| FAIR VALUE MEASUREMENT |
FAIR VALUE MEASUREMENT The carrying values of the Company’s cash and cash equivalents, trade receivables and accounts payable approximate fair value due to their short maturities.
The following tables present the financial assets not measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021:
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September 30, 2022 |
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Carrying Value |
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Estimated Fair Value |
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Fair Value Hierarchy |
Financial Statement Line Item |
| Financial assets: |
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| Notes receivable - current |
$ |
102 |
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$ |
102 |
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Level 3 |
Receivables |
| Notes receivable - non-current |
192 |
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192 |
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Level 3 |
Other long-term assets |
| Prepaid expenses - non-current |
8,000 |
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8,000 |
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Level 3 |
Other long-term assets |
| Total financial assets |
$ |
8,294 |
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$ |
8,294 |
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December 31, 2021 |
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Carrying Value |
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Estimated Fair Value |
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Fair Value Hierarchy |
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Financial Statement Line Item |
| Financial assets: |
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| Notes receivable - current |
$ |
8 |
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$ |
8 |
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Level 3 |
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Receivables |
| Notes receivable - non-current |
3,391 |
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3,391 |
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Level 3 |
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Other long-term assets |
| Prepaid expenses - non-current |
8,000 |
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8,000 |
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Level 3 |
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Other long-term assets |
| Total financial assets |
$ |
11,399 |
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$ |
11,399 |
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The notes receivable are fixed-rate investments, are not traded and do not have observable market inputs, therefore, the fair value is estimated to be equal to the carrying value. The Advance Payment is not a traded asset and does not have observable market inputs, therefore, the fair value is estimated to be equal to the carrying value.
The following tables present the liabilities measured at fair value on a recurring basis, by input level, in the Consolidated Balance Sheets at September 30, 2022 and December 31, 2021:
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September 30, 2022 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
| Financial liabilities: |
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| Public Warrants |
$ |
2,099 |
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— |
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— |
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2,099 |
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| Private Warrants |
— |
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1,491 |
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— |
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1,491 |
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| Total financial liabilities |
$ |
2,099 |
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$ |
1,491 |
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$ |
— |
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$ |
3,590 |
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December 31, 2021 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
| Financial liabilities: |
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| Public Warrants |
$ |
4,255 |
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— |
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— |
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4,255 |
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| Private Warrants |
— |
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2,266 |
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— |
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2,266 |
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| Total financial liabilities |
$ |
4,255 |
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$ |
2,266 |
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$ |
— |
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$ |
6,521 |
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