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DE Non-accelerated Filer true true false 235295 98066 333361 133010583 133343944 247868 1816 716 249684 716 247514 497198 716 13300000 13300000 13300000 0 133010583 0.0001 0.0001 0.0001 0.0001 1000000 1000000 1000000 1000000 0 0 0 0 0 0 0 0 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 100000000 31000000 31000000 31000000 4161000 4161000 4161000 4161000 4161000 4161000 0 0 416 818347 -982600 -716 -163837 -716 133343944 1015260 716 -1015260 -716 10583 22793 33376 -981884 -716 10589315 0.28 3959088 -0.99 -716 -716 -716 -716 12000000 12000000 1200 119998800 120000000 1300000 1300000 130 12999870 13000000 416000 416000 42 4159958 4160000 420000 42 2024421 2024463 3450000 345 24655 25000 -125000 -13 13 -2660000 -2660000 -2449810 -2449810 -270307 -270307 4779936 4779936 -981884 -981884 -13300000 -1330 -124412583 -124413913 -13366023 -13366023 -10583 -10583 4161000 416 818347 -982600 -163837 -981884 -716 22793 10583 98066 247868 1100 716 -864358 133000000 -133000000 133000000 2660000 4160000 125000 -125000 25000 425347 134099653 235295 235295 124413913 -4779936 13366023 10583 13 270307 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 — Organization and Business Operations</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organization and General</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Archimedes Tech SPAC Partners Co. (the “Company”) is a blank check company formed under the laws of the State of Delaware on September 15, 2020. The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar Business Combination with one or more businesses or entities (the “Business Combination”). The Company’s focus will be on the artificial intelligence, cloud services and automotive technology sectors. However, the Company is not limited to the technology industry, or these sectors therein, and the Company may pursue a Business Combination opportunity in any business or industry it chooses, and it may pursue a company with operations or opportunities outside of the United States.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has selected December 31 as its fiscal year end.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2021, the Company had not commenced any revenue-generating operations. All activity for the period from September 15, 2020 (inception) through December 31, 2021 relates to the Company’s formation, the initial public offering (the “IPO”) described below, and, since the closing of the IPO, the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO and will recognize changes in the fair value of warrant liability as other income or expense, as applicable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 15, 2021, the Company entered into a definitive merger agreement with SoundHound Inc., a voice artificial intelligence company, pursuant to which the two companies agreed to consummate a Business Combination (the “Merger Agreement”). The total consideration to be paid by the Company to SoundHound Inc. is $2 billion in equity of the Company, with outstanding SoundHound Inc. stock options and warrants included on a net exercise basis. In connection with the Business Combination, certain accredited investors committed to purchase 11.1 million shares of Class A common stock of the company at a price of $10.00 per share, for total gross proceeds of $111 million, in a private placement that is scheduled to close concurrently with the Business Combination.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s sponsor is Archimedes Tech SPAC Sponsors LLC, a Delaware limited liability company (the “Sponsor”).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">References to the Company’s “initial stockholders” refer to the Company’s stockholders prior to the IPO, excluding the holders of the Representative Shares (See Note 8).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financing</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The registration statement for the Company’s IPO was declared effective on March 10, 2021 (the “Effective Date”). As discussed in Note 4, on March 15, 2021, the Company consummated the IPO of 12,000,000 units, (the “Public Units”), at $10.00 per Public Unit, generating gross proceeds of $120,000,000.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Public Unit consists of (i) one subunit (the “Public Subunit”), which consists of one share of common stock (the “Public Share”) and one-quarter of one redeemable warrant, and (ii) one-quarter of one redeemable warrant (collectively, the redeemable warrants included in the Public Units and Public Subunits, the “Public Warrants”); each whole Public Warrant will be exercisable to purchase one share of common stock at a price of $11.50 per share.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously with the closing of the IPO, the Company consummated the sale of 390,000 private units (the “Private Units”) at a price of $10.00 per Private Unit in a private placement (the “Private Placement”) to the Sponsor and EarlyBirdCapital, Inc. (“EarlyBirdCapital”), generating gross proceeds of $3,900,000, which is discussed in Note 5. Each Private Unit consists of (i) one subunit (the “Private Subunits”), which consists of one share of common stock (the “Private Shares”) and one-quarter of one redeemable warrant, and (ii) one-quarter of one redeemable warrant (collectively, the redeemable warrants included in the Private Units and Private Subunits, the “Private Warrants”).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction costs amounted to $4,849,810 consisting of $2,400,000 of underwriting discount and $2,449,810 of other offering costs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company granted the underwriters in the IPO a 45-day option to purchase up to 1,800,000 additional Public Units to cover over-allotments, if any. On March 19, 2021, the underwriters partially exercised the over-allotment option to purchase 1,300,000 Public Units, generating an aggregate of gross proceeds of $13,000,000, and incurred transaction costs of $260,000 in underwriting discount. In connection with the underwriters’ exercise of their over-allotment option, the Company also consummated the sale of an additional 26,000 Private Units at $10.00 per Private Unit to the Sponsor and EarlyBirdCapital, generating gross proceeds of $260,000.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trust Account</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the IPO on March 15, 2021 and the underwriters’ partial exercise of over-allotment option on March 19, 2021, $133,000,000 from the net proceeds of the sale of the Public Units in the IPO and the sale of the Private Units was placed in a trust account maintained by Continental Stock Transfer &amp; Trust Company, acting as trustee (the “Trust Account”). The funds held in the Trust Account is and will be invested only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, so that the Company is not deemed to be an investment company under the Investment Company Act. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its income or other tax obligations, the proceeds will not be released from the Trust Account until the earlier of the completion of a Business Combination or the redemption of 100% of the outstanding Public Subunits if the Company has not completed a Business Combination in the required time period. The proceeds held in the Trust Account may be used as consideration to pay the sellers of a target business with which the Company completes a Business Combination. Any amounts not paid as consideration to the sellers of the target business may be used to finance operations of the target business.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Initial Business Combination</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the value of the assets held in the Trust Account (excluding taxes payable on the interest earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to complete a Business Combination successfully.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The shares of common stock subject to redemption are recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will continue in existence only until 18 months from the closing of the IPO (the “Combination Period”). However, if the Company is unable to complete the initial Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up and (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the outstanding Public Subunits, at a per-subunit price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including any interest not previously released to the Company (net of taxes payable), divided by the number of then outstanding Public Subunits, which redemption will completely extinguish public stockholders’ rights as holders of Public Subunits (including the right to receive further liquidation distributions, if any), subject to applicable law. Public stockholders will also forfeit the one-quarter of one warrant included in the Public Subunits being redeemed. As promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and its board of directors, the Company will dissolve and liquidate, subject to its obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A public stockholder will be entitled to receive funds from the Trust Account (including interest earned on his, her or its portion of the Trust Account to the extent not previously released to the Company) only in the event of (i) the redemption of 100% of the outstanding Public Subunits if the Company has not completed a Business Combination in the required time period, (ii) if that public stockholder converts such Public Subunits, or sells such Public Subunits to the Company in a tender offer, in connection with a Business Combination which the Company consummates or (iii) the Company seeks to amend any provisions of its amended and restated certificate of incorporation that would affect the public stockholders’ ability to convert or sell their Public Subunits to the Company in connection with a Business Combination or affect the substance or timing of the Company’s obligation to redeem 100% of the Public Subunits if the Company does not complete a Business Combination within the Combination Period. This redemption right shall apply in the event of the approval of any such amendment to the Company’s amended and restated certificate of incorporation, whether proposed by the Sponsor, initial stockholders, executive officers, directors or any other person. In no other circumstances will a public stockholder have any right or interest of any kind to or in the Trust Account.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor, initial stockholders, officers and directors have agreed (1) to vote any shares of common stock owned by them in favor of any proposed Business Combination, (2) not to convert any shares in connection with a stockholder vote to approve a proposed initial Business Combination and (3) not to sell any shares in any tender in connection with a proposed initial Business Combination.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sponsor has agreed that it will be liable to ensure that the proceeds in the Trust Account are not reduced below $10.00 per Public Subunit by the claims of target businesses or claims of vendors or other entities that are owed money by the Company for services rendered or contracted for or products sold to the Company, but the Company cannot assure that it will be able to satisfy its indemnification obligations if it is required to do so. The Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believes that the Sponsor’s only assets are securities of the Company. Therefore, the Company believes it is unlikely that the Sponsor will be able to satisfy its indemnification obligations if it is required to do so.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity and Going Concern</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2021, the Company had cash outside the Trust Account of $235,295 available for its working capital needs. All remaining cash and securities were held in the Trust Account and is generally unavailable for the Company’s use prior to an initial Business Combination and is restricted for use either in a Business Combination or to redeem Public Subunits. As of December 31, 2021, none of the amount on deposit in the Trust Account was available to be withdrawn as described above.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to the completion of the IPO, the Company’s liquidity needs had been satisfied through receipt of $25,000 from the sale of Founder Shares (see Note 6), advances from the Sponsor in an aggregate amount of $125,000 under an unsecured promissory note, which were repaid upon the closing of the IPO (see Note 6). Subsequent to the consummation of the IPO and Private Placement, the Company’s liquidity needs have been satisfied through the net proceeds from the IPO and Private Placement held outside of the Trust Account.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor, initial stockholders, officers, directors and their affiliates may, but are not obligated to, provide the Company Working Capital Loans, as defined below (see Note 6). To date, there were no amounts outstanding under any Working Capital Loans.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company anticipates that the $235,295 outside of the Trust account as of December 31, 2021 will not be sufficient to allow the Company to operate for at least the next 12 months, assuming that a Business Combination is not consummated during that time. Furthermore, if the Company is not able to consummate a Business Combination by September 15, 2022, it will trigger the Company’s automatic winding up, liquidation and dissolution. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.</span></p> 2000000000 11100000 10 111000000 12000000 10 120000000 Each Public Unit consists of (i) one subunit (the “Public Subunit”), which consists of one share of common stock (the “Public Share”) and one-quarter of one redeemable warrant, and (ii) one-quarter of one redeemable warrant (collectively, the redeemable warrants included in the Public Units and Public Subunits, the “Public Warrants”); each whole Public Warrant will be exercisable to purchase one share of common stock at a price of $11.50 per share.  390000 10 3900000 4849810 2400000 2449810 1800000 1300000 13000000 260000 26000 10 260000 133000000 P185D 1 0.80 0.50 5000001 P18M 1 A public stockholder will be entitled to receive funds from the Trust Account (including interest earned on his, her or its portion of the Trust Account to the extent not previously released to the Company) only in the event of (i) the redemption of 100% of the outstanding Public Subunits if the Company has not completed a Business Combination in the required time period, (ii) if that public stockholder converts such Public Subunits, or sells such Public Subunits to the Company in a tender offer, in connection with a Business Combination which the Company consummates or (iii) the Company seeks to amend any provisions of its amended and restated certificate of incorporation that would affect the public stockholders’ ability to convert or sell their Public Subunits to the Company in connection with a Business Combination or affect the substance or timing of the Company’s obligation to redeem 100% of the Public Subunits if the Company does not complete a Business Combination within the Combination Period. 10 235295 25000 125000 235295 P12M <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2 — Restatement of Prior Period Financial Statements</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Redeemable Equity Instruments</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of recent guidance to Special Purpose Acquisition Companies by the Securities and Exchange Commission (the “SEC”) regarding redeemable equity instruments, the Company revisited its application of ASC 480-10-S99 on the Company’s financial statements. The Company had previously classified a portion of its Public Subunits (and the underlying shares of common stock) in permanent equity. Subsequent to the re-evaluation, the Company’s management concluded that all of its Public Subunits should be classified as temporary equity. The identified errors impacted the Company’s Form 8-K filing on March 19, 2021 containing the IPO balance sheet as of March 15, 2021 (the “Closing Form 8-K), Form 10-Q filing on July 27, 2021 containing financial statements as of March 31, 2021, Form 10-Q filing on August 27, 2021 containing financial statements as of June 30, 2021, and Form 10-Q filing on November 15, 2021 containing financial statements as of September 30, 2021 (collectively, the “Prior Period Financial Statements”). In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements;” the Company evaluated the errors and has determined that the related impacts were material to the Prior Period Financial Statements. Accordingly, the Company has corrected such material errors by restating its Prior Period Financial Statements and classified all Public Subunits as temporary. The Company will also correct previously reported financial information for such material errors in future filings, as applicable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Classification of Private Warrants &amp; Fair Value of Representative Shares</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 12, 2021, the Staff of the SEC issued a statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies.” In the statement, the SEC Staff, among other things, highlighted potential accounting implications of certain terms that are common in warrants issued in connection with the initial public offerings of special purpose acquisition companies such as the Company. As a result of the Staff statement and in light of evolving views as to certain provisions commonly included in warrants issued by special purpose acquisition companies, the Company re-evaluated the accounting for its Public Warrants and Private Warrants under ASC 815-40, <i>Derivatives and Hedging — Contracts in Entity’s Own Equity</i>, and concluded that the Private Warrants do not meet the criteria to be classified in stockholders’ equity, since the Private Warrants meet the definition of a derivative under ASC 815-40. Additionally, the Company’s management re-evaluated the fair value of the Representative Shares and concluded that the fair value the Company had previously used for the Representative Shares were incorrect and needs to be restated. The identified errors impacted the Prior Period Financial Statements. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company evaluated the errors and has determined that the related impacts were qualitatively immaterial to the Prior Period Financial Statements but, in consideration that the Company is restating its Prior Period Financial Statements to address the misclassification of redeemable equity instruments, the Company concluded that it should restate the identified errors related to the classification of Private Warrants and the fair value of Representative Shares as well.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impact of the Restatement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The impact of the restatement on the audited balance sheet as of March 15, 2021 and unaudited interim financial statements as of and for the three months ended March 31, 2021, June 30, 2021, and September 30, 2021 are presented below.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As <br/> Previously <br/> Reported</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As Restated</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audited Balance Sheet at March 15, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant Liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-234; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">253,413</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">253,413</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">591,387</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">254,413</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">844,800</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock subject to possible redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">116,095,120</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,904,880</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120,000,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">465</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(39</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">426</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional paid-in capital</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,004,068</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,158,254</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">845,814</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Stockholder’s Equity</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000,003</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,158,293</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">841,710</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Balance Sheet at March 31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock subject to possible redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128,744,590</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,255,935</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">133,000,525</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">459</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">416</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional paid-in capital</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,084,297</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,255,892</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">828,405</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Operations for the three months ended March 31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted weighted average shares outstanding, common stock subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,059,408</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">247,259</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,306,667</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted weighted average shares outstanding, common stock</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,856,614</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(514,481</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,342,133</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share, common stock subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.41</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.41</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share, common stock not subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.02</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2.36</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2.38</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Changes in Stockholders’ Equity for the three months ended March 31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of representative shares – Additional Paid-in-Capital</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,458</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,421</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of representative shares – Stockholders’ Equity (Deficit)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,463</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering costs charged to the Stockholders’ equity</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(428,847</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,449,810</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reclassification of offering costs related to public shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-235; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of common stock to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-236; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Cash Flows for the three months ended March 31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental disclosure of cash flow information</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial value of common stock subject to possible redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,841,700</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,572,213</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">124,413,913</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in value of common stock subject to possible redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,902,890</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,902,365</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-237; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reclassification of offering costs related to public shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-238; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of common stock to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-239; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of common stock to redemption value (interest earned on trust account)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-240; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">525</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">525</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As <br/> Previously<br/> Reported</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As Restated</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Operations for the six months ended June 30, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share, common stock subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.46</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.08</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.54</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share, common stock not subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.00</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.17</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.17</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Changes in Stockholders’ Equity for the six months ended June 30, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of representative shares – Additional Paid-in-Capital</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,458</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,421</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of representative shares – Stockholders’ Equity (Deficit)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,463</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering costs charged to the Stockholders’ equity</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(428,847</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,449,810</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reclassification of offering costs related to public shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,886,166</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of common stock to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11,472,253</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Cash Flows for the six months ended June 30, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reclassification of offering costs related to public shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,886,166</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of common stock to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,472,253</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Operations for the nine months ended September 30, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share, common stock subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.31</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.06</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.37</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share, common stock not subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.87</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.14</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.01</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Changes in Stockholders’ Equity for the nine months ended September 30, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of representative shares – Additional Paid-in-Capital</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,458</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,421</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of representative shares – Stockholders’ Equity (Deficit)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,463</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering costs charged to the Stockholders’ equity</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(428,847</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,449,810</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reclassification of offering costs related to public shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,886,166</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of common stock to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11,472,253</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Cash Flows for the nine months ended September 30, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reclassification of offering costs related to public shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,886,166</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of common stock to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,472,253</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As <br/> Previously <br/> Reported</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As Restated</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audited Balance Sheet at March 15, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant Liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-234; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">253,413</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">253,413</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">591,387</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">254,413</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">844,800</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock subject to possible redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">116,095,120</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,904,880</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120,000,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">465</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(39</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">426</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional paid-in capital</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,004,068</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,158,254</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">845,814</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Stockholder’s Equity</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000,003</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,158,293</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">841,710</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Balance Sheet at March 31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock subject to possible redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128,744,590</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,255,935</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">133,000,525</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">459</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">416</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional paid-in capital</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,084,297</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,255,892</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">828,405</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Operations for the three months ended March 31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted weighted average shares outstanding, common stock subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,059,408</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">247,259</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,306,667</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted weighted average shares outstanding, common stock</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,856,614</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(514,481</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,342,133</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share, common stock subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.41</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.41</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share, common stock not subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.02</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2.36</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2.38</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Changes in Stockholders’ Equity for the three months ended March 31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of representative shares – Additional Paid-in-Capital</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,458</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,421</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of representative shares – Stockholders’ Equity (Deficit)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,463</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering costs charged to the Stockholders’ equity</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(428,847</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,449,810</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reclassification of offering costs related to public shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-235; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of common stock to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-236; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Cash Flows for the three months ended March 31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental disclosure of cash flow information</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial value of common stock subject to possible redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,841,700</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,572,213</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">124,413,913</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in value of common stock subject to possible redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,902,890</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,902,365</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-237; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reclassification of offering costs related to public shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-238; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of common stock to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-239; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of common stock to redemption value (interest earned on trust account)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-240; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">525</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">525</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As <br/> Previously<br/> Reported</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As Restated</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Operations for the six months ended June 30, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share, common stock subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.46</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.08</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.54</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share, common stock not subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.00</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.17</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.17</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Changes in Stockholders’ Equity for the six months ended June 30, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of representative shares – Additional Paid-in-Capital</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,458</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,421</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of representative shares – Stockholders’ Equity (Deficit)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,463</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering costs charged to the Stockholders’ equity</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(428,847</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,449,810</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reclassification of offering costs related to public shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,886,166</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of common stock to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11,472,253</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Cash Flows for the six months ended June 30, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reclassification of offering costs related to public shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,886,166</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of common stock to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,472,253</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Operations for the nine months ended September 30, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share, common stock subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.31</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.06</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.37</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share, common stock not subject to redemption</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.87</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.14</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.01</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Changes in Stockholders’ Equity for the nine months ended September 30, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of representative shares – Additional Paid-in-Capital</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,458</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,421</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of representative shares – Stockholders’ Equity (Deficit)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,463</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering costs charged to the Stockholders’ equity</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(428,847</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,020,963</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,449,810</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reclassification of offering costs related to public shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,886,166</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of common stock to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11,472,253</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Statement of Cash Flows for the nine months ended September 30, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reclassification of offering costs related to public shares</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,886,166</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,779,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of common stock to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,472,253</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,893,770</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,366,023</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 253413 253413 591387 254413 844800 116095120 3904880 120000000 465 -39 426 5004068 -4158254 845814 5000003 -4158293 841710 128744590 4255935 133000525 459 -43 416 5084297 -4255892 828405 2059408 247259 2306667 3856614 -514481 3342133 0 3.41 3.41 -0.02 -2.36 -2.38 3458 2020963 2024421 3500 2020963 2024463 -428847 -2020963 -2449810 4779936 4779936 -13366023 -13366023 115841700 8572213 124413913 12902890 -12902365 -4779936 -4779936 13366023 13366023 525 525 0.46 0.08 0.54 -1 -0.17 -1.17 3458 2020963 2024421 3500 2020963 2024463 -428847 -2020963 -2449810 2886166 1893770 4779936 -11472253 -1893770 -13366023 -2886166 -1893770 -4779936 11472253 1893770 13366023 0.31 0.06 0.37 -0.87 -0.14 -1.01 3458 2020963 2024421 3500 2020963 2024463 -428847 -2020963 -2449810 2886166 1893770 4779936 -11472253 -1893770 -13366023 -2886166 -1893770 -4779936 11472253 1893770 13366023 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 — Summary of Significant Accounting Policies</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis of Presentation</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Growth Company Status</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statement in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement. Actual results could differ from those estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company has $235,295 of cash held outside of the Trust Account as of December 31, 2021 and no cash held outside of the Trust Account as of December 31, 2020. The Company did not have any cash equivalents as of December 31, 2021 and 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Marketable Securities Held in Trust Account</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At December 31, 2021, the Company had $133,010,583 in the Trust Account which may be utilized for Business Combination. As of December 31, 2021, the assets held in the Trust Account were invested in Treasury Securities consisting of money market funds.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value Measurements</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of the Company’s certain assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. The fair values of cash and cash equivalents, prepaid expenses, accounts payable and accrued expenses, and due to related party are estimated to approximate the carrying values as of December 31, 2021 due to the short maturities of such instruments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s warrant liability and the fair value of its Representative Shares are based on valuation models utilizing management judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets. Significant deviations from these estimates and inputs could result in a material change in fair value. The fair value of the warrant liability and the fair value of its Representative Shares are classified as Level 3. See Note 7 for additional information on assets, liabilities and Representative Shares measured at fair value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration of Credit Risk</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At December 31, 2021 and 2020, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common Stock Subject to Possible Redemption</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock feature certain redemption rights that is considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net Income (Loss) Per Common Share</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The statements of operations include a presentation of income (loss) per redeemable Public Share and income (loss) per founder non-redeemable share following the two-class method of income (loss) per share. In order to determine the net income (loss) attributable to both the public redeemable shares and founder non-redeemable shares, the Company first considered the total income (loss) allocable to both sets of shares. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the accretion to redemption value of the common stock subject to possible redemption was considered to be dividends paid to the public stockholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using a ratio of 72.8% for the Public Shares and 27.2% for the founder non-redeemable shares for the year ended December 31, 2021, reflective of the respective participation rights.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The earnings per share presented in the statements of operations is based on the following:</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the <br/> year ended <br/> December 31, <br/> 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(981,884</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of temporary equity to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,376,606</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss including accretion of temporary equity to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14,358,490</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the <br/> year ended <br/> December 31, <br/> 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redeemable</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-redeemable</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per share:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Numerator:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 76%; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation of net loss including accretion of temporary equity</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,451,084</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,907,406</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of temporary equity to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,376,606</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-241; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation of net income (loss)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,925,522</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,907,406</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominator:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average shares outstanding</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,589,315</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,959,088</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.28</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.99</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No shares of the Company were issued or outstanding in 2020 and, as a result, Earnings Per Share does not exist for 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the underwriters’ partial exercise of their over-allotment option on March 19, 2021, 325,000 Founder Shares were no longer subject to forfeiture. These shares were excluded from the calculation of weighted average shares outstanding until they were no longer subject to forfeiture.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the Company’s earnings. As a result, diluted income (loss) per share is the same as basic income (loss) per share for the periods presented.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offering Costs associated with the Initial Public Offering</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A — “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the IPO and were charged to stockholders’ equity upon the completion of the IPO. Accordingly, as of March 15, 2021, offering costs in the aggregate of $4,849,810 have been charged to stockholders’ equity (consisting of $2,400,000 of underwriting discount and $2,449,810 of other offering costs).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 19, 2021, the underwriters partially exercised the over-allotment option to purchase 1,300,000 Public Units, generating an aggregate of gross proceeds of $13,000,000, and incurred additional transaction costs of $260,000 in underwriting discount.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivative Financial Instruments</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. Derivative instruments are recorded at fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The Company has determined the warrants are a derivative instrument.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income Taxes</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2021 and 2020, respectively. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks and Uncertainties</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, cash flows and/or search for a target company, the specific impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recently Adopted Accounting Standards</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2020, the FASB issued ASU 2020-06, <i>Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity</i> <i>(Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity</i> (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis of Presentation</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Growth Company Status</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statement in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement. Actual results could differ from those estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company has $235,295 of cash held outside of the Trust Account as of December 31, 2021 and no cash held outside of the Trust Account as of December 31, 2020. The Company did not have any cash equivalents as of December 31, 2021 and 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 235295 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Marketable Securities Held in Trust Account</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At December 31, 2021, the Company had $133,010,583 in the Trust Account which may be utilized for Business Combination. As of December 31, 2021, the assets held in the Trust Account were invested in Treasury Securities consisting of money market funds.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 133010583 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair Value Measurements</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of the Company’s certain assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. The fair values of cash and cash equivalents, prepaid expenses, accounts payable and accrued expenses, and due to related party are estimated to approximate the carrying values as of December 31, 2021 due to the short maturities of such instruments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s warrant liability and the fair value of its Representative Shares are based on valuation models utilizing management judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets. Significant deviations from these estimates and inputs could result in a material change in fair value. The fair value of the warrant liability and the fair value of its Representative Shares are classified as Level 3. See Note 7 for additional information on assets, liabilities and Representative Shares measured at fair value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration of Credit Risk</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At December 31, 2021 and 2020, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 250000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common Stock Subject to Possible Redemption</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock feature certain redemption rights that is considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net Income (Loss) Per Common Share</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The statements of operations include a presentation of income (loss) per redeemable Public Share and income (loss) per founder non-redeemable share following the two-class method of income (loss) per share. In order to determine the net income (loss) attributable to both the public redeemable shares and founder non-redeemable shares, the Company first considered the total income (loss) allocable to both sets of shares. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the accretion to redemption value of the common stock subject to possible redemption was considered to be dividends paid to the public stockholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using a ratio of 72.8% for the Public Shares and 27.2% for the founder non-redeemable shares for the year ended December 31, 2021, reflective of the respective participation rights.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The earnings per share presented in the statements of operations is based on the following:</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the <br/> year ended <br/> December 31, <br/> 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(981,884</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of temporary equity to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,376,606</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss including accretion of temporary equity to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14,358,490</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the <br/> year ended <br/> December 31, <br/> 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redeemable</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-redeemable</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per share:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Numerator:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 76%; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation of net loss including accretion of temporary equity</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,451,084</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,907,406</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of temporary equity to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,376,606</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-241; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation of net income (loss)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,925,522</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,907,406</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominator:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average shares outstanding</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,589,315</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,959,088</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.28</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.99</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No shares of the Company were issued or outstanding in 2020 and, as a result, Earnings Per Share does not exist for 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the underwriters’ partial exercise of their over-allotment option on March 19, 2021, 325,000 Founder Shares were no longer subject to forfeiture. These shares were excluded from the calculation of weighted average shares outstanding until they were no longer subject to forfeiture.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the Company’s earnings. As a result, diluted income (loss) per share is the same as basic income (loss) per share for the periods presented.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.728 0.272 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the <br/> year ended <br/> December 31, <br/> 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(981,884</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of temporary equity to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,376,606</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss including accretion of temporary equity to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14,358,490</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the <br/> year ended <br/> December 31, <br/> 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redeemable</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-redeemable</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per share:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Numerator:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 76%; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation of net loss including accretion of temporary equity</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,451,084</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,907,406</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion of temporary equity to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,376,606</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-241; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation of net income (loss)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,925,522</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,907,406</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominator:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average shares outstanding</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,589,315</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,959,088</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net income (loss) per share</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.28</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.99</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> -981884 13376606 -14358490 -10451084 -3907406 13376606 2925522 -3907406 10589315 3959088 0.28 -0.99 325000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offering Costs associated with the Initial Public Offering</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A — “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the IPO and were charged to stockholders’ equity upon the completion of the IPO. Accordingly, as of March 15, 2021, offering costs in the aggregate of $4,849,810 have been charged to stockholders’ equity (consisting of $2,400,000 of underwriting discount and $2,449,810 of other offering costs).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 19, 2021, the underwriters partially exercised the over-allotment option to purchase 1,300,000 Public Units, generating an aggregate of gross proceeds of $13,000,000, and incurred additional transaction costs of $260,000 in underwriting discount.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 4849810 2400000 2449810 1300000 13000000 260000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivative Financial Instruments</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. Derivative instruments are recorded at fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The Company has determined the warrants are a derivative instrument.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income Taxes</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2021 and 2020, respectively. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks and Uncertainties</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, cash flows and/or search for a target company, the specific impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recently Adopted Accounting Standards</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2020, the FASB issued ASU 2020-06, <i>Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity</i> <i>(Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity</i> (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 4 — Initial Public Offering</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the IPO on March 15, 2021, the Company sold 12,000,000 Public Units at a purchase price of $10.00 per Public Unit. Each Public Unit consists of (i) one Public Subunit, which consists of one Public Share and one-quarter of one Public Warrant, and (ii) one-quarter of one Public Warrant. Each whole warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share. Each whole warrant will become exercisable 30 days after the completion of an initial Business Combination and will expire on the fifth anniversary of the completion of an initial Business Combination, or earlier upon redemption or liquidation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 19, 2021, the underwriters partially exercised the over-allotment option to purchase 1,300,000 Public Units, at a purchase price of $10.00 per Public Unit, generating gross proceeds to the Company of $13,000,000.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the IPO on March 15, 2021 and the underwriters’ partial exercise of over-allotment option on March 19, 2021, $133,000,000 from the net proceeds of the sale of the Public Units in the IPO and the sale of the Private Units was placed in the Trust Account. The funds held in Trust Account is and will be invested only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, so that the Company is not deemed to be an investment company under the Investment Company Act.</span></p> 12000000 10 11.5 1300000 10 13000000 133000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 5 — Private Placement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously with the closing of the IPO, the Sponsor and EarlyBirdCapital purchased an aggregate of 390,000 Private Units at a price of $10.00 per Private Unit in a private placement (the “Private Placement”), generating gross proceeds of $3,900,000.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 19, 2021, simultaneous with the exercise of the over-allotment option, the Sponsor and EarlyBirdCapital purchased an aggregate of 26,000 additional Private Units, at a purchase price of $10.00 per Private Unit, generating gross proceeds to the Company of $260,000.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Private Units (and underlying Private Subunits, Private Shares, and Private Warrants) are identical to the Public Units except that the Private Warrants included in the Private Units: (i) will not be redeemable by the Company and (ii) may be exercised for cash or on a cashless basis, so long as they are held by the initial purchasers or any of their permitted transferees. If the Private Warrants are held by holders other than the initial purchasers or any of their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s initial stockholders have agreed (A) to vote the Private Shares contained in the Private Subunits in favor of any proposed Business Combination, (B) not to convert any Private Subunits in connection with a stockholder vote to approve a proposed initial Business Combination or sell any Private Shares to the Company in a tender offer in connection with a proposed initial Business Combination and (C) that the Private Subunits shall not participate in any liquidating distribution from the Trust Account upon winding up if a Business Combination is not consummated. In the event of a liquidation prior to the initial Business Combination, the Private Units will likely be worthless.</span></p> 390000 10 3900000 26000 10 260000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 6 — Related Party Transactions</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Founder Shares</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 4, 2021, the Sponsor paid $25,000, or approximately $0.009 per share, to cover certain offering costs in consideration for 2,875,000 shares of common stock, par value $0.0001 (the “Founder Shares”). Up to 375,000 Founder Shares are subject to forfeiture by the Sponsor depending on the extent to which the underwriters’ over-allotment option is exercised. On March 10, 2021, the Company effected a stock dividend of 0.2 shares for each founder share outstanding, resulting in an aggregate of 3,450,000 founder shares outstanding and held by the Sponsor and the Company’s directors (up to 450,000 of which are subject to forfeiture by the Sponsor if the underwriters’ over-allotment option is not exercised in full). On March 19, 2021, the underwriters partially exercised the over-allotment option to purchase 1,300,000 Public Units. As a result, 125,000 founder shares were forfeited.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the date of the IPO, the Founder Shares were placed into an escrow account maintained in New York, New York by Continental Stock Transfer&amp; Trust Company, acting as escrow agent. Subject to certain limited exceptions, these shares will not be transferred, assigned, sold or released from escrow (subject to certain limited exceptions) for a period ending on (1) with respect to 50% of the founder shares, the earlier of one year after the date of the consummation of the Company’s initial Business Combination and the date on which the closing price of the Company’s shares of common stock equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after Company’s initial Business Combination and (2) with respect to the remaining 50% of the founder shares, one year after the date of Company’s consummation of the initial Business Combination, or earlier, in either case, if, subsequent to the initial Business Combination, the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Promissory Note — Related Party</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 4, 2021, the Sponsor agreed to loan the Company up to $300,000 to be used for a portion of the expenses of the IPO (the “Promissory Note”). These loans were non-interest bearing, unsecured and were due at the earlier of March 31, 2021 or the closing of the IPO.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 1, 2021, the Sponsor funded to the Company $100,000 pursuant to the Promissory Note. On February 10, 2021, the Sponsor funded to the Company an additional $25,000 pursuant to the Promissory Note, for an aggregate amount of $125,000. On March 15, 2021, the Promissory Note in an aggregate amount of $125,000 was fully repaid by the Company to the Sponsor.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party Loans</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to meet the working capital needs following the consummation of the IPO if the funds not held in the Trust Account are insufficient, the Sponsor, initial stockholders, officers, directors and their affiliates may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion (“Working Capital Loans”). Each Working Capital Loan would be evidenced by a promissory note. The notes would either be paid upon consummation of the initial Business Combination, without interest, or, at the holder’s discretion, up to $1,500,000 of the notes may be converted into units at a price of $10.00 per unit. The units would consist of (i) one subunit, which consists of one share of common stock and one-quarter of one warrant, and (ii) one-quarter of one warrant, where the common stock and warrants would be identical to the common stock and warrants included in the Private Units. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but no other proceeds from the Trust Account would be used for such repayment. At December 31, 2021 and 2020, no such Working Capital Loans were outstanding.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Administrative Service Fee</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing on the Effective Date of the registration statement through the acquisition of a target business, the Company will pay an affiliate of the Chief Executive Officer, an aggregate fee of $10,000 per month for providing the Company with office space and certain office and secretarial services. The Company has recorded 97,097 for the for the period from March 10, 2021 through December 31, 2021.</span></p> 25000 0.009 2875000 0.0001 375000 0.2 3450000 450000 1300000 125000 Subject to certain limited exceptions, these shares will not be transferred, assigned, sold or released from escrow (subject to certain limited exceptions) for a period ending on (1) with respect to 50% of the founder shares, the earlier of one year after the date of the consummation of the Company’s initial Business Combination and the date on which the closing price of the Company’s shares of common stock equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after Company’s initial Business Combination and (2) with respect to the remaining 50% of the founder shares, one year after the date of Company’s consummation of the initial Business Combination, or earlier, in either case, if, subsequent to the initial Business Combination, the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property. 300000 100000 25000 125000 125000 The notes would either be paid upon consummation of the initial Business Combination, without interest, or, at the holder’s discretion, up to $1,500,000 of the notes may be converted into units at a price of $10.00 per unit. The units would consist of (i) one subunit, which consists of one share of common stock and one-quarter of one warrant, and (ii) one-quarter of one warrant, where the common stock and warrants would be identical to the common stock and warrants included in the Private Units. 10000 97097 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 7 — Fair Value Measurements</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Recurring Fair Value Measurement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents information about the Company’s Representative Shares that were measured at fair value on a non-recurring basis as of January 13, 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 13,<br/> 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted <br/> Prices In Active <br/> Markets<br/> (Level 1)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant <br/> Other <br/> Observable <br/> Inputs<br/> (Level 2)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant <br/> Other <br/> Unobservable <br/> Inputs<br/> (Level 3)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholders’ Equity:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representative Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,463</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-242; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-243; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,463</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,463</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-244; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-245; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,463</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The estimated fair value of the Representative Shares on January 13, 2021, the date the Representative Shares were issued, was determined using Level 3 inputs. Inherent in a Monte-Carlo simulation model utilizing the probability weighted expected return method are assumptions related to the expected stock-price volatility (pre-merger), the risk-free interest rate, and the expected restricted term. The Company estimates the volatility of its common stock based on management’s understanding of the volatility associated with instruments of other similar entities. The risk-free interest rate is based on the U.S. Treasury Constant Maturity similar to the expected restricted term of the Representative Shares. The expected restricted term of the Representative Shares is simulated based on management assumptions regarding the timing and likelihood of completing the IPO and a business combination. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero. The assumptions used in calculating the estimated fair values represent the Company’s best estimate. However, inherent uncertainties are involved. If factors or assumptions change, the estimated fair values could be materially different.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The key inputs into the Monte Carlo simulation model for the Representative Shares were as follows at January 13, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Input</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 13, <br/> 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted term (years)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.11</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected volatility</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free interest rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.12</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock price</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.37</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend yield</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table><p style="margin-top: 0; margin-bottom: 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recurring Fair Value Measurement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted Prices <br/> In Active <br/> Markets<br/> (Level 1)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant <br/> Other <br/> Observable <br/> Inputs<br/> (Level 2)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant <br/> Other <br/> Unobservable <br/> Inputs<br/> (Level 3)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Assets:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">U.S. Mutual Fund held in Trust Account</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">133,010,583</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">133,010,583</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-246">             —</div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-247">         —</div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">133,010,583</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">133,010,583</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-248">—</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-249">—</div></td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Warrant Liability</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">247,514</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-250">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-251">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">247,514</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">247,514</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-252">—</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-253">—</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">247,514</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The estimated fair value of the warrant liability on March 15, 2021 and December 31, 2021 is determined using Level 3 inputs. Inherent in a Monte-Carlo simulation model are assumptions related to expected stock-price volatility (pre-merger and post-merger), expected term, dividend yield and risk-free interest rate. The Company estimates the volatility of its common stock based on management’s understanding of the volatility associated with instruments of other similar entities. The risk-free interest rate is based on the U.S. Treasury Constant Maturity similar to the expected remaining life of the warrants. The expected life of the warrants is simulated based on management assumptions regarding the timing and likelihood of completing a business combination. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero. The assumptions used in calculating the estimated fair values represent the Company’s best estimate. However, inherent uncertainties are involved. If factors or assumptions change, the estimated fair values could be materially different.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The key inputs into the Monte Carlo simulation model for the warrant liability were as follows at March 15, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Input</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 15, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt">Expected term (years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">5.99</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.06</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Stock price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Exercise price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11.5</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The key inputs into the Monte Carlo simulation model for the warrant liability were as follows at December 31, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Input</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt">Expected term (years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">5.30</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.29</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Stock price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.58</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Exercise price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11.5</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth a summary of the changes in the fair value of the warrant liability for the year ended December 31, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Warrant <br/> Liability</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Fair value as of December 31, 2020</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-254">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt">Initial fair value of warrant liability upon issuance at IPO</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">270,307</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Change in fair value</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(22,793</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Fair value as of December 31, 2021</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">247,514</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 13,<br/> 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted <br/> Prices In Active <br/> Markets<br/> (Level 1)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant <br/> Other <br/> Observable <br/> Inputs<br/> (Level 2)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant <br/> Other <br/> Unobservable <br/> Inputs<br/> (Level 3)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholders’ Equity:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representative Shares</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,463</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-242; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-243; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,463</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,463</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-244; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-245; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,024,463</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted Prices <br/> In Active <br/> Markets<br/> (Level 1)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant <br/> Other <br/> Observable <br/> Inputs<br/> (Level 2)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant <br/> Other <br/> Unobservable <br/> Inputs<br/> (Level 3)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Assets:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">U.S. Mutual Fund held in Trust Account</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">133,010,583</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">133,010,583</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-246">             —</div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-247">         —</div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">133,010,583</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">133,010,583</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-248">—</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-249">—</div></td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Warrant Liability</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">247,514</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-250">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-251">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">247,514</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">247,514</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-252">—</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-253">—</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">247,514</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2024463 2024463 2024463 2024463 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Input</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 13, <br/> 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted term (years)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.11</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected volatility</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free interest rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.12</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock price</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.37</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend yield</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table><p style="margin-top: 0; margin-bottom: 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Input</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 15, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt">Expected term (years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">5.99</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.06</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Stock price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Exercise price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11.5</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Input</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt">Expected term (years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">5.30</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.29</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Stock price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9.58</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Exercise price</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11.5</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> P1Y1M9D 0.125 0.0012 9.37 0 133010583 133010583 133010583 133010583 247514 247514 247514 247514 P5Y11M26D 0.243 0.0106 9.36 0 11.5 P5Y3M18D 0.195 0.0129 9.58 0 11.5 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Warrant <br/> Liability</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Fair value as of December 31, 2020</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-254">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt">Initial fair value of warrant liability upon issuance at IPO</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">270,307</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Change in fair value</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(22,793</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Fair value as of December 31, 2021</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">247,514</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 270307 -22793 247514 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 8 — Commitments and Contingencies</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration Rights</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The holders of the Founder Shares and Representative Shares (as defined below) issued and outstanding on the date of the IPO, as well as the holders of the Private Units and any units the Sponsor, officers, directors or their affiliates may be issued in payment of Working Capital Loans made to the Company (and all underlying securities), will be entitled to registration rights pursuant to an agreement signed on March 10, 2021. The holders of a majority of these securities are entitled to make up to two demands that the Company use its best efforts to register such securities. The holders of the majority of the Founder Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these shares of common stock are to be released from escrow. The holders of a majority of the Representative Shares, Private Units and units issued to the Sponsor, officers, directors or their affiliates in payment of Working Capital Loans made to the Company (or underlying securities) can elect to exercise these registration rights at any time after the Company consummates a Business Combination. Notwithstanding anything to the contrary, EarlyBirdCapital may only make a demand on one occasion and only during the five-year period beginning on March 10, 2021. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination; provided, however, that EarlyBirdCapital may participate in a “piggy-back” registration only during the seven-year period beginning on the effective date of the registration statement. The Company will bear the expenses incurred in connection with the filing of any such registration statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underwriters Agreement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EarlyBirdCapital and I-Bankers Securities, Inc. (the “Underwriters”) have a 45-day option from the date of the IPO to purchase up to an additional 1,800,000 Public Units to cover over-allotments, if any. The Underwriters were entitled to a cash underwriting discount of two percent (2%) of the gross proceeds of the IPO, or $2,400,000 (or up to $2,760,000 if the underwriters’ over-allotment is exercised in full). On March 15, 2021, the Company paid, in aggregate, a fixed underwriting discount of $2,400,000.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 19, 2021, the Underwriters partially exercised the over-allotment option to purchase 1,300,000 Public Units and were, in aggregate, paid a fixed underwriting discount of $260,000.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EarlyBirdCapital will have the right of first refusal for a period commencing from the consummation of the IPO until the consummation of the initial Business Combination (or the liquidation of the Trust Account in the event that the Company fails to consummate the initial Business Combination within the Combination Period) to act as book running manager, placement agent and/or arranger for all financings where the Company seeks to raise equity, equity-linked, debt or mezzanine financings relating to or in connection with the initial Business Combination.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, under certain circumstances EarlyBirdCapital will be granted, for a period of one year from the closing of the IPO, the right to act as lead underwriter for the next U.S. registered public offering of securities, undertaken by any of the Company’s officers, for the purpose of raising capital and placing 90% or more of the proceeds in a trust or escrow account to be used to acquire one or more operating businesses in the technology industry that have not been identified at the time of the IPO.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business Combination Marketing Agreement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has engaged EarlyBirdCapital as an advisor in connection with the Business Combination to assist the Company in holding meetings with its stockholders to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s securities in connection with the initial Business Combination, assist the Company in obtaining stockholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with the Business Combination. The Company will pay EarlyBirdCapital a cash fee for such services upon the consummation of its initial Business Combination in an amount equal to 3.5% of the gross proceeds of the IPO (exclusive of any applicable finders’ fees which will become payable); provided that up to 30% of the fee may be allocated at the Company’s sole discretion to other FINRA members (including, with EarlyBirdCapital’s prior consent which shall not be unreasonably withheld, companies affiliated with the Company or its officers or directors) that assist the Company in identifying or consummating an initial Business Combination.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Representative Shares</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 13, 2021, the Company has issued to EarlyBirdCapital and its designees an aggregate of 350,000 representative shares at a purchase price of $0.0001 per share (the “Representative Shares”). The fair value of the Representative Shares was determined to be $2,024,463 (See Note 7). On March 10, 2021, the Company effected a stock dividend of 0.2 shares of common stock for every share of common stock outstanding, resulting in an additional 70,000 representative shares issued to EarlyBirdCapital for no consideration and an aggregate of 420,000 representative shares outstanding. The holders of the Representative Shares have agreed not to transfer, assign or sell any such shares without the Company’s prior consent until the completion of the initial Business Combination. In addition, the holders of the Representative Shares have agreed (i) to waive their conversion rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of the initial Business Combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete its initial Business Combination within the Combination Period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following March 10, 2021 pursuant to Rule 5110(g)(1) of the FINRA Manual. Pursuant to FINRA Rule 5110(g)(1), these securities will not be sold during the IPO, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the March 10, 2021 or commencement of sales of the IPO, except to any underwriter and selected dealer participating in the IPO and their bona fide officers or partners, provided that all securities so transferred remain subject to the lock-up restriction above for the remainder of the time period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business Combination Legal Services Agreement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has entered into an agreement with its legal counsel, Loeb &amp; Loeb (“Loeb”), whereby the Company is required to pay a total of $250,000 in retainer fees to Loeb for services related to the initial Business Combination upon the completion of certain milestones. The balance of any additional legal fees incurred related to the initial Business Combination will be due at the closing of the SPAC Merger. As of December 31, 2021, the Company had paid a total of $50,000 of retainer fees to Loeb.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consulting Agreement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 16, 2021, the Company entered into a consulting agreement with Dr. Julia, a director of the Company, pursuant to which Dr. Julia agreed to introduce to the Company one or more potential candidates for the Company to pursue regarding a potential business combination in exchange for a single consulting fee equal to 1.0% of the enterprise value of the target company paid in cash, not to exceed 2.0% of the Trust Account, payable concurrent with the closing of the business combination with the target introduced by Dr. Julia. On November 15, 2021, the Company entered into a Merger Agreement with SoundHound Inc., which Dr. Julia had introduced to the Company. Pursuant to the consulting agreement, upon the closing of the Business Combination, Dr. Julia will be entitled to a finder’s fee of $2.66 million.</span></p> EarlyBirdCapital may only make a demand on one occasion and only during the five-year period beginning on March 10, 2021. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination; provided, however, that EarlyBirdCapital may participate in a “piggy-back” registration only during the seven-year period beginning on the effective date of the registration statement. The Company will bear the expenses incurred in connection with the filing of any such registration statements. EarlyBirdCapital and I-Bankers Securities, Inc. (the “Underwriters”) have a 45-day option from the date of the IPO to purchase up to an additional 1,800,000 Public Units to cover over-allotments, if any. The Underwriters were entitled to a cash underwriting discount of two percent (2%) of the gross proceeds of the IPO, or $2,400,000 (or up to $2,760,000 if the underwriters’ over-allotment is exercised in full). 2400000 1300000 260000 P1Y 0.90 The Company will pay EarlyBirdCapital a cash fee for such services upon the consummation of its initial Business Combination in an amount equal to 3.5% of the gross proceeds of the IPO (exclusive of any applicable finders’ fees which will become payable); provided that up to 30% of the fee may be allocated at the Company’s sole discretion to other FINRA members (including, with EarlyBirdCapital’s prior consent which shall not be unreasonably withheld, companies affiliated with the Company or its officers or directors) that assist the Company in identifying or consummating an initial Business Combination. 350000 0.0001 2024463 0.2 70000 420000 the Company is required to pay a total of $250,000 in retainer fees to Loeb for services related to the initial Business Combination upon the completion of certain milestones. The balance of any additional legal fees incurred related to the initial Business Combination will be due at the closing of the SPAC Merger. As of December 31, 2021, the Company had paid a total of $50,000 of retainer fees to Loeb. 0.01 0.02 2660000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 9 — Stockholders’ Equity</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred Stock — </i></b>The Company is authorized to issue 1,000,000 shares of preferred stock at par value of $0.0001 per share. As of December 31, 2021, there were no shares of preferred stock issued or outstanding.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common Stock —</i> </b>The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.0001 per share. At December 31, 2021, there were 4,161,000 shares of common stock issued and outstanding, excluding 13,300,000 shares of common stock subject to possible redemption.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Public Warrants</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each whole warrant entitles the holder to purchase one common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of an initial Business Combination. The warrants will expire on the fifth anniversary of the completion of an initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, no warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the Public Warrants is not effective within 90 days following the consummation of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value”(defined below) by (y) the fair market value. The “fair market value” for this purpose will mean the average reported last sale price of the shares of common stock for the 5 trading days ending on the trading day prior to the date of exercise.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may call the warrants for redemption (excluding the Private Warrants and any warrants underlying additional units issued to the Sponsor, initial stockholders, officers, directors or their affiliates in payment of Working Capital Loans made to the Company), in whole and not in part, at a price of $0.01 per warrant,</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at any time after the warrants become exercisable,</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon not less than 30 days’ prior written notice of redemption to each warrant holder,</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Sponsor, initial stockholders or their affiliates, without taking into account any Founder Shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the price at which the Company issues the additional shares of common stock or equity-linked securities, and the $18.00 redemption trigger price will be adjusted to 180% of this amount.</span></p> 1000000 0.0001 As of December 31, 2021, there were no shares of preferred stock issued or outstanding. 100000000 0.0001 4161000 13300000 Each whole warrant entitles the holder to purchase one common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of an initial Business Combination. The warrants will expire on the fifth anniversary of the completion of an initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. However, no warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the Public Warrants is not effective within 90 days following the consummation of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value”(defined below) by (y) the fair market value. The “fair market value” for this purpose will mean the average reported last sale price of the shares of common stock for the 5 trading days ending on the trading day prior to the date of exercise.  The Company may call the warrants for redemption (excluding the Private Warrants and any warrants underlying additional units issued to the Sponsor, initial stockholders, officers, directors or their affiliates in payment of Working Capital Loans made to the Company), in whole and not in part, at a price of $0.01 per warrant,  ●at any time after the warrants become exercisable,   ●upon not less than 30 days’ prior written notice of redemption to each warrant holder,   ●If, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and   ●if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.  In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Sponsor, initial stockholders or their affiliates, without taking into account any Founder Shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the price at which the Company issues the additional shares of common stock or equity-linked securities, and the $18.00 redemption trigger price will be adjusted to 180% of this amount. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 10 — Income Tax</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s net deferred tax assets are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Deferred tax asset</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 20pt">Organizational costs/Startup expenses</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">51,171</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">150</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Capitalized costs related to Business Combination</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,920</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-255">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Federal net operating loss</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">77,042</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-256">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Total deferred tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">211,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(211,133</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(150</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Deferred tax asset, net of allowance</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-257">—</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-258">—</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The income tax provision consists of the following:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">December 31, <br/> 2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">December 31,<br/> 2020</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Federal</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Current </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-259">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-260">—</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in">Deferred </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">211,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">State </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in">Current </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-261">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-262">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in">Deferred </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-263">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-264">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Change in valuation allowance </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(211,133</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(150</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Income tax provision </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-265">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-266">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2021, the Company has $366,866 of U.S. federal net operating loss carryovers, which do not expire, and no state net operating loss carryovers available to offset future taxable income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the year ended December 31, 2021, the change in the valuation allowance was $210,982.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2021 is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt">Statutory federal income tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">State taxes, net of federal tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Permanent Book/Tax Differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.49</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Change in valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21.49</td><td style="padding-bottom: 1.5pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Income tax provision</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-267">—</div></td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company files income tax returns in the U.S. federal jurisdiction in various state and local jurisdictions and is subject to examination by the various taxing authorities.</span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Deferred tax asset</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 20pt">Organizational costs/Startup expenses</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">51,171</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">150</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Capitalized costs related to Business Combination</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,920</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-255">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Federal net operating loss</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">77,042</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-256">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Total deferred tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">211,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(211,133</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(150</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Deferred tax asset, net of allowance</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-257">—</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-258">—</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 51171 150 82920 77042 211133 150 -211133 -150 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">December 31, <br/> 2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">December 31,<br/> 2020</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Federal</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Current </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-259">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-260">—</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in">Deferred </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">211,133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">State </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in">Current </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-261">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-262">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in">Deferred </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-263">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-264">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Change in valuation allowance </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(211,133</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(150</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Income tax provision </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-265">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-266">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 211133 150 -211133 -150 366866 210982 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt">Statutory federal income tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">State taxes, net of federal tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Permanent Book/Tax Differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.49</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Change in valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21.49</td><td style="padding-bottom: 1.5pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Income tax provision</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-267">—</div></td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.21 0 0.0049 -0.2149 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 11 — Subsequent Events</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 10, 2022, the Company filed a registration statement on Form S-4 (the “Form S-4”) with respect to the merger between the Company and SoundHound Inc.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 14, 2022, the Company filed Amendment No. 1 to the Form S-4 to address comments the Company received from the SEC on February 9, 2022.</span></p> 21626000 43692000 460000 230000 109000 109000 109000 109000 2060000 3575000 2193000 1452000 1132000 27471000 48949000 736000 1060000 10291000 6155000 10435000 2169000 2282000 2381000 911000 49203000 63637000 3760000 3336000 7298000 3411000 2331000 3281000 1301000 2737000 2953000 414000 6042000 12078000 29868000 3488000 29964000 87739000 24523000 1252000 8611000 292000 1511000 14959000 19204000 4384000 13058000 1336000 2371000 112937000 66303000 0.0001 0.0001 0.0001 0.0001 26316129 26316129 26316129 26316129 19248537 19248537 19248537 19248537 19248537 19248537 19132387 19132387 284826000 284047000 279503000 273687000 1000 1000 43491000 30836000 -1000 -386729000 -307189000 -343237000 -276353000 49203000 63637000 21197000 13017000 6585000 5863000 4240000 4739000 59178000 54279000 16521000 14140000 86524000 79021000 -65327000 -66004000 8342000 2269000 -5415000 -5396000 -13757000 -7665000 -79084000 -73669000 456000 738000 -79540000 -74407000 -3182000 -79540000 -77589000 1000 5000 -79539000 -74402000 -6.57 -6.59 12104523000 11780078000 17784975 223641 11750082 1 25936 -6 -232782 -206851 33 454545 15000 40 25000 1000 766293 30664 3182 -3182 -3182 101574 200 1931 1931 68679 254 254 5 5 5897 5897 -74407 -74407 19132387 273687 11818761 1 30836 -1 -307189 -276353 3843 3843 461290 2490 2490 1 1 6322 6322 116150 5816 -79540 -79540 19248537 279503 12280051 1 43491 -386729 -343237 -79540000 -74407000 5502000 6037000 6322000 5897000 4920000 1846000 4746000 1068000 3586000 3775000 113000 -2282000 -1515000 1890000 1085000 320000 3565000 1470000 424000 1174000 3671000 1291000 640000 -10281000 10341000 -1035000 526000 -66177000 -46304000 636000 2162000 -13610000 -636000 11448000 -14905000 -40000000 -29833000 16000000 2490000 254000 2575000 3000000 200000 44653000 53454000 -22160000 18598000 44982000 26384000 22822000 44982000 21626000 43692000 460000 230000 736000 1060000 22822000 44982000 2631000 412000 234000 738000 11428000 3422000 584000 257000 3843000 6520000 -5377000 525000 5816000 1931000 3182000 30664000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ORGANIZATION</b></span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Nature of Operations</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SoundHound, Inc. and its subsidiaries (“SoundHound” or the “Company”) was incorporated in Delaware on September 2, 2005 and is headquartered in Santa Clara, California.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SoundHound turns sound into understanding and actionable meaning. SoundHound’s technology applications enable humans to interact with the things around them in the same way they interact with each other: by speaking naturally to mobile phones, cars, televisions, music speakers, coffee machines, and every other part of the emerging “connected” world. The conversation voice AI platform is called “Houndify”, where product creators can develop their own voice interfaces with their customers. Hound is primarily used as a prototyping tool to demonstrate what Houndify can deliver. Products and services built on the Houndify platform are referred to as Houndified Products and Houndified Services. The SoundHound music app allows customers to identify and play songs by singing or humming into the smartphone’s microphone, or by identifying the sound playing in the background from external sources.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Going Concern</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since inception, the Company has generated recurring losses as well as negative operating cash flows, which has resulted in a net loss attributable to common stockholders of $79,540 for the year ended December 31, 2021. As of December 31, 2021, the Company has an accumulated deficit of $386,729. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of research and development activities. The Company has funded its operations primarily through equity or debt financings.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company plans to continue funding its operations and capital funding needs through a combination of private equity offerings, debt financing, revenue and other sources. Total cash and cash equivalents on hand as of December 31, 2021 was $21,626. The Company’s consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has reviewed the relevant conditions and events surrounding its ability to continue as a going concern including among others: historical losses, projected future results, including the effects of COVID-19, cash requirements for the upcoming year, funding capacity, net working capital, total stockholders’ deficit and future access to capital.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 15, 2021, the Company entered into a definitive merger agreement with Archimedes Tech SPAC Partners Co. (the “Business Combination” or the “Merger”). The transaction is expected to deliver between $111,000 and $244,000 of gross proceeds with an expected closing date during the second quarter of 2022. Management believes the Company’s sources of liquidity will be sufficient to fund the Company’s planned operations and existing obligations within one year after the date that the consolidated financial statements are issued. In the event that the Company does not achieve profitability and financing objectives in its current operating plan, management has the ability and commitment to reduce operating expenses as necessary. The Company’s long-term success is dependent upon its ability to successfully raise additional capital, market its existing services, increase revenues, and, ultimately, to achieve profitable operations. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Other Risk and Uncertainties</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the two-year period ended December 31, 2021, and subsequently afterward, the Company continued to experience the results of the worldwide COVID-19 pandemic. The COVID-19 outbreak in the United States has caused business disruption through mandated and voluntary closings of businesses and shelter in place orders. In response, the U.S. Government enacted the CARES Act, which includes significant provisions to provide relief and assistance to affected organizations. While the disruption is currently expected to be temporary, there is considerable uncertainty around potential future closings, shelter in place orders, containment of the recent COVID-19 variants, and the ultimate impact of the CARES Act and other government initiatives.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The COVID-19 pandemic and its resulting economic and other effects could result in significant adverse effects on our customers’ cash flow and their ability to manufacture, distribute, and sell products incorporating our voice-enabling technologies. This in turn may cause customers to be less able to pay invoices for royalties, licensing fees and usage fees, or may result in a reduction in the royalties, licensing fees and usage fees that the Company earns which are often based on the number of units sold or distributed by customers. This reduction could cause adverse effects on the business, results of operations, financial condition, cash flows and ability to raise operating capital. In addition, any depression or recession resulting from the COVID-19 pandemic may adversely change consumer behavior and demand, including products sold by customers, which may result in a significant reduction in our revenue, results of operations and financial condition. To date, this matter has not negatively impacted the Company. However, the financial impact and duration cannot be reasonably estimated at this time.</span></p> 79540000 386729000 21626000 111000000 244000000 P1Y <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Basis of Presentation and Significant Accounting Policies</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding annual financial reporting. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (“ASC”), and Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Principles of Consolidation</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Reclassification</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior period balances have been reclassified to conform to the current year presentation. Such changes include the presentation change on the consolidated statements of operations and comprehensive loss from a two-step presentation to a one-step presentation, as well as reclassifications or combinations of certain accounts on the consolidated balance sheets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These reclassifications had no impact on total assets, total liabilities, net loss or comprehensive loss or accumulated deficit in the previously reported consolidated financial statements for the year ended December 31, 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Foreign Currency</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The functional currency of SoundHound, Inc. and its subsidiaries is the U.S. dollar. Foreign currency denominated transactions are converted into U.S. dollars at the average rates of exchange prevailing during the period. Assets and liabilities denominated in foreign currency are remeasured into U.S. dollars at current exchange rates at the balance sheet date for monetary assets and liabilities and at historical exchange rates for non-monetary assets and liabilities. During the years ended December 31, 2021 and 2020, the Company recognized net losses/(gains) related to foreign currency transactions and remeasurements of $501 and ($18), respectively, in the consolidated statements of operations as other expense, net.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Use of Estimates</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported and disclosures in the consolidated financial statements and accompanying notes. Such estimates include revenue recognition, allowance for doubtful accounts, accrued liabilities, derivative and warrant liabilities, calculation of the incremental borrowing rate, financial instruments recorded at fair value on a recurring basis, valuation of deferred tax assets and uncertain tax positions and the fair value of common stock and other assumptions used to measure stock-based compensation expense. The Company bases its estimates on historical experience, the current economic environment, and on assumptions it believes are reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from changes in the economic environment will be reflected in the financial statements in future periods. Actual results could differ materially from those estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Cash and Cash Equivalents</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all highly liquid investments purchased with an original maturity of 90 days or less from the date of purchase to be cash equivalents. The Company’s cash equivalents consist of mutual funds, commercial paper and certificates of deposit. The deposits exceed federally insured limits.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Restricted Cash Equivalents</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s restricted cash equivalents were established according to the requirements under the leases for the Company’s corporate headquarters, data center and sales office, and are subject to certain restrictions under the leases. All amounts in restricted cash equivalents as of December 31, 2021 and 2020 represent funds held in certificates of deposit, have original maturities of six months to one year and are recorded at cost plus accrued interest, which approximates fair value as of December 31, 2021 and 2020. Restricted cash equivalents are classified as current or non-current on the consolidated balance sheets based on the remaining term of the restriction.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Accounts Receivable, Net</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable consist of current trade receivables due from customers recorded at invoiced amounts, net of allowance for doubtful accounts. Accounts receivable do not bear interest and the Company generally does not require collateral or other security in support of accounts receivable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has established an allowance for doubtful accounts and evaluates the collectability of its accounts receivable based on known collection risks and historical experience. Uncollectible receivables are written off when all efforts to collect have been exhausted and recoveries are recognized when received. The allowance for doubtful accounts as of December 31, 2021 and December 31, 2020 was $109.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Property and Equipment, Net</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is provided using the straight-line method over the estimated useful lives of the respective assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The estimated useful lives of the Company’s property and equipment are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 90%; text-align: left; text-indent: -10pt; padding-left: 10pt">Computer equipment</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: center">3 – 4 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Software</td><td> </td> <td style="text-align: center">3 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Furniture and fixtures</td><td> </td> <td style="text-align: center">5 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Leasehold improvements</td><td> </td> <td style="text-align: center">Lesser of useful life or the term of the lease</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance and repairs that do not extend the life or improve the asset are expensed as incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Impairment of Long-Lived Assets</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss is recognized when the total of estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. Impairment, if any, would be assessed using discounted cash flows or other appropriate measures of fair value. Through December 31, 2021, there have been no such impairments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Segment Information</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has determined that the Chief Executive Officer is its chief operating decision maker. The Company’s Chief Executive Officer reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company has determined that it operates as a single reportable segment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s property and equipment is primarily located in the United States. As of December 31, 2021, the Company’s property and equipment is located in the United States, except for 11.7% of assets located in Canada and 1.7% in other foreign jurisdictions. As of December 31, 2020, all property and equipment were located in the United States.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Emerging Growth Company Status</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an emerging growth company (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. This means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company has the option to adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company has elected to use the extended transition period for complying with new or revised accounting standards unless the Company otherwise early adopts select standards.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Concentrations of Credit Risk and Other Risks and Uncertainties</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to potential significant concentrations of credit risk consist principally of cash and cash equivalents. The Company regularly monitors its credit risk exposure and takes steps to mitigate the likelihood of these exposures resulting in actual loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2021, accounts receivable balances due from five customers collectively totaled 86% of the Company’s consolidated accounts receivable balance. As of December 31, 2020, accounts receivable balances due from two customers collectively totaled 87% of the Company’s consolidated accounts receivable balance.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2021, the Company had three customers that accounted for 61% of revenue and two customers that accounted for 43% of revenue for the year ended December 31, 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Equity Issuance Costs</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity financings, including the Business Combination, as deferred offering costs until such financings are consummated. After consummation of the financing, these costs are recorded as a reduction of the proceeds received from the equity financing. If a planned equity financing is abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the consolidated statements of operations and comprehensive loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, certain transaction costs incurred in connection with the pending merger agreement, which are direct and incremental to the proposed merger, will be deferred and recorded as a component of other non-current assets within the consolidated balance sheets and will offset cash proceeds from the Business Combination if successful. The Company had $1,264 of deferred offering costs recorded as of December 31, 2021. The Company had not incurred deferred offering costs as of December 31, 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Revenue Recognition</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes revenue under Accounting Standards Codification Topic 606 (“ASC 606”), <i>Revenue from Contracts with Customers</i>, when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification of the contract(s) with a customer;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification of the performance obligations in the contract;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination of the transaction price, including the constraint on variable consideration;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation of the transaction price to the performance obligations in the contract;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognition of revenue when, or as, performance obligations are satisfied.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contracts are accounted for when both parties have approved and committed to the contract, the rights of the parties and payment terms are identifiable, the contract has commercial substance and collectability of consideration is probable. Any payments received from customers that do not meet criteria for having a contract are recorded as deposit liabilities on the consolidated balance sheet.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under ASC 606, assuming all other revenue recognition criteria have been met, the Company will recognize revenue for arrangements upon the transfer of control of the Company’s performance obligations to its customers. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer and is the unit of account in ASC 606. Revenues are recognized when control of the promised goods or services are transferred to a customer in an amount that reflects the consideration that the Company expects to receive in exchange for those services. The Company currently generates its revenues through the following performance obligations: (1) hosted services, (2) professional services and (3) monetization.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Research and Development</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s research and development costs are expensed as incurred. These costs include salaries and other personnel related expenses, contractor fees, facility costs, supplies, and depreciation of equipment associated with the design and development of new products prior to the establishment of their technological feasibility.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Warrants</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines whether to classify contracts, such as warrants, that may be settled in its own stock as equity of the entity or as a liability. An equity-linked financial instrument must be considered indexed to the Company’s own stock to qualify for equity classification. The Company classifies warrants as liabilities for any contracts that may require a transfer of assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrants are considered freestanding instruments that qualify as liabilities under ASC Topic 480, <i>Distinguishing Liabilities from Equity</i>, as the Company is committed to issuing an instrument that ultimately may require a transfer of assets. The warrant liability is accounted for at fair value and remeasured at each reporting date. Accordingly, the Company classifies the warrants as a liability at their fair value and adjusts the instruments to fair value at each balance sheet date until the warrants are exercised or expired. Any change in the fair value of the warrants is recognized as other expense, net in the consolidated statements of operations and comprehensive loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Income Taxes</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is established when, in management’s estimate, it is more-likely-than-not that the deferred tax asset will not be realized. The Company adopted a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company records a liability for the difference between the benefit recognized and measured and the tax position taken or expected to be taken on the Company’s tax return.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company classifies interest and penalties related to uncertain tax positions in income tax expense, if applicable. There were no interest expenses or penalties related to unrecognized tax benefits recorded through the years ended December 31, 2021 and 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Stock-Based Compensation</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measures and records the expense related to stock-based payment awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period, and uses the straight-line method to recognize stock-based compensation. The Company uses the Black-Scholes-Merton (“Black- Scholes”) option-pricing model to determine the fair value of stock options. The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions to determine the fair value of stock options, including the option’s expected term and the price volatility of the underlying stock. The Company calculates the fair value of options granted by using the Black-Scholes option-pricing model with the following assumptions:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Expected Volatility</i> — The Company estimates volatility for option grants by evaluating the average historical volatility of a peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the option’s expected term.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Expected Term</i> — The expected term of the Company’s options represents the period that the stock-based awards are expected to be outstanding. The Company has elected to use the midpoint between the stock options’ vesting term and contractual expiration period to compute the expected term, as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risk-Free Interest Rate</i> — The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero-coupon issues with a term that is equal to the options’ expected term at the grant date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dividend Yield</i> — The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Fair Value Measurements</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company defines fair value as the exchange price that would be received from an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Company follows a three-level valuation hierarchy for disclosure of fair value measurements as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level 1 — </i>Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level 2 — </i>Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level 3 — </i>Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s derivative liabilities and warrants are measured at fair value on a recurring basis and are classified as Level 3 liabilities. The Company records subsequent adjustments to reflect the increase or decrease in estimated fair value at each reporting date on the consolidated statements of operations and comprehensive loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Redeemable Convertible Preferred Stock</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s shares of redeemable convertible preferred stock (“Preferred Stock”) do not have a mandatory redemption date and are assessed at issuance for classification and redemption features requiring bifurcation. The Company presents as temporary equity any stock which (i) the Company undertakes to redeem at a fixed or determinable price on the fixed or determinable date or dates; (ii) is redeemable at the option of the holders, or (iii) has conditions for redemption which are not solely within the control of the Company. The Company’s Preferred Stock is redeemable upon a deemed liquidation event which the Company determined is not solely within its control and thus has classified shares of Preferred Stock as temporary equity until such time as the conditions are removed or lapse. Because the occurrence of a deemed liquidation event is not currently probable, the carrying values of the shares of Preferred Stock are not being accreted to their redemption values. Subsequent adjustments to the carrying values of the shares of Preferred Stock would be made only when a deemed liquidation event becomes probable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Convertible Notes and Derivative Liabilities</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates its convertible notes, and other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives requiring bifurcation. The Company accounts for conversion features that meet the criteria for bifurcation as liabilities at fair value and adjusts the derivative instruments to fair value at each reporting period. The conversion features qualify as derivatives, as they continuously reset as the underlying stock price increases or decreases to provide a fixed value of equity to the holders at any conversion date. The conversion features are subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized as a component of other expense, net in the consolidated statements of operations and comprehensive loss. The fair value of the conversion features has been estimated using a probability-weighted discount model with and without the conversion feature (see Note 9 for additional information).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company holds its convertible notes at amortized cost and amortizes the associated debt discount created from bifurcated derivatives and issuance costs under the effective interest or straight-line method until maturity or early conversion pursuant to the contractual terms of the arrangement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Net Loss Per Share</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, Preferred Stock, stock options, warrants and convertible notes are considered to be potentially dilutive securities. See Note 15 for further information.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly, in periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share, since dilutive common stock is not assumed to have been issued if their effect is anti-dilutive.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Recent Accounting Pronouncement — Adopted</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, new accounting pronouncements, or Accounting Standards Updates, are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leases</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2016, the FASB issued Accounting Standards Update 2016-02, <i>Leases </i>(“Topic 842”) and subsequent amendments to the initial guidance: ASU 2017-13, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01 (collectively, “Topic 842”). Topic 842 aims to increase transparency and comparability among organizations by requiring lessees to recognize leases with a term greater than 12 months as a right-of-use (“ROU”) asset and corresponding lease liabilities on the balance sheet, regardless of lease classification, and requiring disclosure of key information about leasing arrangements. The lease liability should be initially measured at the present value of the remaining contractual lease payments. Subsequently, the ROU assets will be amortized generally on a straight-line basis over the lease term, and the lease liability will bear interest expense and be reduced for lease payments. Topic 842 is effective for the Company for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. A modified retrospective application is required with an option to not restate comparative periods in the period of adoption. The Company adopted Topic 842 on January 1, 2021 using the modified retrospective approach, and financial information for the comparative period was not updated.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Company elected the transition package of three practical expedients which allow companies not to reassess (i) whether agreements contain leases, (ii) the classification of leases, and (iii) the capitalization of initial direct costs. Further, the Company elected to separate lease and non-lease components for the building asset class and elected to not separate lease and non-lease components for the equipment asset class. The Company also made an accounting policy election to recognize lease expense for leases with a term of 12 months or less on a straight-line basis over the lease term and recognize no ROU or lease liability for those leases.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s lease portfolio consists primarily of real estate assets and computer equipment. Some of these leases also require the Company to pay maintenance, utilities, taxes, insurance, and other operating expenses associated with the leased space. Based upon the nature of the items leased and the structure of the leases, the Company’s leases classified as operating leases continue to be classified as operating leases and capital leases will be accounted for as financing leases under the new accounting standard.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of the adoption of the new lease accounting guidance, the Company recognized on January 1, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease liabilities of approximately $11,428, which represent the present value of the remaining lease payments, as of the date of adoption, discounted using the Company’s incremental borrowing rate on a lease-by-lease basis, and</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease ROU assets of approximately $9,848 which represent the operating lease liabilities of $11,428, adjusted for (1) deferred rent of approximately $827, (2) lease incentives or tenant improvement allowance of $1,098 and (3) prepaid rent of $345.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company additionally recharacterized its capital leases as finance leases. However, there was no quantitative impact to capital leases upon transitioning to the new standard.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The adoption of the new lease accounting standard did not have any other material impact on the Company’s consolidated balance sheet and did not impact the Company’s operating results and cash flows. See Leases in Note 13 for further information, including further discussion on the impact of adoption and changes in accounting policies relating to leases.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. ASU 2020-06 also removes certain settlement conditions that are required for equity-linked contracts to qualify for scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of ASU 2020-06 did not impact the Company’s financial position, results of operations or cash flows as the Company does not have any instruments with cash or beneficial conversion features. Further, updates from ASU 2020-06 to Contracts in an Entity’s Own Equity does not impact the Company’s debt instruments as of December 31, 2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Recent Accounting Pronouncement — Not Yet Adopted</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2021, the FASB issued ASU 2021-08 Business Combinations (“ASC 805”) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers guidance requiring entities to apply ASC 606 to recognize and measure contract assets and contract liabilities in a business combination. Under current U.S. GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts that are accounted for in accordance with ASC 606, at fair value on the acquisition date. Under the new guidance the acquirer will recognize contract assets and contract liabilities at the same amounts recorded by the acquiree. The modifications improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of, and after a business combination. The amendment is effective for the Company in fiscal years beginning after December 15, 2023. Early adoption of the amendment is permitted. The Company anticipates that it will not have a material impact on its consolidated financial statements and related disclosures.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2016, the FASB issued ASU 2016-13 to update the methodology used to measure current expected credit losses (“CECL”). This ASU applies to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments. This ASU replaces the current incurred loss impairment methodology with a methodology to reflect CECL and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. In November 2019, the FASB issued ASU 2019-10, Financial Instruments — Credit Losses (“Topic 326”), Targeted Transition Relief, which amends the transition guidance for ASU 2016-13. The ASU provides entities with the option to irrevocably elect the fair value option in Subtopic 825-10 on an instrument-by-instrument basis. ASU 2019-10 and ASU 2016-13 are effective for years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact the standard will have on the Company’s consolidated financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“Topic 740”) (“ASU 2019-12”). ASU 2019-12 eliminates the need for an organization to analyze whether the following apply in a given period (1) exception to the incremental approach for intra-period tax allocation (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. ASU 2019-12 also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify U.S. GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods. The amendments in ASU 2019-12 are effective for the Company in fiscal years beginning after December 15, 2021. Early adoption of the amendments is permitted. An entity that elects early adoption must adopt all the amendments in the same period. Adoption of ASU 2019-12 is not expected to result in any material changes to the way the tax provision is prepared and is not expected to have a material impact on the Company’s consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Basis of Presentation and Significant Accounting Policies</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding annual financial reporting. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (“ASC”), and Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Principles of Consolidation</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Reclassification</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior period balances have been reclassified to conform to the current year presentation. Such changes include the presentation change on the consolidated statements of operations and comprehensive loss from a two-step presentation to a one-step presentation, as well as reclassifications or combinations of certain accounts on the consolidated balance sheets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These reclassifications had no impact on total assets, total liabilities, net loss or comprehensive loss or accumulated deficit in the previously reported consolidated financial statements for the year ended December 31, 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Foreign Currency</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The functional currency of SoundHound, Inc. and its subsidiaries is the U.S. dollar. Foreign currency denominated transactions are converted into U.S. dollars at the average rates of exchange prevailing during the period. Assets and liabilities denominated in foreign currency are remeasured into U.S. dollars at current exchange rates at the balance sheet date for monetary assets and liabilities and at historical exchange rates for non-monetary assets and liabilities. During the years ended December 31, 2021 and 2020, the Company recognized net losses/(gains) related to foreign currency transactions and remeasurements of $501 and ($18), respectively, in the consolidated statements of operations as other expense, net.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 501000 -18000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Use of Estimates</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported and disclosures in the consolidated financial statements and accompanying notes. Such estimates include revenue recognition, allowance for doubtful accounts, accrued liabilities, derivative and warrant liabilities, calculation of the incremental borrowing rate, financial instruments recorded at fair value on a recurring basis, valuation of deferred tax assets and uncertain tax positions and the fair value of common stock and other assumptions used to measure stock-based compensation expense. The Company bases its estimates on historical experience, the current economic environment, and on assumptions it believes are reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from changes in the economic environment will be reflected in the financial statements in future periods. Actual results could differ materially from those estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Cash and Cash Equivalents</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all highly liquid investments purchased with an original maturity of 90 days or less from the date of purchase to be cash equivalents. The Company’s cash equivalents consist of mutual funds, commercial paper and certificates of deposit. The deposits exceed federally insured limits.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Restricted Cash Equivalents</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s restricted cash equivalents were established according to the requirements under the leases for the Company’s corporate headquarters, data center and sales office, and are subject to certain restrictions under the leases. All amounts in restricted cash equivalents as of December 31, 2021 and 2020 represent funds held in certificates of deposit, have original maturities of six months to one year and are recorded at cost plus accrued interest, which approximates fair value as of December 31, 2021 and 2020. Restricted cash equivalents are classified as current or non-current on the consolidated balance sheets based on the remaining term of the restriction.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Accounts Receivable, Net</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable consist of current trade receivables due from customers recorded at invoiced amounts, net of allowance for doubtful accounts. Accounts receivable do not bear interest and the Company generally does not require collateral or other security in support of accounts receivable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has established an allowance for doubtful accounts and evaluates the collectability of its accounts receivable based on known collection risks and historical experience. Uncollectible receivables are written off when all efforts to collect have been exhausted and recoveries are recognized when received. The allowance for doubtful accounts as of December 31, 2021 and December 31, 2020 was $109.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 109000 109000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Property and Equipment, Net</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is provided using the straight-line method over the estimated useful lives of the respective assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The estimated useful lives of the Company’s property and equipment are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 90%; text-align: left; text-indent: -10pt; padding-left: 10pt">Computer equipment</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: center">3 – 4 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Software</td><td> </td> <td style="text-align: center">3 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Furniture and fixtures</td><td> </td> <td style="text-align: center">5 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Leasehold improvements</td><td> </td> <td style="text-align: center">Lesser of useful life or the term of the lease</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance and repairs that do not extend the life or improve the asset are expensed as incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 90%; text-align: left; text-indent: -10pt; padding-left: 10pt">Computer equipment</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: center">3 – 4 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt">Software</td><td> </td> <td style="text-align: center">3 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Furniture and fixtures</td><td> </td> <td style="text-align: center">5 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Leasehold improvements</td><td> </td> <td style="text-align: center">Lesser of useful life or the term of the lease</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> P3Y P4Y P3Y P5Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Impairment of Long-Lived Assets</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss is recognized when the total of estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. Impairment, if any, would be assessed using discounted cash flows or other appropriate measures of fair value. Through December 31, 2021, there have been no such impairments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Segment Information</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has determined that the Chief Executive Officer is its chief operating decision maker. The Company’s Chief Executive Officer reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company has determined that it operates as a single reportable segment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s property and equipment is primarily located in the United States. As of December 31, 2021, the Company’s property and equipment is located in the United States, except for 11.7% of assets located in Canada and 1.7% in other foreign jurisdictions. As of December 31, 2020, all property and equipment were located in the United States.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 0.117 0.017 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Emerging Growth Company Status</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an emerging growth company (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. This means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company has the option to adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company has elected to use the extended transition period for complying with new or revised accounting standards unless the Company otherwise early adopts select standards.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Concentrations of Credit Risk and Other Risks and Uncertainties</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to potential significant concentrations of credit risk consist principally of cash and cash equivalents. The Company regularly monitors its credit risk exposure and takes steps to mitigate the likelihood of these exposures resulting in actual loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2021, accounts receivable balances due from five customers collectively totaled 86% of the Company’s consolidated accounts receivable balance. As of December 31, 2020, accounts receivable balances due from two customers collectively totaled 87% of the Company’s consolidated accounts receivable balance.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2021, the Company had three customers that accounted for 61% of revenue and two customers that accounted for 43% of revenue for the year ended December 31, 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 5 0.86 2 0.87 3 0.61 2 0.43 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Equity Issuance Costs</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity financings, including the Business Combination, as deferred offering costs until such financings are consummated. After consummation of the financing, these costs are recorded as a reduction of the proceeds received from the equity financing. If a planned equity financing is abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the consolidated statements of operations and comprehensive loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, certain transaction costs incurred in connection with the pending merger agreement, which are direct and incremental to the proposed merger, will be deferred and recorded as a component of other non-current assets within the consolidated balance sheets and will offset cash proceeds from the Business Combination if successful. The Company had $1,264 of deferred offering costs recorded as of December 31, 2021. The Company had not incurred deferred offering costs as of December 31, 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 1264000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Revenue Recognition</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes revenue under Accounting Standards Codification Topic 606 (“ASC 606”), <i>Revenue from Contracts with Customers</i>, when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification of the contract(s) with a customer;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification of the performance obligations in the contract;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination of the transaction price, including the constraint on variable consideration;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation of the transaction price to the performance obligations in the contract;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognition of revenue when, or as, performance obligations are satisfied.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contracts are accounted for when both parties have approved and committed to the contract, the rights of the parties and payment terms are identifiable, the contract has commercial substance and collectability of consideration is probable. Any payments received from customers that do not meet criteria for having a contract are recorded as deposit liabilities on the consolidated balance sheet.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under ASC 606, assuming all other revenue recognition criteria have been met, the Company will recognize revenue for arrangements upon the transfer of control of the Company’s performance obligations to its customers. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer and is the unit of account in ASC 606. Revenues are recognized when control of the promised goods or services are transferred to a customer in an amount that reflects the consideration that the Company expects to receive in exchange for those services. The Company currently generates its revenues through the following performance obligations: (1) hosted services, (2) professional services and (3) monetization.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Research and Development</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s research and development costs are expensed as incurred. These costs include salaries and other personnel related expenses, contractor fees, facility costs, supplies, and depreciation of equipment associated with the design and development of new products prior to the establishment of their technological feasibility.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Warrants</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines whether to classify contracts, such as warrants, that may be settled in its own stock as equity of the entity or as a liability. An equity-linked financial instrument must be considered indexed to the Company’s own stock to qualify for equity classification. The Company classifies warrants as liabilities for any contracts that may require a transfer of assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrants are considered freestanding instruments that qualify as liabilities under ASC Topic 480, <i>Distinguishing Liabilities from Equity</i>, as the Company is committed to issuing an instrument that ultimately may require a transfer of assets. The warrant liability is accounted for at fair value and remeasured at each reporting date. Accordingly, the Company classifies the warrants as a liability at their fair value and adjusts the instruments to fair value at each balance sheet date until the warrants are exercised or expired. Any change in the fair value of the warrants is recognized as other expense, net in the consolidated statements of operations and comprehensive loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Income Taxes</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is established when, in management’s estimate, it is more-likely-than-not that the deferred tax asset will not be realized. The Company adopted a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company records a liability for the difference between the benefit recognized and measured and the tax position taken or expected to be taken on the Company’s tax return.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company classifies interest and penalties related to uncertain tax positions in income tax expense, if applicable. There were no interest expenses or penalties related to unrecognized tax benefits recorded through the years ended December 31, 2021 and 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Stock-Based Compensation</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measures and records the expense related to stock-based payment awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period, and uses the straight-line method to recognize stock-based compensation. The Company uses the Black-Scholes-Merton (“Black- Scholes”) option-pricing model to determine the fair value of stock options. The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions to determine the fair value of stock options, including the option’s expected term and the price volatility of the underlying stock. The Company calculates the fair value of options granted by using the Black-Scholes option-pricing model with the following assumptions:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Expected Volatility</i> — The Company estimates volatility for option grants by evaluating the average historical volatility of a peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the option’s expected term.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Expected Term</i> — The expected term of the Company’s options represents the period that the stock-based awards are expected to be outstanding. The Company has elected to use the midpoint between the stock options’ vesting term and contractual expiration period to compute the expected term, as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risk-Free Interest Rate</i> — The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero-coupon issues with a term that is equal to the options’ expected term at the grant date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dividend Yield</i> — The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Fair Value Measurements</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company defines fair value as the exchange price that would be received from an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Company follows a three-level valuation hierarchy for disclosure of fair value measurements as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level 1 — </i>Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level 2 — </i>Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Level 3 — </i>Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s derivative liabilities and warrants are measured at fair value on a recurring basis and are classified as Level 3 liabilities. The Company records subsequent adjustments to reflect the increase or decrease in estimated fair value at each reporting date on the consolidated statements of operations and comprehensive loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Redeemable Convertible Preferred Stock</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s shares of redeemable convertible preferred stock (“Preferred Stock”) do not have a mandatory redemption date and are assessed at issuance for classification and redemption features requiring bifurcation. The Company presents as temporary equity any stock which (i) the Company undertakes to redeem at a fixed or determinable price on the fixed or determinable date or dates; (ii) is redeemable at the option of the holders, or (iii) has conditions for redemption which are not solely within the control of the Company. The Company’s Preferred Stock is redeemable upon a deemed liquidation event which the Company determined is not solely within its control and thus has classified shares of Preferred Stock as temporary equity until such time as the conditions are removed or lapse. Because the occurrence of a deemed liquidation event is not currently probable, the carrying values of the shares of Preferred Stock are not being accreted to their redemption values. Subsequent adjustments to the carrying values of the shares of Preferred Stock would be made only when a deemed liquidation event becomes probable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Convertible Notes and Derivative Liabilities</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates its convertible notes, and other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives requiring bifurcation. The Company accounts for conversion features that meet the criteria for bifurcation as liabilities at fair value and adjusts the derivative instruments to fair value at each reporting period. The conversion features qualify as derivatives, as they continuously reset as the underlying stock price increases or decreases to provide a fixed value of equity to the holders at any conversion date. The conversion features are subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized as a component of other expense, net in the consolidated statements of operations and comprehensive loss. The fair value of the conversion features has been estimated using a probability-weighted discount model with and without the conversion feature (see Note 9 for additional information).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company holds its convertible notes at amortized cost and amortizes the associated debt discount created from bifurcated derivatives and issuance costs under the effective interest or straight-line method until maturity or early conversion pursuant to the contractual terms of the arrangement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Net Loss Per Share</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, Preferred Stock, stock options, warrants and convertible notes are considered to be potentially dilutive securities. See Note 15 for further information.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly, in periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share, since dilutive common stock is not assumed to have been issued if their effect is anti-dilutive.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Recent Accounting Pronouncement — Adopted</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, new accounting pronouncements, or Accounting Standards Updates, are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leases</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2016, the FASB issued Accounting Standards Update 2016-02, <i>Leases </i>(“Topic 842”) and subsequent amendments to the initial guidance: ASU 2017-13, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01 (collectively, “Topic 842”). Topic 842 aims to increase transparency and comparability among organizations by requiring lessees to recognize leases with a term greater than 12 months as a right-of-use (“ROU”) asset and corresponding lease liabilities on the balance sheet, regardless of lease classification, and requiring disclosure of key information about leasing arrangements. The lease liability should be initially measured at the present value of the remaining contractual lease payments. Subsequently, the ROU assets will be amortized generally on a straight-line basis over the lease term, and the lease liability will bear interest expense and be reduced for lease payments. Topic 842 is effective for the Company for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. A modified retrospective application is required with an option to not restate comparative periods in the period of adoption. The Company adopted Topic 842 on January 1, 2021 using the modified retrospective approach, and financial information for the comparative period was not updated.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Company elected the transition package of three practical expedients which allow companies not to reassess (i) whether agreements contain leases, (ii) the classification of leases, and (iii) the capitalization of initial direct costs. Further, the Company elected to separate lease and non-lease components for the building asset class and elected to not separate lease and non-lease components for the equipment asset class. The Company also made an accounting policy election to recognize lease expense for leases with a term of 12 months or less on a straight-line basis over the lease term and recognize no ROU or lease liability for those leases.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s lease portfolio consists primarily of real estate assets and computer equipment. Some of these leases also require the Company to pay maintenance, utilities, taxes, insurance, and other operating expenses associated with the leased space. Based upon the nature of the items leased and the structure of the leases, the Company’s leases classified as operating leases continue to be classified as operating leases and capital leases will be accounted for as financing leases under the new accounting standard.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of the adoption of the new lease accounting guidance, the Company recognized on January 1, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease liabilities of approximately $11,428, which represent the present value of the remaining lease payments, as of the date of adoption, discounted using the Company’s incremental borrowing rate on a lease-by-lease basis, and</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease ROU assets of approximately $9,848 which represent the operating lease liabilities of $11,428, adjusted for (1) deferred rent of approximately $827, (2) lease incentives or tenant improvement allowance of $1,098 and (3) prepaid rent of $345.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company additionally recharacterized its capital leases as finance leases. However, there was no quantitative impact to capital leases upon transitioning to the new standard.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The adoption of the new lease accounting standard did not have any other material impact on the Company’s consolidated balance sheet and did not impact the Company’s operating results and cash flows. See Leases in Note 13 for further information, including further discussion on the impact of adoption and changes in accounting policies relating to leases.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. ASU 2020-06 also removes certain settlement conditions that are required for equity-linked contracts to qualify for scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of ASU 2020-06 did not impact the Company’s financial position, results of operations or cash flows as the Company does not have any instruments with cash or beneficial conversion features. Further, updates from ASU 2020-06 to Contracts in an Entity’s Own Equity does not impact the Company’s debt instruments as of December 31, 2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 11428000 9848000 11428000 827000 1098000 345000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Recent Accounting Pronouncement — Not Yet Adopted</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2021, the FASB issued ASU 2021-08 Business Combinations (“ASC 805”) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers guidance requiring entities to apply ASC 606 to recognize and measure contract assets and contract liabilities in a business combination. Under current U.S. GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts that are accounted for in accordance with ASC 606, at fair value on the acquisition date. Under the new guidance the acquirer will recognize contract assets and contract liabilities at the same amounts recorded by the acquiree. The modifications improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of, and after a business combination. The amendment is effective for the Company in fiscal years beginning after December 15, 2023. Early adoption of the amendment is permitted. The Company anticipates that it will not have a material impact on its consolidated financial statements and related disclosures.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2016, the FASB issued ASU 2016-13 to update the methodology used to measure current expected credit losses (“CECL”). This ASU applies to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments. This ASU replaces the current incurred loss impairment methodology with a methodology to reflect CECL and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. In November 2019, the FASB issued ASU 2019-10, Financial Instruments — Credit Losses (“Topic 326”), Targeted Transition Relief, which amends the transition guidance for ASU 2016-13. The ASU provides entities with the option to irrevocably elect the fair value option in Subtopic 825-10 on an instrument-by-instrument basis. ASU 2019-10 and ASU 2016-13 are effective for years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact the standard will have on the Company’s consolidated financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“Topic 740”) (“ASU 2019-12”). ASU 2019-12 eliminates the need for an organization to analyze whether the following apply in a given period (1) exception to the incremental approach for intra-period tax allocation (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. ASU 2019-12 also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify U.S. GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods. The amendments in ASU 2019-12 are effective for the Company in fiscal years beginning after December 15, 2021. Early adoption of the amendments is permitted. An entity that elects early adoption must adopt all the amendments in the same period. Adoption of ASU 2019-12 is not expected to result in any material changes to the way the tax provision is prepared and is not expected to have a material impact on the Company’s consolidated financial statements.</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REVENUE RECOGNITION</b></span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Revenue Recognition</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenues are generally recognized upon the transfer of control of promised products or services provided to customers, reflecting the amount of consideration the Company expects to receive for those products or services. The Company enters into contracts that can include various products or services, which are generally capable of being distinct and accounted for as separate performance obligations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company derives its revenue primarily from the following performance obligations: (1) hosted services, (2) professional services and (3) monetization. Revenue is reported net of applicable sales and use taxes that are passed through to customers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s arrangements with customers may contain multiple obligations. Individual services are accounted for separately if they are distinct — that is, if a service is separately identifiable from other items in the contract and a customer can benefit from it in its own or with other resources that are readily available to the customer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has the following performance obligations in contracts with customers:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Hosted Services</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hosted services, along with non-distinct customization, integration, maintenance and support professional services, allow customers to access the Houndify platform over the contract period without taking possession of the software. The contract terms of hosted services range from one year to <span style="-sec-ix-hidden: hidden-fact-268">twenty</span> years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has determined that the hosted services arrangements are a single performance obligation comprised of a series of distinct services, since each day of providing access to hosted services is substantially the same and the customer simultaneously receives and consumes the benefits as access is provided. These services are provided either on a usage basis (i.e., variable consideration) or on a fixed fee subscription basis. The Company recognizes revenue as each distinct service period is performed (i.e., recognized as incurred).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hosted services generally include up-front services to develop and/or customize the Houndify application to each customer’s specification. Judgement is required to determine whether these professional services are distinct from the hosted services. In making this determination, factors such as the degree of integration, the customers’ ability to start using the software prior to customization, and the availability of these services from other independent vendors are considered.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In instances where the Company concluded that the up-front services are not distinct performance obligations, revenue for these activities is recognized over the period which the hosted services are provided and is included within hosted services revenue.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Professional Services</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from distinct professional services, such as non-integrated development services, is either recognized over time based upon the progress towards completion of the project, or at a point in time at project completion. The Company assesses distinct professional services to determine whether the transfer of control is over-time or at a point in time. The Company considers three criteria in making their assessment including (1) the customer simultaneously receives and consumes the benefits; (2) the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or (3) the Company’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. If none of the criteria are met, revenue is determined to be recognized at a point in time.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For distinct professional services determined to be recognized over-time, measuring the stage of completion of a project requires significant judgement and estimates, including actual efforts spent in relation to estimated total costs and percentage of completion based on input and output measures. During the year ended December 31, 2021, $2,446 of professional service revenue was recognized over time, with the remaining $4,696 recognized at a point in time when the performance obligation was completed and control of the service was transferred to the customer. During the year ended December 31, 2020, $2,194 of professional service revenue was recognized over time, with the remaining $886 recognized at a point in time when the performance obligation was completed and control of the service was transferred to the customer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Monetization</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monetization revenues are primarily derived from advertising payments associated with ad impressions placed on the SoundHound music identification application. The Company derives an immaterial amount of revenue from, sales commissions earned from song purchases facilitated by the SoundHound app and App store fees paid for ads-free downloads of the SoundHound music identification app. The amount of revenue is based on actual monetization generated or usage, which represent a variable consideration with constrained estimates. Therefore, the Company recognizes the related revenues at a point in time when advertisements are placed, when commissions are paid or when the SoundHound application is downloaded. The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Company is acting as a principal or an agent in the transaction. The Company has determined that it does not act as the principal in monetization arrangements because it does not control the transfer of the service and it does not set the price. Based on these factors, the Company reports revenue on a net basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When a contract has multiple performance obligations, the transaction price is allocated to each performance obligation based on its relative estimated standalone selling price (“SSP”). Judgments are required to determine the SSP for each distinct performance obligation. SSP is determined by maximizing observable inputs from pricing of standalone sales, when possible. Since prices vary from customer to customer based on customer relationship, volume discount and contract type, in instances where the SSP is not directly observable, the Company estimates SSP by considering the following factors:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs of developing and supplying each performance obligation</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industry standards</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major product groupings</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: right"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross margin objectives and pricing practices, such as contractually stated prices, discounts offered, and applicable price lists</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These factors may vary over time, depending upon the unique facts and circumstances related to each deliverable. If the facts and circumstances underlying the factors considered change or should future facts and circumstances lead the Company to consider additional factors, the Company’s best estimate of SSP may also change.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2021 and 2020, revenues under each performance obligation were:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31,</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hosted services</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,764</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,563</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Professional services</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,142</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,080</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monetization</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,291</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,374</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,197</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,017</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2021 and 2020, the disaggregated revenue by geographic location is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31,</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Germany</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,526</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,339</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,117</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,538</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Japan</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,797</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,496</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Korea</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,373</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,855</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">France</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,616</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">618</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">768</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,197</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,017</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2021 and 2020, the disaggregated revenue by recognition pattern is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31,</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over time revenue</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,210</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,757</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Point-in-time</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,987</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,260</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,197</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,017</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also disaggregates revenue by service type. This disaggregation consists of Product Royalties, Service Subscriptions and Monetization. Product Royalties revenue is derived from Houndified Products, which are voice-enabled tangible products across the automotive and consumer electronics industries. Revenue from Product Royalties is based on volume, usage, or life of the products, which are driven by number of devices, users, or unit of time. Service Subscription revenue is generated through Houndified Services, which include customer services, food ordering, content, appointments, and voice commerce. Subscription revenue is derived from monthly fees based on usage-based revenue, revenue per query or revenue per user. Both Houndified Products and Houndified Services may include professional services that develop and customize the Houndify platform to fit customers’ specific needs. Revenue from Monetization is generated from the SoundHound music identification app and is primarily attributable to user ad impression revenue. For the years ended December 31, 2021 and 2020, the disaggregated revenue by service type is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31,</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product Royalties</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,356</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,372</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service Subscriptions</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,550</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,271</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monetization</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,291</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,374</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,197</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,017</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Contract Balances</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company performs its obligations under a contract with a customer by licensing access to software or providing services in exchange for consideration from the customer. The timing of the Company’s performance often differs from the timing of the customer’s payment, which results in the recognition of a receivable, a contract asset or a contract liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2021 and 2020, the Company had contract assets included in prepaid expenses and other current assets of $54 and $43, respectively, in the consolidated balance sheets. The Company did not record any asset impairment charges related to contract assets during the year ended December 31, 2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue recognized for the years ended December 31, 2021 and 2020 that was included in the deferred revenues balances at the beginning of the reporting period was $14,945 and $7,503, respectively. The significant decrease in deferred revenue as of December 31, 2021 compared to the beginning of the reporting period is primarily due to recognition of $4,346 revenue related to a one-time contract modification to reduce the scope of the Company’s performance obligation, in addition to satisfying its servicing performance obligations for other contracts. As of December 31, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that were unsatisfied or partially unsatisfied was $31,323. Given the applicable contract terms, $8,034 is expected to be recognized as revenue within one year and $14,858 is expected to be recognized between <span style="-sec-ix-hidden: hidden-fact-269">two</span> to <span style="-sec-ix-hidden: hidden-fact-270">five</span> years, with the remainder of $8,431 recognized after <span style="-sec-ix-hidden: hidden-fact-271">five</span> years. This amount does not include contracts to which the customer is not committed, contracts for which the Company recognizes revenue equal to the amount the Company has the right to invoice for services performed, or future sales-based or usage-based royalty payments in exchange for access to the Company’s hosted services. This amount is subject to change due to future revaluations of variable consideration, terminations, other contract modifications or currency adjustments. The estimated timing of the recognition of remaining unsatisfied performance obligations is subject to change and is affected by changes to scope, changes in timing of delivery of products and services, or contract modifications.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s long-term contracts do not have significant financing components, as there is generally payment and performance in each year of the contract. If there is a period of one year or longer between the transfer of promised services and payment, it is generally for reasons other than financing and, thus, the Company does not adjust the transaction price for financing components.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company elected the practical expedient to not adjust promised amounts of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.</span></p> P1Y 2446000 4696000 2194000 886000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31,</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hosted services</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,764</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,563</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Professional services</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,142</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,080</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monetization</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,291</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,374</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,197</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,017</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 12764000 8563000 7142000 3080000 1291000 1374000 21197000 13017000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31,</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Germany</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,526</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,339</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,117</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,538</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Japan</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,797</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,496</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Korea</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,373</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,855</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">France</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,616</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">618</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">768</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,197</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,017</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 7526000 3339000 5117000 3538000 3797000 3496000 1373000 1855000 2616000 618000 768000 171000 21197000 13017000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31,</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over time revenue</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,210</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,757</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Point-in-time</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,987</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,260</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,197</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,017</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 15210000 10757000 5987000 2260000 21197000 13017000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31,</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product Royalties</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,356</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,372</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service Subscriptions</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,550</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,271</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monetization</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,291</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,374</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,197</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,017</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 18356000 10372000 1550000 1271000 1291000 1374000 21197000 13017000 54000 43000 14945000 7503000 4346000 31323000 8034000 P1Y 14858000 8431000 P1Y P1Y <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PROPERTY AND EQUIPMENT, NET</b></span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net consisted of the following:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, <br/> 2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, <br/> 2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer equipment</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,571</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,867</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software and voice recordings</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,687</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,335</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,567</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,560</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture and fixtures</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">729</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">720</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction in progress</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-272; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total, at cost</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,554</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,488</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: accumulated depreciation and amortization</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27,399</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(22,053</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total property and equipment, net</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,155</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,435</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The property and equipment account includes assets under finance lease obligations (see Note 13 for additional information) with an aggregate cost of approximately $16,622 and $16,278 and accumulated depreciation of approximately $13,938 and $11,673 as of December 31, 2021 and 2020, respectively. Depreciation and amortization expense totaled approximately $5,502 and $6,037 for the years ended December 31, 2021 and 2020, respectively.</span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, <br/> 2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, <br/> 2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer equipment</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,571</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,867</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software and voice recordings</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,687</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,335</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,567</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,560</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture and fixtures</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">729</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">720</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction in progress</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-272; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total, at cost</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,554</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,488</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: accumulated depreciation and amortization</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27,399</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(22,053</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total property and equipment, net</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,155</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,435</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 20571000 19867000 8687000 8335000 3567000 3560000 729000 720000 6000 33554000 32488000 27399000 22053000 6155000 10435000 16622000 16278000 13938000 11673000 5502000 6037000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ACCRUED LIABILITIES</b></span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued liabilities on the consolidated balance sheets are comprised of the following as of December 31, 2021 and 2020, respectively:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, <br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, <br/> 2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued compensation expenses</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,802</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,692</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued interest</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,369</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-273; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued vendor payables</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,109</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">509</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued professional services</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">934</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">149</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accrued liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,298</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,411</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recorded accrued interest of $395 as of December 31, 2020 under other liabilities, non-current on the Company’s consolidated balance sheet related to the promissory note issued in June 2020 (“SNAP June 2020 Note”). See Note 8 for further information.</span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, <br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, <br/> 2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued compensation expenses</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,802</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,692</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued interest</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,369</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-273; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued vendor payables</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,109</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">509</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued professional services</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">934</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">149</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accrued liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,298</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,411</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 3802000 2692000 1369000 1109000 509000 934000 149000 84000 61000 7298000 3411000 395000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COMMITMENTS AND CONTINGENCIES</b></span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Contracts</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2021, the Company entered into an exclusive agreement with a cloud service provider to host its voice artificial intelligence platform pursuant to which the Company committed to pay $100,000 in cloud costs over a seven-year period contingent upon the successful completion of the Business Combination.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Letters of Credit</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In conjunction with entering an 89-month lease in 2017 for the Santa Clara, California, facility, the Company agreed to issue a letter of credit for $1,656 to the landlord as a lease guarantee. The Company has cash equivalents deposited with a commercial bank as collateral against the letter of credit. The letter of credit was initially issued for a term of twelve months and is automatically renewed every twelve months for the entire term of the lease.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If an event of default occurs, the landlord may draw upon the letter of credit. The letter of credit is reduced by $230 at the beginning of the 25^th month of the lease, and annually thereafter, upon request of the Company. However, if during the period of the lease the Company’s tangible net worth is equal to or greater than $100,000, or the Company completes an initial public offering for the sale of its stock on a U.S. stock exchange for a total market capitalization of $300,000 or more, then the letter of credit will be reduced to $230. As of December 31, 2021, the Company’s letter of credit requirement was $1,196 with $460 recorded as current restricted cash equivalents as the Company did not request a $230 reduction during the year ended. As of December 31, 2020, the Company’s letter of credit requirement was $1,196 with $230 recorded as current restricted cash equivalents.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, in conjunction with entering a five-year lease in 2015 for the San Francisco, California, facility, the Company agreed to issue a letter of credit for $94 as security for the Company’s performance of the provisions of the lease agreement. As of December 31, 2021, the restriction on cash expired.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Legal Proceedings</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues contingent liabilities when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. In the opinion of management, there are no pending claims for which the outcome is expected to result in a material adverse effect on the financial position, results of operations or cash flows of the Company.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Other Matters</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has not historically collected U.S. state or local sales and use tax, or other similar taxes, in any jurisdiction. On June 21, 2018, the U.S. Supreme Court decided, in <i>South Dakota v. Wayfair, Inc.</i>, that state and local jurisdiction may, in certain circumstances, enforce sales and use tax collection obligations on remote vendors that have no physical presence in such jurisdiction. A number of states have already begun, or have positioned themselves to begin, requiring sales and use tax collection from remote vendors. The details and effective dates of these collection requirements vary from state to state. The Company continues to analyze potential sales tax exposure using a state-by-state assessment, and estimated and recorded a liability as of December 31, 2021 and 2020, in accordance with ASC 450, <i>Contingencies</i>, of $1,105 and $829, respectively.</span></p> the Company entered into an exclusive agreement with a cloud service provider to host its voice artificial intelligence platform pursuant to which the Company committed to pay $100,000 in cloud costs over a seven-year period contingent upon the successful completion of the Business Combination. 1656000 230000 100000000 300000000 230000 1196000 460000 230000 1196000 230000 94000 1105000 829000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WARRANTS</b></span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the issuance of promissory notes in September 2010 and March 2011, the Company issued detachable warrants to purchase 76,180 and 25,394 shares of Series B Preferred Stock (“Series B Warrants”), respectively, at $1.97 per share to the lenders, which were immediately exercisable. The warrants have a ten-year expiration date from the applicable closing date of September 2020 and March 2021. The remaining warrants were exercised during the year ended December 31, 2020 and, therefore, were no longer outstanding as of December 31, 2020.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the issuance of the April 2013 Note and November 2013 Note, the Company issued detachable warrants to purchase 44,708 and 89,418 shares of Series C Preferred Stock (“Series C Warrants”), respectively, at $6.71 per share to the lenders, which were immediately exercisable. In December 2021, all outstanding 134,126 shares of warrants related to April 2013 Note and November 2013 were net exercised, leading to a net issuance of 116,150 shares of Series C Preferred Stock. This resulted into $3,812 recorded as other expense, net within the consolidated statements of operations and comprehensive loss for the change in the fair value of the warrant liability immediately before exercise. As of December 31, 2021 and 2020, the fair value of the warrant liability was $0 and $2,004, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">In connection with the issuance of the Company’s 2021 note payable (“SVB March 2021 Note”) and 2021 Convertible Note (“SCI June 2021 Note”), the Company issued detachable warrants to purchase 127,570 and 63,785 shares of common stock, respectively, with an exercise price of $20.37 per share to the lenders, which were immediately exercisable. The Company recorded the warrants initially at fair value (see Note 9 for additional information) as paid-in-capital on the consolidated balance sheets based on the allocation of its relative fair value of the debt proceeds. See Note 9 for additional information on the fair value calculation. The fair value in relation to the SVB March 2021 Note was allocated to the notes as a discount. The fair value in relation to the SCI June 2021 Note was capitalized as an asset, as the underlying debt bears similarity to a revolving commitment. As the warrants were classified as equity, they are not subject to remeasurement at the end of each reporting period. The initial allocated fair value of the warrants as of March 31, 2021 and June 14, 2021 was $2,316 and $1,527, respectively. The warrants have a ten-year expiration date from the applicable closing date of March 2031 and June 2031, respectively.</p> 76180 25394 1.97 The warrants have a ten-year expiration date from the applicable closing date of September 2020 and March 2021. The remaining warrants were exercised during the year ended December 31, 2020 and, therefore, were no longer outstanding as of December 31, 2020. 44708 89418 6.71 134126 116150 3812000 0 2004000 127570 63785 20.37 2316000 1527000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left"><b>8.</b></td><td style="text-align: justify"><b>CONVERTIBLE NOTES AND NOTE PAYABLE</b></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>2020 Convertible Notes</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In May 2020, the Company issued a convertible promissory note (“May Note”) to a Lender in exchange for $25,000 in cash proceeds. The May Note had an annual interest rate of 5% and a maturity date of May 15, 2022. All unpaid interest and principal are due and payable upon request of the Lender on or after the May Note’s maturity date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2020, the Company issued a promissory note, the SNAP June 2020 Note, to a Lender in exchange for $15,000 in cash proceeds. This note has an annual interest rate of 5% and a maturity date of June 26, 2022, if not converted earlier pursuant to conversion terms and change in control events as described below. All unpaid interest and principal are due and payable upon request of the Lender on or after the SNAP June 2020 Note’s maturity date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The outstanding principal balance and unpaid accrued interest of the May Note and SNAP June 2020 Note are convertible pursuant to the following terms (“May Note Conversion Feature,” “SNAP June 2020 Note Conversion Feature,” collectively, “Conversion Features”): automatic conversion into equity shares in the next equity financing round (“May Note Qualified Financing,” “SNAP June 2020 Note Qualified Financing,” collectively, “Qualified Financing”) at a conversion price equal to either (a) the lowest cash price per share paid by investors in such qualified financing (which will reflect at least a 20% discount to the price per share paid by other investors purchasing securities in additional closings), or (b) if there are no additional closings, 0.80 times the price per share paid by investors purchasing equity securities in the Qualified Financing. The May Note Qualified Financing shall be at least $40,000, which includes the conversion of the May Note but excludes any other indebtedness. The SNAP June 2020 Note Qualified Financing shall be at least $30,000, which excludes the conversion of the SNAP June 2020 Note and any other indebtedness.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Furthermore, upon a change of control event, the Company shall settle both the May Note and SNAP June 2020 Note in cash, pursuant to the following terms (“Redemption Features”):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">— 200% of the then outstanding principal amount of the respective note plus any unpaid accrued interest on the original principal of such note; and</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">— 100% of the then outstanding principal amount of the respective note plus any unpaid accrued interest on the original principal of such note, provided that if the change of control transaction closes between the Company and the Lender or an affiliate of the Lender.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company evaluated whether the Convertible Notes contain embedded features that meet the definition of derivatives under ASC 815, Derivatives and Hedging. The Conversion Features qualify as derivatives as they continuously reset as the underlying stock price increases or decreases so as to provide a variable number of shares for a fixed value of equity to the holders at any conversion date. As such, the Conversion Features were bifurcated and accounted for as a derivative liability to be remeasured at the end of each reporting period. The Company recorded the bifurcated Conversion Features initially at fair value with the residual value being allocated to the Convertible Notes as a debt discount. The fair value of the Conversion Features upon issuance in May 2020 and June 2020, were $4,060 and $2,460, respectively, and were recorded as a derivative liability on the Company’s Consolidated Balance Sheet. The Redemption Features of the Convertible Notes do not meet the definition of derivatives. Therefore, the Redemption Features are not bifurcated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company evaluated whether the Convertible Notes contain embedded features that meet the definition of derivatives under ASC 815, Derivatives and Hedging. The Company determined that certain conversion features met criteria to be bifurcated as derivative liabilities to be remeasured at the end of each reporting period. The Company recorded the bifurcated conversion features initially at fair value with the residual value being allocated to the convertible notes as a debt discount. The redemption features of the May Note and SNAP June 2020 Note do not meet the definition of derivatives. Therefore, the redemption features are not bifurcated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The total amount of debt discount at issuance for the May Note and SNAP June 2020 Note was $4,175 and $2,529, respectively. The Company amortized the aggregate debt discount using the effective interest method. The Company recognized total interest expense of $2,015 associated with the SNAP June 2020 Note for the year ended December 31, 2021, out of which $1,265 relates to the amortization of the debt discount. The Company recognized total interest expense of $1,724 associated with the May Note and SNAP June 2020 Note for the year ended December 31, 2020, out of which $1,050 relates to the amortization of the debt discount. The debt discount related to the SNAP June 2020 Note is amortized over the life of the instrument, beginning at note issuance and ending on June 26, 2022, the date of maturity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The May Note contains a conversion feature in which outstanding principal and any unpaid accrued interest automatically converts into equity securities. This conversion occurs when the Company issues and sells equity securities in a bona fide equity financing with total proceeds to the Company totaling more than $40,000, including the face value of the May Note before the May Note’s maturity date (“May Note Qualified Financing”). The SNAP June 2020 Note contains a similar conversion feature, differing where total proceeds must exceed $30,000, excluding the face value of the SNAP June 2020 Note (“SNAP June 2020 Note Qualified Financing”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In August 2020, the Company issued Series D-3A Preferred Stock (“Series D-3A”) for proceeds in aggregate of approximately $40,300. The Series D-3A financing meets the definition of the May Note Qualified Financing. As a result, the May Note, with then outstanding principal balance of $25,000 and accrued unpaid interest of $288, were automatically converted into 766,293 shares of Series D-3A resulting in an extinguishment of the outstanding principal balance and accrued net of unamortized discount of $21,268, extinguishing the derivative liability at fair value of $5,360 at the acquisition price of Series D-3A of $30,652. In connection with the extinguishment, the Company recognized a loss of $3,775 on the consolidated statements of operations and comprehensive loss. The Series D-3A financing did not meet the definition of the SNAP June 2020 Note Qualified Financing and, as such, the SNAP June 2020 Note remained outstanding as of December 31, 2021, and December 31, 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following table summarizes the unamortized debt discount, fair value of conversion feature, and accrued interest as of December 31, 2021 and 2020, and fair value remeasurement for the years ended December 31, 2021 and 2020:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br/> 2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Unamortized debt discount</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">657</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,942</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Fair value of conversion feature</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,488</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,380</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued interest</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,136</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">395</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Remeasurement of conversion feature – gain/(loss)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(1,108</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Accrued interest is included in accrued liabilities as of December 31, 2021, and other non-current liabilities as of December 31, 2020, on the consolidated balance sheets to reflect the classification of the SNAP June 2020 Note as short-term in nature on December 31, 2021 and long-term in nature as of December 31, 2020. The Company recorded the remeasurement of derivative liabilities in other expense, net on the consolidated statements of operations and comprehensive loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>SVB March 2021 Note</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In March 2021, the Company entered into a loan and security agreement with a commercial bank to borrow $30,000 along with the issuance of warrants to purchase 127,570 shares of the Company’s common stock. The warrant’s allocated fair value was $2,316 at issuance. The SVB March 2021 Note also contains a final payment provision of $1,050. The warrants were recognized as a debt discount at issuance and recorded as a reduction of the debt balance under a relative fair value approach. The Company recorded the final payment as an increase to the principal balance and debt discount for the entire payment amount. The Company is amortizing the discounts on an effective interest basis over the period from issuance through the Early Maturity Date (as defined below).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The loan bears interest at an annual rate equal to the greater of 9% or 5.75% above the Prime Rate. As of December 31, 2021, the interest rate was 9%. Payments are interest-only for the first twelve months and are fully amortizable thereafter. The Company recorded interest expense in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2021 of $4,508, of which $233 remained unpaid as accrued interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The term loan amortization date is April 1, 2022, with an opportunity for a six-month extension if certain performance milestones are met. The total amount of debt discount at issuance was $3,532. As of December 31, 2021, the unamortized debt discount totaled $1,086. The maturity date of the loan is April 26, 2022 (“Early Maturity Date”), with an opportunity for extension to September 2024 or March 2025 if certain performance milestones are met, including the conversion of the SNAP June 2020 Note. Accordingly, the Company has classified the entire note payable balance as short-term as of December 31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>SCI June 2021 Note</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In June 2021, the Company entered into a loan and security agreement with a lender to obtain credit extensions to the Company. Extensions may be requested in $5,000 increments up to a total commitment amount of $15,000. The Company drew an initial $5,000 on June 14, 2021 and the remaining $10,000 on December 1, 2021. The SCI June 2021 Note also contains a final payment provision of 3.5% on each draw or $525 in total. Additionally, warrants were issued alongside the convertible note to purchase 63,785 shares of SoundHound’s common stock. The warrant’s allocated fair value was $1,527 at issuance. The Company recorded the final payment as an increase to the principal balance and debt discount for the entire payment amount upon each draw.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As the warrants and discounts of $2,150 are directly attributable to the total commitment of $15,000, the Company has presented its unamortized debt issuance cost associated with this convertible note as a current asset, recorded as debt issuance cost on the consolidated balance sheets. The Company is amortizing the cost on a straight-line basis from the issuance date through the early maturity date of June 26, 2022. The Company recorded $1,018 in interest expense related to the debt discounts during the year ended December 31, 2021. As of December 31, 2021, the unamortized debt discount totaled $1,132.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The loan bears interest at an annual rate equal to the greater of 9% or 5.75% above the Prime Rate. As of December 31, 2021, the interest rate is 9%. Payments are interest-only for the first twelve months and are fully amortizing thereafter. The Company incurred and paid $329 in stated interest in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The loan amortization date is June 1, 2022, with an opportunity for a six-month extension if certain performance milestones are met. The maturity date of the loan is the earlier of May 2025 or when the SNAP June 2020 Note is either paid in full or matures on June 26, 2022. Upon mutual consent of the Company and its Agent, the outstanding principal amount of term loan advances may be converted into equity securities that are issued by SoundHound in an Initial Public Offering (“IPO”) or by a Special Purpose Acquisition Company (“SPAC”) during a private placement sale of SoundHound’s equity securities that closes substantially concurrently with the closing of a SPAC acquisition. If conversion occurs in connection with an IPO, the conversion of the principal amount shall be into the same class and series of equity securities for the initial price per security to the public sold in the IPO. If conversion occurs in connection with a SPAC, the conversion of principal amount shall be into the equity securities purchased by other investors in the SPAC at the same share price and upon the same terms. As of December 31, 2021, the Company has classified the SCI June 2021 Note as a current liability on its consolidated balance sheet.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The below table summarizes the Company’s debt balances as of December 31, 2021 and 2020:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">SVB March 2021<br/> Note</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Note payable, current portion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">31,050</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-align: left">Unamortized loan discount</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,086</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Carrying value</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">29,964</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, 2021</td><td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">SNAP June 2020<br/> Note</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">SCI June 2021<br/> Note</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Total</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Convertible notes, current portion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,525</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">30,525</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-align: left">Unamortized loan discount</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(657</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-274">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(657</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">14,343</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">15,525</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">29,868</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt; text-align: left">Unamortized debt issuance cost recorded as an asset</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-275">—</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,132</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,132</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">SNAP<br/> June 2020<br/> Note</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Convertible notes, net of current portion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-align: left">Unamortized loan discount</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,942</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Carrying value</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">13,058</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Additionally, interest expense on the consolidated statements of operations and comprehensive loss is inclusive of stated interest incurred on the Company’s debt instruments during the relevant periods, as well as the amortization of debt discounts and issuance costs. The life of each instrument may be shortened if a lender demands payment if certain events occur that are outside the control of the Company.</p> 25000000 0.05 2022-05-15 15000000 0.05 2022-06-26 0.20 0.8 40000000 30000 2 1 4060000 2460000 4175000 2529000 2015000 1265000 1724000 1050000 40000000 30000000 40300000 25000000 288000 766293 21268000 5360000 30652000 3775000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br/> 2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Unamortized debt discount</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">657</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,942</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Fair value of conversion feature</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,488</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,380</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued interest</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,136</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">395</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 657000 1942000 3488000 2380000 1136000 395000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Remeasurement of conversion feature – gain/(loss)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(1,108</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">80</td><td style="width: 1%; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 1108000 -80000 30000000 127570 2316000 1050000 0.09 0.0575 0.09 4508000 233000 3532000 1086000 5000000 15000000 5000000 10000000 0.035 525000 63785 1527000 2150000 15000000 1018000 1132000 0.09 0.0575 0.09 329000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">SVB March 2021<br/> Note</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Note payable, current portion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">31,050</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-align: left">Unamortized loan discount</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,086</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Carrying value</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">29,964</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">SNAP<br/> June 2020<br/> Note</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Convertible notes, net of current portion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-align: left">Unamortized loan discount</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,942</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Carrying value</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">13,058</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 31050000 -1086000 29964000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, 2021</td><td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">SNAP June 2020<br/> Note</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">SCI June 2021<br/> Note</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Total</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Convertible notes, current portion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,525</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">30,525</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-align: left">Unamortized loan discount</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(657</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-274">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(657</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">14,343</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">15,525</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">29,868</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt; text-align: left">Unamortized debt issuance cost recorded as an asset</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-275">—</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,132</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,132</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 15000000 15525000 30525000 -657000 -657000 14343000 15525000 29868000 1132000 1132000 15000000 -1942000 13058000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left"><b>9.</b></td><td style="text-align: justify"><b>FAIR VALUE MEASUREMENTS</b></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0pt"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following tables present the fair value of the Company’s financial instruments that are measured or disclosed at fair value on a recurring basis:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Fair Value Measurements as of<br/> December 31, 2021</td><td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Level 1</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Level 2</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Level 3</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Assets:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 64%; text-align: left">Cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,863</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-276">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-277">—</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Derivative liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-278">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-279">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,488</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left">Warrant liability</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-280">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-281">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-282">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,863</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-283">—</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(3,488</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Fair Value Measurements as of<br/> December 31, 2020</td><td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Level 1</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Level 2</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Level 3</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Assets:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 64%; text-align: left">Cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">35,856</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-284">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-285">—</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Derivative liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-286">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-287">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,380</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left">Warrant liability</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-288">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-289">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,004</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">35,856</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-290">—</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(4,384</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The fair values of the warrants were determined based on significant inputs not observable in the market, which represent Level 3 measurements within the fair value hierarchy.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In order to determine the fair value of the warrants, the Company utilized a Black-Scholes option-pricing model. Estimates and assumptions impacting the fair value measurement include the fair value of the underlying shares, the remaining contractual or expected term of the warrants, risk-free interest rate, expected dividend yield and expected volatility of the price of the underlying stock on an as-converted basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company considered the probability of a deemed liquidation event in determining the remaining expected term of the warrants, which was used as an input to the model. The Company lacks Company-specific historical and implied volatility information of its stock since there is currently no market. Therefore, it estimated its expected stock volatility based on the historical volatility of publicly traded guideline companies for a term equal to the remaining contractual or expected term of the warrants. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual or expected term of the warrants. The Company estimated no expected dividend yield based on the fact that the Company has never paid or declared dividends and does not intend to do so in the foreseeable future.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><span style="text-decoration:underline">Series B Warrants (September 2010 and March 2011)</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company revalued its Series B Warrants as of its exercise date in November 2020, resulting in an increase in fair value of approximately $269, which was recorded as a component of other expense, net, in the accompanying consolidated statements of operations and comprehensive loss, with a corresponding increase to the warrant liability on the consolidated balance sheets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company determined the fair value per share of the underlying Series B Preferred Stock by taking into consideration the most recent sales of its Preferred Stock, results obtained from third party valuations and additional factors that are deemed relevant. As a private company, specific historical and implied volatility information of its stock is not available. Therefore, the Company estimates its expected stock price volatility based on the historical volatility of publicly traded peer companies for a term equal to the expected term of the Series B Warrants. This risk-free interest rate is determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the expected term of the Series B Warrants. The Company estimated a 0% expected dividend yield based on the fact that the Company has never paid or declared dividends and does not intend to do so in the foreseeable future. In November 2020, the Series B Warrants were exercised in full resulting in the issuance of 101,574 Series B Preferred Stock at $1.97 per share in exchange for $200 and a decrease in the corresponding warrant liability of $1,931 representing its intrinsic value on the date of exercise. Therefore, the warrants were not subsequently revalued as of December 31, 2021 or 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><span style="text-decoration:underline">Series C Warrants (April 2013 and November 2013)</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company revalued its Series C Warrants as of December 31, 2020 resulting in an increase in fair value of approximately $318, which was recorded as a component of other expense, net, in the accompanying consolidated statements of operations and comprehensive loss, with a corresponding increase to the warrant liability on the consolidated balance sheet.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In December 2021, Series C Warrants were fully exercised. Immediately prior to their exercise, the Company revalued the warrants to their intrinsic value, resulting in a change in fair value of $3,812. This change in fair value was recorded as a component of other expense, net, in the accompanying consolidated statements of operations and comprehensive loss. The warrants were recorded as Series C Preferred Stock at their fair value of $5,816 upon net share settlement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The aggregate fair value of the Series C Warrants as of December 31, 2021 and 2020 was approximately $0 and $2,004, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company determined the fair value of the April 2013 Series C Warrants using the Black-Scholes option-pricing model using the following assumptions:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br/> 2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Expected dividend rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.14</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.16</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company determined the fair value of the November 2013 Series C Warrants using the Black-Scholes option-pricing model and the following assumptions:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br/> 2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Expected dividend rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.16</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.87</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><span style="text-decoration:underline">Common Stock Warrants (SVB March 2021 Note and SCI June 2021 Note)</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company issued common stock warrants in connection with the SVB March 2021 Note and SCI June 2021 Note (See Note 8 for additional information). The SVB March 2021 Note and SCI June 2021 Note warrants were recorded based on the allocation of its relative fair of the debt proceeds of $2,316 and $1,527, respectively. The warrants were classified as equity instruments at inception with a corresponding discount recorded at issuance against the outstanding notes in connection with the SVB March 2021 Note or as an asset in connection with the SCI June 2021 Note. The common stock warrants are not subject to remeasurement at each subsequent balance sheet date due to their classification as equity instruments as they are considered indexed to the Company’s stock. As of December 31, 2021, none of these warrants have been exercised. The SVB March 2021 Note warrants expire in March 2031 and the SCI June 2021 Note warrants expire in June 2031.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company determined the fair value of the SVB March 2021 Note and SCI June 2021 Note common stock warrants at issuance using the Black-Scholes option-pricing model using the following assumptions, respectively:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; font-style: italic"><span style="text-decoration:underline">SVB March 2021 Note Common Stock Warrants</span></td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Expected dividend rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.74</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.00</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; font-style: italic"><span style="text-decoration:underline">SCI June 2021 Note Common Stock Warrants</span></td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Expected dividend rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.51</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.00</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><span style="text-decoration:underline">Derivative Liability (SNAP June 2020 Note)</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">To determine the fair value of the embedded derivative associated with the SNAP June 2020 Note, the Company utilized the income approach model using the With and Without method. Using the With and Without method, the Company modeled expected cash flows to the noteholder under Next Equity Financing, Change in Control, SPAC/Private Investment in Public Equity, and IPO scenarios. The value of the Embedded Derivatives was determined as the differential value from the perspective of the With and Without Method. The Company utilized the following assumptions at the valuation date:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, <br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Probability of Next Equity Financing</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">65</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>Probability of SPAC/PIPE</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Probability of IPO</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.27</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.26</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.63</td><td style="text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The significant unobservable inputs used in the fair value measurement of the derivative liability are the remaining expected term, the discount rate, and the probability of financing for each scenario. Significant increases (decreases) in the term would result in significantly lower (higher) fair value measurements. Significant increases (decreases) in the discount rate would result in significantly lower (higher) fair value measurements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following table sets forth a summary of changes in fair value of the Company’s derivative liability and warrant liability for which fair value was determined by Level 3 inputs:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Derivative<br/> Liability</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrant<br/> Liability</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Balance as of January 1, 2020</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-291">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,348</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Initial fair value of derivative liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,481</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Extinguishment of derivative liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,360</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-292">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercise of warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,931</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,259</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">587</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Balance as of December 31, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,380</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,004</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,108</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,812</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Exercise of warrants</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,816</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Balance as of December 31, 2021</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,488</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">—</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">There were no transfers of financial instruments between the three levels of the fair value hierarchy for the years ended December 31, 2021 and 2020. The Company had no other financial assets or liabilities that were required to be measured at fair value on a recurring basis.</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Fair Value Measurements as of<br/> December 31, 2021</td><td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Level 1</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Level 2</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Level 3</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Assets:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 64%; text-align: left">Cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,863</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-276">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-277">—</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Derivative liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-278">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-279">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,488</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left">Warrant liability</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-280">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-281">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-282">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,863</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-283">—</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(3,488</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Fair Value Measurements as of<br/> December 31, 2020</td><td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Level 1</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Level 2</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Level 3</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Assets:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 64%; text-align: left">Cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">35,856</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-284">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-285">—</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Derivative liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-286">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-287">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,380</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; padding-bottom: 1.5pt; text-align: left">Warrant liability</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-288">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-289">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,004</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">35,856</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-290">—</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(4,384</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 4863000 -3488000 4863000 -3488000 35856000 -2380000 -2004000 35856000 -4384000 269000 0 101574 1.97 200000 1931000 318000 3812000 5816000 0 2004000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br/> 2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Expected dividend rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.14</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.16</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br/> 2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Expected dividend rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.16</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.87</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; font-style: italic"><span style="text-decoration:underline">SVB March 2021 Note Common Stock Warrants</span></td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Expected dividend rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.74</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.00</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; font-style: italic"><span style="text-decoration:underline">SCI June 2021 Note Common Stock Warrants</span></td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Expected dividend rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.51</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.00</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 0 0.0014 0.48 P2Y1M28D 0 0.0016 0.47 P2Y10M13D 2316000 1527000 The warrants were classified as equity instruments at inception with a corresponding discount recorded at issuance against the outstanding notes in connection with the SVB March 2021 Note or as an asset in connection with the SCI June 2021 Note. The common stock warrants are not subject to remeasurement at each subsequent balance sheet date due to their classification as equity instruments as they are considered indexed to the Company’s stock. As of December 31, 2021, none of these warrants have been exercised. 0 0.0174 0.47 P10Y 0 0.0151 0.47 P10Y <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, <br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Probability of Next Equity Financing</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">65</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>Probability of SPAC/PIPE</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Probability of IPO</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average term (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.27</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.26</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.63</td><td style="text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 0.03 0.65 0.95 0.33 0.02 0.02 P0Y3M7D P0Y3M3D 0.25 0.0863 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Derivative<br/> Liability</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrant<br/> Liability</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Balance as of January 1, 2020</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-291">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,348</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Initial fair value of derivative liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,481</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Extinguishment of derivative liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,360</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-292">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercise of warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,931</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,259</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">587</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Balance as of December 31, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,380</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,004</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,108</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,812</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Exercise of warrants</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,816</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Balance as of December 31, 2021</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,488</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">—</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 3348000 6481000 5360000 1931000 1259000 587000 2380000 2004000 1108000 3812000 5816000 3488000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left"><b>10.</b></td><td style="text-align: justify"><b>PREFERRED STOCK</b></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0pt"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A summary of the Preferred Stock authorized, issued and outstanding as of December 31, 2021 is as follows<i>:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i> </i></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares Authorized</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares Issued</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Liquidation Preference</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Carrying Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Series A</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,438,670</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,438,670</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,082</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,967</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Series B</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,065,646</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,065,646</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,943</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,038</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series C</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,041,607</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,023,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,869</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,837</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Series C-1</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">798,399</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">798,399</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,072</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,061</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series D</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,646,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,646,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95,027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">85,648</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Series D-1</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,515,152</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,515,152</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,957</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Series D-2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,515,151</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,515,151</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,949</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Series D-3</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,750,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,245,838</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,834</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,046</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Series D-3A</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,545,454</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-293">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-294">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-295">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">26,316,129</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">19,248,537</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">284,826</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">279,503</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In August 2020, the Company issued 454,545 shares of Series D-3A Preferred Stock at $33.00 per share for net cash proceeds of $15,000. Collectively, with the conversion of the May Note, the Company received total proceeds of approximately $40,300. This issuance met the condition of the May Note Qualified Financing. As a result, the May Note converted into 766,293 shares of Series D-3A Preferred Stock (Note 8).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In September 2020, the Company entered into a stock exchange agreement (“Exchange Agreement”) with the holders of Series D-3A Preferred Stock (the “D-3A Investors”) pursuant to which the D-3A investors exchanged all 1,220,838 shares of Series D-3A Preferred Stock for an equivalent number of shares of Series D-3 Preferred Stock. In connection with the Exchange Agreement, due to the difference in the fair value of Series D-3A and Series D-3 Preferred Stock, the Company recognized a deemed dividend of $3,182 during the year ended December 31, 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In November 2020, the Company issued 25,000 shares of Series D-3 Preferred Stock for net cash proceeds of approximately $1,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In November 2020, the Series B Warrants were exercised in full resulting in the issuance of 101,574 shares of Series B Preferred Stock at $1.97 per share for net cash proceeds of approximately $200.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In December 2021, all outstanding 134,126 shares of Series C Warrants issued with April 2013 Note and November 2013 Note were net share settled, resulting in the issuance of 116,150 Series C Preferred Stock. Refer to Note 7 — Warrants for additional detail. As a result of the exercise, $5,816 was recorded in Preferred Stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The holders of the Company’s Series A, Series B, Series C, Series C-1, Series D, Series D-1, Series D-2, Series D-3 and Series D-3A Preferred Stock (collectively, “Preferred Stock”) have the following rights, preferences and privileges:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Dividends</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The holders of shares of Series A, Series B, Series C, Series C-1, Series D, Series D-1, Series D-3 and Series D-3A Preferred Stock are entitled to receive dividends (“Senior Preferred Dividends”), on a pari passu basis, prior and in preference to any declaration or payment of any dividend on the common stock of the Company, at the rate of $0.11824, $0.15752, $0.5368, $1.6104, $2.08504, $2.64, $3.20 and $2.64 per share, respectively, per annum, on each outstanding share, adjusted for certain events, such as stock splits, stock dividends, reclassification and the like, payable quarterly when, as and if declared by the Board of Directors (“Board”) of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">After the payment or setting aside of payment of the Senior Preferred Dividends, the holders of shares of Series D-2 Preferred Stock are entitled to receive dividends (“Junior Preferred Dividends”), prior and in preference to any declaration or payment of any dividend (other than dividends on common stock payable in common stock) on the common stock of the Company, at the rate of $2.64 per share, per annum, on each outstanding share, adjusted for certain events, such as stock splits, stock dividends, reclassification and the like, payable quarterly when, as and if declared by the Board. Such dividends shall not be cumulative.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">After the payment or setting aside for payment of the Senior Preferred Dividends and the Junior Preferred Dividends, any additional dividends declared or paid in any fiscal year shall be distributed among the holders of Preferred Stock and common stock then outstanding pro rata based on the number of shares of common stock then held by each holder (assuming conversion of all such Preferred Stock into common stock at the then-effective conversion price as defined in the amended and restated certificate of incorporation). No dividends have been declared during the years ended December 31, 2021, and December 31, 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Conversion</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Each share of outstanding Preferred Stock is convertible, at the option of the holder thereof, at any time after the date of issuance of such share, into such number of fully-paid, non-assessable shares of common stock at a 1:1 ratio, subject to adjustment for certain dilutive issuance, splits and combinations as defined in the amended and restated certificate of incorporation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Each share of outstanding Preferred Stock will automatically be converted into fully-paid, non-assessable shares of common stock upon the earlier of: (i) the Company’s sale of its common stock in a firm commitment underwritten public offering pursuant to a registration statement under the Securities Act of 1933, as amended, with a price per share of at least $40.00 (as adjusted for stock splits, stock dividends, reclassification and the like), which results in aggregate cash proceeds of at least $50,000, or (ii) the date specified by written consent or agreement of the holders of a majority of the then outstanding shares of Preferred Stock, voting together as a single class on an as-converted to common stock basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Liquidation Preference</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Series D, D-1, D-3 and D-3A Preference</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The holders of the Series D, Series D-1, Series D-3 and Series D-3A Preferred Stock will be entitled, on a pari passu basis, to receive, prior and in preference to any distribution of any of the assets of the Company to the holders of Series D-2, Series C-1, Series C, Series B, Series A Preferred Stock or common stock by reason of their ownership thereof, an amount per share equal to the greater of (i) $26.063, $33.00, $40.00 and $33.00 per share, respectively, adjustable for certain events, such as stock splits, stock dividends, reclassification and the like, for each share Preferred Stock then held by them, plus all declared but unpaid dividends, or (ii) such amount per share as would have been payable had all shares of Series D, Series D-1, Series D-3 and Series D-3A Preferred Stock, as applicable, been converted into common stock immediately prior to such liquidation, dissolution or winding up. If, in the event the assets and funds thus distributed among the holders of the Series D, Series D-1, Series D-3 and Series D-3A Preferred Stock are insufficient to permit the payment to such holders of the full aforesaid preferential amounts, the entire assets and funds of the Company legally available for distribution will be distributed ratably among the holders of the Series D, Series D-1, Series D-3 and Series D-3A Preferred Stock in proportion to the preferential amount each such holder is otherwise entitled to receive.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Series D-2 Preference</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The holders of the Series D-2 Preferred Stock will be entitled to receive, prior and in preference to any distribution of any of the assets of the Company to the holders of Series C-1, Series C, Series B, Series A Preferred Stock or common stock by reason of their ownership thereof, an amount per share equal to the greater of (i) $33.00 per share, adjustable for certain events, such as stock splits, stock dividends, reclassification and the like, for each share of Series D-2 Preferred Stock then held by them, plus all declared but unpaid dividends, or (ii) such amount per share as would have been payable had all shares of Series D-2 Preferred Stock been converted into common stock immediately prior to such liquidation, dissolution or winding up. If, in the event the assets and funds thus distributed among the holders of the Series D-2 Preferred Stock are insufficient to permit the payment to such holders of the full aforesaid preferential amounts, the entire assets and funds of the Company legally available for distribution shall be distributed ratably among the holders of the Series D-2 Preferred Stock in proportion to the preferential amount each such holder is otherwise entitled to receive.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Series C-1 Preference</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The holders of the Series C-1 Preferred Stock are entitled to receive, prior and in preference to any distribution of any of the assets of the Company to the holders of Series C, Series B, Series A Preferred Stock or common stock by reason of their ownership thereof, an amount per share equal to the greater of (i) $20.13 per share, adjustable for certain events, such as stock splits, stock dividends, reclassification and the like, for each share of Series C-1 Preferred Stock then held by them, plus all declared but unpaid dividends, or (ii) such amount per share as would have been payable had all shares of Series C-1 Preferred Stock been converted into common stock immediately prior to such liquidation, dissolution or winding up. If, in the event the assets and funds thus distributed among the holders of the Series C-1 Preferred Stock are insufficient to permit the payment to such holders of the full aforesaid preferential amounts, the entire assets and funds of the Company legally available for distribution shall be distributed ratably among the holders of the Series C-1 Preferred Stock in proportion to the preferential amount each such holder is otherwise entitled to receive.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Series C Preference</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The holders of the Series C Preferred Stock are entitled to receive, prior and in preference to any distribution of any of the assets of the Company to the holders of Series B, Series A Preferred Stock or common stock by reason of their ownership thereof, an amount per share equal to the greater of (i) $6.71 per share, adjustable for certain events, such as stock splits, stock dividends, reclassification and the like, for each share of Series C Preferred Stock then held by them, plus all declared but unpaid dividends, or (ii) such amount per share as would have been payable had all shares of Series C Preferred Stock been converted into common stock immediately prior to such liquidation, dissolution or winding up. If, in the event the assets and funds thus distributed among the holders of the Series C Preferred Stock are insufficient to permit the payment to such holders of the full aforesaid preferential amounts, the entire assets and funds of the Company legally available for distribution shall be distributed ratably among the holders of the Series C Preferred Stock in proportion to the preferential amount each such holder is otherwise entitled to receive.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Series B Preference</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The holders of the Series B Preferred Stock are entitled to receive, prior and in preference to any distribution of any of the assets of the Company to the holders of Series A Preferred Stock or common stock by reason of their ownership thereof, an amount per share equal to the greater of (i) $1.969 per share, adjustable for certain events, such as stock splits, stock dividends, reclassification and the like, for each share of Series B Preferred Stock then held by them, plus all declared but unpaid dividends, or (ii) such amount per share as would have been payable had all shares of Series B Preferred Stock been converted into common stock immediately prior to such liquidation, dissolution or winding up. If, in the event the assets and funds thus distributed among the holders of the Series B Preferred Stock are insufficient to permit the payment to such holders of the full aforesaid preferential amounts, the entire assets and funds of the Company legally available for distribution shall be distributed ratably among the holders of the Series B Preferred Stock in proportion to the preferential amount each such holder is otherwise entitled to receive.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Series A Preference</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The holders of the Series A Preferred Stock are entitled to receive, prior and in preference to any distribution of any of the assets of the Company to the holders of common stock by reason of their ownership thereof, an amount per share equal to the greater of (i) $1.478 per share, adjustable for certain events, such as stock splits, stock dividends, reclassification and the like, for each share of Series A Preferred Stock then held by them, plus all declared but unpaid dividends, or (ii) such amount per share as would have been payable had all shares of Series A Preferred Stock been converted into common stock immediately prior to such liquidation, dissolution or winding up. If, in the event the assets and funds thus distributed among the holders of the Series A Preferred Stock are insufficient to permit the payment to such holders of the full aforesaid preferential amounts, the entire assets and funds of the Company legally available for distribution shall be distributed ratably among the holders of the Series A Preferred Stock in proportion to the preferential amount each such holder is otherwise entitled to receive.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Remaining Assets for Distribution</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Upon the completion of the liquidation preferences above, the remaining assets of the Company available for distribution to stockholders will be distributed among the holders of the Preferred Stock and the common stock pro rata based on the number of shares of common stock held by each (assuming conversion of all such Preferred Stock into common stock) until the holders of Series D-3, Series D-1, Series D-2, Series D-3A, Series D, Series C-1, Series C, Series B and Series A Preferred Stock have received an aggregate of $40.00, $33.00, $33.00, $33.00, $26.063, $20.13, $6.71, $4.922 and $3.695 per share, respectively, adjustable for certain events, such as stock splits, stock dividends, reclassification and the like, for each share of respective Series of Preferred Stock then held by them (including amounts paid pursuant to the liquidation preferences above). Thereafter, the holders of the common stock will receive all of the remaining assets of the Company pro rata based on the number of shares of common stock held by each.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Redemption</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Preferred Stock is not mandatorily redeemable. In the event that the Company agrees to redeem or repurchase any portion or all of the shares of Series A, Series B, Series C, Series C-1 and Series D Preferred Stock, or any shares of common stock issued on conversion of shares of such Preferred Stocks, (collectively, “Triggering Securities”) from any holder (“Triggering Redemption”), then, the Company will offer to redeem, on a pro-rata basis based on the number of shares of Series D-1, Series D-3 and Series D-3A Preferred Stock held by each holder, up to the same number of shares of such Series (or shares of common stock issued on conversion thereof) as the aggregate number of Triggering Securities that are subject to such Trigger Redemption, at a price per share of $33.00, $40.00 and $33.00, respectively, adjustable for certain events, such as stock splits, stock dividends and reclassifications.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Voting Rights</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The holders of Preferred Stock have the same voting rights equivalent to the number of shares of common stock into which their shares of Preferred Stock convert. Holders of Preferred Stock shall vote together with holders of common stock as a single class and on an as-converted to common stock basis, on all matters.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The holders of Series A Preferred Stock, as a separate class, are entitled to elect one director of the Company. The holders of Series B Preferred Stock, as a separate class, are entitled to elect two directors of the Company. The holders of common stock, as separate class, are entitled to elect three directors of the Company. The holders of Preferred Stock and common stock , as a single class on an as-converted basis, are entitled to elect one director of the Company.</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares Authorized</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares Issued</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Liquidation Preference</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Carrying Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Series A</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,438,670</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,438,670</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,082</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,967</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Series B</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,065,646</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,065,646</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,943</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,038</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series C</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,041,607</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,023,631</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,869</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,837</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Series C-1</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">798,399</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">798,399</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,072</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,061</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series D</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,646,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,646,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95,027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">85,648</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Series D-1</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,515,152</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,515,152</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,957</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Series D-2</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,515,151</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,515,151</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,949</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Series D-3</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,750,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,245,838</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,834</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,046</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Series D-3A</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,545,454</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-293">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-294">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-295">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">26,316,129</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">19,248,537</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">284,826</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">279,503</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 3438670 3438670 5082000 4967000 6065646 6065646 11943000 11038000 1041607 1023631 6869000 11837000 798399 798399 16072000 16061000 3646050 3646050 95027000 85648000 1515152 1515152 50000000 49957000 1515151 1515151 50000000 49949000 3750000 1245838 49834000 50046000 4545454 26316129 19248537 284826000 279503000 454545 33 15000 40300 766293 1220838 3182 25000 1000 101574 1.97 200 134126 116150 5816 0.11824 0.15752 0.5368 1.6104 2.08504 2.64 3.2 2.64 2.64 Each share of outstanding Preferred Stock is convertible, at the option of the holder thereof, at any time after the date of issuance of such share, into such number of fully-paid, non-assessable shares of common stock at a 1:1 ratio, subject to adjustment for certain dilutive issuance, splits and combinations as defined in the amended and restated certificate of incorporation.  (i) the Company’s sale of its common stock in a firm commitment underwritten public offering pursuant to a registration statement under the Securities Act of 1933, as amended, with a price per share of at least $40.00 (as adjusted for stock splits, stock dividends, reclassification and the like), which results in aggregate cash proceeds of at least $50,000, or (ii) the date specified by written consent or agreement of the holders of a majority of the then outstanding shares of Preferred Stock, voting together as a single class on an as-converted to common stock basis. 26.063 33 40 33 33 20.13 6.71 1.969 1.478 40 33 33 33 26.063 20.13 6.71 4.922 3.695 33 40 33 The holders of Series A Preferred Stock, as a separate class, are entitled to elect one director of the Company. The holders of Series B Preferred Stock, as a separate class, are entitled to elect two directors of the Company. The holders of common stock, as separate class, are entitled to elect three directors of the Company. The holders of Preferred Stock and common stock , as a single class on an as-converted basis, are entitled to elect one director of the Company. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left"><b>11.</b></td><td style="text-align: justify"><b>COMMON STOCK</b></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2021, the Company has authorized the issuance of 45,000,000 shares of common stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company has reserved shares of common stock for future issuance on an as-if converted basis related to the following outstanding Preferred Stock, warrants, stock options and future grants as of December 31, 2021:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Series A Preferred Stock</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,438,670</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Series B Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,065,646</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series C Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,023,631</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Series C-1 Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">798,399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series D Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,646,050</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Series D-1 Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,515,152</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series D-2 Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,515,151</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Series D-3 Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,245,838</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">191,355</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Stock options outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,475,283</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Stock incentive plan shares reserved for future issuance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">499,328</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">25,414,503</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> 45000000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Series A Preferred Stock</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3,438,670</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Series B Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,065,646</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series C Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,023,631</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Series C-1 Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">798,399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series D Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,646,050</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Series D-1 Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,515,152</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series D-2 Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,515,151</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Series D-3 Preferred Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,245,838</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">191,355</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Stock options outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,475,283</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Stock incentive plan shares reserved for future issuance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">499,328</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">25,414,503</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> 3438670 6065646 1023631 798399 3646050 1515152 1515151 1245838 191355 5475283 499328 25414503 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left"><b>12.</b></td><td style="text-align: justify"><b>STOCK INCENTIVE PLAN</b></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0pt"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Board of Directors has authorized and in April 2016 adopted the 2016 Equity Incentive Plan (the “2016 Plan”) as a successor and continuation of the 2006 Plan (collectively, the “Plans”). Under the Plans, the Board of Directors may grant awards of options and restricted stock, as well as stock appreciation rights and other stock awards. During the year ended December 31, 2021, the Company amended the 2016 Plan to increase the number of shares of common stock reserved for issuance under the Plans by 1,200,000 to an aggregate of 8,701,460.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The 2016 Plan provides for incentive stock options to be granted to employees at an exercise price not less than 100% of the fair value at the grant date as determined by the Board of Directors, unless the optionee is a 10% stockholder, in which case the option price will not be less than 110% of such fair market value. Options granted generally have a maximum term of 10 years from grant date, are exercisable upon vesting unless otherwise designated for early exercise by the Board of Directors at the time of grant, and generally vest over a four-year period, with a 25% cliff vesting after one year and then ratably on a monthly basis for the remaining three years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><span style="text-decoration:underline">Option Activity</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">Stock option activity under the Plans is as follows for the years ended December 31, 2021 and 2020:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares Available for Grant</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Outstanding Stock Options</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted Average Exercise Price Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted Average Remaining Contractual Term (Years)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Average Intrinsic Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Outstanding, January 1, 2020</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">378,010</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4,276,480</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10.35</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.44</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">33,785</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Authorized</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">650,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-296">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-297">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-298">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Options granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,446,350</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,446,350</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19.98</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-299">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Options exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-300">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,679</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.82</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,138</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Awards forfeited or cancelled</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">475,875</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(475,875</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">13.76</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-301">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Outstanding, December 31, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,535</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,178,276</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.23</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,987</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Authorized</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,200,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-302">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-303">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-304">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Options granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,134,542</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,134,542</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40.10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-305">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Options exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-306">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(461,290</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.34</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,667</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Awards forfeited or cancelled</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">376,245</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(376,245</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17.35</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-307">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Outstanding, December 31, 2021</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: right"> </td><td style="border-bottom: Black 4pt double; text-align: right">499,238</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: right"> </td><td style="border-bottom: Black 4pt double; text-align: right">5,475,283</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left">$</td><td style="padding-bottom: 4pt; text-align: right">19.19</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right">6.78</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left">$</td><td style="padding-bottom: 4pt; text-align: right">168,923</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Options exercisable as of December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,322,160</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.23</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,517</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Options exercised early are subject to the vesting provisions mentioned above, and any unvested shares are subject to repurchase at the original price upon termination of employment, death, or disability. There were no option exercises during the year ended December 31, 2021 and 2020 that were subject to repurchase.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The total fair value of options vested was approximately $5,358 and $5,400, during the years ended December 31, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The following table summarizes information with respect to stock options outstanding and exercisable as of December 31, 2021:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="5" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Outstanding</b>  </span></td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Options Exercisable</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Range of Exercise Prices Per Share</td><td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares <br/> Outstanding</b> </span></td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">Weighted <br/> Average <br/> Remaining <br/> Contractual <br/> Life (Years)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">Shares <br/> Outstanding</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted <br/> Average <br/> Remaining <br/> Contractual <br/> Life (Years)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%">$2.43 – $12.06</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,223,100</td><td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2.63</td><td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,223,100</td><td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2.63</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>$12.07 – $15.34</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,223,673</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">5.91</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">1,154,889</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">5.87</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>$15.35 – $19.31</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">876,147</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">7.67</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">531,085</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">7.65</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>$19.32 – $24.17</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,156,561</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">8.84</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">404,605</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">8.78</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">$24.18 – $50.07</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">995,802</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9.77</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,481</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9.74</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">5,475,283</td><td style="padding-bottom: 4pt; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">6.78</td><td style="padding-bottom: 4pt; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3,322,160</td><td style="padding-bottom: 4pt; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">5.32</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">During the years ended December 31, 2021 and 2020, the Company’s stock compensation expense was $6,322 and $5,897, respectively. As of December 31, 2021, the unamortized expense related to outstanding awards was $25,572. The weighted average remaining amortization period over which the balance as of December 31, 2021 is to be amortized is 3.12 years. No income tax benefit was recognized for this compensation expense in the Consolidated Statement of Operations and Comprehensive Loss, as the Company does not anticipate realizing any such benefit in the future.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b><span style="text-decoration:underline">Employee Stock-Based Compensation</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">For the purpose of determining the estimated fair value of share-based payment awards issued in the form of stock options, the Company uses the Black-Scholes option-pricing model as permitted under the provisions for share-based payment awards.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The assumptions under the Black-Scholes option-pricing model and the weighted average calculated fair value of the options granted to employees as of December 31, 2021 and 2020 are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br/> 2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2020</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Fair value of common stock </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">40.83</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">20.37</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dividend yield </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected term (years) </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.92</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free interest rate </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.14</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.64</td><td style="text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Stock-based compensation is classified in the following operating expense accounts on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2021 and 2020:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">December 31, <br/> 2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2020</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Research and development </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,434</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,605</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Sales and marketing </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">509</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">414</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">General and administrative </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,379</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,878</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; padding-bottom: 4pt">Total </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,322</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,897</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b><span style="text-decoration:underline">Executive Options</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company historically issued option awards to key personnel with contractual expirations of 5 to 10 years. Certain individuals had not exercised their options prior to expiration. As a result of the expiration of unexercised but fully vested options awards, the Company issued new options for the same quantity previously granted, but with an exercise price set to the then fair value of common stock determined in accordance with a board approved 409A.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Furthermore, in an effort to make the holders whole, the Company entered into a change in control bonus Letter Agreement with each individual. Pursuant to the agreement, each individual is entitled to an additional lump sum payment capped at the difference between the original aggregate exercise price and the new aggregate exercise price upon a change in control transaction as defined in the Company’s 2016 Equity Incentive Plan, provided that such a transaction also constitutes a “Liquidation Transaction” as defined in the Company’s Certificate of Incorporation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The maximum change in control bonus for executive award holders is $5,837 and remains unamortized as of December 31, 2021.</p> 1200000 8701460 The 2016 Plan provides for incentive stock options to be granted to employees at an exercise price not less than 100% of the fair value at the grant date as determined by the Board of Directors, unless the optionee is a 10% stockholder, in which case the option price will not be less than 110% of such fair market value. Options granted generally have a maximum term of 10 years from grant date, are exercisable upon vesting unless otherwise designated for early exercise by the Board of Directors at the time of grant, and generally vest over a four-year period, with a 25% cliff vesting after one year and then ratably on a monthly basis for the remaining three years.  <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares Available for Grant</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Outstanding Stock Options</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted Average Exercise Price Per Share</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted Average Remaining Contractual Term (Years)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Average Intrinsic Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Outstanding, January 1, 2020</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">378,010</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4,276,480</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10.35</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.44</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">33,785</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Authorized</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">650,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-296">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-297">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-298">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Options granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,446,350</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,446,350</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19.98</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-299">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Options exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-300">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,679</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.82</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,138</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Awards forfeited or cancelled</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">475,875</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(475,875</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">13.76</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-301">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Outstanding, December 31, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,535</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,178,276</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.23</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,987</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Authorized</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,200,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-302">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-303">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-304">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Options granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,134,542</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,134,542</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40.10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-305">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Options exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-306">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(461,290</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.34</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,667</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Awards forfeited or cancelled</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">376,245</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(376,245</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17.35</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-307">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Outstanding, December 31, 2021</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: right"> </td><td style="border-bottom: Black 4pt double; text-align: right">499,238</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: right"> </td><td style="border-bottom: Black 4pt double; text-align: right">5,475,283</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left">$</td><td style="padding-bottom: 4pt; text-align: right">19.19</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right">6.78</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left">$</td><td style="padding-bottom: 4pt; text-align: right">168,923</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Options exercisable as of December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,322,160</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.23</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,517</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> 378010 4276480 10.35 P6Y5M8D 33785000 650000 1446350 1446350 19.98 68679 2.82 1138000 475875 475875 13.76 57535 5178276 13.23 P6Y9M 36987000 1200000 1134542 1134542 40.1 461290 5.34 9667000 376245 376245 17.35 499238 5475283 19.19 P6Y9M10D 168923000 3322160 12.23 P5Y3M25D 125517000 5358000 5400000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="5" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Outstanding</b>  </span></td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Options Exercisable</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Range of Exercise Prices Per Share</td><td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares <br/> Outstanding</b> </span></td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">Weighted <br/> Average <br/> Remaining <br/> Contractual <br/> Life (Years)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">Shares <br/> Outstanding</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted <br/> Average <br/> Remaining <br/> Contractual <br/> Life (Years)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%">$2.43 – $12.06</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,223,100</td><td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2.63</td><td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,223,100</td><td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2.63</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>$12.07 – $15.34</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,223,673</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">5.91</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">1,154,889</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">5.87</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>$15.35 – $19.31</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">876,147</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">7.67</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">531,085</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">7.65</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>$19.32 – $24.17</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,156,561</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">8.84</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">404,605</td><td style="text-align: left"> </td> <td style="text-align: left"> </td><td style="text-align: right">8.78</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">$24.18 – $50.07</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">995,802</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9.77</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,481</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9.74</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">5,475,283</td><td style="padding-bottom: 4pt; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">6.78</td><td style="padding-bottom: 4pt; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3,322,160</td><td style="padding-bottom: 4pt; text-align: left"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">5.32</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p> 1223100 P2Y7M17D 1223100 P2Y7M17D 1223673 P5Y10M28D 1154889 P5Y10M13D 876147 P7Y8M1D 531085 P7Y7M24D 1156561 P8Y10M2D 404605 P8Y9M10D 995802 P9Y9M7D 8481 P9Y8M26D 5475283 P6Y9M10D 3322160 P5Y3M25D 6322000 5897000 25572000 P3Y1M13D <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31, <br/> 2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2020</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Fair value of common stock </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">40.83</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">20.37</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dividend yield </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected term (years) </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.92</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free interest rate </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.14</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.64</td><td style="text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p> 40.83 20.37 0 0 0.42 0.44 P6Y3D P5Y11M1D 0.0114 0.0064 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">December 31, <br/> 2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2020</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Research and development </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,434</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,605</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Sales and marketing </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">509</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">414</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">General and administrative </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,379</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,878</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; padding-bottom: 4pt">Total </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,322</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,897</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> 4434000 3605000 509000 414000 1379000 1878000 6322000 5897000 P5Y P10Y 5837000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"/><td style="width: 0.25in; text-align: left"><b>13.</b></td><td style="text-align: justify"><b>LEASES</b></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company leases certain facilities under non-cancelable operating leases that expire at various dates through 2025. Some leases include renewal options, which would permit extensions of the expiration dates at rates approximating fair market rental values. The Company also enters into certain finance leases for computer equipment. The finance leases are collateralized by the financed assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Aggregate noncancelable future minimum lease payments under operating and finance leases are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Operating<br/> Lease</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-left: 0pt; font-weight: bold"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Financing <br/> Lease</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt">Year Ending December 31:</td><td style="padding-left: 0pt"> </td> <td colspan="2" style="padding-left: 0pt"> </td><td style="padding-left: 0pt"> </td><td style="padding-left: 0pt"> </td> <td colspan="2" style="padding-left: 0pt"> </td><td style="padding-left: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 0.125in">2022</td><td style="padding-left: 0pt; width: 1%"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left">$</td><td style="padding-left: 0pt; width: 9%; text-align: right">3,544</td><td style="padding-left: 0pt; width: 1%; text-align: left"> </td><td style="padding-left: 0pt; width: 1%"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left">$</td><td style="padding-left: 0pt; width: 9%; text-align: right">1,383</td><td style="padding-left: 0pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0.125in">2023</td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">3,543</td><td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">189</td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">2024</td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">3,288</td><td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">122</td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0.125in">2025</td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">962</td><td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">11</td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">2026</td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">505</td><td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-308">—</div></td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; padding-left: 0pt">Thereafter </td><td style="padding-left: 0pt; padding-bottom: 1.5pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right">1,785</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-left: 0pt; padding-bottom: 1.5pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-309">—</div></td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Total </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">13,627</td><td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">1,705</td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0pt">Less: imputed interest </td><td style="padding-left: 0pt; padding-bottom: 1.5pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right">(1,735</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-left: 0pt; padding-bottom: 1.5pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right">(112</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Present value of lease liabilities </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">11,892</td><td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">1,593</td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0pt">Less: current portion </td><td style="padding-left: 0pt; padding-bottom: 1.5pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right">(3,281</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-left: 0pt; padding-bottom: 1.5pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right">(1,301</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in">Lease liabilities, net of current portion </td><td style="padding-left: 0pt; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; padding-left: 0pt; text-align: left">$</td><td style="border-bottom: Black 4pt double; padding-left: 0pt; text-align: right">8,611</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left"> </td><td style="padding-left: 0pt; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; padding-left: 0pt; text-align: left">$</td><td style="border-bottom: Black 4pt double; padding-left: 0pt; text-align: right">292</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Additional information related to the Company’s lease balances during the year ended and as of December 31, 2021 includes<i>:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><i> </i></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-left: 0pt">Operating lease cost </td><td style="padding-left: 0pt; width: 1%"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left">$</td><td style="padding-left: 0pt; width: 9%; text-align: right">3,654</td><td style="padding-left: 0pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0pt">Short-term lease cost </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left">$</td><td style="padding-left: 0pt; text-align: right">524</td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt"> </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right"> </td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-left: 0pt">Financing lease cost: </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right"> </td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0pt">Amortization of finance leased assets </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left">$</td><td style="padding-left: 0pt; text-align: right">2,575</td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0pt">Interest of lease liabilities </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left">$</td><td style="padding-left: 0pt; text-align: right">472</td><td style="padding-left: 0pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><i> </i></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Operating <br/> Lease</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-left: 0pt; font-weight: bold"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Financing <br/> Lease</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 0pt">Weighted average remaining lease term (years) </td><td style="padding-left: 0pt; width: 1%"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left"> </td><td style="padding-left: 0pt; width: 9%; text-align: right">4.51</td><td style="padding-left: 0pt; width: 1%; text-align: left"> </td><td style="padding-left: 0pt; width: 1%"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left"> </td><td style="padding-left: 0pt; width: 9%; text-align: right">1.22</td><td style="padding-left: 0pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0pt">Weighted average discount rate </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">5.94</td><td style="padding-left: 0pt; text-align: left">%</td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">13.21</td><td style="padding-left: 0pt; text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -0.25in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company’s rent expense totaled approximately $4,178 and $3,514 during the years ended December 31, 2021 and 2020, respectively.</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Operating<br/> Lease</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-left: 0pt; font-weight: bold"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Financing <br/> Lease</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt">Year Ending December 31:</td><td style="padding-left: 0pt"> </td> <td colspan="2" style="padding-left: 0pt"> </td><td style="padding-left: 0pt"> </td><td style="padding-left: 0pt"> </td> <td colspan="2" style="padding-left: 0pt"> </td><td style="padding-left: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 0.125in">2022</td><td style="padding-left: 0pt; width: 1%"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left">$</td><td style="padding-left: 0pt; width: 9%; text-align: right">3,544</td><td style="padding-left: 0pt; width: 1%; text-align: left"> </td><td style="padding-left: 0pt; width: 1%"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left">$</td><td style="padding-left: 0pt; width: 9%; text-align: right">1,383</td><td style="padding-left: 0pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0.125in">2023</td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">3,543</td><td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">189</td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">2024</td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">3,288</td><td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">122</td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0.125in">2025</td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">962</td><td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">11</td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">2026</td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">505</td><td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-308">—</div></td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; padding-left: 0pt">Thereafter </td><td style="padding-left: 0pt; padding-bottom: 1.5pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right">1,785</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-left: 0pt; padding-bottom: 1.5pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-309">—</div></td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Total </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">13,627</td><td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">1,705</td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0pt">Less: imputed interest </td><td style="padding-left: 0pt; padding-bottom: 1.5pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right">(1,735</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-left: 0pt; padding-bottom: 1.5pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right">(112</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Present value of lease liabilities </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">11,892</td><td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">1,593</td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0pt">Less: current portion </td><td style="padding-left: 0pt; padding-bottom: 1.5pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right">(3,281</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-left: 0pt; padding-bottom: 1.5pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right">(1,301</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in">Lease liabilities, net of current portion </td><td style="padding-left: 0pt; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; padding-left: 0pt; text-align: left">$</td><td style="border-bottom: Black 4pt double; padding-left: 0pt; text-align: right">8,611</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left"> </td><td style="padding-left: 0pt; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; padding-left: 0pt; text-align: left">$</td><td style="border-bottom: Black 4pt double; padding-left: 0pt; text-align: right">292</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p> 3544000 1383000 3543000 189000 3288000 122000 962000 11000 505000 1785000 13627000 1705000 -1735000 -112000 11892000 1593000 3281000 1301000 8611000 292000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-left: 0pt">Operating lease cost </td><td style="padding-left: 0pt; width: 1%"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left">$</td><td style="padding-left: 0pt; width: 9%; text-align: right">3,654</td><td style="padding-left: 0pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0pt">Short-term lease cost </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left">$</td><td style="padding-left: 0pt; text-align: right">524</td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt"> </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right"> </td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-left: 0pt">Financing lease cost: </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right"> </td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0pt">Amortization of finance leased assets </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left">$</td><td style="padding-left: 0pt; text-align: right">2,575</td><td style="padding-left: 0pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0pt">Interest of lease liabilities </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left">$</td><td style="padding-left: 0pt; text-align: right">472</td><td style="padding-left: 0pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><i> </i></p> 3654000 524000 2575000 472000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Operating <br/> Lease</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-left: 0pt; font-weight: bold"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Financing <br/> Lease</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 0pt">Weighted average remaining lease term (years) </td><td style="padding-left: 0pt; width: 1%"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left"> </td><td style="padding-left: 0pt; width: 9%; text-align: right">4.51</td><td style="padding-left: 0pt; width: 1%; text-align: left"> </td><td style="padding-left: 0pt; width: 1%"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left"> </td><td style="padding-left: 0pt; width: 9%; text-align: right">1.22</td><td style="padding-left: 0pt; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0pt">Weighted average discount rate </td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">5.94</td><td style="padding-left: 0pt; text-align: left">%</td><td style="padding-left: 0pt"> </td> <td style="padding-left: 0pt; text-align: left"> </td><td style="padding-left: 0pt; text-align: right">13.21</td><td style="padding-left: 0pt; text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -0.25in"> </p> P4Y6M3D P1Y2M19D 0.0594 0.1321 4178 3514 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"/><td style="width: 0.25in; text-align: left"><b>14.</b></td><td style="text-align: justify"><b>OTHER EXPENSE, NET</b></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Other expense, net on the consolidated statements of operations and comprehensive loss is comprised of the following for the years ended December 31, 2021 and 2020, respectively:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="6" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">December 31,</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt">Other expense, net:</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: 0pt; padding-left: 0.125in">Interest income</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">7</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">168</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Change in fair value of derivative and warrant liability</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(4,920</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(1,806</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Loss on extinguishment of convertible note</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-310">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(3,775</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0.125in">Other expense, net</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(502</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">17</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0.25in">Total other expense, net</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(5,415</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(5,396</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="6" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">December 31,</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt">Other expense, net:</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: 0pt; padding-left: 0.125in">Interest income</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">7</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">168</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Change in fair value of derivative and warrant liability</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(4,920</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(1,806</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Loss on extinguishment of convertible note</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-310">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(3,775</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0.125in">Other expense, net</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(502</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">17</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0.25in">Total other expense, net</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(5,415</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(5,396</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td></tr> </table> 7000 168000 4920000 1806000 -3775000 -502000 17000 -5415000 -5396000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"/><td style="width: 0.25in; text-align: left"><b>15.</b></td><td style="text-align: justify"><b>NET LOSS PER SHARE</b></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders for the years ended December 31, 2021 and 2020:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="6" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">December 31,</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt">Numerator:</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: 0pt; padding-left: 0pt">Net loss</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">(79,540</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">(74,407</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Less: deemed dividend related to the exchange of Preferred Stock Series D-3A for Preferred Stock Series D-3</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-311">—</div></td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(3,182</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt">Net loss attributable to common stockholders</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(79,540</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(77,589</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: 0pt; padding-left: 0pt">Denominator:</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt">Weighted average shares outstanding – Basic and Dilutive</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">12,104,523</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">11,780,078</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt">Basic and Diluted Net Loss Per Share</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(6.57</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(6.59</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">For the years ended December 31, 2021 and 2020, the diluted earnings per share is equal to the basic earnings per share as the effect of potentially dilutive securities would have been antidilutive.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The following table summarizes the outstanding shares of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive for the years ended December 31, 2021 and 2020:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="6" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">December 31,</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: 0pt; padding-left: 0pt">Stock options</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">5,475,283</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">5,178,276</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Series C Warrants</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-312">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">134,126</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Common stock warrants</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">191,355</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-313">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Preferred Stock</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">19,248,537</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">19,132,387</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: 0pt; padding-left: 0.125in">Total</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">24,915,175</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">24,444,789</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="6" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">December 31,</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt">Numerator:</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: 0pt; padding-left: 0pt">Net loss</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">(79,540</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">(74,407</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Less: deemed dividend related to the exchange of Preferred Stock Series D-3A for Preferred Stock Series D-3</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-311">—</div></td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(3,182</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt">Net loss attributable to common stockholders</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(79,540</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(77,589</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: 0pt; padding-left: 0pt">Denominator:</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt">Weighted average shares outstanding – Basic and Dilutive</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">12,104,523</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">11,780,078</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt">Basic and Diluted Net Loss Per Share</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(6.57</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(6.59</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p> 79540000 74407000 3182000 -79540000 -77589000 12104523 11780078 6.57 6.59 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="6" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">December 31,</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: 0pt; padding-left: 0pt">Stock options</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">5,475,283</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">5,178,276</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Series C Warrants</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-312">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">134,126</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Common stock warrants</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">191,355</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-313">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Preferred Stock</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">19,248,537</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">19,132,387</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: 0pt; padding-left: 0.125in">Total</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">24,915,175</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">24,444,789</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> </table> 5475283000 5178276000 134126 191355000 19248537 19132387 24915175000 24444789000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"/><td style="width: 0.25in; text-align: left"><b>16.</b></td><td style="text-align: justify"><b>INCOME TAXES</b></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company’s income (loss) before provision for income taxes for the years ended December 31, 2021 and 2020 consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: 0pt; padding-left: 0pt">United States</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">(79,962</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">(73,056</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">International</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">878</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(613</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(79,084</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(73,669</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of the provision for income taxes for the years ended December 31, 2021 and 2020 consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt">Federal</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-314">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-315">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 76%; text-indent: -10pt; padding-left: 20pt">State</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">5</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">International</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">339</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">594</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">344</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">597</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-indent: 0pt; padding-left: 0pt">Deferred:</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; padding-left: 0.125in">Federal</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-316">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-317">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: 0pt; padding-left: 0.125in">State</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-318">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-319">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0.125in">International</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 9%; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">112</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 1%; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 9%; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">141</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">112</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">141</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0.125in">Total provision</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">456</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">738</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company has incurred net pre-tax losses in the United States only for all periods presented. The Company recorded an income tax expense of $456 and $738 for the years ended December 31, 2021 and 2020, which reflects withholding tax paid on the U.S. books for sales in Korea and estimated 2021 income tax related to foreign subsidiaries.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The benefit from income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: 0pt; padding-left: 0pt">Federal statutory income tax rate</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">21.00</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">%</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">21.00</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">State income tax rate, net of federal benefit</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">2.56</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">%</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">1.63</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Foreign withholding and income tax</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(0.49</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(0.99</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Research and development credits</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">2.03</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">%</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">2.51</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Change in valuation allowance</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(22.55</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(20.44</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Stock based compensation</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(0.92</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(0.00</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Non-deductible permanent expenses</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(1.26</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(4.61</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Other</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(0.95</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)%</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(0.09</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; font-weight: bold; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 4pt double; font-weight: bold; text-align: right; text-indent: 0pt">(0.58</td><td style="padding-left: 0pt; padding-bottom: 4pt; font-weight: bold; text-align: left; text-indent: 0pt">)%</td><td style="padding-left: 0pt; font-weight: bold; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; font-weight: bold; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 4pt double; font-weight: bold; text-align: right; text-indent: 0pt">(0.99</td><td style="padding-left: 0pt; padding-bottom: 4pt; font-weight: bold; text-align: left; text-indent: 0pt">)%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Deferred income tax reflects the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The categories that give rise to significant components of the deferred tax assets are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt">Deferred tax assets:</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: 0pt; padding-left: 0.125in">Net operating loss carryforwards</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">70,808</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">54,527</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Research and development credits</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">10,650</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">9,035</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Property and equipment and intangible assets</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">91</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-320">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Deferred revenue</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">3,662</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">2,752</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Contract liability</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">1,154</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">2,282</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Share-based compensation</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">1,235</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">1,036</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Deferred rent</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-321">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">378</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Operating lease liabilities</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">2,861</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-322">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Debt issuance cost</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-323">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">121</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0.125in">Accruals and reserves</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">863</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">989</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Gross deferred tax assets</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">91,324</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">71,120</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Valuation allowance</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(86,695</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(68,760</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; text-indent: 0pt; padding-left: 0pt">Deferred tax liabilities:</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Property and equipment and intangible assets</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-324">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(78</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0.125in">Right-of-use assets</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(2,461</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-325">—</div></td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Gross deferred tax liabilities</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(2,461</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(78</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt">Net deferred tax assets</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">2,168</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">2,282</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Based on available objective evidence, management believes it is more-likely-than-not that the federal and state deferred tax assets will not be fully realized due to the Company’s cumulative losses. Accordingly, the Company has provided a valuation allowance on deferred tax assets in excess of deferred tax liabilities against its federal and state deferred tax assets as of December 31, 2021 and 2020. The valuation allowance increased by $17,934 and by $15,265 for the year ended December 31, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company is not asserting permanent reinvestment of its unrepatriated foreign earnings under APB23. Management has analyzed the unrepatriated foreign earnings balances and determined that the following balances exist according to U.S. GAAP as of December 31, 2021: $972 in Canada, $0 in China, $5,681 in Germany, $159 in Japan and $0 in Korea. Based on the U.S. income tax treaties with Japan and Germany, the Company is entitled to a reduced 0% withholding rate on dividends from the Japanese and German subsidiaries (respectively). Under the U.S. income tax treaty with Canada, the withholding tax rate on dividends is reduced to 5%. Based on the unrepatriated earnings balance of $972, the effective tax liability is approximately $49. Management deems this amount to be immaterial to the financials.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">As of December 31, 2021, the Company had net operating loss carry forwards of approximately $301,503 and $102,925 available to reduce future taxable income, if any, for both federal and state income tax purposes, respectively. Additionally, as of December 31, 2021, the Company had Germany net operating loss carryforwards of $3,383. The federal and state net operating loss carry forwards will start to expire in 2025 and 2028, respectively, with the exception of $212,867 in federal net operating loss carryforwards, which can be carried forward indefinitely. The Germany net operating losses can be carried forward indefinitely.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company also had federal and state research and development credit carry forwards of approximately $8,900 and $7,993, respectively, at December 31, 2021. The federal credits will expire starting in 2029 if not utilized. State research and development tax credits will carry forward indefinitely.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Under Sections 382 and 383 of the Internal Revenue Code of 1986 and similar state tax laws, if a corporation undergoes an ownership change, the utilization of net operating loss carryforwards and other tax attributes could be subject to an annual limitation. The annual limitation may result in the expiration of the net operating loss carryforwards and credits carryforwards before utilization. The Company has not undertaken a study to determine if ownership change has occurred as defined under IRC Section 382. In the event the Company previously experienced an ownership change, or should experience an ownership change in the future, the amount of net operating losses and research and development credit carryovers, which are reserved by a full deferred tax asset valuation allowance, could be limited and may expire unutilized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">As of December 31, 2021, the Company has not filed its 2019 Germany income tax return. Accordingly, the Company has recognized $474 of interest and penalties expected to be owed with the late filing of the 2019 Germany income tax return, which have been included as other expense in the Company’s statement of operations with its consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company’s tax years 2006 to 2021 will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating loss credits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">On March 27, 2020 and December 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Consolidated Appropriation Act (CAA), respectively, as a result of the Coronavirus pandemic, which contain among other things, numerous income tax provisions. Some of these tax provisions are expected to be effective retroactively for years ending before the date of enactment. The company has evaluated the current legislation and at this time, does not anticipate the CARES Act or the CCA to have a material impact on its financial statements.</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: 0pt; padding-left: 0pt">United States</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">(79,962</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">(73,056</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">International</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">878</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(613</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(79,084</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">(73,669</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p> -79962000 -73056000 878000 -613000 -79084000 -73669000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt">Federal</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-314">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-315">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 76%; text-indent: -10pt; padding-left: 20pt">State</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">5</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">International</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">339</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">594</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">344</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">597</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-indent: 0pt; padding-left: 0pt">Deferred:</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; padding-left: 0.125in">Federal</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-316">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-317">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: 0pt; padding-left: 0.125in">State</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-318">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-319">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0.125in">International</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 9%; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">112</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 1%; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 9%; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">141</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">112</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">141</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0.125in">Total provision</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">456</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">738</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p> 5000 3000 339000 594000 344000 597000 112000 141000 112000 141000 456000 738000 456000 738000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: 0pt; padding-left: 0pt">Federal statutory income tax rate</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">21.00</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">%</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">21.00</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">State income tax rate, net of federal benefit</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">2.56</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">%</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">1.63</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Foreign withholding and income tax</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(0.49</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(0.99</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Research and development credits</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">2.03</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">%</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">2.51</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Change in valuation allowance</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(22.55</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(20.44</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Stock based compensation</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(0.92</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(0.00</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0pt">Non-deductible permanent expenses</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(1.26</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(4.61</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Other</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(0.95</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)%</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(0.09</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; font-weight: bold; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 4pt double; font-weight: bold; text-align: right; text-indent: 0pt">(0.58</td><td style="padding-left: 0pt; padding-bottom: 4pt; font-weight: bold; text-align: left; text-indent: 0pt">)%</td><td style="padding-left: 0pt; font-weight: bold; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; font-weight: bold; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 4pt double; font-weight: bold; text-align: right; text-indent: 0pt">(0.99</td><td style="padding-left: 0pt; padding-bottom: 4pt; font-weight: bold; text-align: left; text-indent: 0pt">)%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p> 0.21 0.21 0.0256 0.0163 -0.0049 -0.0099 0.0203 0.0251 -0.2255 -0.2044 -0.0092 0 -0.0126 -0.0461 -0.0095 -0.0009 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt">Deferred tax assets:</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: 0pt; padding-left: 0.125in">Net operating loss carryforwards</td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">70,808</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 1%; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; text-align: right; text-indent: 0pt">54,527</td><td style="padding-left: 0pt; width: 1%; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Research and development credits</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">10,650</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">9,035</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Property and equipment and intangible assets</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">91</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-320">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Deferred revenue</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">3,662</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">2,752</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Contract liability</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">1,154</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">2,282</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Share-based compensation</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">1,235</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">1,036</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Deferred rent</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-321">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">378</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Operating lease liabilities</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">2,861</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-322">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Debt issuance cost</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-323">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">121</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0.125in">Accruals and reserves</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">863</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">989</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Gross deferred tax assets</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">91,324</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">71,120</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Valuation allowance</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(86,695</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(68,760</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; text-indent: 0pt; padding-left: 0pt">Deferred tax liabilities:</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: 0pt; padding-left: 0.125in">Property and equipment and intangible assets</td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-324">—</div></td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; text-align: right; text-indent: 0pt">(78</td><td style="padding-left: 0pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0.125in">Right-of-use assets</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(2,461</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt"><div style="-sec-ix-hidden: hidden-fact-325">—</div></td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Gross deferred tax liabilities</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(2,461</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0pt">(78</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; text-align: left; text-indent: 0pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt">Net deferred tax assets</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">2,168</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">2,282</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p> 70808000 54527000 10650000 9035000 91000 3662000 2752000 1154000 2282000 1235000 1036000 378000 2861000 121000 863000 989000 91324000 71120000 86695000 68760000 78000 2461000 2461000 78000 2168000 2282000 17934000 15265000 The Company is not asserting permanent reinvestment of its unrepatriated foreign earnings under APB23. Management has analyzed the unrepatriated foreign earnings balances and determined that the following balances exist according to U.S. GAAP as of December 31, 2021: $972 in Canada, $0 in China, $5,681 in Germany, $159 in Japan and $0 in Korea. Based on the U.S. income tax treaties with Japan and Germany, the Company is entitled to a reduced 0% withholding rate on dividends from the Japanese and German subsidiaries (respectively). Under the U.S. income tax treaty with Canada, the withholding tax rate on dividends is reduced to 5%. Based on the unrepatriated earnings balance of $972, the effective tax liability is approximately $49. Management deems this amount to be immaterial to the financials. As of December 31, 2021, the Company had net operating loss carry forwards of approximately $301,503 and $102,925 available to reduce future taxable income, if any, for both federal and state income tax purposes, respectively. Additionally, as of December 31, 2021, the Company had Germany net operating loss carryforwards of $3,383. The federal and state net operating loss carry forwards will start to expire in 2025 and 2028, respectively, with the exception of $212,867 in federal net operating loss carryforwards, which can be carried forward indefinitely. 8900000 7993000 474000 The Company’s tax years 2006 to 2021 will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating loss credits.  <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"/><td style="width: 0.25in; text-align: left"><b>17.</b></td><td style="text-align: justify"><b>RELATED PARTY TRANSACTIONS</b></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company entered into revenue contracts to perform professional services for certain companies who are also investors in the Company. These companies are holders of either the Company’s common stock or Preferred Stock. The following is financial information on related party transactions as of and for the years ended December 31, 2021:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="6" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">For the Years Ended <br/> December 31,</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; width: 76%; padding-bottom: 4pt; padding-left: 0pt">Revenue </td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">7,013</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">6,668</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">As of December 31, 2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">As of December 31, 2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt">Accounts receivable</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">583</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">2,083</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt">Deferred revenue</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">15,238</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">16,787</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="6" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">For the Years Ended <br/> December 31,</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 0pt; width: 76%; padding-bottom: 4pt; padding-left: 0pt">Revenue </td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">7,013</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">6,668</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">As of December 31, 2021</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td><td style="padding-left: 0pt; font-weight: bold; text-indent: 0pt"> </td> <td colspan="2" style="padding-left: 0pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; text-indent: 0pt">As of December 31, 2020</td><td style="padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt">Accounts receivable</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">583</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; width: 1%; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">2,083</td><td style="padding-left: 0pt; width: 1%; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt">Deferred revenue</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">15,238</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td><td style="padding-left: 0pt; padding-bottom: 4pt; text-indent: 0pt"> </td> <td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; border-bottom: Black 4pt double; text-align: right; text-indent: 0pt">16,787</td><td style="padding-left: 0pt; padding-bottom: 4pt; text-align: left; text-indent: 0pt"> </td></tr> </table> 7013000 6668000 583000 2083000 15238000 16787000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"/><td style="width: 0.25in; text-align: left"><b>18.</b></td><td style="text-align: justify"><b>SUBSEQUENT EVENTS</b></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company has evaluated subsequent events through March 9, 2022, the date the consolidated financial statements were issued.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">In January 2022, the Company entered into a new office lease agreement for office space in Tokyo, Japan. The lease commenced on January 1, 2022 and will expire on December 31, 2023.</p> 18129 235295 78566 98066 96695 333361 133022440 133010583 133119135 133343944 503071 247868 1816 503071 249684 154768 247514 657839 497198 133022440 133010583 416 416 806490 818347 -1368050 -982600 -561144 -163837 133119135 133343944 490053 81441 -490053 -81441 11857 525 92746 -3117 104603 -2592 -385450 -84033 13300000 2306667 -0.02 3.41 4161000 3342133 -0.02 -2.38 4161000 416 818347 -982600 -163837 -385450 -385450 -11857 -11857 4161000 416 806490 -1368050 -561144 -716 -716 12000000 12000000 1200 119998800 120000000 1300000 1300000 130 12999870 13000000 416000 416000 42 4159958 4160000 420000 42 2024421 2024463 3450000 345 24655 25000 -125000 -13 13 -2660000 -2660000 -2449810 -2449810 -270307 -270307 4779936 4779936 -84033 -84033 -13300000 -1330 -124412583 -124413913 -13366023 -13366023 -525 -525 4161000 416 828405 -84749 744072 -385450 -84033 92746 -3117 11857 525 -19500 165713 255203 54815 -1816 6381 -217166 -185958 133000000 -133000000 133000000 2660000 4160000 125000 -125000 25000 375347 134149653 -217166 963695 235295 18129 963695 124413913 -4779936 13366023 11857 525 13 270307 50000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Note 1 — Organization and Business Operations</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Organization and General</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Archimedes Tech SPAC Partners Co. (the “Company”) is a blank check company formed under the laws of the State of Delaware on September 15, 2020. The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar Business Combination with one or more businesses or entities (the “Business Combination”). The Company’s focus will be on the artificial intelligence, cloud services and automotive technology sectors. However, the Company is not limited to the technology industry, or these sectors therein, and the Company may pursue a Business Combination opportunity in any business or industry it chooses, and it may pursue a company with operations or opportunities outside of the United States.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company has selected December 31 as its fiscal year end. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">As of March 31, 2022, the Company had not commenced any revenue-generating operations. All activity for the period from September 15, 2020 (inception) through March 31, 2022 relates to the Company’s formation, the initial public offering (the “IPO”) described below, and, since the closing of the IPO, the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO and will recognize changes in the fair value of warrant liability as other income or expense, as applicable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On November 15, 2021, the Company entered into a definitive merger agreement with SoundHound Inc. (“SoundHound”), a voice artificial intelligence company, pursuant to which the two companies agreed to consummate a Business Combination (the “Merger Agreement”). The total consideration to be paid by the Company to SoundHound is $2,000,000,000 in equity of the Company, with outstanding SoundHound stock options and warrants included on a net exercise basis. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 26, 2022, the Company consummated its Business Combination with SoundHound pursuant to the Merger Agreement. The aggregate merger consideration paid by the Company to SoundHound security holders in connection with the Business Combination was an amount equal to $2,000,000,000, with outstanding SoundHound stock options and warrants assumed by the company included on a net exercise basis. As a result of the Business Combination, the Company owns 100% of the outstanding common stock of SoundHound and the Company changed its name from “Archimedes Tech SPAC Partners Co.” to “SoundHound AI, Inc” (See Note 9).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s sponsor is Archimedes Tech SPAC Sponsors LLC, a Delaware limited liability company (the “Sponsor”).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">References to the Company’s “initial stockholders” refer to the Company’s stockholders prior to the IPO, excluding the holders of the Representative Shares (See Note 7).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Financing</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The registration statement for the Company’s IPO was declared effective on March 10, 2021 (the “Effective Date”). As discussed in Note 3, on March 15, 2021, the Company consummated the IPO of 12,000,000 units, (the “Public Units”), at $10.00 per Public Unit, generating gross proceeds of $120,000,000.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Each Public Unit consists of (i) one subunit (the “Public Subunit”), which consists of one share of common stock (the “Public Share”) and one-quarter of one redeemable warrant, and (ii) one-quarter of one redeemable warrant (collectively, the redeemable warrants included in the Public Units and Public Subunits, the “Public Warrants”); each whole Public Warrant will be exercisable to purchase one share of common stock at a price of $11.50 per share.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Simultaneously with the closing of the IPO, the Company consummated the sale of 390,000 private units (the “Private Units”) at a price of $10.00 per Private Unit in a private placement (the “Private Placement”) to the Sponsor and EarlyBirdCapital, Inc. (“EarlyBirdCapital”), generating gross proceeds of $3,900,000, which is discussed in Note 4. Each Private Unit consists of (i) one subunit (the “Private Subunits”), which consists of one share of common stock (the “Private Shares”) and one-quarter of one redeemable warrant, and (ii) one-quarter of one redeemable warrant (collectively, the redeemable warrants included in the Private Units and Private Subunits, the “Private Warrants”).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Transaction costs amounted to $4,849,810 consisting of $2,400,000 of underwriting discount and $2,449,810 of other offering costs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company granted the underwriters in the IPO a 45-day option to purchase up to 1,800,000 additional Public Units to cover over-allotments, if any. On March 19, 2021, the underwriters partially exercised the over-allotment option to purchase 1,300,000 Public Units, generating an aggregate of gross proceeds of $13,000,000, and incurred transaction costs of $260,000 in underwriting discount. In connection with the underwriters’ exercise of their over-allotment option, the Company also consummated the sale of an additional 26,000 Private Units at $10.00 per Private Unit to the Sponsor and EarlyBirdCapital, generating gross proceeds of $260,000.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 26, 2022, in connection with the Company’s Business Combination, an aggregate of $127,679,500 was paid from the Company’s Trust Account (see below) to holders that properly exercised their right to have their Public Shares redeemed, with a remaining Trust Account balance of approximately $5,356,628 (the “Trust Proceeds”). Additionally, pursuant to subscription agreements the Company had previously entered into with certain accredited investors (the “Subscribers”), the Subscribers purchased an aggregate of 11,300,000 shares of Class A Common Stock of the combined company for a purchase price of $10.00 per share in a private placement that closed concurrently with the Business Combination, for total gross proceeds of $113,000,000 (the “PIPE Proceeds”). The Trust Proceeds and PIPE Proceeds were used for the payment of expenses incurred by the Company and SoundHound in connection with the Business Combination and the remaining proceeds will be used for general corporate purposes of the Company following the Business Combination (See Note 9).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Trust Account</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Following the closing of the IPO on March 15, 2021 and the underwriters’ partial exercise of over-allotment option on March 19, 2021, $133,000,000 from the net proceeds of the sale of the Public Units in the IPO and the sale of the Private Units was placed in a trust account maintained by Continental Stock Transfer &amp; Trust Company, acting as trustee (the “Trust Account”). The funds held in the Trust Account is and will be invested only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, so that the Company is not deemed to be an investment company under the Investment Company Act. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its income or other tax obligations, the proceeds will not be released from the Trust Account until the earlier of the completion of a Business Combination or the redemption of 100% of the outstanding Public Subunits if the Company has not completed a Business Combination in the required time period. The proceeds held in the Trust Account may be used as consideration to pay the sellers of a target business with which the Company completes a Business Combination. Any amounts not paid as consideration to the sellers of the target business may be used to finance operations of the target business.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 26, 2022, in connection with the Company’s Business Combination, an aggregate of $127,679,500 was paid from the Company’s Trust Account to holders that properly exercised their right to have their Public Shares redeemed, resulting in Trust Proceeds of approximately $5,356,628 (See Note 9).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Initial Business Combination</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 26, 2022, the Company consummated its Business Combination with SoundHound pursuant to the Merger Agreement. As a result of the Business Combination, the registrant owns 100% of the outstanding common stock of SoundHound and the registrant changed its name from “Archimedes Tech SPAC Partners Co.” to “SoundHound AI, Inc.” In connection with the Company’s Business Combination, the Company received approximately $5,356,628 in Trust Proceeds and $113,000,000 in PIPE Proceeds. The Trust Proceeds and PIPE Proceeds were used for the payment of expenses incurred by the Company and SoundHound in connection with the Business Combination and the remaining proceeds will be used for general corporate purposes of the Company following the Business Combination (See Note 9).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Liquidity and Going Concern</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 5pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">As of March 31, 2022, the Company had cash outside the Trust Account of $18,129 available for its working capital needs. All remaining cash and securities were held in the Trust Account and is generally unavailable for the Company’s use prior to an initial Business Combination and is restricted for use either in a Business Combination or to redeem Public Subunits. As of March 31, 2022, none of the amount on deposit in the Trust Account was available to be withdrawn as described above.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 21, 2022, SPAC Partners LLC (“SP”), an affiliate of the Company’s Chief Executive Officer, agreed to loan the Company $167,955 to be used for tax payments (the “SP Promissory Note”). The SP Promissory Note is non-interest bearing and payable in cash upon the closing of the Company’s Business Combination. In the event the Company fails to complete a Business Combination prior to the deadline set forth in its governing document, no payment will be due under the SP Promissory Note and the principal balance of the SP Promissory Note will be forgiven.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 26, 2022, in connection with the Company’s Business Combination, the Company received approximately $5,356,628 in Trust Proceeds and $113,000,000 in PIPE Proceeds. The Trust Proceeds and PIPE Proceeds were used for the payment of expenses incurred by the Company and SoundHound in connection with the Business Combination and the remaining proceeds will be used for general corporate purposes of the Company following the Business Combination (See Note 9).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Prior to the completion of the IPO, the Company’s liquidity needs had been satisfied through receipt of $25,000 from the sale of Founder Shares (see Note 5), advances from the Sponsor in an aggregate amount of $125,000 under an unsecured promissory note, which were repaid upon the closing of the IPO (see Note 5). Subsequent to the consummation of the IPO and Private Placement, the Company’s liquidity needs have been satisfied through the net proceeds from the IPO and Private Placement held outside of the Trust Account. Subsequent to the consummation of the Company’s Business Combination on April 26, 2022, the Company’s liquidity needs have been satisfied through the remaining Trust Proceeds and PIPE Proceeds after payment of expenses in connection with the Business Combination (See Note 9).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor, initial stockholders, officers, directors and their affiliates may, but are not obligated to, provide the Company Working Capital Loans, as defined below (see Note 5). To date, there were no amounts outstanding under any Working Capital Loans.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><span style="-sec-ix-redline:true;-d:ummy">The Company anticipates that the $18,129 outside of the Trust account as of March 31, 2022, combined with the net Trust Proceeds and PIPE Proceeds that the Company received upon the consummation of the Company’s Business Combination on April 26, 2022, will be sufficient to allow the Company to operate for at least the next 12 months.</span> </p> 2000000000 2000000000 1 12000000 10 120000000 11.5 390000 10 3900000 4849810 2400000 2449810 1800000 1300000 13000000 260000 26000 10 260000 127679500 5356628 11300000 10 113000000 133000000 1 127679500 5356628 1 5356628 113000000 18129 167955 5356628 113000000 25000 125000 18129 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Note 2 — Summary of Significant Accounting Policies</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Basis of Presentation</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected through December 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The accompanying unaudited condensed financial statements should be read in conjunction with the audited 2021 financial statements and notes thereto included in the Form 10-K filed by the Company with the SEC on March 9, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Emerging Growth Company Status</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Use of Estimates</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The preparation of unaudited condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements. Actual results could differ from those estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Cash and Cash Equivalents</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company has $18,129 and $235,295 of cash held outside of the Trust Account as of March 31, 2022 and December 31, 2021, respectively. The Company did not have any cash equivalents held outside of the Trust Account as of March 31, 2022 or December 31, 2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Marketable Securities Held in Trust Account</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">At March 31, 2022 and December 31, 2021, the Company had 133,022,440 and $133,010,583 in the Trust Account which may be utilized for Business Combination. As of March 31, 2022 and December 31, 2021, the assets held in the Trust Account were invested in Treasury Securities consisting of money market funds.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Fair Value Measurements</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The fair value of the Company’s certain assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. The fair values of cash and cash equivalents, prepaid expenses, accounts payable and accrued liabilities, and due to related party are estimated to approximate the carrying values as of March 31, 2022 and December 31, 2021 due to the short maturities of such instruments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s warrant liability and the fair value of its Representative Shares are based on valuation models utilizing management judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets. Significant deviations from these estimates and inputs could result in a material change in fair value. The fair value of the warrant liability and the fair value of its Representative Shares are classified as Level 3. See Note 6 for additional information on assets, liabilities and Representative Shares measured at fair value. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Concentration of Credit Risk</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At March 31, 2022 and December 31, 2021, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Common Stock Subject to Possible Redemption</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock feature certain redemption rights that is considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Net Income (Loss) Per Common Share</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The statements of operations include a presentation of income (loss) per redeemable Public Share and income (loss) per founder non-redeemable share following the two-class method of income (loss) per share. In order to determine the net income (loss) attributable to both the public redeemable shares and founder non-redeemable shares, the Company first considered the total income (loss) allocable to both sets of shares. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the accretion to redemption value of the common stock subject to possible redemption was considered to be dividends paid to the public stockholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using a ratio of 76.2% for the Public Shares and 23.8% for the founder non-redeemable shares for the three months ended March 31, 2022, and a ratio of 40.8% for the Public Shares and 59.2% for the founder non-redeemable shares for the three months ended March 31, 2021, respectively, reflective of the respective participation rights.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The earnings per share presented in the statements of operations is based on the following:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">For the three<br/> months ended<br/> March 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">For the three <br/> months ended <br/> March 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Net loss</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(385,450</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(84,033</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Accretion of temporary equity to redemption value</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(11,857</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(13,366,548</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Net loss including accretion of temporary equity to redemption value</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(397,307</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(13,450,581</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">For the three <br/> months ended<br/> March 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">For the three<br/> months ended<br/> March 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Redeemable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Non-redeemable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Redeemable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Non-redeemable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Basic and diluted net loss per share:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Numerator:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Allocation of net loss including accretion of temporary equity</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(302,628</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(94,679</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(5,492,495</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(7,958,086</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Accretion of temporary equity to redemption value</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,857</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-326"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13,366,548</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-327"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Allocation of net income (loss)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(290,771</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(94,679</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7,874,053</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(7,958,086</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Denominator:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Weighted-average shares outstanding</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13,300,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,161,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,306,667</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,342,133</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Basic and diluted net income (loss) per share</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(0.02</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(0.02</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3.41</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(2.38</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In connection with the underwriters’ partial exercise of their over-allotment option on March 19, 2021, 325,000 Founder Shares were no longer subject to forfeiture. These shares were excluded from the calculation of weighted average shares outstanding until they were no longer subject to forfeiture.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">As of March 31, 2022 and December 31, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the Company’s earnings. As a result, diluted income (loss) per share is the same as basic income (loss) per share for the periods presented.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Offering Costs associated with the Initial Public Offering</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the IPO and were charged to stockholders’ equity upon the completion of the IPO. Accordingly, as of March 15, 2021, offering costs in the aggregate of $4,849,810 have been charged to stockholders’ equity (consisting of $2,400,000 of underwriting discount and $2,449,810 of other offering costs).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On March 19, 2021, the underwriters partially exercised the over-allotment option to purchase 1,300,000 Public Units, generating an aggregate of gross proceeds of $13,000,000, and incurred additional transaction costs of $260,000 in underwriting discount.<b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Derivative Financial Instruments</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. Derivative instruments are recorded at fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The Company has determined the warrants are a derivative instrument.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Income Taxes</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2022 or December 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Risks and Uncertainties</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, cash flows and/or search for a target company, the specific impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Recently Adopted Accounting Standards</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In August 2020, the FASB issued ASU 2020-06, <i>Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity</i> <i>(Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity</i> (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Basis of Presentation</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected through December 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The accompanying unaudited condensed financial statements should be read in conjunction with the audited 2021 financial statements and notes thereto included in the Form 10-K filed by the Company with the SEC on March 9, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Emerging Growth Company Status</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Use of Estimates</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The preparation of unaudited condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements. Actual results could differ from those estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Cash and Cash Equivalents</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company has $18,129 and $235,295 of cash held outside of the Trust Account as of March 31, 2022 and December 31, 2021, respectively. The Company did not have any cash equivalents held outside of the Trust Account as of March 31, 2022 or December 31, 2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 18129 235295 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Marketable Securities Held in Trust Account</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">At March 31, 2022 and December 31, 2021, the Company had 133,022,440 and $133,010,583 in the Trust Account which may be utilized for Business Combination. As of March 31, 2022 and December 31, 2021, the assets held in the Trust Account were invested in Treasury Securities consisting of money market funds.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 133022440 133010583 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Fair Value Measurements</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The fair value of the Company’s certain assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. The fair values of cash and cash equivalents, prepaid expenses, accounts payable and accrued liabilities, and due to related party are estimated to approximate the carrying values as of March 31, 2022 and December 31, 2021 due to the short maturities of such instruments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s warrant liability and the fair value of its Representative Shares are based on valuation models utilizing management judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets. Significant deviations from these estimates and inputs could result in a material change in fair value. The fair value of the warrant liability and the fair value of its Representative Shares are classified as Level 3. See Note 6 for additional information on assets, liabilities and Representative Shares measured at fair value. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Concentration of Credit Risk</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At March 31, 2022 and December 31, 2021, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 250000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Common Stock Subject to Possible Redemption</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock feature certain redemption rights that is considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Net Income (Loss) Per Common Share</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company complies with accounting and disclosure requirements of FASB ASC 260, Earnings Per Share. The statements of operations include a presentation of income (loss) per redeemable Public Share and income (loss) per founder non-redeemable share following the two-class method of income (loss) per share. In order to determine the net income (loss) attributable to both the public redeemable shares and founder non-redeemable shares, the Company first considered the total income (loss) allocable to both sets of shares. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the accretion to redemption value of the common stock subject to possible redemption was considered to be dividends paid to the public stockholders. Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using a ratio of 76.2% for the Public Shares and 23.8% for the founder non-redeemable shares for the three months ended March 31, 2022, and a ratio of 40.8% for the Public Shares and 59.2% for the founder non-redeemable shares for the three months ended March 31, 2021, respectively, reflective of the respective participation rights.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The earnings per share presented in the statements of operations is based on the following:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">For the three<br/> months ended<br/> March 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">For the three <br/> months ended <br/> March 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Net loss</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(385,450</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(84,033</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Accretion of temporary equity to redemption value</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(11,857</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(13,366,548</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Net loss including accretion of temporary equity to redemption value</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(397,307</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(13,450,581</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">For the three <br/> months ended<br/> March 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">For the three<br/> months ended<br/> March 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Redeemable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Non-redeemable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Redeemable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Non-redeemable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Basic and diluted net loss per share:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Numerator:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Allocation of net loss including accretion of temporary equity</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(302,628</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(94,679</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(5,492,495</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(7,958,086</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Accretion of temporary equity to redemption value</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,857</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-326"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13,366,548</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-327"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Allocation of net income (loss)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(290,771</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(94,679</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7,874,053</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(7,958,086</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Denominator:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Weighted-average shares outstanding</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13,300,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,161,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,306,667</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,342,133</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Basic and diluted net income (loss) per share</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(0.02</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(0.02</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3.41</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(2.38</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In connection with the underwriters’ partial exercise of their over-allotment option on March 19, 2021, 325,000 Founder Shares were no longer subject to forfeiture. These shares were excluded from the calculation of weighted average shares outstanding until they were no longer subject to forfeiture.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">As of March 31, 2022 and December 31, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the Company’s earnings. As a result, diluted income (loss) per share is the same as basic income (loss) per share for the periods presented.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 0.762 0.238 0.408 0.592 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">For the three<br/> months ended<br/> March 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">For the three <br/> months ended <br/> March 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Net loss</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(385,450</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(84,033</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Accretion of temporary equity to redemption value</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(11,857</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(13,366,548</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Net loss including accretion of temporary equity to redemption value</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(397,307</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(13,450,581</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">For the three <br/> months ended<br/> March 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">For the three<br/> months ended<br/> March 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Redeemable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Non-redeemable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Redeemable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Non-redeemable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Basic and diluted net loss per share:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Numerator:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Allocation of net loss including accretion of temporary equity</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(302,628</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(94,679</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(5,492,495</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(7,958,086</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Accretion of temporary equity to redemption value</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,857</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-326"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13,366,548</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-327"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Allocation of net income (loss)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(290,771</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(94,679</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7,874,053</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(7,958,086</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Denominator:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Weighted-average shares outstanding</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13,300,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,161,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,306,667</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,342,133</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Basic and diluted net income (loss) per share</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(0.02</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(0.02</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3.41</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(2.38</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> -385450000 -84033000 11857000 13366548000 -397307000 -13450581000 -302628000 -94679000 -5492495000 -7958086000 -11857000 -13366548000 -290771000 -94679000 7874053000 -7958086000 13300000 4161000 2306667 3342133 -0.02 -0.02 3.41 -2.38 325000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Offering Costs associated with the Initial Public Offering</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A - “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the IPO and were charged to stockholders’ equity upon the completion of the IPO. Accordingly, as of March 15, 2021, offering costs in the aggregate of $4,849,810 have been charged to stockholders’ equity (consisting of $2,400,000 of underwriting discount and $2,449,810 of other offering costs).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On March 19, 2021, the underwriters partially exercised the over-allotment option to purchase 1,300,000 Public Units, generating an aggregate of gross proceeds of $13,000,000, and incurred additional transaction costs of $260,000 in underwriting discount.<b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 4849810 2400000 2449810 1300000 13000000 260000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Derivative Financial Instruments</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. Derivative instruments are recorded at fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The Company has determined the warrants are a derivative instrument.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Income Taxes</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2022 or December 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Risks and Uncertainties</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, cash flows and/or search for a target company, the specific impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Recently Adopted Accounting Standards</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In August 2020, the FASB issued ASU 2020-06, <i>Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity</i> <i>(Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity</i> (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Note 3 — Initial Public Offering</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Pursuant to the IPO on March 15, 2021, the Company sold 12,000,000 Public Units at a purchase price of $10.00 per Public Unit. Each Public Unit consists of (i) one Public Subunit, which consists of one Public Share and one-quarter of one Public Warrant, and (ii) one-quarter of one Public Warrant. Each whole warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share. Each whole warrant will become exercisable 30 days after the completion of an initial Business Combination and will expire on the fifth anniversary of the completion of an initial Business Combination, or earlier upon redemption or liquidation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On March 19, 2021, the underwriters partially exercised the over-allotment option to purchase 1,300,000 Public Units, at a purchase price of $10.00 per Public Unit, generating gross proceeds to the Company of $13,000,000. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Following the closing of the IPO on March 15, 2021 and the underwriters’ partial exercise of over-allotment option on March 19, 2021, $133,000,000 from the net proceeds of the sale of the Public Units in the IPO and the sale of the Private Units was placed in the Trust Account. The funds held in Trust Account is and will be invested only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, so that the Company is not deemed to be an investment company under the Investment Company Act.</span></p> 12000000 10 11.5 1300000 10 13000000 133000000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Note 4 — Private Placement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Simultaneously with the closing of the IPO, the Sponsor and EarlyBirdCapital purchased an aggregate of 390,000 Private Units at a price of $10.00 per Private Unit in a private placement (the “Private Placement”), generating gross proceeds of $3,900,000.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On March 19, 2021, simultaneous with the exercise of the over-allotment option, the Sponsor and EarlyBirdCapital purchased an aggregate of 26,000 additional Private Units, at a purchase price of $10.00 per Private Unit, generating gross proceeds to the Company of $260,000.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Private Units (and underlying Private Subunits, Private Shares, and Private Warrants) are identical to the Public Units except that the Private Warrants included in the Private Units: (i) will not be redeemable by the Company and (ii) may be exercised for cash or on a cashless basis, so long as they are held by the initial purchasers or any of their permitted transferees. If the Private Warrants are held by holders other than the initial purchasers or any of their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s initial stockholders have agreed (A) to vote the Private Shares contained in the Private Subunits in favor of any proposed Business Combination, (B) not to convert any Private Subunits in connection with a stockholder vote to approve a proposed initial Business Combination or sell any Private Shares to the Company in a tender offer in connection with a proposed initial Business Combination and (C) that the Private Subunits shall not participate in any liquidating distribution from the Trust Account upon winding up if a Business Combination is not consummated. In the event of a liquidation prior to the initial Business Combination, the Private Units will likely be worthless.</span></p> 390000 10 3900000 26000 10 260000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Note 5 — Related Party Transactions</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Founder Shares</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On January 4, 2021, the Sponsor paid $25,000, or approximately $0.009 per share, to cover certain offering costs in consideration for 2,875,000 shares of common stock, par value $0.0001 (the “Founder Shares”). Up to 375,000 Founder Shares are subject to forfeiture by the Sponsor depending on the extent to which the underwriters’ over-allotment option is exercised. On March 10, 2021, the Company effected a stock dividend of 0.2 shares for each founder share outstanding, resulting in an aggregate of 3,450,000 founder shares outstanding and held by the Sponsor and the Company’s directors (up to 450,000 of which are subject to forfeiture by the Sponsor if the underwriters’ over-allotment option is not exercised in full). On March 19, 2021, the underwriters partially exercised the over-allotment option to purchase 1,300,000 Public Units. As a result, 125,000 founder shares were forfeited.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On the date of the IPO, the Founder Shares were placed into an escrow account maintained in New York, New York by Continental Stock Transfer&amp; Trust Company, acting as escrow agent. Subject to certain limited exceptions, these shares will not be transferred, assigned, sold or released from escrow (subject to certain limited exceptions) for a period ending on (1) with respect to 50% of the founder shares, the earlier of one year after the date of the consummation of the Company’s initial Business Combination and the date on which the closing price of the Company’s shares of common stock equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after Company’s initial Business Combination and (2) with respect to the remaining 50% of the founder shares, one year after the date of Company’s consummation of the initial Business Combination, or earlier, in either case, if, subsequent to the initial Business Combination, the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Promissory Note — Related Party</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On January 4, 2021, the Sponsor agreed to loan the Company up to $300,000 to be used for a portion of the expenses of the IPO (the “Promissory Note”). These loans were non-interest bearing, unsecured and were due at the earlier of March 31, 2021 or the closing of the IPO.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On February 1, 2021, the Sponsor funded to the Company $100,000 pursuant to the Promissory Note. On February 10, 2021, the Sponsor funded to the Company an additional $25,000 pursuant to the Promissory Note, for an aggregate amount of $125,000. On March 15, 2021, the Promissory Note in an aggregate amount of $125,000 was fully repaid by the Company to the Sponsor.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 21, 2022, SP agreed to loan the Company $167,955 through the SP Promissory Note. The SP Promissory Note is non-interest bearing and payable in cash upon the closing of the Company’s Business Combination. In the event the Company fails to complete a Business Combination prior to the deadline set forth in its governing document, no payment will be due under the SP Promissory Note and the principal balance of the SP Promissory Note will be forgiven (See Note 9).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Related Party Loans</b> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In order to meet the working capital needs following the consummation of the IPO if the funds not held in the Trust Account are insufficient, the Sponsor, initial stockholders, officers, directors and their affiliates may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion (“Working Capital Loans”). Each Working Capital Loan would be evidenced by a promissory note. The notes would either be paid upon consummation of the initial Business Combination, without interest, or, at the holder’s discretion, up to $1,500,000 of the notes may be converted into units at a price of $10.00 per unit. The units would consist of (i) one subunit, which consists of one share of common stock and one-quarter of one warrant, and (ii) one-quarter of one warrant, where the common stock and warrants would be identical to the common stock and warrants included in the Private Units. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but no other proceeds from the Trust Account would be used for such repayment. At March 31, 2022 and December 31, 2021, no such Working Capital Loans were outstanding.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Administrative Service Fee</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Commencing on the Effective Date of the registration statement through the acquisition of a target business, the Company will pay SP an aggregate fee of $10,000 per month for providing the Company with office space and certain office and secretarial services. The Company has recorded $30,000 and $7,097 for the three months ended March 31, 2022 and March 31, 2021, respectively.</span></p> 25000 0.009 2875000 0.0001 375000 0.2 3450000 450000 1300000 125000 Subject to certain limited exceptions, these shares will not be transferred, assigned, sold or released from escrow (subject to certain limited exceptions) for a period ending on (1) with respect to 50% of the founder shares, the earlier of one year after the date of the consummation of the Company’s initial Business Combination and the date on which the closing price of the Company’s shares of common stock equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after Company’s initial Business Combination and (2) with respect to the remaining 50% of the founder shares, one year after the date of Company’s consummation of the initial Business Combination, or earlier, in either case, if, subsequent to the initial Business Combination, the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders having the right to exchange their shares of common stock for cash, securities or other property. 300000 100000 25000 125000 125000 167955 The notes would either be paid upon consummation of the initial Business Combination, without interest, or, at the holder’s discretion, up to $1,500,000 of the notes may be converted into units at a price of $10.00 per unit. The units would consist of (i) one subunit, which consists of one share of common stock and one-quarter of one warrant, and (ii) one-quarter of one warrant, where the common stock and warrants would be identical to the common stock and warrants included in the Private Units. 10000 30000 7097 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Note 6 — Fair Value Measurements</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Non-Recurring Fair Value Measurement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The following table presents information about the Company’s Representative Shares that were measured at fair value on a non-recurring basis as of January 13, 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">January 13,</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Quoted<br/> Prices In<br/> Active<br/> Markets</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Significant<br/> Other<br/> Observable<br/> Inputs</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Significant<br/> Other<br/> Unobservable<br/> Inputs</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 1)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 2)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 3)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy">Stockholders’ Equity:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%"><span style="-sec-ix-redline:true;-d:ummy">Representative Shares</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,024,463</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-328"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-329"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,024,463</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,024,463</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-330"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-331"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,024,463</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The estimated fair value of the Representative Shares on January 13, 2021, the date the Representative Shares were issued, was determined using Level 3 inputs. Inherent in a Monte-Carlo simulation model utilizing the probability weighted expected return method are assumptions related to the expected stock-price volatility (pre-merger), the risk-free interest rate, and the expected restricted term. The Company estimates the volatility of its common stock based on management’s understanding of the volatility associated with instruments of other similar entities. The risk-free interest rate is based on the U.S. Treasury Constant Maturity similar to the expected restricted term of the Representative Shares. The expected restricted term of the Representative Shares is simulated based on management assumptions regarding the timing and likelihood of completing the IPO and a business combination. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero. The assumptions used in calculating the estimated fair values represent the Company’s best estimate. However, inherent uncertainties are involved. If factors or assumptions change, the estimated fair values could be materially different.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The key inputs into the Monte Carlo simulation model for the Representative Shares were as follows at January 13, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Input</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">January 13,<br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Restricted term (years)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1.11</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected volatility</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">12.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Risk-free interest rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0.12</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Stock price</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">9.37</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Dividend yield</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Recurring Fair Value Measurement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The following tables present information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">March 31,</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Quoted<br/> Prices In<br/> Active<br/> Markets</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Significant<br/> Other<br/> Observable<br/> Inputs</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Significant<br/> Other<br/> Unobservable<br/> Inputs</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 1)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 2)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 3)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy">Assets:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 51%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">U.S. Mutual Fund held in Trust Account</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,022,440</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,022,440</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-332"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-333"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,022,440</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,022,440</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-334"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-335"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy">Liabilities:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Warrant Liability</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">154,768</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-336"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-337"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">154,768</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">154,768</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-338"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-339"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">154,768</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">December 31,</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Quoted<br/> Prices In<br/> Active<br/> Markets</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Significant<br/> Other<br/> Observable<br/> Inputs</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Significant<br/> Other<br/> Unobservable<br/> Inputs</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 1)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 2)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 3)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy">Assets:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 51%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">U.S. Mutual Fund held in Trust Account</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,010,583</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,010,583</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-340"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-341"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,010,583</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,010,583</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-342"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-343"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy">Liabilities:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Warrant Liability</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">247,514</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-344"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-345"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">247,514</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">247,514</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-346"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-347"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">247,514</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The estimated fair value of the warrant liability on March 31, 2022 and December 31, 2021 was determined using Level 3 inputs. Inherent in a Monte-Carlo simulation model are assumptions related to expected stock-price volatility (pre-merger and post-merger), expected term, dividend yield and risk-free interest rate. The Company estimates the volatility of its common stock based on management’s understanding of the volatility associated with instruments of other similar entities. The risk-free interest rate is based on the U.S. Treasury Constant Maturity similar to the expected remaining life of the warrants. The expected life of the warrants is simulated based on management assumptions regarding the timing and likelihood of completing a business combination. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero. The assumptions used in calculating the estimated fair values represent the Company’s best estimate. However, inherent uncertainties are involved. If factors or assumptions change, the estimated fair values could be materially different.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The key inputs into the Monte Carlo simulation model for the warrant liability were as follows at March 15, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Input</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">March 15,<br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected term (years)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.99</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected volatility</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">24.3</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Risk-free interest rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1.06</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Stock price</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">9.36</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Dividend yield</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Exercise price</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The key inputs into the Monte Carlo simulation model for the warrant liability were as follows at December 31, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Input</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">December 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected term (years)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.30</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected volatility</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">19.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Risk-free interest rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1.29</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Stock price</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">9.58</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Dividend yield</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Exercise price</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The key inputs into the Monte Carlo simulation model for the warrant liability were as follows at March 31, 2022:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Input</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">March 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected term (years)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.09</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected volatility</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">10.4</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Risk-free interest rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2.42</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Stock price</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">9.77</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Dividend yield</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Exercise price</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The following table sets forth a summary of the changes in the fair value of the warrant liability for the three months ended March 31, 2022:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Warrant<br/> Liability</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%"><span style="-sec-ix-redline:true;-d:ummy">Fair value as of December 31, 2021</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">247,514</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Change in fair value</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(92,746</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy">Fair value as of March 31, 2022</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">154,768</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The following table sets forth a summary of the changes in the fair value of the warrant liability for the three months ended March 31, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Warrant<br/> Liability</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt"><span style="-sec-ix-redline:true;-d:ummy">Fair value as of December 31, 2020</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-348"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="width: 88%; text-align: left; padding-left: 9pt"><span style="-sec-ix-redline:true;-d:ummy">Initial valuation of warrant liability</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">270,307</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt"><span style="-sec-ix-redline:true;-d:ummy">Change in fair value</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,117</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; padding-left: 9pt"><span style="-sec-ix-redline:true;-d:ummy">Fair value as of March 31, 2021</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">273,424</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">January 13,</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Quoted<br/> Prices In<br/> Active<br/> Markets</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Significant<br/> Other<br/> Observable<br/> Inputs</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Significant<br/> Other<br/> Unobservable<br/> Inputs</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 1)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 2)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 3)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy">Stockholders’ Equity:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%"><span style="-sec-ix-redline:true;-d:ummy">Representative Shares</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,024,463</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-328"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-329"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,024,463</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,024,463</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-330"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-331"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,024,463</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">March 31,</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Quoted<br/> Prices In<br/> Active<br/> Markets</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Significant<br/> Other<br/> Observable<br/> Inputs</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Significant<br/> Other<br/> Unobservable<br/> Inputs</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 1)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 2)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 3)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy">Assets:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 51%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">U.S. Mutual Fund held in Trust Account</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,022,440</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,022,440</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-332"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-333"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,022,440</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,022,440</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-334"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-335"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy">Liabilities:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Warrant Liability</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">154,768</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-336"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-337"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">154,768</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">154,768</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-338"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-339"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">154,768</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">December 31,</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Quoted<br/> Prices In<br/> Active<br/> Markets</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Significant<br/> Other<br/> Observable<br/> Inputs</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Significant<br/> Other<br/> Unobservable<br/> Inputs</span></td><td style="font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 1)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 2)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">(Level 3)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy">Assets:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 51%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">U.S. Mutual Fund held in Trust Account</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,010,583</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,010,583</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-340"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-341"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,010,583</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,010,583</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-342"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-343"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy">Liabilities:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Warrant Liability</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">247,514</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-344"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-345"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">247,514</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">247,514</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-346"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-347"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">247,514</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 2024463 2024463 2024463 2024463 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Input</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">January 13,<br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Restricted term (years)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1.11</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected volatility</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">12.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Risk-free interest rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0.12</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Stock price</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">9.37</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Dividend yield</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Input</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">March 15,<br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected term (years)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.99</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected volatility</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">24.3</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Risk-free interest rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1.06</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Stock price</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">9.36</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Dividend yield</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Exercise price</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Input</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">December 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected term (years)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.30</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected volatility</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">19.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Risk-free interest rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1.29</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Stock price</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">9.58</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Dividend yield</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Exercise price</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Input</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">March 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected term (years)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.09</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected volatility</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">10.4</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Risk-free interest rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2.42</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Stock price</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">9.77</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Dividend yield</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Exercise price</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11.5</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> P1Y1M9D 0.125 0.0012 9.37 0 133022440 133022440 133022440 133022440 154768 154768 154768 154768 133010583 133010583 133010583 133010583 247514 247514 247514 247514 P5Y11M26D 0.243 0.0106 9.36 0 11.5 P5Y3M18D 0.195 0.0129 9.58 0 11.5 P5Y1M2D 0.104 0.0242 9.77 0 11.5 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Warrant<br/> Liability</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%"><span style="-sec-ix-redline:true;-d:ummy">Fair value as of December 31, 2021</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">247,514</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Change in fair value</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(92,746</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy">Fair value as of March 31, 2022</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">154,768</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Warrant<br/> Liability</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt"><span style="-sec-ix-redline:true;-d:ummy">Fair value as of December 31, 2020</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-348"><span style="-sec-ix-redline:true;-d:ummy">-</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="width: 88%; text-align: left; padding-left: 9pt"><span style="-sec-ix-redline:true;-d:ummy">Initial valuation of warrant liability</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">270,307</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt"><span style="-sec-ix-redline:true;-d:ummy">Change in fair value</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,117</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; padding-left: 9pt"><span style="-sec-ix-redline:true;-d:ummy">Fair value as of March 31, 2021</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">273,424</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table> 247514 -92746 154768 270307 3117 273424 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Note 7 — Commitments and Contingencies</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Registration Rights</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The holders of the Founder Shares and Representative Shares (as defined below) issued and outstanding on the date of the IPO, as well as the holders of the Private Units and any units the Sponsor, officers, directors or their affiliates may be issued in payment of Working Capital Loans made to the Company (and all underlying securities), will be entitled to registration rights pursuant to an agreement signed on March 10, 2021. The holders of a majority of these securities are entitled to make up to two demands that the Company use its best efforts to register such securities. The holders of the majority of the Founder Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these shares of common stock are to be released from escrow. The holders of a majority of the Representative Shares, Private Units and units issued to the Sponsor, officers, directors or their affiliates in payment of Working Capital Loans made to the Company (or underlying securities) can elect to exercise these registration rights at any time after the Company consummates a Business Combination. Notwithstanding anything to the contrary, EarlyBirdCapital may only make a demand on one occasion and only during the five-year period beginning on March 10, 2021. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination; provided, however, that EarlyBirdCapital may participate in a “piggy-back” registration only during the seven-year period beginning on the effective date of the registration statement. The Company will bear the expenses incurred in connection with the filing of any such registration statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Underwriters Agreement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">EarlyBirdCapital and I-Bankers Securities, Inc. (the “Underwriters”) have a 45-day option from the date of the IPO to purchase up to an additional 1,800,000 Public Units to cover over-allotments, if any. The Underwriters were entitled to a cash underwriting discount of two percent (2%) of the gross proceeds of the IPO, or $2,400,000 (or up to $2,760,000 if the underwriters’ over-allotment is exercised in full). On March 15, 2021, the Company paid, in aggregate, a fixed underwriting discount of $2,400,000.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On March 19, 2021, the Underwriters partially exercised the over-allotment option to purchase 1,300,000 Public Units and were, in aggregate, paid a fixed underwriting discount of $260,000.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">EarlyBirdCapital will have the right of first refusal for a period commencing from the consummation of the IPO until the consummation of the initial Business Combination (or the liquidation of the Trust Account in the event that the Company fails to consummate the initial Business Combination within the Combination Period) to act as book running manager, placement agent and/or arranger for all financings where the Company seeks to raise equity, equity-linked, debt or mezzanine financings relating to or in connection with the initial Business Combination.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In addition, under certain circumstances EarlyBirdCapital will be granted, for a period of one year from the closing of the IPO, the right to act as lead underwriter for the next U.S. registered public offering of securities, undertaken by any of the Company’s officers, for the purpose of raising capital and placing 90% or more of the proceeds in a trust or escrow account to be used to acquire one or more operating businesses in the technology industry that have not been identified at the time of the IPO.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Business Combination Marketing Agreement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company has engaged EarlyBirdCapital as an advisor in connection with the Business Combination to assist the Company in holding meetings with its stockholders to discuss the potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s securities in connection with the initial Business Combination, assist the Company in obtaining stockholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with the Business Combination. The Company will pay EarlyBirdCapital a cash fee for such services upon the consummation of its initial Business Combination in an amount equal to 3.5% of the gross proceeds of the IPO (exclusive of any applicable finders’ fees which will become payable); provided that up to 30% of the fee may be allocated at the Company’s sole discretion to other FINRA members (including, with EarlyBirdCapital’s prior consent which shall not be unreasonably withheld, companies affiliated with the Company or its officers or directors) that assist the Company in identifying or consummating an initial Business Combination.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Representative Shares</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On January 13, 2021, the Company has issued to EarlyBirdCapital and its designees an aggregate of 350,000 representative shares at a purchase price of $0.0001 per share (the “Representative Shares”). The fair value of the Representative Shares was determined to be $2,024,463 (See Note 6). On March 10, 2021, the Company effected a stock dividend of 0.2 shares of common stock for every share of common stock outstanding, resulting in an additional 70,000 representative shares issued to EarlyBirdCapital for no consideration and an aggregate of 420,000 representative shares outstanding. The holders of the Representative Shares have agreed not to transfer, assign or sell any such shares without the Company’s prior consent until the completion of the initial Business Combination. In addition, the holders of the Representative Shares have agreed (i) to waive their conversion rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of the initial Business Combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete its initial Business Combination within the Combination Period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following March 10, 2021 pursuant to Rule 5110(g)(1) of the FINRA Manual. Pursuant to FINRA Rule 5110(g)(1), these securities will not be sold during the IPO, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the March 10, 2021 or commencement of sales of the IPO, except to any underwriter and selected dealer participating in the IPO and their bona fide officers or partners, provided that all securities so transferred remain subject to the lock-up restriction above for the remainder of the time period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Business Combination Legal Services Agreement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On July 1, 2021, the Company entered into an agreement with its legal counsel, Loeb &amp; Loeb (“Loeb”), whereby the Company is required to pay a total of $250,000 in retainer fees to Loeb for services related to the initial Business Combination upon the completion of certain milestones. The balance of any additional legal fees incurred related to the initial Business Combination will be due at the closing of the SPAC Merger. For the three-month period ended March 31, 2022, the Company had accrued a total of $100,000 of legal fees.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"><b>Consulting Agreement</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On March 16, 2021, the Company entered into a consulting agreement with Dr. Julia, a director of the Company, pursuant to which Dr. Julia agreed to introduce to the Company one or more potential candidates for the Company to pursue regarding a potential business combination in exchange for a single consulting fee equal to 1.0% of the enterprise value of the target company paid in cash, not to exceed 2.0% of the Trust Account, payable concurrent with the closing of the business combination with the target introduced by Dr. Julia. On November 15, 2021, the Company entered into a Merger Agreement with SoundHound, which Dr. Julia had introduced to the Company. Pursuant to the consulting agreement, upon the closing of the Business Combination, Dr. Julia will be entitled to a finder’s fee of $2,660,000. </span></p> EarlyBirdCapital may only make a demand on one occasion and only during the five-year period beginning on March 10, 2021. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination; provided, however, that EarlyBirdCapital may participate in a “piggy-back” registration only during the seven-year period beginning on the effective date of the registration statement. The Company will bear the expenses incurred in connection with the filing of any such registration statements. EarlyBirdCapital and I-Bankers Securities, Inc. (the “Underwriters”) have a 45-day option from the date of the IPO to purchase up to an additional 1,800,000 Public Units to cover over-allotments, if any. The Underwriters were entitled to a cash underwriting discount of two percent (2%) of the gross proceeds of the IPO, or $2,400,000 (or up to $2,760,000 if the underwriters’ over-allotment is exercised in full). 2400000 2760000 2400000 1300000 260000 0.90 The Company will pay EarlyBirdCapital a cash fee for such services upon the consummation of its initial Business Combination in an amount equal to 3.5% of the gross proceeds of the IPO (exclusive of any applicable finders’ fees which will become payable); provided that up to 30% of the fee may be allocated at the Company’s sole discretion to other FINRA members (including, with EarlyBirdCapital’s prior consent which shall not be unreasonably withheld, companies affiliated with the Company or its officers or directors) that assist the Company in identifying or consummating an initial Business Combination. 350000 0.0001 2024463 0.2 70000 420000 the Company is required to pay a total of $250,000 in retainer fees to Loeb for services related to the initial Business Combination upon the completion of certain milestones. The balance of any additional legal fees incurred related to the initial Business Combination will be due at the closing of the SPAC Merger. 100000 0.01 0.02 2660000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b>Note 8 — Stockholders’ Equity</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b><i>Preferred Stock — </i></b>The Company is authorized to issue 1,000,000 shares of preferred stock at par value of $0.0001 per share. As of March 31, 2022 and December 31, 2021, there were no shares of preferred stock issued or outstanding.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b><i>Common Stock —</i> </b>The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.0001 per share. At March 31, 2022 and December 31, 2021, there were 4,161,000 shares of common stock issued and outstanding, excluding 13,300,000 shares of common stock subject to possible redemption. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><b><i>Public Warrants</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Each whole warrant entitles the holder to purchase one common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of an initial Business Combination. The warrants will expire on the fifth anniversary of the completion of an initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">However, no warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the Public Warrants is not effective within 90 days following the consummation of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value”(defined below) by (y) the fair market value. The “fair market value” for this purpose will mean the average reported last sale price of the shares of common stock for the 5 trading days ending on the trading day prior to the date of exercise.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company may call the warrants for redemption (excluding the Private Warrants and any warrants underlying additional units issued to the Sponsor, initial stockholders, officers, directors or their affiliates in payment of Working Capital Loans made to the Company), in whole and not in part, at a price of $0.01 per warrant,</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">at any time after the warrants become exercisable,</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">upon not less than 30 days’ prior written notice of redemption to each warrant holder,</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">If, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt">if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Sponsor, initial stockholders or their affiliates, without taking into account any Founder Shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the price at which the Company issues the additional shares of common stock or equity-linked securities, and the $18.00 redemption trigger price will be adjusted to 180% of this amount.</span></p> 1000000 0.0001 As of March 31, 2022 and December 31, 2021, there were no shares of preferred stock issued or outstanding. 100000000 0.0001 4161000 4161000 13300000 13300000 Each whole warrant entitles the holder to purchase one common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of an initial Business Combination. The warrants will expire on the fifth anniversary of the completion of an initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. However, no warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the Public Warrants is not effective within 90 days following the consummation of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value”(defined below) by (y) the fair market value. The “fair market value” for this purpose will mean the average reported last sale price of the shares of common stock for the 5 trading days ending on the trading day prior to the date of exercise.  The Company may call the warrants for redemption (excluding the Private Warrants and any warrants underlying additional units issued to the Sponsor, initial stockholders, officers, directors or their affiliates in payment of Working Capital Loans made to the Company), in whole and not in part, at a price of $0.01 per warrant,    ● at any time after the warrants become exercisable,     ● upon not less than 30 days’ prior written notice of redemption to each warrant holder,     ● If, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and     ● if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.  In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Sponsor, initial stockholders or their affiliates, without taking into account any Founder Shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the price at which the Company issues the additional shares of common stock or equity-linked securities, and the $18.00 redemption trigger price will be adjusted to 180% of this amount. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="-sec-ix-redline:true;-d:ummy"><b>Note 9 — Subsequent Events</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited condensed financial statements were issued.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 9, 2022, the Company entered into a subscription agreement with an accredited investor (the “New Subscriber”) pursuant to which the New Subscriber agreed to purchase, and the Company has agreed to sell, 200,000 shares of common stock, par value $0.0001 per share, at a purchase price of $10.00 per share for gross proceeds of $2,000,000. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 9, 2022, the Company entered into an agreement to engage Northland to serve as a capital markets advisor in connection with the Business Combination. The Company agreed an advisory fee in the amount of $500,000 payable to Northland upon the closing of the Business Combination, plus expenses. In addition to the advisory fee, the Company agreed to consider awarding, at the Company’s sole discretion, a discretionary fee to Northland in an amount not to exceed 2% of the balance of the funds in the Trust Account remaining after the closing. No such fee was paid.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 9, 2022, the Company entered into an agreement to engage Wedbush to act as the Company’s strategic financial advisor in connection with the Business Combination. The Company agreed to pay Wedbush a fee in the amount of $750,000, with $500,000 payable no later than ten days after the close of the Business Combination and the remaining $250,000 payable in six monthly installments of $41,667 with the installment payments starting the first month after the close.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 13, 2022, the Company entered into an agreement to engage IB CAP to act as the Company’s financial advisor and marketing agent in connection with the Business Combination. The Company agreed a fee in the amount of $550,000 payable to IB CAP upon the closing of the Business Combination. An affiliate of IB CAP acted as a “qualified independent underwriter” and co-manager in the Company’s Initial Public Offering.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 14, 2022, the Company amended the lock-up agreement (the “Amendment”) previously entered into with the chief executive officer of SoundHound, Keyvan Mohajer, to extend the lock-up period applicable to Mr. Mohajer from six months to one year from the date of the closing of the Business Combination.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 18, 2022, the Company entered into an agreement to engage CF&amp;CO to act as the Company’s capital markets advisor in connection with the Business Combination. The Company agreed to pay an advisory fee in the amount of $750,000 to CF&amp;CO upon the closing of the Business Combination, plus expenses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="text-align: justify; margin: 0; font: 10pt Times New Roman, Times, Serif"><span style="-sec-ix-redline:true;-d:ummy">On April 21, 2022, SP agreed to loan the Company $167,955 through the SP Promissory Note. The SP Promissory Note is non-interest bearing and payable in cash upon the closing of the Company’s Business Combination. In the event the Company fails to complete a Business Combination prior to the deadline set forth in its governing document, no payment will be due under the SP Promissory Note and the principal balance of the SP Promissory Note will be forgiven.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 26, 2022, the Company consummated its Business Combination with SoundHound pursuant to the Merger Agreement. The aggregate merger consideration paid by the Company to SoundHound security holders in connection with the Business Combination was an amount equal to $2,000,000,000, with outstanding SoundHound stock options and warrants assumed by the Company included on a net exercise basis. As a result of the Business Combination, the Company owns 100% of the outstanding common stock of SoundHound and the Company changed its name from “Archimedes Tech SPAC Partners Co.” to “SoundHound AI, Inc.” In connection with the Business Combination, an aggregate of $127,679,500 was paid from the Company’s Trust Account to holders that properly exercised their right to have their Public Shares redeemed, with remaining Trust Proceeds of approximately $5,356,628. Additionally, pursuant to subscription agreements the Company had previously entered into with certain Subscribers, the Subscribers purchased an aggregate of 11,300,000 shares of Class A Common Stock of the combined company for a purchase price of $10.00 per share in a private placement that closed concurrently with the Business Combination, for total PIPE Proceeds of $113,000,000. The Trust Proceeds and PIPE Proceeds were used for the payment of expenses incurred by the Company and SoundHound in connection with the Business Combination and the remaining proceeds will be used for general corporate purposes of the Company following the Business Combination.</span></p> 200000 0.0001 10 2000000 500000 0.02 750000 500000 250000 41667 550000 750000 167955 2000000000 1 127679500 5356628 11300000 10 113000000 8211000 21626000 230000 460000 1332000 2060000 2676000 2193000 566000 1132000 13015000 27471000 736000 736000 10225000 10291000 5474000 6155000 2169000 2169000 3318000 1264000 1005000000 1117000000 35942000 49203000 6938000 3760000 11703000 7298000 3519000 3281000 822000 1301000 2730000 2737000 6006000 6042000 30198000 29868000 4080000 3488000 30810000 29964000 96806000 87739000 8073000 8611000 252000 292000 13372000 14959000 1338000 1336000 119841000 112937000 284826000 284826000 279503000 279503000 1000 1000 48429000 43491000 -411832000 -386729000 -363402000 -343237000 35942000 49203000 4290000 3739000 1773000 1593000 2581000 1076000 16650000 14443000 4003000 3246000 25007000 20358000 -20717000 -16619000 2977000 748000 -1057000 -1726000 -4034000 -2474000 -24751000 -19093000 352000 167000 -25103000 -19260000 -25103000 -19260000 -2 -1.62 12527229000 11872698000 19248537 279503 12280051 1 43491 -386729 -343237 438917 2474 2474 2464 2464 -25103 -25103 19248537 279503 12718968 1 48429 -411832 -363402 19132387 273687 11818761 1 30836 -1 -307189 -276353 297850 1199 1199 1388 1388 -19260 -19260 19132387 273687 12116611 1 33423 -1 -326449 -293026 -25103000 -19260000 1292000 1451000 2464000 1388000 592000 1403000 1742000 301000 846000 812000 -728000 -1705000 483000 52000 1080000 1154000 2054000 -112000 16000 3178000 -391000 4398000 657000 -1623000 -1378000 2000 -170000 -14989000 -14704000 611000 63000 -611000 -63000 2474000 1199000 519000 594000 1955000 605000 -13645000 -14162000 22822000 44982000 9177000 30820000 8211000 29530000 230000 230000 736000 1060000 9177000 30820000 1013000 78000 32000 11428000 650000 265000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">1. ORGANIZATION</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Nature of Operations</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">SoundHound, Inc. (“SoundHound” or the “Company”) was incorporated in Delaware on September 2, 2005 and is headquartered in Santa Clara, California.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">SoundHound turns sound into understanding and actionable meaning. SoundHound’s technology applications enable humans to interact with the things around them in the same way they interact with each other: by speaking naturally to mobile phones, cars, televisions, music speakers, coffee machines, and every other part of the emerging “connected” world. The conversation voice AI platform is called “Houndify”, where product creators can develop their own voice interfaces with their customers. Hound is primarily used as a prototyping tool to demonstrate what Houndify can deliver. Products and services built on the Houndify platform are referred to as Houndified Products and Houndified Services. The SoundHound music app allows customers to identify and play songs by singing or humming into the smartphone’s microphone, or by identifying the sound playing in the background from external sources.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Going Concern</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Since inception, the Company has generated recurring losses as well as negative operating cash flows, which has resulted in a net loss of $25,103 for the three-month period ended March 31, 2022. As of March 31, 2022, the Company has an accumulated deficit of $411,832. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of research and development activities. The Company has funded its operations primarily through equity or debt financings.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company plans to continue funding its operations and capital funding needs through a combination of private equity offerings, debt financing, revenue and other sources. Total cash and cash equivalents on hand as of March 31, 2022 was $8,211. The Company’s condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has reviewed the relevant conditions and events surrounding its ability to continue as a going concern including among others: historical losses, projected future results, including the effects of COVID-19, cash requirements for the upcoming year, funding capacity, net working capital, total stockholders’ deficit and future access to capital.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 26, 2022, the Company and Archimedes Tech SPAC Partners Co. (“ATSP”) completed a merger resulting in the reverse recapitalization of the Company (the “Business Combination”) and the Company received aggregate gross proceeds of $5,357 held in trust by ATSP (following satisfaction of redemptions by public stockholders), and $113,000 in aggregate gross proceeds from PIPE investors. The Company received $93,064 in net proceeds after the reduction of $25,293 in transaction related expenses. Management believes the Company’s sources of liquidity will be sufficient to fund the Company’s planned operations and existing obligations within one year after the date that the consolidated financial statements are issued.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Other Risk and Uncertainties</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">During the two-year period ended December 31, 2021, and through March 31, 2022, the Company continued to experience the results of the worldwide COVID-19 pandemic. The COVID-19 outbreak in the United States has caused business disruption through mandated and voluntary closings of businesses and shelter in place orders. In response, the U.S. Government enacted the CARES Act, which includes significant provisions to provide relief and assistance to affected organizations. While the disruption is currently expected to be temporary, there is considerable uncertainty around potential future closings, shelter in place orders, containment of the recent COVID-19 variants, and the ultimate impact of the CARES Act and other government initiatives.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The COVID-19 pandemic and its resulting economic and other effects could result in significant adverse effects on our customers’ cash flow and their ability to manufacture, distribute, and sell products incorporating our voice-enabling technologies. This in turn may cause customers to be less able to pay invoices for royalties, licensing fees and usage fees, or may result in a reduction in the royalties, licensing fees and usage fees that the Company earns which are often based on the number of units sold or distributed by customers. This reduction could cause adverse effects on the business, results of operations, financial condition, cash flows and ability to raise operating capital. In addition, any depression or recession resulting from the COVID-19 pandemic may adversely change consumer behavior and demand, including products sold by customers, which may result in a significant reduction in our revenue, results of operations and financial condition. To date, this matter has not negatively impacted the Company. However, the financial impact and duration cannot be reasonably estimated at this time.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Additionally, U.S. and global markets are experiencing volatility and disruption following the escalation of geopolitical tensions and the start of the military conflict between Russia and Ukraine. On February 24, 2022, a full-scale military invasion of Ukraine by Russian troops was reported. Although the length and impact of the ongoing military conflict is highly unpredictable, the conflict in Ukraine could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions. We are continuing to monitor the situation in Ukraine and globally and assessing its potential impact on our business. The recent military conflict in Ukraine has led to sanctions and other penalties being levied by the United States, European Union and other countries against Russia. Additional potential sanctions and penalties have also been proposed and/or threatened. Russian military actions and the resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets, potentially making it more difficult for us to obtain additional funds. Although our business has not been materially impacted by the ongoing military conflict between Russian and Ukraine to date, it is impossible to predict the extent to which our operations, or those of our customers’ suppliers and manufacturers, will be impacted in the short and long term, or the ways in which the conflict may impact our business. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial.</span></p> 25103000 411832000 8211000 5357000 113000000 93064000 25293000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Basis of Presentation and Significant Accounting Policies</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The following (a) condensed consolidated balance sheet as of December 31, 2021, which has been derived from audited financial statements, and (b) the unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding annual financial reporting. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (“ASC”), and Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements have been prepared on a basis consistent with the audited consolidated financial statements and in the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial statements have been included. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results for the fiscal year ending December 31, 2022 or any future interim period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The accompanying unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the company believes that the disclosures made are adequate to make the information not misleading.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Principles of Consolidation</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Foreign Currency</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The functional currency of SoundHound, Inc. and its subsidiaries is the U.S. dollar. Foreign currency denominated transactions are converted into U.S. dollars at the average rates of exchange prevailing during the period. Assets and liabilities denominated in foreign currency are remeasured into U.S. dollars at current exchange rates at the balance sheet date for monetary assets and liabilities and at historical exchange rates for non-monetary assets and liabilities. During the three-month period ended March 31, 2022 and 2021, the Company recognized net losses/(gains) related to foreign currency transactions and remeasurements of $464 and $367, respectively, in the condensed consolidated statements of operations and comprehensive loss as other expense, net.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Use of Estimates</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported and disclosures in the condensed consolidated financial statements and accompanying notes. Such estimates include revenue recognition, allowance for doubtful accounts, accrued liabilities, derivative and warrant liabilities, calculation of the incremental borrowing rate, financial instruments recorded at fair value on a recurring basis, valuation of deferred tax assets and uncertain tax positions and the fair value of common stock and other assumptions used to measure stock-based compensation expense. The Company bases its estimates on historical experience, the current economic environment, and on assumptions it believes are reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from changes in the economic environment will be reflected in the financial statements in future periods. Actual results could differ materially from those estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Segment Information</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company has determined that the Chief Executive Officer is its chief operating decision maker. The Company’s Chief Executive Officer reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company has determined that it operates as a single reportable segment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Emerging Growth Company Status</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company is an emerging growth company (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. This means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company has the option to adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company has elected to use the extended transition period for complying with new or revised accounting standards unless the Company otherwise early adopts select standards.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Concentrations of Credit Risk and Other Risks and Uncertainties</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Financial instruments that potentially subject the Company to potential significant concentrations of credit risk consist principally of cash and cash equivalents. The Company regularly monitors its credit risk exposure and takes steps to mitigate the likelihood of these exposures resulting in actual loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">As of March 31, 2022, accounts receivable balances due from three customers collectively totaled 72% of the Company’s condensed consolidated accounts receivable balance. As of December 31, 2021, accounts receivable balances due from five customers collectively totaled 86% of the Company’s condensed consolidated accounts receivable balance.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">For the three months ended March 31, 2022, the Company had four customers that accounted for 59% of revenue and three customers that accounted for 60% of revenue for the three months ended March 31, 2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Equity Issuance Costs</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity financings, including the Business Combination, as deferred offering costs until such financings are consummated. After consummation of the financing, these costs are recorded as a reduction of the proceeds received from the equity financing. If a planned equity financing is abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the condensed consolidated statements of operations and comprehensive loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Additionally, certain transaction costs incurred in connection with the pending merger agreement, which are direct and incremental to the proposed merger, will be deferred and recorded as a component of other non-current assets within the condensed consolidated balance sheets and will offset cash proceeds from the Business Combination if successful. The Company had $3,318 and $1,264 of deferred offering costs recorded as of March 31, 2022 and December 31, 2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Revenue Recognition</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company recognizes revenue under Accounting Standards Codification Topic 606 (“ASC 606”), <i>Revenue from Contracts with Customers</i>, when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy">(i) Identification of the contract(s) with a customer;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy">(ii) Identification of the performance obligations in the contract;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy">(iii) Determination of the transaction price, including the constraint on variable consideration;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy">(iv) Allocation of the transaction price to the performance obligations in the contract;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy">(v) Recognition of revenue when, or as, performance obligations are satisfied.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Contracts are accounted for when both parties have approved and committed to the contract, the rights of the parties and payment terms are identifiable, the contract has commercial substance and collectability of consideration is probable. Any payments received from customers that do not meet criteria for having a contract are recorded as deposit liabilities on the condensed consolidated balance sheet.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Under ASC 606, assuming all other revenue recognition criteria have been met, the Company will recognize revenue for arrangements upon the transfer of control of the Company’s performance obligations to its customers. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer and is the unit of account in ASC 606. Revenues are recognized when control of the promised goods or services are transferred to a customer in an amount that reflects the consideration that the Company expects to receive in exchange for those services. The Company currently generates its revenues through the following performance obligations: (1) hosted services, (2) professional services, (3) monetization and (4) licensing.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Research and Development</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s research and development costs are expensed as incurred. These costs include salaries and other personnel related expenses, contractor fees, facility costs, supplies, and depreciation of equipment associated with the design and development of new products prior to the establishment of their technological feasibility.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Warrants</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company determines whether to classify contracts, such as warrants, that may be settled in its own stock as equity of the entity or as a liability. An equity-linked financial instrument must be considered indexed to the Company’s own stock to qualify for equity classification. The Company classifies warrants as liabilities for any contracts that may require a transfer of assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The warrants are considered freestanding instruments that qualify as liabilities under ASC Topic 480, <i>Distinguishing Liabilities from Equity</i>, as the Company is committed to issuing an instrument that ultimately may require a transfer of assets. The warrant liability is accounted for at fair value and remeasured at each reporting date. Accordingly, the Company classifies the warrants as a liability at their fair value and adjusts the instruments to fair value at each balance sheet date until the warrants are exercised or expired. Any change in the fair value of the warrants is recognized as other expense, net in the condensed consolidated statements of operations and comprehensive loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Income Taxes</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is established when, in management’s estimate, it is more-likely-than-not that the deferred tax asset will not be realized. The Company adopted a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company records a liability for the difference between the benefit recognized and measured and the tax position taken or expected to be taken on the Company’s tax return.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company classifies interest and penalties related to uncertain tax positions in income tax expense, if applicable. There were no interest expenses or penalties related to unrecognized tax benefits recorded through March 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Stock-Based Compensation</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company measures and records the expense related to stock-based payment awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period, and uses the straight-line method to recognize stock-based compensation. The Company uses the Black-Scholes-Merton (“Black- Scholes”) option-pricing model to determine the fair value of stock options. The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions to determine the fair value of stock options, including the option’s expected term and the price volatility of the underlying stock. The Company calculates the fair value of options granted by using the Black-Scholes option-pricing model with the following assumptions:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><i>Expected Volatility</i> — The Company estimates volatility for option grants by evaluating the average historical volatility of a peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the option’s expected term.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><i>Expected Term</i> — The expected term of the Company’s options represents the period that the stock-based awards are expected to be outstanding. The Company has elected to use the midpoint between the stock options’ vesting term and contractual expiration period to compute the expected term, as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><i>Risk-Free Interest Rate</i> — The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero-coupon issues with a term that is equal to the options’ expected term at the grant date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><i>Dividend Yield</i> — The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Restricted Stock Units</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 12pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company issues restricted stock unit awards (“RSUs”) to grantees as compensation for services. The Company’s RSUs are classified as equity awards because the RSUs will be settled in the Company’s common stock upon vesting. The fair value of the RSUs is determined at the grant date based on the fair value of the Company’s common stock on the date of grant and is recognized straight-line over the service period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Fair Value Measurements</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company defines fair value as the exchange price that would be received from an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Company follows a three-level valuation hierarchy for disclosure of fair value measurements as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><i>Level 1 — </i>Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><i>Level 2 — </i>Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><i>Level 3 — </i>Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s derivative liabilities and warrants are measured at fair value on a recurring basis and are classified as Level 3 liabilities. The Company records subsequent adjustments to reflect the increase or decrease in estimated fair value at each reporting date on the condensed consolidated statements of operations and comprehensive loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Redeemable Convertible Preferred Stock</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s shares of redeemable convertible preferred stock (“Preferred Stock”) do not have a mandatory redemption date and are assessed at issuance for classification and redemption features requiring bifurcation. The Company presents as temporary equity any stock which (i) the Company undertakes to redeem at a fixed or determinable price on the fixed or determinable date or dates; (ii) is redeemable at the option of the holders, or (iii) has conditions for redemption which are not solely within the control of the Company. The Company’s Preferred Stock is redeemable upon a deemed liquidation event which the Company determined is not solely within its control and thus has classified shares of Preferred Stock as temporary equity until such time as the conditions are removed or lapse. Because the occurrence of a deemed liquidation event is not currently probable, the carrying values of the shares of Preferred Stock are not being accreted to their redemption values. Subsequent adjustments to the carrying values of the shares of Preferred Stock would be made only when a deemed liquidation event becomes probable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Convertible Notes and Derivative Liabilities</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company evaluates its convertible notes, and other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives requiring bifurcation. The Company accounts for conversion features that meet the criteria for bifurcation as liabilities at fair value and adjusts the derivative instruments to fair value at each reporting period. The conversion features qualify as derivatives, as they continuously reset as the underlying stock price increases or decreases to provide a fixed value of equity to the holders at any conversion date. The conversion features are subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized as a component of other expense, net in the condensed consolidated statements of operations and comprehensive loss. The fair value of the conversion features has been estimated using a probability-weighted discount model with and without the conversion feature (see Note 9 for additional information).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company holds its convertible notes at amortized cost and amortizes the associated debt discount created from bifurcated derivatives and issuance costs under the effective interest or straight-line method until maturity or early conversion pursuant to the contractual terms of the arrangement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Net Loss Per Share</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, Preferred Stock, stock options, warrants and convertible notes are considered to be potentially dilutive securities. See Note 15 for further information.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Accordingly, in periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share, since dilutive common stock is not assumed to have been issued if their effect is anti-dilutive.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Recent Accounting Pronouncement — Adopted</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">From time to time, new accounting pronouncements, or Accounting Standards Updates, are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. During the three-month period ended March 31, 2022, no additional accounting pronouncements were adopted. Refer to Note 2 of our audited consolidated financial statements for the fiscal year ended December 31, 2021 contained within the proxy statement/prospectus/consent solicitation for adopted accounting pronouncements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Recent Accounting Pronouncement — Not Yet Adopted</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In October 2021, the FASB issued ASU 2021-08 Business Combinations (“ASC 805”) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers guidance requiring entities to apply ASC 606 to recognize and measure contract assets and contract liabilities in a business combination. Under current U.S. GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts that are accounted for in accordance with ASC 606, at fair value on the acquisition date. Under the new guidance the acquirer will recognize contract assets and contract liabilities at the same amounts recorded by the acquiree. The modifications improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of, and after a business combination. The amendment is effective for the Company in fiscal years beginning after December 15, 2023. Early adoption of the amendment is permitted. The Company anticipates that it will not have a material impact on its condensed consolidated financial statements and related disclosures.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In June 2016, the FASB issued ASU 2016-13 to update the methodology used to measure current expected credit losses (“CECL”). This ASU applies to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments. This ASU replaces the current incurred loss impairment methodology with a methodology to reflect CECL and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. In November 2019, the FASB issued ASU 2019-10, Financial Instruments — Credit Losses (“Topic 326”), Targeted Transition Relief, which amends the transition guidance for ASU 2016-13. The ASU provides entities with the option to irrevocably elect the fair value option in Subtopic 825-10 on an instrument-by-instrument basis. ASU 2019-10 and ASU 2016-13 are effective for years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact the standard will have on the Company’s condensed consolidated financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“Topic 740”) (“ASU 2019-12”). ASU 2019-12 eliminates the need for an organization to analyze whether the following apply in a given period (1) exception to the incremental approach for intra-period tax allocation (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. ASU 2019-12 also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify U.S. GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods. The amendments in ASU 2019-12 are effective for the Company in fiscal years beginning after December 15, 2021. Early adoption of the amendments is permitted. An entity that elects early adoption must adopt all the amendments in the same period. Adoption of ASU 2019-12 is not expected to result in any material changes to the way the tax provision is prepared and is not expected to have a material impact on the Company’s condensed consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Basis of Presentation and Significant Accounting Policies</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The following (a) condensed consolidated balance sheet as of December 31, 2021, which has been derived from audited financial statements, and (b) the unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding annual financial reporting. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (“ASC”), and Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements have been prepared on a basis consistent with the audited consolidated financial statements and in the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial statements have been included. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results for the fiscal year ending December 31, 2022 or any future interim period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The accompanying unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the company believes that the disclosures made are adequate to make the information not misleading.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Principles of Consolidation</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Foreign Currency</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The functional currency of SoundHound, Inc. and its subsidiaries is the U.S. dollar. Foreign currency denominated transactions are converted into U.S. dollars at the average rates of exchange prevailing during the period. Assets and liabilities denominated in foreign currency are remeasured into U.S. dollars at current exchange rates at the balance sheet date for monetary assets and liabilities and at historical exchange rates for non-monetary assets and liabilities. During the three-month period ended March 31, 2022 and 2021, the Company recognized net losses/(gains) related to foreign currency transactions and remeasurements of $464 and $367, respectively, in the condensed consolidated statements of operations and comprehensive loss as other expense, net.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"/> 464000 367000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Use of Estimates</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported and disclosures in the condensed consolidated financial statements and accompanying notes. Such estimates include revenue recognition, allowance for doubtful accounts, accrued liabilities, derivative and warrant liabilities, calculation of the incremental borrowing rate, financial instruments recorded at fair value on a recurring basis, valuation of deferred tax assets and uncertain tax positions and the fair value of common stock and other assumptions used to measure stock-based compensation expense. The Company bases its estimates on historical experience, the current economic environment, and on assumptions it believes are reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from changes in the economic environment will be reflected in the financial statements in future periods. Actual results could differ materially from those estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Segment Information</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company has determined that the Chief Executive Officer is its chief operating decision maker. The Company’s Chief Executive Officer reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company has determined that it operates as a single reportable segment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Emerging Growth Company Status</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company is an emerging growth company (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. This means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company has the option to adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company has elected to use the extended transition period for complying with new or revised accounting standards unless the Company otherwise early adopts select standards.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Concentrations of Credit Risk and Other Risks and Uncertainties</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Financial instruments that potentially subject the Company to potential significant concentrations of credit risk consist principally of cash and cash equivalents. The Company regularly monitors its credit risk exposure and takes steps to mitigate the likelihood of these exposures resulting in actual loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">As of March 31, 2022, accounts receivable balances due from three customers collectively totaled 72% of the Company’s condensed consolidated accounts receivable balance. As of December 31, 2021, accounts receivable balances due from five customers collectively totaled 86% of the Company’s condensed consolidated accounts receivable balance.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">For the three months ended March 31, 2022, the Company had four customers that accounted for 59% of revenue and three customers that accounted for 60% of revenue for the three months ended March 31, 2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 3 0.72 5 0.86 4 0.59 3 0.60 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Equity Issuance Costs</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity financings, including the Business Combination, as deferred offering costs until such financings are consummated. After consummation of the financing, these costs are recorded as a reduction of the proceeds received from the equity financing. If a planned equity financing is abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the condensed consolidated statements of operations and comprehensive loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Additionally, certain transaction costs incurred in connection with the pending merger agreement, which are direct and incremental to the proposed merger, will be deferred and recorded as a component of other non-current assets within the condensed consolidated balance sheets and will offset cash proceeds from the Business Combination if successful. The Company had $3,318 and $1,264 of deferred offering costs recorded as of March 31, 2022 and December 31, 2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 3318000 1264000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Revenue Recognition</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company recognizes revenue under Accounting Standards Codification Topic 606 (“ASC 606”), <i>Revenue from Contracts with Customers</i>, when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy">(i) Identification of the contract(s) with a customer;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy">(ii) Identification of the performance obligations in the contract;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy">(iii) Determination of the transaction price, including the constraint on variable consideration;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy">(iv) Allocation of the transaction price to the performance obligations in the contract;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy">(v) Recognition of revenue when, or as, performance obligations are satisfied.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Contracts are accounted for when both parties have approved and committed to the contract, the rights of the parties and payment terms are identifiable, the contract has commercial substance and collectability of consideration is probable. Any payments received from customers that do not meet criteria for having a contract are recorded as deposit liabilities on the condensed consolidated balance sheet.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Under ASC 606, assuming all other revenue recognition criteria have been met, the Company will recognize revenue for arrangements upon the transfer of control of the Company’s performance obligations to its customers. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer and is the unit of account in ASC 606. Revenues are recognized when control of the promised goods or services are transferred to a customer in an amount that reflects the consideration that the Company expects to receive in exchange for those services. The Company currently generates its revenues through the following performance obligations: (1) hosted services, (2) professional services, (3) monetization and (4) licensing.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Research and Development</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s research and development costs are expensed as incurred. These costs include salaries and other personnel related expenses, contractor fees, facility costs, supplies, and depreciation of equipment associated with the design and development of new products prior to the establishment of their technological feasibility.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Warrants</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company determines whether to classify contracts, such as warrants, that may be settled in its own stock as equity of the entity or as a liability. An equity-linked financial instrument must be considered indexed to the Company’s own stock to qualify for equity classification. The Company classifies warrants as liabilities for any contracts that may require a transfer of assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The warrants are considered freestanding instruments that qualify as liabilities under ASC Topic 480, <i>Distinguishing Liabilities from Equity</i>, as the Company is committed to issuing an instrument that ultimately may require a transfer of assets. The warrant liability is accounted for at fair value and remeasured at each reporting date. Accordingly, the Company classifies the warrants as a liability at their fair value and adjusts the instruments to fair value at each balance sheet date until the warrants are exercised or expired. Any change in the fair value of the warrants is recognized as other expense, net in the condensed consolidated statements of operations and comprehensive loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Income Taxes</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is established when, in management’s estimate, it is more-likely-than-not that the deferred tax asset will not be realized. The Company adopted a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company records a liability for the difference between the benefit recognized and measured and the tax position taken or expected to be taken on the Company’s tax return.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company classifies interest and penalties related to uncertain tax positions in income tax expense, if applicable. There were no interest expenses or penalties related to unrecognized tax benefits recorded through March 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Stock-Based Compensation</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company measures and records the expense related to stock-based payment awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period, and uses the straight-line method to recognize stock-based compensation. The Company uses the Black-Scholes-Merton (“Black- Scholes”) option-pricing model to determine the fair value of stock options. The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions to determine the fair value of stock options, including the option’s expected term and the price volatility of the underlying stock. The Company calculates the fair value of options granted by using the Black-Scholes option-pricing model with the following assumptions:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><i>Expected Volatility</i> — The Company estimates volatility for option grants by evaluating the average historical volatility of a peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the option’s expected term.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><i>Expected Term</i> — The expected term of the Company’s options represents the period that the stock-based awards are expected to be outstanding. The Company has elected to use the midpoint between the stock options’ vesting term and contractual expiration period to compute the expected term, as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><i>Risk-Free Interest Rate</i> — The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero-coupon issues with a term that is equal to the options’ expected term at the grant date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><i>Dividend Yield</i> — The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 0 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Restricted Stock Units</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 12pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company issues restricted stock unit awards (“RSUs”) to grantees as compensation for services. The Company’s RSUs are classified as equity awards because the RSUs will be settled in the Company’s common stock upon vesting. The fair value of the RSUs is determined at the grant date based on the fair value of the Company’s common stock on the date of grant and is recognized straight-line over the service period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Fair Value Measurements</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company defines fair value as the exchange price that would be received from an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Company follows a three-level valuation hierarchy for disclosure of fair value measurements as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><i>Level 1 — </i>Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><i>Level 2 — </i>Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"><i>Level 3 — </i>Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s derivative liabilities and warrants are measured at fair value on a recurring basis and are classified as Level 3 liabilities. The Company records subsequent adjustments to reflect the increase or decrease in estimated fair value at each reporting date on the condensed consolidated statements of operations and comprehensive loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Redeemable Convertible Preferred Stock</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s shares of redeemable convertible preferred stock (“Preferred Stock”) do not have a mandatory redemption date and are assessed at issuance for classification and redemption features requiring bifurcation. The Company presents as temporary equity any stock which (i) the Company undertakes to redeem at a fixed or determinable price on the fixed or determinable date or dates; (ii) is redeemable at the option of the holders, or (iii) has conditions for redemption which are not solely within the control of the Company. The Company’s Preferred Stock is redeemable upon a deemed liquidation event which the Company determined is not solely within its control and thus has classified shares of Preferred Stock as temporary equity until such time as the conditions are removed or lapse. Because the occurrence of a deemed liquidation event is not currently probable, the carrying values of the shares of Preferred Stock are not being accreted to their redemption values. Subsequent adjustments to the carrying values of the shares of Preferred Stock would be made only when a deemed liquidation event becomes probable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Convertible Notes and Derivative Liabilities</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company evaluates its convertible notes, and other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives requiring bifurcation. The Company accounts for conversion features that meet the criteria for bifurcation as liabilities at fair value and adjusts the derivative instruments to fair value at each reporting period. The conversion features qualify as derivatives, as they continuously reset as the underlying stock price increases or decreases to provide a fixed value of equity to the holders at any conversion date. The conversion features are subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized as a component of other expense, net in the condensed consolidated statements of operations and comprehensive loss. The fair value of the conversion features has been estimated using a probability-weighted discount model with and without the conversion feature (see Note 9 for additional information).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company holds its convertible notes at amortized cost and amortizes the associated debt discount created from bifurcated derivatives and issuance costs under the effective interest or straight-line method until maturity or early conversion pursuant to the contractual terms of the arrangement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Net Loss Per Share</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, Preferred Stock, stock options, warrants and convertible notes are considered to be potentially dilutive securities. See Note 15 for further information.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Accordingly, in periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share, since dilutive common stock is not assumed to have been issued if their effect is anti-dilutive.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Recent Accounting Pronouncement — Adopted</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">From time to time, new accounting pronouncements, or Accounting Standards Updates, are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. During the three-month period ended March 31, 2022, no additional accounting pronouncements were adopted. Refer to Note 2 of our audited consolidated financial statements for the fiscal year ended December 31, 2021 contained within the proxy statement/prospectus/consent solicitation for adopted accounting pronouncements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Recent Accounting Pronouncement — Not Yet Adopted</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In October 2021, the FASB issued ASU 2021-08 Business Combinations (“ASC 805”) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers guidance requiring entities to apply ASC 606 to recognize and measure contract assets and contract liabilities in a business combination. Under current U.S. GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts that are accounted for in accordance with ASC 606, at fair value on the acquisition date. Under the new guidance the acquirer will recognize contract assets and contract liabilities at the same amounts recorded by the acquiree. The modifications improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of, and after a business combination. The amendment is effective for the Company in fiscal years beginning after December 15, 2023. Early adoption of the amendment is permitted. The Company anticipates that it will not have a material impact on its condensed consolidated financial statements and related disclosures.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In June 2016, the FASB issued ASU 2016-13 to update the methodology used to measure current expected credit losses (“CECL”). This ASU applies to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments. This ASU replaces the current incurred loss impairment methodology with a methodology to reflect CECL and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. In November 2019, the FASB issued ASU 2019-10, Financial Instruments — Credit Losses (“Topic 326”), Targeted Transition Relief, which amends the transition guidance for ASU 2016-13. The ASU provides entities with the option to irrevocably elect the fair value option in Subtopic 825-10 on an instrument-by-instrument basis. ASU 2019-10 and ASU 2016-13 are effective for years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact the standard will have on the Company’s condensed consolidated financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“Topic 740”) (“ASU 2019-12”). ASU 2019-12 eliminates the need for an organization to analyze whether the following apply in a given period (1) exception to the incremental approach for intra-period tax allocation (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. ASU 2019-12 also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify U.S. GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods. The amendments in ASU 2019-12 are effective for the Company in fiscal years beginning after December 15, 2021. Early adoption of the amendments is permitted. An entity that elects early adoption must adopt all the amendments in the same period. Adoption of ASU 2019-12 is not expected to result in any material changes to the way the tax provision is prepared and is not expected to have a material impact on the Company’s condensed consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">3. REVENUE RECOGNITION</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Revenue Recognition</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenues are generally recognized upon the transfer of control of promised products or services provided to customers, reflecting the amount of consideration the Company expects to receive for those products or services. The Company enters into contracts that can include various products or services, which are generally capable of being distinct and accounted for as separate performance obligations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company derives its revenue primarily from the following performance obligations: (1) hosted services, (2) professional services, (3) monetization, and (4) licensing. Revenue is reported net of applicable sales and use taxes that are passed through to customers.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s arrangements with customers may contain multiple obligations. Individual services are accounted for separately if they are distinct — that is, if a service is separately identifiable from other items in the contract and a customer can benefit from it in its own or with other resources that are readily available to the customer.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company has the following performance obligations in contracts with customers:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Hosted Services</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Hosted services, along with non-distinct customization, integration, maintenance and support professional services, allow customers to access the Houndify platform over the contract period without taking possession of the software. The contract terms of hosted services range from one year to <span style="-sec-ix-hidden: hidden-fact-352">twenty</span> years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company has determined that the hosted services arrangements are a single performance obligation comprised of a series of distinct services, since each day of providing access to hosted services is substantially the same and the customer simultaneously receives and consumes the benefits as access is provided. These services are provided either on a usage basis (i.e., variable consideration) or on a fixed fee subscription basis. The Company recognizes revenue as each distinct service period is performed (i.e., recognized as incurred).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Hosted services generally include up-front services to develop and/or customize the Houndify application to each customer’s specification. Judgement is required to determine whether these professional services are distinct from the hosted services. In making this determination, factors such as the degree of integration, the customers’ ability to start using the software prior to customization, and the availability of these services from other independent vendors are considered.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In instances where the Company concluded that the up-front services are not distinct performance obligations, revenue for these activities is recognized over the period which the hosted services are provided and is included within hosted services revenue.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Professional Services</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Revenue from distinct professional services, such as non-integrated development services, is either recognized over time based upon the progress towards completion of the project, or at a point in time at project completion. The Company assesses distinct professional services to determine whether the transfer of control is over-time or at a point in time. The Company considers three criteria in making their assessment including (1) the customer simultaneously receives and consumes the benefits; (2) the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or (3) the Company’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. If none of the criteria are met, revenue is determined to be recognized at a point in time.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">For distinct professional services determined to be recognized over-time, measuring the stage of completion of a project requires significant judgement and estimates, including actual efforts spent in relation to estimated total costs and percentage of completion based on input and output measures. During the three months ended March 31, 2022, $567 of professional service revenue was recognized over time, with the remaining $0 recognized at a point in time when the performance obligation was completed and control of the service was transferred to the customer. During the three months ended March 31, 2021, no professional service revenue was recognized over time.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Monetization</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Monetization revenues are primarily derived from advertising payments associated with ad impressions placed on the SoundHound music identification application. The Company derives an immaterial amount of revenue from, sales commissions earned from song purchases facilitated by the SoundHound app and App store fees paid for ads-free downloads of the SoundHound music identification app. The amount of revenue is based on actual monetization generated or usage, which represent a variable consideration with constrained estimates. Therefore, the Company recognizes the related revenues at a point in time when advertisements are placed, when commissions are paid or when the SoundHound application is downloaded. The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Company is acting as a principal or an agent in the transaction. The Company has determined that it does not act as the principal in monetization arrangements because it does not control the transfer of the service and it does not set the price. Based on these factors, the Company reports revenue on a net basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Licensing</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company licenses voice solutions that are embedded in customer products. Licensing revenue is a distinct performance obligation that is recognized when control is transferred to the customer, which is at a point-in-time for non-customized solutions. Revenues generated from licensing is based on royalty models with a combination of minimum guarantees and per unit pricing. Royalty periods are generally subsequent to when control of the license passes to the customer. The Company records licensing revenue as a usage-based royalty from customers’ usage of intellectual property in the same period in which the underlying sale occurs. The Company provides assurance-type warranty services and to date, post-contract support has been an immaterial performance obligation within the context of the contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">When a contract has multiple performance obligations, the transaction price is allocated to each performance obligation based on its relative estimated standalone selling price (“SSP”). Judgments are required to determine the SSP for each distinct performance obligation. SSP is determined by maximizing observable inputs from pricing of standalone sales, when possible. Since prices vary from customer to customer based on customer relationship, volume discount and contract type, in instances where the SSP is not directly observable, the Company estimates SSP by considering the following factors:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"/><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Costs of developing and supplying each performance obligation</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"/><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Industry standards</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"/><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Major product groupings</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"/><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Gross margin objectives and pricing practices, such as contractually stated prices, discounts offered, and applicable price lists</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">These factors may vary over time, depending upon the unique facts and circumstances related to each deliverable. If the facts and circumstances underlying the factors considered change or should future facts and circumstances lead the Company to consider additional factors, the Company’s best estimate of SSP may also change.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">For the three months ended March 31, 2022 and 2021, revenues under each performance obligation were:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Hosted services</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,344</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,387</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Professional services</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">567</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-349"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Monetization</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">208</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">352</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Licensing</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">171</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-350"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,290</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,739</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">For the three months ended March 31, 2022 and 2021, the disaggregated revenue by geographic location is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">March 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">United States</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,389</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,068</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Japan</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">927</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,033</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Germany</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">683</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,019</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">France</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">459</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-351"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Korea</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">412</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">478</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Other</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">420</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">141</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,290</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,739</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">For the three months ended March 31, 2022 and 2021, the disaggregated revenue by recognition pattern is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">March 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Over time revenue</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,911</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,387</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Point-in-time</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">379</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">352</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,290</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,739</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company also disaggregates revenue by service type. This disaggregation consists of Product Royalties, Service Subscriptions and Monetization. Product Royalties revenue is derived from Houndified Products, which are voice-enabled tangible products across the automotive and consumer electronics industries. Revenue from Product Royalties is based on volume, usage, or life of the products, which are driven by number of devices, users, or unit of time. Service Subscription revenue is generated through Houndified Services, which include customer services, food ordering, content, appointments, and voice commerce. Subscription revenue is derived from monthly fees based on usage-based revenue, revenue per query or revenue per user. Both Houndified Products and Houndified Services may include professional services that develop and customize the Houndify platform to fit customers’ specific needs. Revenue from Monetization is generated from the SoundHound music identification app and is primarily attributable to user ad impression revenue. For the three months ended March 31, 2022 and 2021, the disaggregated revenue by service type is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">March 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Product Royalties</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,709</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,984</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Service Subscriptions</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">373</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">403</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Monetization</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">208</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">352</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,290</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,739</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Contract Balances</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company performs its obligations under a contract with a customer by licensing access to software or providing services in exchange for consideration from the customer. The timing of the Company’s performance often differs from the timing of the customer’s payment, which results in the recognition of a receivable, a contract asset or a contract liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">As of March 31, 2022 and December 31, 2021, the Company had contract assets included in prepaid expenses and other current assets of $141 and $54, respectively, in the condensed consolidated balance sheets. The Company did not record any asset impairment charges related to contract assets during the three-month period ended March 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Revenue recognized for the three-month period ended March 31, 2022 and year ended December 31, 2021 that was included in the deferred revenues balances at the beginning of the reporting period was $2,162 and $14,945, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">As of March 31, 2022, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that were unsatisfied or partially unsatisfied was $27,253. Given the applicable contract terms, $10,811 is expected to be recognized as revenue within one year and $12,144 is expected to be recognized between <span style="-sec-ix-hidden: hidden-fact-353">two</span> to <span style="-sec-ix-hidden: hidden-fact-354">five</span> years, with the remainder of $4,298 recognized after <span style="-sec-ix-hidden: hidden-fact-355">five</span> years. This amount does not include contracts to which the customer is not committed, contracts for which the Company recognizes revenue equal to the amount the Company has the right to invoice for services performed, or future sales-based or usage-based royalty payments in exchange for access to the Company’s hosted services. This amount is subject to change due to future revaluations of variable consideration, terminations, other contract modifications or currency adjustments. The estimated timing of the recognition of remaining unsatisfied performance obligations is subject to change and is affected by changes to scope, changes in timing of delivery of products and services, or contract modifications.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s long-term contracts do not have significant financing components, as there is generally payment and performance in each year of the contract. If there is a period of one year or longer between the transfer of promised services and payment, it is generally for reasons other than financing and, thus, the Company does not adjust the transaction price for financing components.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company elected the practical expedient to not adjust promised amounts of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.</span></p> P1Y 567000 0 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Hosted services</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,344</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,387</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Professional services</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">567</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-349"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Monetization</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">208</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">352</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Licensing</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">171</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-350"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,290</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,739</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 3344000 3387000 567000 208000 352000 171000 4290000 3739000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">March 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">United States</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,389</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,068</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Japan</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">927</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,033</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Germany</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">683</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,019</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">France</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">459</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-351"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Korea</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">412</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">478</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Other</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">420</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">141</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,290</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,739</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 1389000 1068000 927000 1033000 683000 1019000 459000 412000 478000 420000 141000 4290000 3739000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">March 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Over time revenue</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,911</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,387</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Point-in-time</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">379</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">352</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,290</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,739</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 3911000 3387000 379000 352000 4290000 3739000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">March 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Product Royalties</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,709</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,984</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Service Subscriptions</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">373</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">403</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Monetization</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">208</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">352</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,290</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,739</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 3709000 2984000 373000 403000 208000 352000 4290000 3739000 141000 54000 2162000 14945000 27253000 10811000 P1Y 12144000 4298000 P1Y P1Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">4. PROPERTY AND EQUIPMENT, NET</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Property and equipment, net consisted of the following:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,<span style="text-decoration:underline"><br/> </span>2022</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<span style="text-decoration:underline"><br/> </span>2021</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Computer equipment</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">20,686</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">20,571</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Software and voice recordings</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">8,912</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">8,687</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Leasehold improvements</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,826</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,567</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Furniture and fixtures</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">741</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">729</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Total, at cost</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">34,165</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">33,554</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Less: accumulated depreciation and amortization</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(28,691</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(27,399</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Total property and equipment, net</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,474</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6,155</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The property and equipment account includes assets under finance lease obligations (see Note 13 for additional information) with an aggregate cost of approximately $6,731 and $6,975 as of March 31, 2022 and December 31, 2021 and accumulated depreciation of approximately $4,470 and $4,293 as of March 31, 2022 and December 31, 2021, respectively. Depreciation and amortization expense totaled approximately $1,292 and $1,451 for the three months ended March 31, 2022 and 2021, respectively.</span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,<span style="text-decoration:underline"><br/> </span>2022</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<span style="text-decoration:underline"><br/> </span>2021</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Computer equipment</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">20,686</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">20,571</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Software and voice recordings</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">8,912</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">8,687</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Leasehold improvements</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,826</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,567</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Furniture and fixtures</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">741</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">729</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Total, at cost</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">34,165</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">33,554</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Less: accumulated depreciation and amortization</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(28,691</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(27,399</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Total property and equipment, net</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,474</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6,155</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 20686000 20571000 8912000 8687000 3826000 3567000 741000 729000 34165000 33554000 28691000 27399000 5474000 6155000 6731000 6975000 4470000 4293000 1292000 1451000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">5. ACCRUED LIABILITIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Accrued liabilities on the consolidated balance sheets are comprised of the following as of March 31, 2022 and December 31, 2021, respectively:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,<span style="text-decoration:underline"><br/> </span>2022</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<span style="text-decoration:underline"><br/> </span>2021</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Accrued compensation expenses</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7,548</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,802</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Accrued interest</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,554</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,369</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Accrued vendor payables</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,511</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,109</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Accrued professional services</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">925</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">934</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Other accrued liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">165</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">84</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,703</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7,298</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,<span style="text-decoration:underline"><br/> </span>2022</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<span style="text-decoration:underline"><br/> </span>2021</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Accrued compensation expenses</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7,548</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,802</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Accrued interest</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,554</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,369</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Accrued vendor payables</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,511</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,109</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Accrued professional services</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">925</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">934</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Other accrued liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">165</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">84</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,703</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7,298</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table> 7548000 3802000 1554000 1369000 1511000 1109000 925000 934000 165000 84000 11703000 7298000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">6. COMMITMENTS AND CONTINGENCIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Contingent Bonuses</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">During the three months ended March 31, 2022, the Company declared discretionary bonuses of $670, with payment contingent upon the closing of the Business Combination.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Contracts</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In August 2021, the Company entered into an exclusive agreement with a cloud service provider to host its voice artificial intelligence platform pursuant to which the Company committed to pay a minimum of $99,000 in cloud costs over a seven-year period subject to variable increases based on usage.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Aggregate noncancelable future minimum payments are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 88%; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Remainder of 2022 as of March 31, 2022</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,000</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">2023</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">2024</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">2025</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">14,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">2026</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">16,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Thereafter</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">48,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">99,000</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Legal Proceedings</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues contingent liabilities when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. In the opinion of management, there are no pending claims for which the outcome is expected to result in a material adverse effect on the financial position, results of operations or cash flows of the Company.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Other Matters</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company has not historically collected U.S. state or local sales and use tax, or other similar taxes, in any jurisdiction. On June 21, 2018, the U.S. Supreme Court decided, in <i>South Dakota v. Wayfair, Inc.</i>, that state and local jurisdiction may, in certain circumstances, enforce sales and use tax collection obligations on remote vendors that have no physical presence in such jurisdiction. A number of states have already begun, or have positioned themselves to begin, requiring sales and use tax collection from remote vendors. The details and effective dates of these collection requirements vary from state to state. The Company continues to analyze potential sales tax exposure using a state-by-state assessment, and estimated and recorded a liability, in accordance with ASC 450, Contingencies, of $1,105 as of December 31, 2021 and March 31, 2022.</span></p> 670000 99000000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 88%; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Remainder of 2022 as of March 31, 2022</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,000</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">2023</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">2024</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">2025</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">14,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">2026</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">16,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Thereafter</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">48,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">99,000</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 3000000 7000000 11000000 14000000 16000000 48000000 99000000 1105000 1105000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">7. WARRANTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In connection with the issuance of the April 2013 Note and November 2013 Note, the Company issued detachable warrants to purchase 44,708 and 89,418 shares of Series C Preferred Stock (“Series C Warrants”), respectively, at $6.71 per share to the lenders, which were immediately exercisable. In December 2021, all outstanding 134,126 shares of warrants related to April 2013 Note and November 2013 were net exercised, leading to a net issuance of 116,150 shares of Series C Preferred Stock. As of March 31, 2022 and December 31, 2021, the fair value of the warrant liability was $0.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In connection with the issuance of the Company’s 2021 note payable (“SVB March 2021 Note”) and 2021 convertible note (“SCI June 2021 Note”), the Company issued detachable warrants to purchase 127,570 and 63,785 shares of common stock, respectively, with an exercise price of $20.37 per share to the lenders, which were immediately exercisable. The Company recorded the warrants initially at fair value (see Note 9 for additional information) as paid-in-capital on the condensed consolidated balance sheets based on the allocation of its relative fair value of the debt proceeds. See Note 9 for additional information on the fair value calculation. The fair value in relation to the SVB March 2021 Note was allocated to the notes as a discount. The fair value in relation to the SCI June 2021 Note was capitalized as an asset, as the underlying debt bears similarity to a revolving commitment. As the warrants were classified as equity, they are not subject to remeasurement at the end of each reporting period. The initial allocated fair value of the warrants as of March 31, 2021 and June 14, 2021 was $2,316 and $1,526, respectively. The warrants have a ten-year expiration date from the applicable closing date of March 2031 and June 2031, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">During the three months ended March 31, 2022, no warrants were exercised.</span></p> 6.71 0 20.37 0 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">8. CONVERTIBLE NOTES AND NOTE PAYABLE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><i>SNAP June 2020 Note</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In June 2020, the Company issued a promissory note, the SNAP June 2020 Note, to a Lender in exchange for $15,000 in cash proceeds. This note has an annual interest rate of 5% and a maturity date of June 26, 2022, if not converted earlier pursuant to conversion terms and change in control events as described below. All unpaid interest and principal are due and payable upon request of the Lender on or after the SNAP June 2020 Note’s maturity date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The outstanding principal balance and unpaid accrued interest of the SNAP June 2020 Note are convertible pursuant to the following terms (“SNAP June 2020 Note Conversion Feature” or “Conversion Feature”): automatic conversion into equity shares in the next equity financing round (“SNAP June 2020 Note Qualified Financing,” or “Qualified Financing”) at a conversion price equal to either (a) the lowest cash price per share paid by investors in such qualified financing (which will reflect at least a 20% discount to the price per share paid by other investors purchasing securities in additional closings), or (b) if there are no additional closings, 0.80 times the price per share paid by investors purchasing equity securities in the Qualified Financing. The SNAP June 2020 Note Qualified Financing shall be at least $30,000, which excludes the conversion of the SNAP June 2020 Note and any other indebtedness.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Furthermore, upon a change of control event, the Company shall settle the SNAP June 2020 Note in cash, pursuant to the following terms (“Redemption Features”):</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">200% of the then outstanding principal amount of the respective note plus any unpaid accrued interest on the original principal of such note; and</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"/><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">100% of the then outstanding principal amount of the respective note plus any unpaid accrued interest on the original principal of such note, provided that if the change of control transaction closes between the Company and the Lender or an affiliate of the Lender.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company evaluated whether the SNAP June 2020 Note contains embedded features that meet the definition of derivatives under ASC 815, Derivatives and Hedging. The Conversion Feature qualifies as a derivative as it continuously resets as the underlying stock price increases or decreases so as to provide a variable number of shares for a fixed value of equity to the holders at any conversion date. As such, the Conversion Feature is bifurcated and</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">accounted for as a derivative liability to be remeasured at the end of each reporting period. The Company recorded the bifurcated Conversion Feature initially at fair value with the residual value being allocated to the SNAP June 2020 Note as a debt discount. The fair value of the Conversion Feature upon issuance in June 2020 was $2,460, which was recorded as a derivative liability on the Company’s condensed consolidated balance sheet. The Redemption Feature of the SNAP June 2020 Note does not meet the definition of a derivative. Therefore, the Redemption Feature is not bifurcated.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The total amount of debt discount at issuance for the SNAP June 2020 Note was $2,529. The Company amortized the aggregate debt discount using the effective interest method. The Company recognized total interest expense of $515 associated with the SNAP June 2020 Note for the three months ended March 31, 2022, out of which $330 relates to the amortization of the debt discount. The debt discount related to the SNAP June 2020 Note is amortized over the life of the instrument, beginning at note issuance and ending on June 26, 2022, the date of maturity.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The SNAP June 2020 Note contains a conversion feature in which outstanding principal and any unpaid accrued interest automatically converts into equity securities. This conversion occurs when the Company issues and sells equity securities in a bona fide equity financing with total proceeds to the Company totaling more than $30,000, excluding the face value of the SNAP June 2020 Note (“SNAP June 2020 Note Qualified Financing”).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The following table summarizes the unamortized debt discount, fair value of conversion feature, and accrued interest as of March 31, 2022 and December 31, 2021, and fair value remeasurement for the three months ended March 31, 2022 and March 31, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,<span style="text-decoration:underline"><br/> </span>2022</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<span style="text-decoration:underline"><br/> </span>2021</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Unamortized debt discount</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">327</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">657</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Fair value of conversion feature</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,080</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,488</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Accrued interest</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,321</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,136</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Three Months<br/> Ended<br/> March 31,<span style="text-decoration:underline"><br/></span> 2022</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-sec-ix-redline:true;-d:ummy">Three Months<br/> Ended  </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-sec-ix-redline:true;-d:ummy">March 31,<br/> 2021</b></p></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Remeasurement of conversion feature – gain/(loss)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(592</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1,150</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Accrued interest is included in accrued liabilities on the condensed consolidated balance sheets to reflect the classification of the SNAP June 2020 Note as short-term in nature on March 31, 2022 and December 31, 2021. The Company recorded the remeasurement of derivative liabilities in other expense, net on the condensed consolidated statements of operations and comprehensive loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><i>SVB March 2021 Note</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In March 2021, the Company entered into a loan and security agreement with a commercial bank to borrow $30,000 along with the issuance of warrants to purchase 127,570 shares of the Company’s common stock. The warrant’s allocated fair value was $2,316 at issuance. The SVB March 2021 Note also contains a final payment provision of $1,050. The warrants were recognized as a debt discount at issuance and recorded as a reduction of the debt balance under a relative fair value approach. The Company recorded the final payment as an increase to the principal balance and debt discount for the entire payment amount. The Company is amortizing the discounts on an effective interest basis over the period from issuance through the Early Maturity Date (as defined below).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The loan bears interest at an annual rate equal to the greater of 9% or 5.75% above the Prime Rate. As of March 31, 2022, the interest rate was 9.25%. Payments are interest-only for the first twelve months and are fully amortizable thereafter. The Company recorded interest expense in the condensed consolidated statements of operations and comprehensive loss for the three-month period ended March 31, 2022 of $675, of which $233 remained unpaid as accrued interest.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The term loan amortization date is April 1, 2022, with an opportunity for a six-month extension if certain performance milestones are met. The total amount of debt discount at issuance was $3,532. As of March 31, 2022 and December 31, 2021, the unamortized debt discount totaled $240 and $1,086, respectively. The maturity date of the loan is April 26, 2022 (“Early Maturity Date”), with an opportunity for extension to September 2024 or March 2025 if certain performance milestones are met, including the conversion of the SNAP June 2020 Note. Accordingly, the Company has classified the entire note payable balance as short-term as of March 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><i>SCI June 2021 Note</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In June 2021, the Company entered into a loan and security agreement with a lender to obtain credit extensions to the Company. Extensions may be requested in $5,000 increments up to a total commitment amount of $15,000. The Company drew an initial $5,000 on June 14, 2021 and the remaining $10,000 on December 1, 2021. The SCI June 2021 Note also contains a final payment provision of 3.5% on each draw or $525 in total. Additionally, warrants were issued alongside the convertible note to purchase 63,785 shares of SoundHound’s common stock. The warrant’s allocated fair value was $1,526 at issuance. The Company recorded the final payment as an increase to the principal balance and debt discount for the entire payment amount upon each draw.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">As the warrants and discounts of $2,150 are directly attributable to the total commitment of $15,000, the Company has presented its unamortized debt issuance cost associated with this convertible note as a current asset, recorded as debt issuance cost on the condensed consolidated balance sheets. The Company is amortizing the cost on a straight-line basis from the issuance date through the early maturity date of June 26, 2022. The Company recorded $566 in interest expense related to the debt discounts during the three-month period ended March 31, 2022. As of March 31, 2022, the unamortized debt discount totaled $566.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The loan bears interest at an annual rate equal to the greater of 9% or 5.75% above the Prime Rate. As of March 31, 2022, the interest rate is 9.25%. Payments are interest-only for the first twelve months and are fully amortizing thereafter. The Company incurred and paid $338 in stated interest in the condensed consolidated statements of operations and comprehensive loss for the three-month period ended March 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The loan amortization date is June 1, 2022, with an opportunity for a six-month extension if certain performance milestones are met. The maturity date of the loan is the earlier of May 2025 or when the SNAP June 2020 Note is either paid in full or matures on June 26, 2022. Upon mutual consent of the Company and its Agent, the outstanding principal amount of term loan advances may be converted into equity securities that are issued by SoundHound in an Initial Public Offering (“IPO”) or by a Special Purpose Acquisition Company (“SPAC”) during a private placement sale of SoundHound’s equity securities that closes substantially concurrently with the closing of a SPAC acquisition. If conversion occurs in connection with an IPO, the conversion of the principal amount shall be into the same class and series of equity securities for the initial price per security to the public sold in the IPO. If conversion occurs in connection with a SPAC, the conversion of principal amount shall be into the equity securities purchased by other investors in the SPAC at the same share price and upon the same terms. As of March 31, 2022, the Company has classified the SCI June 2021 Note as a current liability on its condensed consolidated balance sheet.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The below table summarizes the Company’s debt balances as of March 31, 2022 and December 31, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,<span style="text-decoration:underline"><br/></span> 2022</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SVB March 2021<span style="text-decoration:underline"><br/></span> Note</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Note payable, current portion</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">31,050</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Unamortized loan discount</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(240</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Carrying value</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">30,810</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">March 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SNAP<br/> June 2020<span style="text-decoration:underline"><br/></span> Note</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SCI <br/> June 2021<span style="text-decoration:underline"><br/></span> Note</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Convertible notes, current portion</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">15,000</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">15,525</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">30,525</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Unamortized loan discount</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(327</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-356"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(327</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">14,673</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">15,525</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">30,198</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Unamortized debt issuance cost recorded as an asset</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-357"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">566</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">566</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<span style="text-decoration:underline"><br/></span> 2021</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SVB March 2021<span style="text-decoration:underline"><br/></span> Note</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Note payable, current portion</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">31,050</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Unamortized loan discount</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1,086</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Carrying value</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">29,964</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">December 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SNAP June 2020<span style="text-decoration:underline"><br/></span> Note</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SCI <br/> June 2021<span style="text-decoration:underline"><br/></span> Note</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Convertible notes, current portion</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">15,000</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">15,525</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">30,525</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Unamortized loan discount</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(657</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-358"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(657</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">14,343</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">15,525</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">29,868</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Unamortized debt issuance cost recorded as an asset</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-359"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,132</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,132</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Additionally, interest expense on the condensed consolidated statements of operations and comprehensive loss is inclusive of stated interest incurred on the Company’s debt instruments during the relevant periods, as well as the amortization of debt discounts and issuance costs. The life of each instrument may be shortened if a lender demands payment if certain events occur that are outside the control of the Company.</span></p> 15000000 0.05 2022-06-26 0.20 0.8 30000000 2 1 2460000 2529000 515000 330000 2022-06-26 30000000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,<span style="text-decoration:underline"><br/> </span>2022</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<span style="text-decoration:underline"><br/> </span>2021</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Unamortized debt discount</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">327</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">657</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Fair value of conversion feature</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,080</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,488</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Accrued interest</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,321</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,136</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 327000 657000 4080000 3488000 1321000 1136000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Three Months<br/> Ended<br/> March 31,<span style="text-decoration:underline"><br/></span> 2022</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-sec-ix-redline:true;-d:ummy">Three Months<br/> Ended  </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-sec-ix-redline:true;-d:ummy">March 31,<br/> 2021</b></p></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Remeasurement of conversion feature – gain/(loss)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(592</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1,150</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> -592000 -1150000 30000000 127570 2316000 1050000 0.09 0.0575 0.0925 675000 233000 3532000 240000 1086000 2022-04-26 5000000 15000000 5000000 10000000 0.035 525000 63785 1526000 2150000 15000000 2022-06-26 566000 566000 0.09 0.0575 0.0925 338000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,<span style="text-decoration:underline"><br/></span> 2022</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SVB March 2021<span style="text-decoration:underline"><br/></span> Note</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Note payable, current portion</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">31,050</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Unamortized loan discount</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(240</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Carrying value</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">30,810</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<span style="text-decoration:underline"><br/></span> 2021</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SVB March 2021<span style="text-decoration:underline"><br/></span> Note</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Note payable, current portion</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">31,050</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Unamortized loan discount</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1,086</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Carrying value</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">29,964</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 31050000 -240000 30810000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">March 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SNAP<br/> June 2020<span style="text-decoration:underline"><br/></span> Note</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SCI <br/> June 2021<span style="text-decoration:underline"><br/></span> Note</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Convertible notes, current portion</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">15,000</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">15,525</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">30,525</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Unamortized loan discount</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(327</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-356"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(327</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">14,673</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">15,525</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">30,198</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Unamortized debt issuance cost recorded as an asset</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-357"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">566</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">566</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">December 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SNAP June 2020<span style="text-decoration:underline"><br/></span> Note</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SCI <br/> June 2021<span style="text-decoration:underline"><br/></span> Note</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Convertible notes, current portion</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">15,000</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">15,525</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">30,525</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Unamortized loan discount</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(657</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-358"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(657</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">14,343</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">15,525</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">29,868</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Unamortized debt issuance cost recorded as an asset</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-359"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,132</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,132</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 15000000 15525000 30525000 -327000 -327000 14673000 15525000 30198000 566000 566000 31050000 -1086000 29964000 15000000 15525000 30525000 -657000 -657000 14343000 15525000 29868000 1132000 1132000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">9. FAIR VALUE MEASUREMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The following tables present the fair value of the Company’s financial instruments that are measured or disclosed at fair value on a recurring basis:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Fair Value Measurements as of <br/> March 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Level 1</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Level 2</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Level 3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy">Assets:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Cash equivalents</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">165</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-360"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-361"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Liabilities:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Derivative liability</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-362"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-363"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(4,080</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Warrant liability</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-364"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-365"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-366"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 30pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">165</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-367"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(4,080</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Fair Value Measurements as of <br/> December 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Level 1</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Level 2</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Level 3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy">Assets:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Cash equivalents</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,863</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-368"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-369"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Liabilities:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Derivative liability</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-370"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-371"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(3,488</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Warrant liability</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-372"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-373"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-374"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 30pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,863</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-375"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(3,488</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The fair values of the warrants were determined based on significant inputs not observable in the market, which represent Level 3 measurements within the fair value hierarchy.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In order to determine the fair value of the warrants, the Company utilized a Black-Scholes option-pricing model. Estimates and assumptions impacting the fair value measurement include the fair value of the underlying shares, the remaining contractual or expected term of the warrants, risk-free interest rate, expected dividend yield and expected volatility of the price of the underlying stock on an as-converted basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company considered the probability of a deemed liquidation event in determining the remaining expected term of the warrants, which was used as an input to the model. The Company lacks Company-specific historical and implied volatility information of its stock since there is currently no market. Therefore, it estimated its expected stock volatility based on the historical volatility of publicly traded guideline companies for a term equal to the remaining contractual or expected term of the warrants. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual or expected term of the warrants. The Company estimated no expected dividend yield based on the fact that the Company has never paid or declared dividends and does not intend to do so in the foreseeable future.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Series C Warrants (April 2013 and November 2013)</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company revalued the warrants as of March 31, 2021 resulting in a change in fair value of $253. This change in fair value was recorded as a component of other expense, net, in the accompanying condensed consolidated statements of operations and comprehensive loss.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company determined the fair value of the April 2013 Series C redeemable convertible preferred stock warrants using the Black-Scholes-Merton option-pricing model using the following assumptions:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,<span style="text-decoration:underline"><br/> </span>2021</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Expected dividend rate</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Risk-free interest rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0.24</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Expected volatility</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">46</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected term (in years)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2.39</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Upon exercise in December 2021, the warrants were recorded as Series C Preferred Stock at their fair value of $5,816 upon net share settlement</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Common Stock Warrants (SVB March 2021 Note)</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company issued common stock warrants in connection with the SVB March 2021 Note (See Note 8 for additional information). The SVB March 2021 Note warrants were recorded based on the allocation of its relative fair of the debt proceeds of $2,316. The warrants were classified as equity instruments at inception with a corresponding discount recorded at issuance</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">against the outstanding notes in connection with the SVB March 2021 Note. The common stock warrants are not subject to remeasurement at each subsequent balance sheet date due to their classification as equity instruments as they are considered indexed to the Company’s stock. As of March 31, 2022, none of these warrants have been exercised. The SVB March 2021 Note warrants expire in March 2031.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company determined the fair value of the SVB March 2021 Note common stock warrants at issuance using the Black-Scholes option-pricing model using the following assumptions:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">SVB March 2021 Note Common Stock Warrants</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Expected dividend rate</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Risk-free interest rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1.74</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Expected volatility</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">47</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Expected term (in years)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">10.00</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Derivative Liability (SNAP June 2020 Note)</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">To determine the fair value of the embedded derivative associated with the SNAP June 2020 Note, the Company utilized the income approach model using the With and Without method. Using the With and Without method, the Company modeled expected cash flows to the noteholder under Next Equity Financing, Change in Control, SPAC/Private Investment in Public Equity, and IPO scenarios. The value of the Embedded Derivatives was determined as the differential value from the perspective of the With and Without Method. The Company utilized the following assumptions at the valuation date:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<span style="text-decoration:underline"><br/> </span>2021</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Probability of Next Equity Financing</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Probability of SPAC/PIPE</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">95</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Probability of IPO</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">100</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Weighted average term (years)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0.27</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Weighted average discount rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">25.00</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The significant unobservable inputs used in the fair value measurement of the derivative liability are the remaining expected term, the discount rate, and the probability of financing for each scenario. Significant increases (decreases) in the term would result in significantly lower (higher) fair value measurements. Significant increases (decreases) in the discount rate would result in significantly lower (higher) fair value measurements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">As of March 31, 2022, the embedded derivative was valued at its intrinsic value due to the proximity of the valuation date to the closing of the Business Combination. This valuation method was materially consistent when compared to a fair value model adjusted for timing of the valuation to the transaction and using an increased probability of SPAC occurrence of 100%.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The following table sets forth a summary of changes in fair value of the Company’s derivative liability and warrant liability for which fair value was determined by Level 3 inputs:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivative<span style="text-decoration:underline"><br/> </span>Liability</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrant<span style="text-decoration:underline"><br/> </span>Liability</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Balance as of January 1, 2021</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,380</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,004</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Change in fair value</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,150</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">253</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Balance as of March 31, 2021</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,530</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,257</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivative<span style="text-decoration:underline"><br/> </span>Liability</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrant<span style="text-decoration:underline"><br/> </span>Liability</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Balance as of January 1, 2022</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,488</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-376"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Change in fair value</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">592</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-377"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Balance as of March 31, 2022</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,080</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-378"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">There were no transfers of financial instruments between the three levels of the fair value hierarchy for the three-month period ended March 31, 2022. The Company had no other financial assets or liabilities that were required to be measured at fair value on a recurring basis.</span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Fair Value Measurements as of <br/> March 31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Level 1</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Level 2</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Level 3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy">Assets:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Cash equivalents</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">165</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-360"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-361"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Liabilities:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Derivative liability</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-362"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-363"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(4,080</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Warrant liability</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-364"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-365"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-366"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 30pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">165</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-367"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(4,080</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Fair Value Measurements as of <br/> December 31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Level 1</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Level 2</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">Level 3</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy">Assets:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Cash equivalents</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,863</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-368"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-369"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Liabilities:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Derivative liability</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-370"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-371"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(3,488</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="-sec-ix-redline:true;-d:ummy">Warrant liability</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-372"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-373"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-374"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 30pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,863</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-375"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(3,488</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 165000 -4080000 165000 -4080000 4863000 -3488000 4863000 -3488000 253000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,<span style="text-decoration:underline"><br/> </span>2021</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Expected dividend rate</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Risk-free interest rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0.24</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Expected volatility</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">46</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected term (in years)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2.39</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy">SVB March 2021 Note Common Stock Warrants</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Expected dividend rate</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Risk-free interest rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1.74</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Expected volatility</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">47</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Expected term (in years)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">10.00</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 0 0.0024 0.46 P2Y4M20D 5816000 2316000 0 0.0174 0.47 P10Y <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,<span style="text-decoration:underline"><br/> </span>2021</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Probability of Next Equity Financing</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Probability of SPAC/PIPE</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">95</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Probability of IPO</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">100</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Weighted average term (years)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0.27</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Weighted average discount rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">25.00</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 0.03 0.95 0.02 1 P0Y3M7D 0.25 1 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivative<span style="text-decoration:underline"><br/> </span>Liability</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrant<span style="text-decoration:underline"><br/> </span>Liability</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Balance as of January 1, 2021</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,380</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,004</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Change in fair value</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,150</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">253</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Balance as of March 31, 2021</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,530</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,257</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivative<span style="text-decoration:underline"><br/> </span>Liability</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrant<span style="text-decoration:underline"><br/> </span>Liability</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Balance as of January 1, 2022</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,488</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-376"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Change in fair value</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">592</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-377"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Balance as of March 31, 2022</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,080</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-378"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 2380000 2004000 1150000 253000 3530000 2257000 3488000 592000 4080000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">10. PREFERRED STOCK</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">A summary of the Preferred Stock authorized, issued and outstanding as of March 31, 2022 is as follows<i>:</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><i style="-sec-ix-redline:true;-d:ummy"> </i></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares<span style="text-decoration:underline"><br/> </span>Authorized</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares<span style="text-decoration:underline"><br/> </span>Issued</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidation<span style="text-decoration:underline"><br/> </span>Preference</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carrying<span style="text-decoration:underline"><br/> </span>Value</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series A</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,438,670</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,438,670</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,082</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,967</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series B</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6,065,646</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6,065,646</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,943</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,038</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series C</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,041,607</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,023,631</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6,869</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,837</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series C-1</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">798,399</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">798,399</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">16,072</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">16,061</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series D</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,646,050</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,646,050</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">95,027</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">85,648</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series D-1</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,515,152</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,515,152</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">50,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">49,957</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series D-2</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,515,151</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,515,151</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">50,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">49,949</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series D-3</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,750,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,245,838</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">49,834</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">50,046</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series D-3A</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,545,454</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-379"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-380"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-381"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">26,316,129</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">19,248,537</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">284,826</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">279,503</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The holders of the Company’s Series A, Series B, Series C, Series C-1, Series D, Series D-1, Series D-2, Series D-3 and Series D-3A Preferred Stock (collectively, “Preferred Stock”) have the following rights, preferences and privileges:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;text-decoration:underline">Dividends</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">No dividends have been declared during the three-month period ended March 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;text-decoration:underline">Conversion</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">No conversion events have occurred during the three-month period ended March 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;text-decoration:underline">Liquidation Preference</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, holders of Preferred Stock are entitled to receive distributions of any assets of the Company in order of their preferences.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company has not experienced any voluntary or involuntary liquidation, dissolution or winding up during the three months ended March 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;text-decoration:underline">Redemption</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Preferred Stock is not mandatorily redeemable. The Company has not experienced any redemptions during the three months ended March 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;text-decoration:underline">Voting Rights</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Voting rights have not changed during the three months ended March 31, 2022.</span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares<span style="text-decoration:underline"><br/> </span>Authorized</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares<span style="text-decoration:underline"><br/> </span>Issued</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidation<span style="text-decoration:underline"><br/> </span>Preference</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-sec-ix-redline:true;font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carrying<span style="text-decoration:underline"><br/> </span>Value</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series A</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,438,670</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,438,670</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,082</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,967</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series B</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6,065,646</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6,065,646</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,943</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,038</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series C</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,041,607</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,023,631</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6,869</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,837</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series C-1</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">798,399</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">798,399</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">16,072</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">16,061</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series D</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,646,050</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,646,050</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">95,027</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">85,648</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series D-1</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,515,152</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,515,152</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">50,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">49,957</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series D-2</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,515,151</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,515,151</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">50,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">49,949</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series D-3</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,750,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,245,838</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">49,834</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">50,046</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-redline:true;-d:ummy">Series D-3A</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,545,454</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-379"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-380"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-381"><span style="-sec-ix-redline:true;-d:ummy">—  </span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">26,316,129</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">19,248,537</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">284,826</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">279,503</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 3438670000 3438670000 5082000 4967000 6065646000 6065646000 11943000 11038000 1041607000 1023631000 6869000 11837000 798399000 798399000 16072000 16061000 3646050000 3646050000 95027000 85648000 1515152000 1515152000 50000000 49957000 1515151000 1515151000 50000000 49949000 3750000000 1245838000 49834000 50046000 4545454000 26316129000 19248537000 284826000 279503000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">11. COMMON STOCK</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">As of March 31, 2022, the Company has authorized the issuance of 45,000,000 shares of common stock.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company has reserved shares of common stock for future issuance on an as-if converted basis related to the following outstanding Preferred Stock, warrants, stock options and future grants as of March 31, 2022:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series A Preferred Stock</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,438,670</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series B Preferred Stock</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6,065,646</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series C Preferred Stock</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,023,631</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series C-1 Preferred Stock</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">798,399</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series D Preferred Stock</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,646,050</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series D-1 Preferred Stock</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,515,152</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series D-2 Preferred Stock</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,515,151</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series D-3 Preferred Stock</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,245,838</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Common stock warrants</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">191,355</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Stock options outstanding</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,039,511</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Restricted stock units outstanding</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">362,652</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Stock incentive plan shares reserved for future issuance</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,441</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">24,975,496</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table> 45000000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series A Preferred Stock</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,438,670</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series B Preferred Stock</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6,065,646</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series C Preferred Stock</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,023,631</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series C-1 Preferred Stock</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">798,399</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series D Preferred Stock</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,646,050</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series D-1 Preferred Stock</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,515,152</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series D-2 Preferred Stock</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,515,151</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series D-3 Preferred Stock</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,245,838</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Common stock warrants</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">191,355</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Stock options outstanding</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,039,511</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Restricted stock units outstanding</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">362,652</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Stock incentive plan shares reserved for future issuance</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,441</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">24,975,496</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table> 3438670 6065646 1023631 798399 3646050 1515152 1515151 1245838 191355 5039511 362652 133441 24975496 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">12. STOCK INCENTIVE PLAN</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Board of Directors has authorized and in April 2016 adopted the 2016 Equity Incentive Plan (the “2016 Plan”) as a successor and continuation of the 2006 Plan (collectively, the “Plans”). Under the Plans, the Board of Directors may grant awards of options and restricted stock, as well as stock appreciation rights and other stock awards. During the year ended December 31, 2021, the Company amended the 2016 Plan to increase the number of shares of common stock reserved for issuance under the Plans by 1,200,000 to an aggregate of 8,701,460. During the three months ended March 31, 2022, no further amendments to the Plans were made.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The 2016 Plan provides for incentive stock options to be granted to employees at an exercise price not less than 100% of the fair value at the grant date as determined by the Board of Directors, unless the optionee is a 10% stockholder, in which case the option price will not be less than 110% of such fair market value. Options granted generally have a maximum term of 10 years from grant date, are exercisable upon vesting unless otherwise designated for early exercise by the Board of Directors at the time of grant, and generally vest over a four-year period, with a 25% cliff vesting after one year and then ratably on a monthly basis for the remaining three years. RSUs granted generally vest over a four-year period, with 25% cliff vesting after one year and then ratably on a quarterly basis for the remaining three years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Option Activity</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Shares available for grant under the Plans is as follows for the three-month period ended March 31, 2022 and the year ended December 31, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%"><span style="-sec-ix-redline:true;-d:ummy">Outstanding, January 1, 2021</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">57,535</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy">Authorized</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,200,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Options granted</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1,134,542</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Awards forfeited or cancelled</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">376,245</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy">Outstanding, December 31, 2021</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">499,238</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy">Authorized</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-382"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Options granted</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(32,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">RSUs granted</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(362,652</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Awards forfeited or cancelled</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">28,855</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Outstanding, March 31, 2022</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,441</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Stock option activity under the Plans is as follows for the three-month period ended March 31, 2022 and 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Outstanding<br/> Stock<br/> Options</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Weighted Average Exercise Price Per Share</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Weighted Average Remaining Contractual Term (Years)</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Average Intrinsic Value</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%"><span style="-sec-ix-redline:true;-d:ummy">Outstanding, January 1, 2021</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,178,276</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13.23</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6.75</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">36,987</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy">Authorized</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-383"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-384"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-385"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Options granted</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">140,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">20.37</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-386"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Options exercised</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(297,850</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4.02</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7,133</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Awards forfeited or cancelled</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(94,272</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">17.38</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-387"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Outstanding, March 31, 2021</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,926,154</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13.91</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6.85</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">69,274</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy">Outstanding, December 31, 2021</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,475,283</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">19.19</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6.78</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">168,923</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy">Authorized</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-388"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-389"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-390"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Options granted</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">32,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">50.07</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-391"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Options exercised</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(438,917</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.66</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">19,420</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Awards forfeited or cancelled</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(28,855</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">26.71</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-392"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Outstanding, March 31, 2022</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,039,511</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">20.52</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7.03</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">169,930</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Options exercisable as of March 31, 2022</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,050,249</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13.52</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.90</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">124,137</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Restricted stock activity under the Plans are as follows for the three months ended March 31, 2022:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-sec-ix-redline:true;-d:ummy">Outstanding</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-sec-ix-redline:true;-d:ummy">RSUs</b></p></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Weighted Average<br/> Grant Date Value Per<br/> Share</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy">Outstanding, January 1, 2022</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-393"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-394"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; width: 76%"><span style="-sec-ix-redline:true;-d:ummy">Granted</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">362,652</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">54.26</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Released</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-395"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-396"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Forfeited</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-397"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-398"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Outstanding, March 31, 2022</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">362,652</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">54.26</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Options exercised early are subject to the vesting provisions mentioned above, and any unvested shares are subject to repurchase at the original price upon termination of employment, death, or disability. There were no option exercises during the three-month period ended March 31, 2022 or year ended December 31, 2021 that were subject to repurchase.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The total fair value of options vested was approximately $1,578 and $1,036, during the three-month period ended March 31, 2022 and 2021, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The following table summarizes information with respect to stock options outstanding and exercisable as of March 31, 2022:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Options Outstanding</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Options Exercisable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Range of Exercise Prices Per Share</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Shares Outstanding</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Weighted Average Remaining Contractual Life (Years)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Shares Outstanding</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Weighted Average Remaining Contractual Life (Years)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 51%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$0.00 - $12.06</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">869,350</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3.11</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">869,350</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3.11</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$12.07 - $15.34</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,176,127</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.66</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,136,881</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.64</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$15.35 - $19.31</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">845,592</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7.43</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">558,563</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7.41</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$19.32 - $24.17</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,131,944</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">8.66</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">476,053</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">8.71</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$24.18 - $50.07</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,016,498</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">9.53</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">9,402</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">9.49</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,039,511</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7.03</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,050,249</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.90</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">During the three-month period ended March 31, 2022 and 2021, the Company’s stock compensation expense was $2,464 and $1,388, respectively. As of March 31, 2022, the unamortized expense related to outstanding awards was $43,336. The weighted average remaining amortization period over which the balance as of March 31, 2022 is to be amortized is 2.93 years. No income tax benefit was recognized for this compensation expense in the condensed consolidated statements of operations and comprehensive loss, as the Company does not anticipate realizing any such benefit in the future.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Employee Stock-Based Compensation</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">For the purpose of determining the estimated fair value of share-based payment awards issued in the form of stock options, the Company uses the Black-Scholes option-pricing model as permitted under the provisions for share-based payment awards.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The assumptions under the Black-Scholes option-pricing model and the weighted average calculated fair value of the options granted to employees as of March 31, 2022 and December 31, 2021 are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,  <br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">December 31, <br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%"><span style="-sec-ix-redline:true;-d:ummy">Fair value of common stock</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">54.26</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">40.83</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Dividend yield</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected volatility</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">40</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">42</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected term (years)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.98</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6.01</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Risk free interest rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2.40</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1.14</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Stock-based compensation is classified in the following operating expense accounts on the condensed consolidated statements of operations and comprehensive loss for the three-month period ended March 31, 2022 and 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Research and development</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,603</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,039</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Sales and marketing</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">258</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">99</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">General and administrative</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">603</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">250</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,464</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,388</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><b style="-sec-ix-redline:true;-d:ummy"><span style="text-decoration:underline">Executive Options</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company historically issued option awards to key personnel with contractual expirations of 5 to 10 years. Certain individuals had not exercised their options prior to expiration. As a result of the expiration of unexercised but fully vested options awards, the Company issued new options for the same quantity previously granted, but with an exercise price set to the then fair value of common stock determined in accordance with a board approved 409A.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Furthermore, in an effort to make the holders whole, the Company entered into a change in control bonus Letter Agreement with each individual. Pursuant to the agreement, each individual is entitled to an additional lump sum payment capped at the difference between the original aggregate exercise price and the new aggregate exercise price upon a change in control transaction as defined in the Company’s 2016 Equity Incentive Plan, provided that such a transaction also constitutes a “Liquidation Transaction” as defined in the Company’s Certificate of Incorporation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The maximum change in control bonus for executive award holders is $5,837 and remains unamortized as of March 31, 2022.</span></p> 1200000 8701460 The 2016 Plan provides for incentive stock options to be granted to employees at an exercise price not less than 100% of the fair value at the grant date as determined by the Board of Directors, unless the optionee is a 10% stockholder, in which case the option price will not be less than 110% of such fair market value. Options granted generally have a maximum term of 10 years from grant date, are exercisable upon vesting unless otherwise designated for early exercise by the Board of Directors at the time of grant, and generally vest over a four-year period, with a 25% cliff vesting after one year and then ratably on a monthly basis for the remaining three years. RSUs granted generally vest over a four-year period, with 25% cliff vesting after one year and then ratably on a quarterly basis for the remaining three years.  <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%"><span style="-sec-ix-redline:true;-d:ummy">Outstanding, January 1, 2021</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">57,535</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy">Authorized</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,200,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Options granted</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1,134,542</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Awards forfeited or cancelled</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">376,245</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy">Outstanding, December 31, 2021</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">499,238</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy">Authorized</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-382"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Options granted</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(32,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">RSUs granted</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(362,652</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Awards forfeited or cancelled</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">28,855</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Outstanding, March 31, 2022</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">133,441</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 57535 1200000 -1134542 376245 499238 -32000 362652 28855 133441 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Outstanding<br/> Stock<br/> Options</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Weighted Average Exercise Price Per Share</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Weighted Average Remaining Contractual Term (Years)</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Average Intrinsic Value</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%"><span style="-sec-ix-redline:true;-d:ummy">Outstanding, January 1, 2021</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,178,276</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13.23</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6.75</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">36,987</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy">Authorized</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-383"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-384"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-385"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Options granted</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">140,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">20.37</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-386"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Options exercised</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(297,850</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4.02</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7,133</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Awards forfeited or cancelled</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(94,272</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">17.38</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-387"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Outstanding, March 31, 2021</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,926,154</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13.91</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6.85</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">69,274</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy">Outstanding, December 31, 2021</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,475,283</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">19.19</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6.78</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">168,923</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy">Authorized</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-388"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-389"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-390"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Options granted</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">32,000</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">50.07</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-391"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Options exercised</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(438,917</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.66</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">19,420</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Awards forfeited or cancelled</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(28,855</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">26.71</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">—</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-392"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Outstanding, March 31, 2022</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,039,511</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">20.52</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7.03</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">169,930</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Options exercisable as of March 31, 2022</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,050,249</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13.52</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.90</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">124,137</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 5178276 13.23 P6Y9M 36987000 140000 20.37 297850 4.02 7133000 94272 17.38 4926154 13.91 P6Y10M6D 69274000 5475283 19.19 P6Y9M10D 168923000 32000 50.07 438917 5.66 19420000 28855 26.71 5039511 20.52 P7Y10D 169930000 3050249 13.52 P5Y10M24D 124137000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-sec-ix-redline:true;-d:ummy">Outstanding</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-sec-ix-redline:true;-d:ummy">RSUs</b></p></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Weighted Average<br/> Grant Date Value Per<br/> Share</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy">Outstanding, January 1, 2022</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-393"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-394"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; width: 76%"><span style="-sec-ix-redline:true;-d:ummy">Granted</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">362,652</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">54.26</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in"><span style="-sec-ix-redline:true;-d:ummy">Released</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-395"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-396"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Forfeited</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-397"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-398"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Outstanding, March 31, 2022</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">362,652</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">54.26</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 362652 54.26 362652 54.26 1578 1036 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Options Outstanding</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Options Exercisable</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Range of Exercise Prices Per Share</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Shares Outstanding</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Weighted Average Remaining Contractual Life (Years)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Shares Outstanding</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline:true;-d:ummy">Weighted Average Remaining Contractual Life (Years)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 51%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$0.00 - $12.06</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">869,350</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3.11</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">869,350</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3.11</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$12.07 - $15.34</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,176,127</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.66</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,136,881</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.64</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$15.35 - $19.31</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">845,592</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7.43</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">558,563</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7.41</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$19.32 - $24.17</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,131,944</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">8.66</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">476,053</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">8.71</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$24.18 - $50.07</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,016,498</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">9.53</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">9,402</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">9.49</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,039,511</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">7.03</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,050,249</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.90</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 869350 P3Y1M9D 869350 P3Y1M9D 1176127 P5Y7M28D 1136881 P5Y7M20D 845592 P7Y5M4D 558563 P7Y4M28D 1131944 P8Y7M28D 476053 P8Y8M15D 1016498 P9Y6M10D 9402 P9Y5M26D 5039511 P7Y10D 3050249 P5Y10M24D 2464 1388 43336 P2Y11M4D <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,  <br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">December 31, <br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%"><span style="-sec-ix-redline:true;-d:ummy">Fair value of common stock</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">54.26</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">40.83</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Dividend yield</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">0</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected volatility</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">40</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">42</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Expected term (years)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.98</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">6.01</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Risk free interest rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2.40</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1.14</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 54.26 40.83 0 0 0.40 0.42 P5Y11M23D P6Y3D 0.024 0.0114 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Research and development</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,603</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,039</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Sales and marketing</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">258</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">99</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">General and administrative</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">603</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">250</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,464</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,388</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 1603000 1039000 258000 99000 603000 250000 2464000 1388000 P5Y P10Y 5837 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">13. LEASES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company leases certain facilities under non-cancelable operating leases that expire at various dates through 2025. Some leases include renewal options, which would permit extensions of the expiration dates at rates approximating fair market rental values. The Company also enters into certain finance leases for computer equipment. The finance leases are collateralized by the financed assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Aggregate noncancelable future minimum lease payments under operating and finance leases as of March 31, 2022 are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Operating   Lease</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Financing Lease</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"><b style="-sec-ix-redline:true;-d:ummy">Year Ending December 31:</b></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; width: 76%"><span style="-sec-ix-redline:true;-d:ummy">Remainder of 2022</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,901</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">828</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">2023</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,830</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">189</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">2024</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,258</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">122</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">2025</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">931</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">12</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">2026</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">474</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-399"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Thereafter</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,739</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-400"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13,133</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,151</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Less: imputed interest</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1,541</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(77</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Present value of lease liabilities</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,592</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,074</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Less: current portion</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(3,519</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(822</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Lease liabilities, net of current portion</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">8,073</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">252</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Additional information related to the Company’s lease balances during the period ended March 31, 2022 and 2021 and as of March 31, 2022 and December 31, 2021 includes:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Operating lease cost</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">865</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">823</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Short-term lease cost</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">57</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">213</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Financing lease cost:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Amortization of finance leased assets</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">411</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">654</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Interest of lease liabilities</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">36</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">240</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Operating Lease</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Financing Lease</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Weighted average remaining lease term (years)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4.12</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1.23</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy">Weighted average discount rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.92</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">10.24</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s rent expense totaled approximately $922 and $1,036 during the period ended March 31, 2022 and 2021, respectively.</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Operating   Lease</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Financing Lease</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"><b style="-sec-ix-redline:true;-d:ummy">Year Ending December 31:</b></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; width: 76%"><span style="-sec-ix-redline:true;-d:ummy">Remainder of 2022</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,901</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">828</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">2023</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,830</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">189</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">2024</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">3,258</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">122</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">2025</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">931</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">12</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">2026</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">474</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-399"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Thereafter</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,739</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-400"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13,133</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,151</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Less: imputed interest</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1,541</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(77</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Present value of lease liabilities</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,592</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,074</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Less: current portion</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(3,519</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(822</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Lease liabilities, net of current portion</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">8,073</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">252</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 2901000 828000 3830000 189000 3258000 122000 931000 12000 474000 1739000 13133000 1151000 -1541000 -77000 11592000 1074000 3519000 822000 8073000 252000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Operating lease cost</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">865</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">823</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Short-term lease cost</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">57</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">213</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Financing lease cost:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Amortization of finance leased assets</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">411</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">654</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Interest of lease liabilities</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">36</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">240</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> 865000 823000 57000 213000 411000 654000 36000 240000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Operating Lease</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Financing Lease</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Weighted average remaining lease term (years)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4.12</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1.23</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy">Weighted average discount rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5.92</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">10.24</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">%</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> P4Y1M13D P1Y2M23D 0.0592 0.1024 922000 1036000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">14. OTHER EXPENSE, NET</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">Other expense, net on the condensed consolidated statements of operations and comprehensive loss is comprised of the following for the three months ended March 31, 2022 and 2021, respectively:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy">Other expense, net:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Interest income</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Change in fair value of derivative and warrant liability</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(592</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1,403</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Other expense, net</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(467</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(328</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Total other expense, net</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1,057</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1,726</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy">Other expense, net:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Interest income</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Change in fair value of derivative and warrant liability</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(592</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1,403</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Other expense, net</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(467</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(328</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Total other expense, net</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1,057</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1,726</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table> 2000 5000 592000 1403000 -467000 -328000 -1057000 -1726000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">15. NET LOSS PER SHARE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders for the three-month period ended March 31, 2022 and 2021, respectively:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy">Numerator:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Net loss</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(25,103</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(19,260</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy">Denominator:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Weighted average shares outstanding – basic and dilutive</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">12,527,229</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,872,698</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Basic and diluted net loss per share</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(2.00</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1.62</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">For the three-month period ended March 31, 2022 and 2021, the diluted earnings per share is equal to the basic earnings per share as the effect of potentially dilutive securities would have been antidilutive.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The following table summarizes the outstanding shares of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive for the three-month period ended March 31, 2022 and 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Stock options</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,039,511</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,926,154</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series C warrants</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">362,652</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-401"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Common stock warrants</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">191,355</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">261,696</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Preferred stock</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">19,248,537</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">19,132,387</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">24,842,055</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">24,320,237</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy">Numerator:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Net loss</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(25,103</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(19,260</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td><span style="-sec-ix-redline:true;-d:ummy">Denominator:</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Weighted average shares outstanding – basic and dilutive</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">12,527,229</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">11,872,698</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Basic and diluted net loss per share</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(2.00</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1.62</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy"> </span></p> -25103000 -19260000 12527229 11872698 -2 -1.62 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">March 31,   2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Stock options</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">5,039,511</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">4,926,154</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Series C warrants</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">362,652</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-401"><span style="-sec-ix-redline:true;-d:ummy">—</span></div></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">Common stock warrants</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">191,355</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">261,696</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy">Preferred stock</span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">19,248,537</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">19,132,387</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Total</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">24,842,055</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">24,320,237</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table> 5039511000 4926154000 362652 191355000 261696000 19248537 19132387 24842055000 24320237000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">16. INCOME TAXES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;font-size: 7pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The tax expense and the effective tax rate resulting from operations were as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify; text-indent: 0.5in"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"><b style="-sec-ix-redline:true;-d:ummy"> </b></td><td style="text-align: center; padding-bottom: 1.5pt"><b style="-sec-ix-redline:true;-d:ummy"> </b></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b style="-sec-ix-redline:true;-d:ummy">Three Months Ended</b></td><td style="text-align: center; padding-bottom: 1.5pt"><b style="-sec-ix-redline:true;-d:ummy"> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: left"><b style="-sec-ix-redline:true;-d:ummy">(In thousands)</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b style="-sec-ix-redline:true;-d:ummy"> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b style="-sec-ix-redline:true;-d:ummy">March 31,<br/> 2022</b></td><td style="text-align: center; padding-bottom: 1.5pt"><b style="-sec-ix-redline:true;-d:ummy"> </b></td><td style="padding-bottom: 1.5pt; text-align: center"><b style="-sec-ix-redline:true;-d:ummy"> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b style="-sec-ix-redline:true;-d:ummy">March 31,<br/> 2021</b></td><td style="text-align: center; padding-bottom: 1.5pt"><b style="-sec-ix-redline:true;-d:ummy"> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify; padding-left: 1pt"><span style="-sec-ix-redline:true;-d:ummy">Income (loss) before income taxes</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(24,751</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(19,093</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 1pt"><span style="-sec-ix-redline:true;-d:ummy">Income tax expense</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">352</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">167</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 1pt"><span style="-sec-ix-redline:true;-d:ummy">Effective tax rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1.42</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)%</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(0.87</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)%</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="-sec-ix-redline:true;font-size: 7pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The increase in the effective tax rate for the three months ended March 31, 2022, compared to the three months ended March 31, 2021, is primarily due to the amount and mix of income (loss) from multiple tax jurisdictions and withholding taxes in excluded loss jurisdictions.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company’s recorded effective tax rate differs from the U.S. statutory rate primarily due to an increase in the domestic valuation allowance caused by tax losses, foreign withholding taxes, and foreign tax rate differentials from the U.S. domestic statutory tax rate.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-sec-ix-redline:true;-d:ummy"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company currently has valuation allowances recorded against its deductible temporary differences and net operating loss carryforwards in certain jurisdictions where the realizability of such deferred tax assets is substantially in doubt.  Each quarter, the Company assesses the likelihood that it will be able to recover its deferred tax assets. The Company considers available evidence, including significant events and transactions, both positive and negative, including reversing taxable temporary differences and forecasted earnings in assessing its need for a valuation allowance in each jurisdiction.  As a result of the Company’s analysis, it concluded that it is more likely than not that a portion of its deferred tax assets will not be realized. Therefore, the Company continues to provide a valuation allowance against its deferred tax assets in certain jurisdictions.  The Company continues to monitor available evidence and may reverse some or all its remaining valuation allowance in future periods, if appropriate.  The Company has a recorded valuation allowance against its deferred tax assets of $86,694 thousand as of March 31, 2022, and $50,821 thousand as of March 31, 2021.</span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"><b style="-sec-ix-redline:true;-d:ummy"> </b></td><td style="text-align: center; padding-bottom: 1.5pt"><b style="-sec-ix-redline:true;-d:ummy"> </b></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b style="-sec-ix-redline:true;-d:ummy">Three Months Ended</b></td><td style="text-align: center; padding-bottom: 1.5pt"><b style="-sec-ix-redline:true;-d:ummy"> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: left"><b style="-sec-ix-redline:true;-d:ummy">(In thousands)</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b style="-sec-ix-redline:true;-d:ummy"> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b style="-sec-ix-redline:true;-d:ummy">March 31,<br/> 2022</b></td><td style="text-align: center; padding-bottom: 1.5pt"><b style="-sec-ix-redline:true;-d:ummy"> </b></td><td style="padding-bottom: 1.5pt; text-align: center"><b style="-sec-ix-redline:true;-d:ummy"> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b style="-sec-ix-redline:true;-d:ummy">March 31,<br/> 2021</b></td><td style="text-align: center; padding-bottom: 1.5pt"><b style="-sec-ix-redline:true;-d:ummy"> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify; padding-left: 1pt"><span style="-sec-ix-redline:true;-d:ummy">Income (loss) before income taxes</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(24,751</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td><td style="width: 1%"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(19,093</span></td><td style="width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)</span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 1pt"><span style="-sec-ix-redline:true;-d:ummy">Income tax expense</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">352</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">167</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 1pt"><span style="-sec-ix-redline:true;-d:ummy">Effective tax rate</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(1.42</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)%</span></td><td><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="text-align: right"><span style="-sec-ix-redline:true;-d:ummy">(0.87</span></td><td style="text-align: left"><span style="-sec-ix-redline:true;-d:ummy">)%</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="-sec-ix-redline:true;font-size: 7pt"> </span></p> 24751000 19093000 352000 167000 -0.0142 -0.0087 86694000 50821000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">17. RELATED PARTY TRANSACTIONS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline:true;font-size: 7pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company entered into revenue contracts to perform professional services for certain companies who are also investors in the Company. These companies are holders of either the Company’s common stock or Preferred Stock. The following is financial information on related party transactions as of and for the three-month period ended March 31, 2022 and for the year ended December 31, 2021:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;font-size: 7pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Three Months Ended<br/> March 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Three Months Ended<br/> March 31,<br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Revenue</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,171</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,807</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;font-size: 7pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">As of March 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">As of December 31, <br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Accounts receivable</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">300</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">583</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Deferred revenue</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13,862</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">15,238</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Three Months Ended<br/> March 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">Three Months Ended<br/> March 31,<br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Revenue</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">2,171</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">1,807</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline:true;font-size: 7pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">As of March 31,<br/> 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy">As of December 31, <br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Accounts receivable</span></td><td style="width: 1%; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">300</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="width: 1%; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">583</span></td><td style="width: 1%; padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy">Deferred revenue</span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">13,862</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td><td style="padding-bottom: 4pt"><span style="-sec-ix-redline:true;-d:ummy"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-sec-ix-redline:true;-d:ummy">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-redline:true;-d:ummy">15,238</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="-sec-ix-redline:true;-d:ummy"> </span></td></tr> </table> 2171000 1807000 300000 583000 13862000 15238000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><b style="-sec-ix-redline:true;-d:ummy">18. SUBSEQUENT EVENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0pt"><span style="-sec-ix-redline:true;font-size: 7pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">The Company has evaluated subsequent events through May 16, 2022, the date the condensed consolidated financial statements were issued.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;font-size: 7pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In April 2022, the Company received additional PIPE funding in connection with the Business Combination, resulting in an increase of $2,000 to the gross proceeds to be received from the transaction.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;font-size: 7pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">In April 2022, the Company entered into a loan modification agreement with Silicon Valley Bank, which modified the original maturity date term of the SVB March 2021 Note. The agreement extended the note’s Early Maturity Date from April 26, 2022 to May 26, 2022. Refer to Note 8 for the SVB March 2021 Note’s original maturity date terms.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;font-size: 7pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="-sec-ix-redline:true;-d:ummy">On April 26, 2022, the Company and Archimedes Tech SPAC Partners Co. (“ATSP”) completed a merger resulting in the reverse recapitalization of the Company (the “Business Combination”) and the issuance of common stock in the PIPE investment. Upon the Closing of the Business Combination, ATSP changed its name to SoundHound AI, Inc. Cash proceeds of the Business Combination were funded through a combination of $5,357 held in trust by ATSP (following satisfaction of redemptions by public stockholders), and $113,000 in aggregate gross proceeds from PIPE investors in exchange for 11,300,000 shares of SoundHound AI Class A common stock that closed substantially contemporaneously with the Closing of the Business Combination. The combined company incurred $25,293 of expenses related to the transaction. After giving effect to these transactions, SoundHound received $93,064 in net proceeds, which are intended to be used for general corporate purposes, including investments in sales, marketing and advancement of product development, but which may also be used to acquire other companies in the Voice AI industry.</span></p> 2000 the Company and Archimedes Tech SPAC Partners Co. (“ATSP”) completed a merger resulting in the reverse recapitalization of the Company (the “Business Combination”) and the issuance of common stock in the PIPE investment. Upon the Closing of the Business Combination, ATSP changed its name to SoundHound AI, Inc. Cash proceeds of the Business Combination were funded through a combination of $5,357 held in trust by ATSP (following satisfaction of redemptions by public stockholders), and $113,000 in aggregate gross proceeds from PIPE investors in exchange for 11,300,000 shares of SoundHound AI Class A common stock that closed substantially contemporaneously with the Closing of the Business Combination. The combined company incurred $25,293 of expenses related to the transaction. After giving effect to these transactions, SoundHound received $93,064 in net proceeds, which are intended to be used for general corporate purposes, including investments in sales, marketing and advancement of product development, but which may also be used to acquire other companies in the Voice AI industry. S-1/A 11818761 11818761 12280051 12280051 12280051 12280051 12718968 12718968 45000000 45000000 45000000 45000000 P20Y P2Y P5Y P5Y P20Y P2Y P5Y P5Y true 0001840856 Lesser of useful life or the term of the lease