Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2023
Investments, All Other Investments [Abstract]  
The following table sets forth the Company’s financial assets and liabilities, subject to fair value measurements on a recurring basis, by level within the fair value hierarchy:
As of December 31,
2023 2022
Financial assets: (1)
Equity investment (2)
$ 200  $ 977 
Total financial assets $ 200  $ 977 
Financial liabilities: (1)
Derivative liabilities (3)
$ 2,638  $ 14,134 
Contingent consideration liabilities (4)
817  4,793 
Total financial liabilities $ 3,455  $ 18,927 
(1)    The Company has no financial assets or liabilities in Level 1 or 2 within the fair value hierarchy as of December 31, 2023 and 2022, and there were no transfers between hierarchy levels during the years ended December 31, 2023 and 2022.
(2)    The Company adjusted its equity investment carrying value as of December 31, 2023 and 2022 to reflect its equity balance of the investee, resulting in the recording of a loss on investment of $777 and $523 during the years ended December 31, 2023 and 2022, respectively. The loss on investment is included within other income (expense), net in the consolidated statements of operations and comprehensive income (loss).
(3)    Refer to Note 13 - Derivative Liabilities
(4)     Refer to Note 6 - Acquisitions
The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and certain accrued expenses, and certain other assets and liabilities held at amortized cost, approximate their fair values due to the short-term nature of these instruments. The equity investment approximates its fair value at December 31, 2023 and 2022, respectively. The carrying amounts of the promissory notes approximate their fair values as the effective interest rates are consistent with market rates. The carrying amount of the Second Lien Notes and the Senior Notes approximates its fair values as of December 31, 2023 and 2022, respectively.