Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.23.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table provides the fair value measurement hierarchy of the Company’s assets and liabilities, except for those assets and liabilities that are short term in nature and approximate the fair values, as of the periods presented:
Level 1
  
Level 2
  
Level 3
  
Total
As of September 30, 2023
Assets:
Investment – Cansativa —  —  1,896  1,896 
Total Assets $ —  $ —  $ 1,896  $ 1,896 
Liabilities:
Loans and borrowings —  1,336  —  1,336 
Warrant liability —  —  108  108 
Total Liabilities $ —  $ 1,336  $ 108  $ 1,444 
As of December 31, 2022
Assets:
Investment – Cansativa —  —  5,679  5,679 
Total Assets $ —  $ —  $ 5,679  $ 5,679 
Liabilities:
Loans and borrowings —  1,530  —  1,530 
Warrant liability —  —  113  113 
Total Liabilities $ —  $ 1,530  $ 113  $ 1,643 
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a summary of changes in fair value of the Company’s level 3 investments for the nine months ended September 30, 2023:
Level 3
Balance, December 31, 2022 $ 5,679 
Change in value due to foreign exchange gain 74 
Balance, March 31, 2023 $ 5,753 
Change in value due to foreign exchange gain 24 
Balance, June 30, 2023 $ 5,777 
Change in value due to foreign exchange loss (176)
Impairment loss
 (3,705)
Balance, September 30, 2023 $ 1,896 
Schedule of Changes in the Fair Value of Warrant Liabilities
The change in fair value of warrant liabilities related to private warrants during the nine months ended September 30, 2023, is as follows:
Private Placement Warrants: Total Warrant Liability
Warrant liability at December 31, 2022 $ 113 
Change in fair value of warrant liability 44 
Warrant liabilities at March 31, 2023 $ 157 
Change in fair value of warrant liability 11 
Warrant liabilities at June 30, 2023 $ 168 
Change in fair value of warrant liability (60)
Warrant liabilities at September 30, 2023 $ 108 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The Company determined the fair value of its private warrants using the Monte Carlo simulation model. The following assumptions were used to determine the fair value of the Private Warrants as of September 30, 2023 and December 31, 2022:
As of
September 30, 2023 December 31, 2022
Risk-free interest rate
4.98%
4.23%
Expected volatility
160%
105%
Share Price
$0.12
$0.31
Exercise Price
$11.50
$11.50
Expiration date December 18, 2025 December 18, 2025