Fair Value Measurements | 8. Fair Value Measurements The following table presents information about the Company’s derivative instruments that are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. As of June 30, 2022 Level 1 Level 2 Level 3 Total Liabilities: Warrants $ 2,380,000 $ — $ — $ 2,380,000 Private Placement Warrants — 2,040,000 — 2,040,000 Forward purchase agreements (FPAs) — — 615,000 615,000 Total $ 2,380,000 $ 2,040,000 $ 615,000 $ 5,035,000 As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Forward purchase agreements (FPAs) $ — $ — $ 2,353,677 $ 2,353,677 Total $ — $ — $ 2,353,677 $ 2,353,677 Liabilities: Warrants $ 5,828,722 $ — $ — $ 5,828,722 Private Placement Warrants — 5,007,058 — 5,007,058 Forward purchase agreements (FPAs) — — 2,073,086 2,073,086 Total $ 5,828,722 $ 5,007,058 $ 2,073,086 $ 12,908,866 The following table presents the changes in the fair value of the Company’s derivative instruments that are measured at fair value for the three and six months ended June 30, 2022 and 2021. Warrants Private Placement Forward Purchase Total Assets: Fair value at March 31, 2022 $ — $ — $ 1,810,000 $ 1,810,000 Change in fair value — — ( 1,810,000 ) ( 1,810,000 ) Fair value at June 30, 2022 $ — $ — $ — $ — Liabilities: Fair value at March 31, 2022 $ 4,480,000 $ 3,840,000 $ 2,670,000 $ 10,990,000 Change in fair value ( 2,100,000 ) ( 1,800,000 ) ( 2,055,000 ) ( 5,955,000 ) Fair value at June 30, 2022 $ 2,380,000 $ 2,040,000 $ 615,000 $ 5,035,000 Assets: Fair value at December 31, 2021 $ — $ — $ 2,353,677 $ 2,353,677 Change in fair value — — ( 2,353,677 ) ( 2,353,677 ) Fair value at June 30, 2022 $ — $ — $ — $ — Liabilities: Fair value at December 31, 2021 $ 5,828,722 $ 5,007,058 $ 2,073,086 $ 12,908,866 Change in fair value ( 3,448,722 ) ( 2,967,058 ) ( 1,458,086 ) ( 7,873,866 ) Fair value at June 30, 2022 $ 2,380,000 $ 2,040,000 $ 615,000 $ 5,035,000 Warrants Private Placement Forward Purchase Total Liabilities: Fair value at March 31, 2021 $ 52,290,000 $ 55,982,797 $ 113,024,178 $ 221,296,975 Change in fair value ( 29,120,000 ) ( 36,122,797 ) ( 79,394,178 ) ( 144,636,975 ) Fair value at June 30, 2021 $ 23,170,000 $ 19,860,000 $ 33,630,000 $ 76,660,000 Liabilities: Fair value at December 31, 2020 $ 51,380,000 $ 89,862,127 $ 186,468,494 $ 327,710,621 Change in fair value ( 28,210,000 ) ( 70,002,127 ) ( 152,838,494 ) ( 251,050,621 ) Fair value at June 30, 2021 $ 23,170,000 $ 19,860,000 $ 33,630,000 $ 76,660,000 The valuation methodology used in the determination of the fair value of financial instruments for which Level 3 inputs were used at June 30, 2022 and 2021 was a market approach. The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level 3 inputs to determine fair value for the three and six months ended June 30, 2022 and 2021. Private Placement Forward Purchase Total Assets: Fair value at December 31, 2021 $ — $ 2,353,677 $ 2,353,677 Change in fair value — ( 543,677 ) ( 543,677 ) Fair value at March 31, 2022 — 1,810,000 1,810,000 Change in fair value — ( 1,810,000 ) ( 1,810,000 ) Fair value at June 30, 2022 $ — $ — $ — Liabilities: Fair value at December 31, 2021 $ — $ 2,073,086 $ 2,073,086 Change in fair value — 596,914 596,914 Fair value at March 31, 2022 — 2,670,000 2,670,000 Change in fair value — ( 2,055,000 ) ( 2,055,000 ) Fair value at June 30, 2022 $ — $ 615,000 $ 615,000 Liabilities: Fair value at December 31, 2020 $ 89,862,127 $ 186,468,494 $ 276,330,621 Change in fair value ( 33,879,330 ) ( 73,444,316 ) ( 107,323,646 ) Fair value at March 31, 2021 55,982,797 113,024,178 169,006,975 Transfer out of Level 3 ( 55,982,797 ) — ( 55,982,797 ) Change in fair value — ( 79,394,178 ) ( 79,394,178 ) Fair value at June 30, 2021 $ — $ 33,630,000 $ 33,630,000 |