3 liabilities measured at fair value on a recurring basis is as follows (in thousands):
Founders Advisory Fees Payable - Related Party LaderaTech
Contingent Earn-out
Predecessor
Balance, December 31, 2020
$ —  $ 19,816 
Settlements —  (3,000)
Loss on contingent earn-out —  2,965 
Balance, November 8, 2021 $ —  $ 19,781 
Successor
Balance, November 9, 2021 $ 188,204  $ 19,781 
Founders advisory fees - related party, change in fair value 63,309  — 
Loss on contingent earn-out —  198 
Balance, December 31, 2021
251,513  19,979 
Settlements (40,776) — 
Reclassification from liability to equity (10,495) — 
Founders advisory fees - related party, change in fair value (81,752) — 
Gain on contingent earn-out —  (12,706)
Balance, December 31, 2022
$ 118,490  $ 7,273 
Schedule of Estimated Fair Value of Intangible Assets Acquired
The following table presents the estimated fair value assigned to identifiable intangible assets acquired in the Business Combination (in thousands):
Estimated
Fair Value
Estimated
Useful Life
(in years) (1)
Identifiable Intangible Assets:
Tradenames $ 101,000  20
Customer lists 761,000  20
Existing technology and patents 250,000  20
Total estimated fair value of intangible assets acquired $ 1,112,000 
(1)Amortization of identifiable intangible assets is performed on a straight-line basis over the applicable useful life.