Schedule of Fair Value, Liabilities Measured on Recurring Basis |
The following table summarizes the Company’s total Level 3 liability activity for the three and nine months ended September 30, 2022 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | Warrant Liabilities | | Promotional Agreements | | Total Level 3 Liabilities | Fair value as of January 1, 2022 | | $ | — | | | $ | 4,474 | | | $ | 4,474 | | Issuance of common stock pursuant to promotional agreement awards | | — | | | (2,963) | | | (2,963) | | Issuance of Warrants | | 8,918 | | | — | | | 8,918 | | Exercise of put option on Immediately Exercisable Warrants | | (4,460) | | | — | | | (4,460) | | Change in valuation of promotional agreements | | — | | | 622 | | | 622 | | Change in fair value - warrant liabilities | | (1,266) | | | — | | | (1,266) | | Fair value as of June 30, 2022 | | 3,192 | | | 2,133 | | | 5,325 | | Termination of 50% Utilization Warrants | | (3,192) | | | — | | | (3,192) | | Issuance of common stock pursuant to promotional agreement awards | | — | | | (2,131) | | | (2,131) | | Change in valuation of promotional agreements | | — | | | (1) | | | (1) | | Fair value as of September 30, 2022 | | $ | — | | | $ | 1 | | | $ | 1 | |
The following table summarizes the Company’s total Level 3 liability activity as of and for the year ended December 31, 2021 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | Derivative Liability | | Promotional Agreements | | Total Level 3 Liabilities | Balance as of January 1, 2021 | | $ | (36,640) | | | $ | — | | | $ | (36,640) | | Change in fair value of derivative liability | | (48,603) | | | — | | | (48,603) | | Fair value as of June 30, 2021 | | (85,243) | | | — | | | (85,243) | | Conversion of convertible debt into common stock | | 85,243 | | | — | | | 85,243 | | Change in fair value of promotional agreements | | — | | | 5,038 | | | 5,038 | | Fair value as of September 30, 2021 | | — | | | 5,038 | | | 5,038 | | | | | | | | | Change in fair value of promotional agreements | | — | | | (564) | | | (564) | | Fair value as of December 31, 2021 | | $ | — | | | $ | 4,474 | | | $ | 4,474 | |
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