Annual report pursuant to Section 13 and 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
SCHEDULE OF FAIR VALUE, LIABILITIES MEASURED ON RECURRING BASIS

As of December 31, 2023 and 2022, we had contingent consideration that is required to be measured at fair value on a recurring basis.

SCHEDULE OF FAIR VALUE, LIABILITIES MEASURED ON RECURRING BASIS

 

Our financial instruments measured at fair value on a recurring basis were as follows at the dates indicated:

 

                                     
    Consolidated
Balance Sheet		   Fair Value at December 31, 2023  
(in thousands)   Caption   Level 1     Level 2     Level 3     Total  
Liabilities:                            
Contingent consideration - current   Accrued expenses and other current liabilities   $ —     $ —     $ 1,000     $ 1,000  
Total Liabilities       $ —     $ —     $ 1,000     $ 1,000  

 

                                     
    Consolidated
Balance Sheet		   Fair Value at December 31, 2022  
(in thousands)   Caption   Level 1     Level 2     Level 3     Total  
Liabilities:                            
Contingent consideration - current   Accrued expenses and other current liabilities   $ —     $ —     $ 2,738     $ 2,738  
Total Liabilities       $ —     $ —     $ 2,738     $ 2,738  

SCHEDULE OF FAIR VALUE, LIABILITIES MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION

A reconciliation of our liabilities that are measured and recorded at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2023 and 2022 is as follows:

SCHEDULE OF FAIR VALUE, LIABILITIES MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION 

 

         
(in thousands)   Contingent Consideration  
Balance, December 31, 2021   $ 6,857  
Eyce 2021 Contingent Payment settlement in Class A common stock     (875 )
Eyce 2021 Contingent Payment settlement in cash     (875 )
DaVinci 2021 Contingent Payment settlement in Class A common stock     (2,611 )
Write-off of Eyce 2022 Contingent Payment in conjunction with the Amended Eyce APA     (267 )
Loss from fair value adjustments included in results of operations     509  
Balance, December 31, 2022   $ 2,738  
Cash payments for earn contingent consideration     (350 )
Transfer to notes payable     (1,650 )
Loss from fair value adjustments included in results of operations     262  
Balance, December 31, 2023   $ 1,000