As of December 31, |
||||||||
2022 |
2021 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Accounts receivable, net |
||||||||
Inventories |
||||||||
Prepaid expenses and other current assets |
||||||||
Total current assets |
||||||||
Long-term deposits |
||||||||
Restricted cash |
||||||||
Property and equipment, net |
||||||||
Operating lease right-of-use |
||||||||
Intangible assets, net |
— | |||||||
Other noncurrent assets |
||||||||
Long-term assets held for sale - discontinued operations |
||||||||
Total assets |
$ | $ | ||||||
Liabilities, redeemable convertible preferred stock and stockholders’ deficit |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued expenses and other current liabilities |
||||||||
SAFE agreements |
||||||||
Convertible notes, net |
||||||||
Convertible notes, net due to related parties |
— | |||||||
Notes payable, net |
||||||||
Deferred revenue |
||||||||
Total current liabilities |
||||||||
Warranty provision, noncurrent |
||||||||
Warrant liability |
||||||||
Derivative liability |
||||||||
Long-term debt with CS Solis |
||||||||
Convertible notes, net, noncurrent |
— | |||||||
Convertible notes, net due to related parties, noncurrent |
||||||||
Operating lease liabilities, net of current portion |
||||||||
Total liabilities |
||||||||
Commitments and contingencies (Note 17) |
||||||||
Stockholders’ equity (deficit): |
||||||||
Common stock, $ |
||||||||
December 31, 2022 and 2 0 21, respectively; issued and outstanding |
||||||||
Additional paid-in capital |
||||||||
Accumulated other comprehensive income |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Total stockholders’ equity (deficit) |
( |
) | ||||||
Total liabilities and stockholders’ deficit |
$ | $ | ||||||
For the Years Ended December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Revenues |
$ | $ | $ | |||||||||
Cost of revenues |
||||||||||||
Gross profit |
||||||||||||
Operating expenses: |
||||||||||||
Sales commissions |
||||||||||||
Sales and marketing |
||||||||||||
General and administrative |
||||||||||||
Operating expenses |
||||||||||||
Loss from operations |
( |
) | ( |
) | ( |
) | ||||||
Interest expense 1 |
( |
) | ( |
) | ( |
) | ||||||
Interest income |
||||||||||||
Other income (expense), net 2 |
( |
) | ( |
) | ( |
) | ||||||
Loss from continuing operations before income taxes |
( |
) | ( |
) | ( |
) | ||||||
Income tax provision |
( |
) | ( |
) | ( |
) | ||||||
Net loss from continuing operations |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Loss on discontinued operations, net of tax |
( |
) | ||||||||||
Net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Comprehensive income (loss): |
||||||||||||
Foreign currency translation adjustment |
||||||||||||
Comprehensive loss (net of tax) |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Net loss from continuing operations per share attributable to common stockholders, basic and diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Net loss from discontinued operations per share attributable to common stockholders, basic and diluted |
$ | ( |
$ | $ | ||||||||
Net loss per share attributable to common stockholders, basic and diluted |
$ | ( |
$ | ( |
) | $ | ( |
) | ||||
Weighted-average shares used to compute net loss per share attributable to common stockholders’, basic and diluted |
||||||||||||
1. | Includes interest expense to related parties of $ |
2. | Other income (expense), net includes other income from related parties of $ |
Redeemable Convertible Preferred Stock |
Common Stock |
Additional Paid-in-Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Income |
Total Stockholders’ Equity (Deficit) |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||
Balance at January 1, 2020 |
$ | $ | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||
Retroactive application of recapitalization (Note 3) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Balance at January 1, 2020, as adjusted |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Issuances of Series C-1 redeemable convertible preferred Stock upon conversion of 2017-A convertible note and 2019 SAFE |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Issuance of Series C redeemable convertible preferred stock upon conversion of convertible notes |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock to common stock |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Issuance of common stock warrant |
— | ( |
) | — | ||||||||||||||||||||||||||||
Exercise of common stock options |
||||||||||||||||||||||||||||||||
Stock-based compensation |
— | — | ||||||||||||||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||||||
Balance as of December 31, 2020, as previously reported |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Retroactive application of recapitalization (Note 3) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Balance as of December 31, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
( |
) | ||||||||||||||||||||||
Issuance of common stock upon asset acquisition of assembled workforce |
||||||||||||||||||||||||||||||||
Issuance of common stock warrant |
— | — | ||||||||||||||||||||||||||||||
Exercise of common stock options |
||||||||||||||||||||||||||||||||
Stock-based compensation |
— | — | ||||||||||||||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||||||
Balance as of December 31, 2021, as previously reported |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Retroactive application of recapitalization (Note 3) |
||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
( |
) | ||||||||||||||||||||||
Issuance of Series D-1, D-2, and D-3 redeemable convertible preferred stock upon conversion of convertible notes and SAFEs1 |
||||||||||||||||||||||||||||||||
Issuance of Series D-4, D-5, D-6 and D-7 redeemable convertible preferred stock upon acquisition2 |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Issuance of Series D-8 redeemable convertible preferred stock upon conversion of SAFE3 |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Issuance of common stock in connection with business combination |
||||||||||||||||||||||||||||||||
Issuance of common stock warrants |
— | — | ||||||||||||||||||||||||||||||
Exercise of common stock options |
||||||||||||||||||||||||||||||||
Stock-based compensation |
— | — | ||||||||||||||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||||||
Foreign currency translation adjustment |
— | — | ||||||||||||||||||||||||||||||
Balance as of December 31, 2022, as previously reported |
( |
) | ||||||||||||||||||||||||||||||
Retroactive application of recapitalization (Note 3) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Balance as of December 31, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||||||||||||
(1) | Includes D-1 redeemable convertible preferred stock with a carrying value of $ |
(2) | Includes D-4 redeemable convertible preferred stock with a carrying value of $D-5 redeemable convertible preferred stock with a carrying value of $D-7 redeemable convertible preferred stock with a carrying value of $ |
(3) | Includes D-8 redeemable convertible preferred stock with a carrying value of $ |
For the Years Ended December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Cash flows from operating activities |
||||||||||||
Net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Less: Net loss from discontinued operations, net of tax |
$ | ( |
) | $ | $ | |||||||
Net loss from continuing operations, net of tax |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||||||
Non-cash interest expense(1) |
||||||||||||
Gain on extinguishment of convertible notes and SAFEs (2) |
( |
) | ||||||||||
Stock-based compensation expense |
||||||||||||
Provision for doubtful accounts |
||||||||||||
Change in reserve for excess and obsolete inventory |
||||||||||||
Depreciation and amortization |
||||||||||||
Change in fair value of warrant liability |
( |
) | ||||||||||
Change in fair value of derivative liability |
||||||||||||
Change in fair value of convertible notes |
||||||||||||
Forgiveness of Paycheck Protection Plan loans |
( |
) | ||||||||||
Non-cash lease expense |
||||||||||||
Changes in operating assets and liabilities: |
||||||||||||
Accounts receivable, net |
( |
) | ( |
) | ( |
) | ||||||
Inventories |
( |
) | ( |
) | ( |
) | ||||||
Prepaid expenses and other current assets |
( |
) | ( |
) | ||||||||
Long-term deposits |
( |
) | ( |
) | ||||||||
Other noncurrent assets |
( |
) | ||||||||||
Accounts payable |
( |
) | ||||||||||
Accrued expenses and other current liabilities |
( |
) | ||||||||||
Operating lease right-of-use |
( |
) | ( |
) | ||||||||
Warranty provision, noncurrent |
( |
) | ||||||||||
Deferred revenue |
( |
) | ||||||||||
Deferred rent |
||||||||||||
Net cash used in operating activities from continuing operations |
( |
) | ( |
) | ( |
) | ||||||
Net cash used in operating activities from discontinued operations |
( |
) | ||||||||||
Net cash used in operating activities |
( |
) | ( |
) | ( |
) | ||||||
Cash flows from investing activities |
||||||||||||
Purchase of property and equipment |
( |
) | ( |
) | ||||||||
Capitalization of internal-use software costs |
( |
) | ( |
) | ( |
) | ||||||
Payments for acquisition of business, net of cash acquired |
||||||||||||
Net cash provided by (used in) investing activities from continuing operations |
( |
) | ( |
) | ||||||||
Cash flows from financing activities |
||||||||||||
Proceeds from exercise of common stock options |
||||||||||||
Proceeds from issuance of convertible notes, net, noncurrent |
||||||||||||
Proceeds from issuance of convertible notes to related parties, net, noncurrent |
||||||||||||
Proceeds from issuance of SAFE agreements |
||||||||||||
Proceeds from issuance of notes payable, net |
||||||||||||
Payments for issuance costs of Series D-1, D-2 and D-3 redeemable convertible preferred stock |
( |
) | ||||||||||
Proceeds from issuance of long-term debt with CS Solis, net of issuance costs |
||||||||||||
Principal repayment of notes payable |
( |
) | ||||||||||
Principal repayment of convertible notes |
( |
) | ( |
) | ||||||||
Repayment of convertible notes to related parties |
( |
) | ||||||||||
Net cash provided by financing activities from continuing operations |
||||||||||||
For the Years Ended December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Effect of exchange rate changes |
||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
( |
) | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period |
||||||||||||
Cash, cash equivalents and restricted cash at end of period |
$ | $ | $ | |||||||||
Supplemental disclosures of cash flow information: |
||||||||||||
Cash paid during the year for income taxes |
||||||||||||
Cash paid during the year for interest |
||||||||||||
Supplemental schedule of noncash investing and financing activities: |
||||||||||||
Issuance of common stock warrants |
||||||||||||
Issuance of Series C redeemable convertible preferred stock upon conversion of convertible debt |
||||||||||||
Issuance of Series C-1 redeemable convertible preferred stock upon conversion of convertible debt |
||||||||||||
Fair value of debt derivative liabilities related to issuance of convertible notes |
||||||||||||
Common stock issued in asset purchase |
||||||||||||
Notes payable issued in asset purchase |
||||||||||||
Operating lease right-of-use |
||||||||||||
Issuance of Series D-1, D-2 and D-3 redeemable convertible preferred stock upon conversion of convertible debt, net of issuance costs of $ |
||||||||||||
Acquisition of business through issuance of common stock and stock options |
||||||||||||
Acquisition of business through issuance of Series D redeemable convertible preferred stock |
||||||||||||
Acquisition of business through issuance of Series D redeemable convertible preferred stock warrants |
||||||||||||
Issuance of Series D redeemable convertible preferred stock upon conversion of SAFE |
1. | Non-cash interest expense to related parties of $ |
2. | Gain on extinguishment of convertible notes and SAFEs includes other income from related parties of $ |
(1) |
Organization |
(a) |
Description of Business |
• | Each share of the Company’s capital stock, inclusive of shares converted from 2022 Convertible Notes, issued and outstanding immediately prior to the Closing (“Legacy Complete Solaria Capital Stock”) were cancelled and exchanged into an aggregate of |
• | In July 2023, (i) Meteora Special Opportunity Fund I, LP (“MSOF”), Meteora Capital Partners, LP (“MCP”) and Meteora Select Trading Opportunities Master, LP (“MSTO”) (with MSOF, MCP, and |
MSTO collectively as “Meteora”); (ii) Polar Multi-Strategy Master Fund (“Polar”), and (iii) Diametric True Alpha Market Neutral Master Fund, LP, Diametric True Alpha Enhanced Market Neutral Master Fund, LP, and Pinebridge Partners Master Fund, LP (collectively, “Sandia”) (together, the “FPA Funding PIPE Investors”) entered into separate subscription agreements (the “FPA Funding Amount PIPE Subscription Agreements”) pursuant to which, the FPA Funding PIPE Investors subscribed for on the Closing Date, an aggregate of |
• | All certain investors (the “PIPE Investors”) purchased from the Company an aggregate of |
• | On or around the Closing Date, pursuant to the New Money PIPE Subscription Agreements, certain investors affiliated with the New Money PIPE Subscription Agreements (“New Money PIPE Investors”) agreed to subscribe for and purchase, and Complete Solaria agreed to issue and sell to the New Money PIPE Investors an aggregate of |
• | Subsequent to the Closing, Complete Solaria issued an additional |
• | In March 2023, holders of |
• | Each issued and outstanding FACT Class B Ordinary Share converted, on a one-for-one basis, into |
(b) |
Divestiture |
(c) |
Liquidity and Going Concern |
(d) |
Basis of Presentation |
(2) |
Summary of Significant Accounting Policies |
(a) |
Use of Estimates |
• | The allocation of the transaction price to identified performance obligations; |
• | Fair value of warrant liabilities; |
• | The fair value of assets acquired and liabilities assumed for business combination; |
• | The reserve methodology for inventory obsolescence; |
• | The reserve methodology for product warranty; |
(b) |
Supply Chain Constraints and Risk; COVID-19 |
(c) |
Segment Information |
(d) |
Concentration of Risks |
(e) |
Cash and Cash Equivalents |
(f) |
Restricted Cash |
As of December 31, |
||||||||
2022 |
2021 |
|||||||
Cash and cash equivalents |
$ | $ | ||||||
Restricted cash |
||||||||
Total cash, cash equivalents and restricted cash |
$ | $ | ||||||
(g) |
Accounts Receivable, Net |
As of December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Balance at beginning of period |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Provision charged to earnings |
) | ( |
) | ( |
) | |||||||
Amounts written off, recoveries and other adjustments |
||||||||||||
Balance at end of period |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
(h) |
Inventories |
(i) |
Revenue Recognition |
• | Cash agreements |
• | Financing partner agreements |
• | Power purchase agreements |
Years Ended December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Solar energy system installations |
$ | $ | $ | |||||||||
Software enhanced services |
||||||||||||
Total revenue |
$ | $ | $ | |||||||||
(j) |
Property and Equipment, Net |
Useful Lives |
||||
Manufacturing equipment |
||||
Developed software |
||||
Furniture & equipment |
||||
Leasehold improvements |
(k) |
Internal-Use Software |
(l) |
Cost of Revenues |
(m) |
Advertising and Promotional Expenses |
(n) |
Income Taxes |
(o) |
Foreign Currency |
(p) |
Comprehensive Loss |
(q) |
Impairment of Long-Lived Assets |
(r) |
Business Combinations |
(s) |
Intangibles Assets, Net |
Estimated Useful Life |
||||
Assembled workforce |
(t) |
Deferred Transaction Costs |
(u) |
Redeemable Convertible Preferred Stock Warrants |
(v) |
Stock-Based Compensation |
(w) |
Fair Value Measurements |
• | Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. |
• | Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. |
• | Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. |
(x) |
Net Loss Per Share |
(y) |
Convertible Debt Embedded Derivative Liabilities |
(z) |
Leases |
(aa) |
Recently Adopted Accounting Pronouncements |
(ab) |
Accounting Pronouncements Not Yet Adopted |
(3) |
Reverse Recapitalization |
• | Complete Solaria’s pre-combination stockholders have the majority of the voting power in the post-merged company; |
• | Legacy Complete Solaria’s stockholders have the ability to appoint a majority of the Complete Solaria Board of Directors; |
• | Legacy Complete Solaria’s management team is considered the management team of the post-merged company; |
• | Legacy Complete Solaria’s prior operations is comprised of the ongoing operations of the post-merged company; |
• | Complete Solaria is the larger entity based on historical revenues and business operations; and |
• | the post-merged company has assumed Complete Solaria’s operating name. |
Recapitalization |
||||
FACT Class A Ordinary Shares, outstanding prior to Mergers |
||||
FACT Class B Ordinary Shares, outstanding prior to Mergers |
||||
Bonus shares issued to sponsor |
||||
Bonus shares issued to PIPE investors |
||||
Bonus shares issued to FPA investors |
||||
Shares issued from PIPE financing |
||||
Shares issued from FPA agreements, net of recycled shares |
||||
Less: redemption of FACT Class A Ordinary Shares |
( |
) | ||
Total shares from the Mergers and PIPE Financing |
||||
Legacy Complete Solaria shares |
||||
2022 Convertible Note Shares |
||||
Shares of Complete Solaria Common stock immediately after Mergers |
||||
(4) |
Business Combination |
Cash, cash equivalents and restricted cash |
$ | |||
Accounts receivable |
||||
Inventories |
||||
Prepaid expenses and other current assets |
||||
Property and equipment |
||||
Operating lease right-of-use |
||||
Intangible assets |
||||
Other non-current assets |
||||
Total identifiable assets acquired |
||||
Accounts payable |
||||
Accrued expenses and other current liabilities |
||||
Notes payable |
||||
Deferred revenue |
||||
Operating lease liabilities, net of current portion |
||||
Warranty provision, noncurrent |
||||
SAFE agreements |
||||
Total identifiable liabilities assumed |
||||
Net identifiable liabilities assumed |
||||
Goodwill |
||||
Total aggregate consideration paid |
$ | |||
Trademarks |
$ | |||
Developed technology |
||||
Customer relationships |
||||
Total intangible asset |
$ | |||
(5) |
Divestiture |
December 31, 2022 |
||||
Revenues |
$ | |||
Cost of revenues |
||||
Gross profit |
||||
Operating expenses: |
||||
Sales and marketing |
||||
General and administrative |
||||
Total operating expenses |
||||
Net loss from discontinued operations |
$ | ( |
) | |
December 31, 2022 |
||||
Intangible assets, net |
$ | |||
Goodwill |
||||
Long-term assets held for sale |
$ | |||
(6) |
Prepaid Expenses and Other Current Assets |
As of December 31, |
||||||||
2022 |
2021 |
|||||||
Inventory deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$ | $ | ||||||
Prepaid sales commissions . . . . . . . . . . . . . . . . . . . . . . . |
||||||||
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
||||||||
Total prepaid expenses and other current assets . . . |
$ | $ | ||||||
(7) |
Property and Equipment, Net |
As of December 31, |
||||||||
2022 |
2021 |
|||||||
Developed software |
$ | $ | ||||||
Manufacturing equipment. |
||||||||
Furniture & equipment |
||||||||
Leasehold improvements |
||||||||
Total property and equipment |
||||||||
Less accumulated depreciation and amortization |
( |
) | ( |
) | ||||
Total property and equipment, net |
$ | $ | ||||||
(8) |
Intangible Assets, Net |
As of December 31, 2022 |
As of December 31, 2021 |
|||||||||||||||||||||||||||
Weighted- Average Remaining Life (Years) |
Gross Carrying Amount |
Accumulated Amortization |
Net Amount |
Gross Carrying Amount |
Accumulated Amortization |
Net Amount |
||||||||||||||||||||||
Assembled workforce |
$ | |
$ | ( |
) | $ | |
$ | |
$ | ( |
) | $ | |
(9) |
Accrued Expenses and Other Current Liabilities |
December 31, |
||||||||
2022 |
2021 |
|||||||
Accrued compensation and benefits |
$ | $ | |
|||||
Accrued term loan and revolving loan amendment and final payment fees |
||||||||
Uninvoiced contract costs |
||||||||
Accrued legal settlements |
||||||||
Accrued taxes |
||||||||
Accrued rebates and credits |
||||||||
Inventory received but not invoiced |
||||||||
Operating lease liabilities, current |
||||||||
Customer deposits |
||||||||
Warranty provision, current |
||||||||
Other accrued liabilities |
||||||||
Total accrued expenses and other current liabilities |
$ | $ | ||||||
(10) |
Fair Value Measurements |
Warrant |
Convertible Debt Embedded Derivatives |
SAFEs |
||||||||||
Balance as of December 31, 2020 |
$ | $ | $ | |||||||||
Issuance of 2021-A Convertible Notes |
||||||||||||
Issuance of 2021-Rogers SAFE |
||||||||||||
Change in fair value |
||||||||||||
Balance as of December 31, 2021 |
$ | $ | $ | |||||||||
Conversion of debt into preferred shares |
( |
) | ||||||||||
Conversion of SAFEs into preferred shares |
( |
) | ||||||||||
Assumption of SAFEs in Solaria acquisition |
||||||||||||
Conversion of SAFEs from Solaria acquisition into preferred shares |
( |
) | ||||||||||
Issuance of Series D Warrants Tranche A |
||||||||||||
Issuance of Series D Warrants Tranche B |
||||||||||||
Change in fair value |
||||||||||||
Balance as of December 31, 2022 |
$ | |
$ | $ | ||||||||
As of December 31, 2022 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Financial Liabilities |
||||||||||||||||
Redeemable convertible preferred stock warrant liability |
$ | |
$ | |
$ | |
$ | |
||||||||
Total |
$ | $ | $ | $ | ||||||||||||
As of December 31, 2021 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Financial Liabilities |
||||||||||||||||
Redeemable convertible preferred stock warrant liability |
$ | $ | $ | $ | ||||||||||||
Convertible debt embedded derivatives |
||||||||||||||||
SAFE agreements |
||||||||||||||||
Total |
$ | $ | $ | $ | ||||||||||||
December 31, |
||||||||
2022 |
2021 |
|||||||
Expected term |
||||||||
Expected volatility |
% | % | ||||||
Risk-free interest rate |
% | % | ||||||
Expected dividend yield |
% | % |
December 31, |
||||||||
2022 |
2021 |
|||||||
Expected term |
||||||||
Expected volatility |
% | % | ||||||
Risk-free interest rate |
% | % | ||||||
Expected dividend yield |
% | % |
December 31, |
||||||||
2022 |
2021 |
|||||||
Expected term |
— | |||||||
Expected volatility |
% | |||||||
Risk-free interest rate |
% | |||||||
Expected dividend yield |
% |
Series B Warrants |
Series C Warrants |
Series D Tranche A Warrants |
Series D Tranche B Warrants |
Total |
||||||||||||||||
Balance as of December 31, 2020 |
$ | $ | $ | $ | $ | |||||||||||||||
Change in fair value |
||||||||||||||||||||
Balance as of December 31, 2021 |
||||||||||||||||||||
Change in fair value |
||||||||||||||||||||
Issuance of warrants in connection with acquisition of Solaria (Note 3) |
||||||||||||||||||||
Balance as of December 31, 2022 |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||
2019-A Convertible Notes |
2020-A Convertible Notes |
2021-A Convertible Notes |
Totals |
|||||||||||||
Balance as of December 31, 2020 |
$ | $ | $ | $ | ||||||||||||
Issuance of 2021-A Convertible Notes |
||||||||||||||||
Change in fair value |
||||||||||||||||
Balance as of December 31, 2021 |
||||||||||||||||
Extinguishment upon Series D issuance |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Balance as of December 31, 2022 |
$ | |
$ | $ | $ | |||||||||||
December 31, |
||||||
2022 |
2021 |
|||||
Expected fair value of preferred stock |
N/A | $ | ||||
Expected term |
N/A | |||||
Volatility |
N/A | % | ||||
Risk-free interest rate |
N/A | % |
(11) |
Employee Benefit Plan |
(12) |
Other Income (Expense), Net |
Years Ended December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Change in fair value of SAFE agreements |
$ | $ | ( |
) | $ | ( |
) | |||||
Change in fair value of derivative liabilities |
( |
) | ( |
) | ||||||||
Change in fair value of warrant liabilities |
( |
) | ( |
) | ||||||||
Gain on extinguishment of convertible notes and SAFE agreements (1) |
||||||||||||
Forgiveness of Paycheck Protection Plan loan |
||||||||||||
Other, net |
( |
) | ||||||||||
Total other income (expense), net |
$ | ( |
) | $ | ( |
$ | ( |
) | ||||
(1) |
Includes $ |
(13) |
Common Stock |
As of December 31, |
||||||||
2022 |
2021 |
|||||||
Common stock warrants |
||||||||
Stock options, issued and outstanding |
||||||||
Stock options, authorized for future issuance |
||||||||
SAFE agreement |
||||||||
Convertible notes |
||||||||
Total shares reserved |
||||||||
(14) |
Warrants |
Years Ended December 31, | ||||
2022 | 2021 | |||
Expected term |
||||
Expected volatility |
||||
Risk-free interest rate |
||||
Expected dividends |
(15) |
Borrowing Arrangements |
As of December 31, |
||||||||
2022 |
2021 |
|||||||
Convertible notes, net |
||||||||
2019-A Convertible Notes |
$ | $ | ||||||
2020-A Convertible Notes |
||||||||
2021-A Convertible Notes |
||||||||
Convertible notes, net |
||||||||
Convertible notes, net due to related parties |
||||||||
2020-A Convertible Notes |
||||||||
2021-A Convertible Notes |
||||||||
Convertible Promissory Notes with Ecosystem Integrity Fund II, LP. |
||||||||
Convertible notes, net due to related parties |
||||||||
Convertible notes, net, noncurrent |
||||||||
2022 Convertible Notes |
||||||||
Convertible notes, net, noncurrent |
||||||||
Convertible notes, net due to related parties, noncurrent |
||||||||
2022 Convertible Notes |
||||||||
Convertible notes, net due to related parties, noncurrent |
||||||||
Total convertible notes |
$ | $ | ||||||
As of December 31, |
||||||||
2022 |
2021 |
|||||||
Principal |
$ | $ | ||||||
Unamortized debt discount |
||||||||
PIK interest added to principal balance |
||||||||
Conversion to Series D-2 redeemable convertible preferred stock |
( |
) | ||||||
Net carrying amount |
$ | $ | ||||||
As of December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Amortization of debt discount |
$ | $ | $ | |||||||||
PIK interest |
||||||||||||
Total non-cash interest expense |
$ | $ | $ | |||||||||
As of December 31, |
||||||||
2022 |
2021 |
|||||||
Principal |
$ | $ | ||||||
Unamortized debt discount |
||||||||
PIK interest added to principal balance |
||||||||
Conversion to Series D-1 redeemable convertible preferred stock |
( |
) | ||||||
Net carrying amount |
$ | $ | ||||||
As of December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Amortization of debt discount . . . . . . . . . . . . . . . . . . . . . . . . . |
$ | $ | $ | |||||||||
PIK interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
||||||||||||
Total non-cash interest expense . . . . . . . . . . . . . . . . . . . . . . . . |
$ | $ | $ | |||||||||
As of December 31, |
||||||||
2022 |
2021 |
|||||||
Principal |
$ | $ | ||||||
Unamortized debt discount |
( |
) | ||||||
PIK interest added to principal balance |
||||||||
Conversion to Series D-1 redeemable convertible preferred stock |
( |
) | ||||||
Net carrying amount |
$ | $ | ||||||
As of December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Amortization of debt discount . . . . . . . . . . . . . . . . . . . . . . . . . |
$ | $ | $ | |||||||||
PIK interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
||||||||||||
Total non-cash interest expense . . . . . . . . . . . . . . . . . . . . . . . . |
$ | $ | $ | |||||||||
As of December 31, |
||||||||
2022 |
2021 |
|||||||
Principal |
$ | $ | ||||||
Unamortized debt discount |
||||||||
PIK interest added to principal balance |
||||||||
Repayment of principal and accrued interest |
( |
) | ||||||
Net carrying amount |
$ | $ | ||||||
As of December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Amortization of debt discount |
$ | $ | $ | |||||||||
PIK interest |
||||||||||||
Total non-cash interest expense |
$ | $ | $ | |||||||||
As of December 31, |
||||||||
2022 |
2021 |
|||||||
Loan and Security Agreement |
$ | $ | ||||||
2021 Promissory Notes |
||||||||
Current Insight Promissory Note |
||||||||
|
|
|
|
|||||
Less: Unamortized debt issuance costs and discounts |
||||||||
|
|
|
|
|||||
$ | $ | |||||||
|
|
|
|
(16) |
Stock-Based Compensation |
Options outstanding |
||||||||||||||||
Number of shares |
Weighted average exercise price per share |
Weighted average contractual term (in years) |
Aggregate intrinsic value (in thousands) |
|||||||||||||
Outstanding—January 1, 2021 |
$ | $ | ||||||||||||||
Options granted |
||||||||||||||||
Options exercised |
( |
) | ||||||||||||||
Options canceled |
( |
) | ||||||||||||||
Outstanding—December 31, 2021 |
$ | $ | ||||||||||||||
Options granted |
||||||||||||||||
Options exercised |
( |
) | ||||||||||||||
Options canceled |
( |
) | ||||||||||||||
Outstanding—December 31, 2022 |
$ | $ | ||||||||||||||
Vested and expected to vest—December 31, 2022 |
$ | $ | ||||||||||||||
Vested and exercisable—December 31, 2022 |
$ | $ | ||||||||||||||
Years Ended December 31, | ||||
2022 |
2021 | |||
Expected term |
||||
Expected volatility |
||||
Risk-free interest rate |
||||
Expected dividends |
Years Ended December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Cost of revenues |
$ | $ | $ | |||||||||
Sales and marketing |
||||||||||||
General and administrative |
||||||||||||
Loss from discontinued operations, net of tax |
||||||||||||
Total stock-based compensation expense |
$ | $ | $ | |||||||||
(17) |
Commitments and Contingencies |
December 31, 2022 |
||||
Remaining average remaining lease term (years) |
||||
Weighted average discount rate |
% |
2023 |
$ | |||
2024 |
||||
2025 |
||||
2026 |
||||
2027 and thereafter |
||||
Total undiscounted liabilities |
||||
Less imputed interest |
( |
) | ||
Present value of operation lease liabilities |
$ | |||
Years Ended December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Warranty provision, beginning of period |
$ | $ | $ | |||||||||
Warranty liability from the Business Combination |
||||||||||||
Accruals for new warranties issued |
||||||||||||
Settlements |
( |
) | ( |
) | ( |
) | ||||||
Warranty provision, end of period |
$ | $ | $ | |||||||||
Warranty provision, current |
$ | $ | $ | |||||||||
Warranty provision, noncurrent |
$ | $ | $ |
(18) |
Income Taxes |
Years Ended December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Current: |
||||||||||||
Federal |
$ | $ | $ | |||||||||
State |
||||||||||||
Foreign |
||||||||||||
Total current |
$ | $ | $ | |||||||||
Deferred: |
||||||||||||
Federal |
$ | $ | $ | |||||||||
State |
||||||||||||
Foreign |
||||||||||||
Total deferred |
||||||||||||
Total provision |
$ | $ | $ | |||||||||
Years Ended December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Statutory federal income tax |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
State income taxes, net of federal tax benefits |
( |
) | ( |
) | ( |
) | ||||||
Stock compensation |
||||||||||||
Non-deductible interest expense |
||||||||||||
Mark to market adjustments |
||||||||||||
Nondeductible Expenses |
||||||||||||
PPP Loan |
( |
) | ||||||||||
Foreign earnings taxed at different rates |
||||||||||||
Other |
( |
) | ||||||||||
Valuation allowance |
||||||||||||
Tax Provision |
$ | $ | $ | |||||||||
Years Ended December 31, |
||||||||
2022 |
2021 |
|||||||
NOL carryforwards |
$ | $ | ||||||
Credits |
||||||||
Bad debt reserve |
||||||||
Inventory reserve |
||||||||
Warranty reserve |
||||||||
Revenue warranty |
||||||||
Interest expense carryover |
||||||||
Accrued compensation |
||||||||
Deferred revenue |
||||||||
ASC 842 leases |
||||||||
Assembled workforce |
||||||||
Fixed assets |
||||||||
Capitalized research and development |
||||||||
Other |
||||||||
Total |
||||||||
Valuation allowance |
( |
) | ( |
) | ||||
Net deferred tax assets |
$ | $ | ||||||
Deferred Tax Liabilities |
||||||||
Accounting method change |
( |
) | ( |
) | ||||
Capitalized software |
( |
) | ( |
) | ||||
Fixed assets |
( |
) | ||||||
Intangibles |
( |
) | ||||||
Convertible debt |
( |
) | ||||||
Refundable and deferred income taxes |
$ | $ | ||||||
Years Ended December 31, |
||||||||
2022 |
2021 |
|||||||
Unrecognized tax benefits as of beginning of year |
$ | $ | ||||||
Increases related to prior year tax positions |
||||||||
Increases related to current year tax positions |
||||||||
Decreases related to prior year tax positions |
||||||||
Unrecognized tax benefits as of end of year |
— | |||||||
$ | $ | |||||||
(19) |
Basic and Diluted Net Loss Per Share |
Years Ended December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Numerator: |
||||||||||||
Net loss from continuing operations |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Net loss from discontinued operations |
( |
) | — | — | ||||||||
Net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Denominator: |
||||||||||||
Weighted average common shares outstanding, basic and diluted |
||||||||||||
Net loss per share: |
||||||||||||
Continuing operations – basic and diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Discontinued operations – basic and diluted |
$ | ( |
) | $ | — | $ | — | |||||
Net loss per share – basic and diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) |
As of December 31, |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Stock options issued and outstanding |
||||||||||||
Convertible notes |
||||||||||||
Preferred stock warrants |
||||||||||||
SAFE agreements |
||||||||||||
Common stock warrants |
||||||||||||
Potential common shares excluded from diluted net loss per share |
||||||||||||
(20) |
Related Party Transactions |
(21) |
Subsequent Events |
As of |
||||||||
October 1, 2023 |
December 31, 2022 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Accounts receivable, net of allowance for credit losses of $ |
||||||||
Inventories |
||||||||
Prepaid expenses and other current assets |
||||||||
Total current assets |
||||||||
Restricted cash |
||||||||
Property and equipment, net |
||||||||
Operating lease right-of-use |
||||||||
Other noncurrent assets |
||||||||
Long-term assets held for sale – discontinued operations |
||||||||
Total assets |
$ | $ | ||||||
Liabilities and stockholders’ (deficit) equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued expenses and other current liabilities |
||||||||
Notes payable, net (1) |
||||||||
Deferred revenue, current |
||||||||
Short-term debt with CS Solis |
||||||||
Forward purchase agreement liabilities (2) |
||||||||
Total current liabilities |
||||||||
Warranty provision, noncurrent |
||||||||
Warrant liability |
||||||||
Long-term debt with CS Solis |
||||||||
Convertible notes, net, noncurrent |
||||||||
Convertible notes due to related parties, noncurrent |
||||||||
Deferred revenue, noncurrent |
||||||||
Operating lease liabilities, net of current portion |
||||||||
Total liabilities |
||||||||
Commitments and contingencies (Note 19) |
||||||||
Stockholders’ (deficit) equity: |
||||||||
Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated other comprehensive income |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Total stockholders’ (deficit) equity |
( |
) | ||||||
Total liabilities and stockholders’ deficit |
$ | $ | ||||||
(1) |
(2) |
Thirteen Weeks Ended October 1, 2023 |
Three Months Ended September 30, 2022 |
Thirty-Nine Weeks Ended October 1, 2023 |
Nine Months Ended September 30, 2022 |
|||||||||||||
Revenues |
$ | $ | $ | $ | ||||||||||||
Cost of revenues |
||||||||||||||||
Gross profit |
||||||||||||||||
Operating expenses: |
||||||||||||||||
Sales commissions |
||||||||||||||||
Sales and marketing |
||||||||||||||||
General and administrative |
||||||||||||||||
Total operating expenses |
||||||||||||||||
Loss from continuing operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Interest expense (1) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Interest income |
||||||||||||||||
Other income (expense), net (2) |
( |
) | ( |
) | ||||||||||||
Loss from continuing operations before income taxes |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Income tax benefit (provision) |
( |
) | ||||||||||||||
Net loss from continuing operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Discontinued operations (Note 8): |
||||||||||||||||
Loss from discontinued operations, net of tax |
( |
) | ( |
) | ||||||||||||
Impairment loss from discontinued operations |
( |
) | ( |
) | ||||||||||||
Net loss from discontinued operations |
( |
) | ( |
) | ||||||||||||
Net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Comprehensive income (loss): |
||||||||||||||||
Foreign currency translation adjustment |
||||||||||||||||
Comprehensive income (loss), net of tax |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Net loss from continuing operations per share attributable to common stockholders, basic and diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Net loss from discontinued operations per share attributable to common stockholders, basic and diluted |
$ | ( |
) | $ | ( |
) | ||||||||||
Net loss per share attributable to common stockholders, basic and diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted |
||||||||||||||||
(1) |
Includes interest expense to related parties of less than $ |
(2) |
Other income (expense), net includes other expense, net to related parties of $ |
Thirteen Week Period Ended October 1, 2023 |
||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Income |
Total Stockholders’ (Deficit) Equity |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||
Balance as of July 2, 2023, as previously reported |
$ | $ | — | $ | $ | ( |
) | $ | $ | ( |
) | |||||||||||||||||||||
Retroactive application of recapitalization (Note 4) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Balance as of July 2, 2023, as adjusted |
— | ( |
) | |||||||||||||||||||||||||||||
Conversion of 2022 Convertible Notes into common stock |
||||||||||||||||||||||||||||||||
Issuance of common stock upon the reverse capitalization, net of offering costs |
||||||||||||||||||||||||||||||||
Reclassification of prepaid PIPE (2) |
||||||||||||||||||||||||||||||||
Reclassification of warrant liabilities to equity |
— | — | ||||||||||||||||||||||||||||||
Reclassification of Legacy Complete Solaria common stock into Complete Solaria Common Stock |
— | — | ( |
) | ||||||||||||||||||||||||||||
Issuance of common stock in connection with forward purchase agreements (3) |
||||||||||||||||||||||||||||||||
Issuance of common stock bonus shares in connection with Mergers (4) |
||||||||||||||||||||||||||||||||
Residual Mergers proceeds |
— | — | ||||||||||||||||||||||||||||||
Modification of Carlyle warrant |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||||||
Stock-based compensation |
— | — | ||||||||||||||||||||||||||||||
Vesting of restricted stock units |
||||||||||||||||||||||||||||||||
Foreign currency translation |
— | — | ||||||||||||||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||||||
Balance as of October 1, 2023 |
$ | — | $ | $ | $ | ( |
) | $ | $ | ( |
) | |||||||||||||||||||||
Thirty-Nine Week Period Ended October 1, 2023 |
||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Income |
Total Stockholders’ (Deficit) Equity |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||
Balance as of December 31, 2022, as previously reported |
$ | $ |
— |
$ | $ | ( |
) | $ | $ | ( |
) | |||||||||||||||||||||
Retroactive application of recapitalization (Note 4) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Balance as of December 31, 2022, as adjusted |
— | ( |
) | |||||||||||||||||||||||||||||
Conversion of 2022 Convertible Notes into common stock |
||||||||||||||||||||||||||||||||
Issuance of common stock upon the reverse capitalization, net of offering costs |
||||||||||||||||||||||||||||||||
Reclassification of prepaid PIPE (2) |
||||||||||||||||||||||||||||||||
Reclassification of warrant liabilities to equity |
— | — | ||||||||||||||||||||||||||||||
Reclassification of Legacy Complete Solaria common stock into Complete Solaria Common Stock |
— | — | ( |
) | ||||||||||||||||||||||||||||
Issuance of common stock in connection with forward purchase agreements (3) |
||||||||||||||||||||||||||||||||
Issuance of common stock bonus shares in connection with Mergers (4) |
||||||||||||||||||||||||||||||||
Residual Mergers proceeds |
— | — | ||||||||||||||||||||||||||||||
Modification of Carlyle warrant |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||||||
Exercise of common stock options |
||||||||||||||||||||||||||||||||
Stock-based compensation |
— | — | ||||||||||||||||||||||||||||||
Vesting of restricted stock units |
||||||||||||||||||||||||||||||||
Foreign currency translation |
— | — | ||||||||||||||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||||||
Balance as of October 1, 2023 |
$ | — | $ | $ | $ | ( |
) | $ | $ | ( |
) | |||||||||||||||||||||
Three Month Period Ended September 30, 2022 |
||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Income |
Total Stockholders’ (Deficit) Equity |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||
Balance as of June 30, 2022, as previously reported |
$ | $ | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||
Retroactive application of recapitalization (Note 4) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Balance as of June 30, 2022, as adjusted |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Exercise of common stock options |
||||||||||||||||||||||||||||||||
Stock-based compensation |
— | — | ||||||||||||||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||||||
Balance as of September 30, 2022, as adjusted |
$ | $ | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||
Nine Month Period Ended September 30, 2022 |
||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Income |
Total Stockholders’ (Deficit) Equity |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||
Balance as of December 31, 2021, as previously reported |
$ | $ | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||
Retroactive application of recapitalization (Note 4) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Balance at December 31, 2021, as adjusted |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Issuance of Series D-1, D-2, and D-3 redeemable convertible preferred stock upon conversion of convertible notes and SAFEs(1) |
||||||||||||||||||||||||||||||||
Issuance of common stock options |
||||||||||||||||||||||||||||||||
Issuance of common stock warrants |
— | — | ||||||||||||||||||||||||||||||
Stock-based compensation |
— | — | ||||||||||||||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||||||
Balance as of September 30, 2022, as previously reported |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Retroactive application of recapitalization (Note 4) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Balance as of September 30, 2022, as adjusted |
$ | $ | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||
(1) |
Includes D-1 redeemable convertible preferred stock with a carrying value of $ |
(2) |
Reclassification of pre-funded PIPE was transacted with a related party. |
(3) |
Includes |
(4) |
Includes |
Thirty-Nine Weeks Ended October 1, 2023 |
Nine Months Ended September 30, 2022 |
|||||||
Cash flows from operating activities from continuing operations |
||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Loss from discontinued operations, net of income taxes |
( |
) | ||||||
Net loss from continuing operations, net of tax |
( |
) | ( |
) | ||||
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities: |
||||||||
Stock-based compensation expense |
||||||||
Non-cash interest expense(1) |
( |
) | ||||||
Non-cash lease expense |
||||||||
Gain on extinguishment of convertible notes and SAFEs (2) |
( |
) | ||||||
Depreciation and amortization |
||||||||
Provision for credit losses |
||||||||
Change in reserve for excess and obsolete inventory |
||||||||
Issuance of forward purchase agreements (3) |
( |
) | ||||||
Change in fair value of forward purchase agreement liabilities (4) |
||||||||
Loss on CS Solis debt extinguishment |
||||||||
Change in fair value of warrant liabilities |
( |
) | ||||||
Accretion of debt in CS Solis |
||||||||
Issuance of common stock in connection with forward purchase agreements (5) |
||||||||
Issuance of common stock bonus shares in connection with the Mergers (6) |
||||||||
Issuance of restricted stock units in connection with vendor services |
||||||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable, net |
( |
) | ( |
) | ||||
Inventories |
( |
) | ( |
) | ||||
Prepaid expenses and other current assets |
( |
) | ||||||
Other noncurrent assets |
( |
) | ||||||
Accounts payable |
||||||||
Accrued expenses and other current liabilities |
( |
) | ||||||
Operating lease liabilities |
( |
) | ( |
) | ||||
Warranty provision, noncurrent |
( |
) | ||||||
Deferred revenue |
( |
) | ( |
) | ||||
Net cash used in operating activities from continuing operations |
( |
) | ( |
) | ||||
Net cash provided by operating activities from discontinued operations |
||||||||
Net cash used in operating activities |
( |
) | ( |
) | ||||
Cash flows from investing activities from continuing operations |
||||||||
Purchase of property and equipment |
( |
) | ||||||
Capitalization of internal-use software costs |
( |
) | ( |
) | ||||
Net cash used in investing activities from continuing operations |
( |
) | ( |
) | ||||
Cash flows from financing activities from continuing operations |
||||||||
Proceeds from issuance of notes payable, net |
||||||||
Principal repayment of notes payable |
( |
) | ( |
) | ||||
Proceeds from issuance of convertible notes, net of issuance cost |
||||||||
Proceeds from issuance of convertible notes, net of issuance cost, due to related parties |
||||||||
Repayment of convertible notes to related parties |
( |
) | ||||||
Proceeds from issuance of long-term debt with CS Solis, net of issuance cost |
||||||||
Proceeds from exercise of common stock options |
||||||||
Proceeds from Mergers and PIPE Financing |
||||||||
Proceeds from Mergers and PIPE Financing from related parties |
||||||||
Payments for issuance of Series D redeemable convertible preferred stock |
( |
) | ||||||
Net cash provided by financing activities from continuing operations |
||||||||
Effect of exchange rate changes |
||||||||
Net decrease in cash, cash equivalents and restricted cash |
( |
) | ( |
) | ||||
Cash, cash equivalents, and restricted cash at beginning of period |
||||||||
Cash, cash equivalents, and restricted cash at end of period |
$ | $ | ||||||
Thirty-Nine Weeks Ended October 1, 2023 |
Nine Months Ended September 30, 2022 |
|||||||
Supplemental disclosures of cash flow information: |
||||||||
Cash paid during the year for interest |
||||||||
Cash paid during the year for income taxes |
||||||||
Supplemental schedule of noncash investing and financing activities: |
||||||||
Operating lease right-of-use |
||||||||
Carlyle warrant modification |
( |
) | ||||||
Reclassification of liability-classified warrants to equity-classified warrants |
||||||||
Issuance of common stock warrants |
||||||||
Issuance of Series D redeemable convertible preferred stock upon conversion of SAFE |
||||||||
Issuance of Series D redeemable convertible preferred stock upon conversion of convertible debt |
||||||||
Conversion of 2022 Convertible Notes into common stock |
||||||||
Conversion of 2022 Convertible Notes issued to related parties into common stock |
||||||||
Conversion of preferred stock into common stock |
||||||||
Issuance of common stock in connection with forward purchase agreements (5) |
||||||||
Issuance of common stock bonus shares in connection with the Mergers (6) |
||||||||
Recapitalization of Legacy Complete Solaria Common stock into Complete Solaria Common Stock |
||||||||
Reclassification of investor related to PIPE funds |
(1) |
Non-cash interest expense to related parties of $ |
(2) |
Gain on extinguishment of convertible notes and SAFEs includes other income from related parties of |
(3) |
Issuance of forward purchase agreements includes other income from related parties of $ |
(4) |
Change in fair value of forward purchase agreement liabilities includes other expense from related parties of $ |
(5) |
Issuance of common stock in connection with forward purchase agreements includes other expense from related parties of $ |
(6) |
Issuance of common stock bonus shares to related parties in connection with the Mergers includes other expense of $ |
(1) |
Organization |
(a) |
Description of Business |
• | Each share of the Company’s capital stock, inclusive of shares converted from 2022 Convertible Notes, issued and outstanding immediately prior to the Closing (“Legacy Complete Solaria Capital Stock”) were cancelled and exchanged into an aggregate of |
• | All certain investors (the “PIPE Investors”) purchased from the Company an aggregate of |
• | On or around the Closing Date, pursuant to the New Money PIPE Subscription Agreements, certain investors affiliated with the New Money PIPE Subscription Agreements (“New Money PIPE Investors”) agreed to subscribe for and purchase, and Complete Solaria agreed to issue and sell to the New Money PIPE Investors an aggregate of |
• | Subsequent to the Closing, Complete Solaria issued an additional |
• | In March 2023, holders of one-for-one |
• | Each issued and outstanding FACT Class B Ordinary Share converted, on a one-for-one |
(b) |
Basis of Presentation of Unaudited Interim Condensed Consolidated Financial Statements |
(c) |
Divestiture |
(d) |
Liquidity and Going Concern |
(e) |
Immaterial Correction of Prior Period Financial Statements |
(2) |
Summary of Significant Accounting Policies |
(a) |
Use of Estimates |
• | the allocation of the transaction price to identified performance obligations; |
• | fair value of warrant liabilities; |
• | the fair value of assets acquired and liabilities assumed for business combinations; |
• | the reserve methodology for inventory obsolescence; |
• | the reserve methodology for product warranty; |
• | the reserve methodology for the allowance for credit losses; and |
• | the fair value of the forward purchase agreements. |
(b) |
Supply Chain Constraints and Risk |
(c) |
Segment Information |
(d) |
Restricted Cash |
As of |
||||||||
October 1, 2023 |
December 31, 2022 |
|||||||
Cash and cash equivalents |
$ | $ | ||||||
Restricted cash |
||||||||
Total cash, cash equivalents, and restricted cash |
$ | $ | ||||||
(e) |
Revenue Recognition |
Thirteen Weeks Ended October 1, 2023 |
Three Months Ended September 30, 2022 |
Thirty-Nine Weeks Ended October 1, 2023 |
Nine Months Ended September 30, 2022 |
|||||||||||||
Solar energy system installations |
$ | $ | $ | $ | ||||||||||||
Software enhanced services |
||||||||||||||||
Total revenue |
$ | $ | $ | $ | ||||||||||||
(f) |
Fair Value Measurements |
• | Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. |
• | Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. |
• | Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. |
(g) |
Direct Offering Costs |
(h) |
Warrant Liabilities |
(i) |
Forward Purchase Agreements |
(j) |
Net Loss Per Share |
(k) |
Recently Adopted Accounting Pronouncements |
(3) |
Fair Value Measurements |
As of October 1, 2023 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Financial Liabilities |
||||||||||||||||
Carlyle warrants |
$ | $ | $ | $ | ||||||||||||
Public warrants |
||||||||||||||||
Private placement warrants |
||||||||||||||||
Working capital warrants |
||||||||||||||||
Forward purchase agreement liabilities |
||||||||||||||||
Total |
$ | $ | $ | $ | ||||||||||||
As of December 31, 2022 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Financial Liabilities |
||||||||||||||||
Redeemable convertible preferred stock warrant liability |
$ | $ | $ | $ | ||||||||||||
Total |
$ | $ | $ | $ | ||||||||||||
October 1, 2023 |
December 31, 2022 |
|||||||
Expected term |
||||||||
Expected volatility |
% | |||||||
Risk-free interest rate |
% | |||||||
Expected dividend yield |
% |
October 1, 2023 |
December 31, 2022 |
|||||||
Common stock trading price |
$ | |||||||
Simulation period |
||||||||
Risk-free rate |
% | |||||||
Volatility |
% |
October 1, 2023 |
December 31, 2022 |
|||||||
Expected term |
— | |||||||
Expected volatility |
% | |||||||
Risk-free interest rate |
% | |||||||
Expected dividend yield |
% |
October 1, 2023 |
December 31, 2022 |
|||||||
Expected term |
— | |||||||
Expected volatility |
% | |||||||
Risk-free interest rate |
% | |||||||
Expected dividend yield |
% |
October 1, 2023 |
December 31, 2022 |
|||||||
Expected term |
— | |||||||
Expected volatility |
% | |||||||
Risk-free interest rate |
% | |||||||
Expected dividend yield |
% |
(4) |
Reverse Recapitalization |
• | Complete Solaria’s pre-combination stockholders have the majority of the voting power in the post-merged company; |
• | Legacy Complete Solaria’s stockholders have the ability to appoint a majority of the Complete Solaria Board of Directors; |
• | Legacy Complete Solaria’s management team is considered the management team of the post-merged company; |
• | Legacy Complete Solaria’s prior operations is comprised of the ongoing operations of the post-merged company; |
• | Complete Solaria is the larger entity based on historical revenues and business operations; and |
• | the post-merged company has assumed Complete Solaria’s operating name. |
Recapitalization |
||||
Cash proceeds from FACT, net of redemptions |
$ | |||
Cash proceeds from PIPE Financing |
||||
Less: cash payment of FACT transaction costs and underwriting fees |
( |
) | ||
Less: cash payment to FPA investors for rebates and recycled shares |
( |
) | ||
Less: cash payment for Promissory Note |
( |
) | ||
Net cash proceeds upon the closing of the Mergers and PIPE financing |
||||
Less: non-cash net liabilities assumed from FACT |
( |
) | ||
Net contributions from the Mergers and PIPE financing upon closing |
$ | |||
Recapitalization |
||||
FACT Class A Ordinary Shares, outstanding prior to Mergers |
||||
FACT Class B Ordinary Shares, outstanding prior to Mergers |
||||
Bonus shares issued to sponsor |
||||
Bonus shares issued to PIPE investors |
||||
Bonus shares issued to FPA investors |
||||
Shares issued from PIPE financing |
||||
Shares issued from FPA agreements, net of recycled shares |
||||
Less: redemption of FACT Class A Ordinary Shares |
( |
) | ||
Total shares from the Mergers and PIPE Financing |
||||
Legacy Complete Solaria shares |
||||
2022 Convertible Note Shares |
||||
Shares of Complete Solaria Common stock immediately after Mergers |
||||
(5) |
Forward Purchase Agreements |
• | The FPA Sellers can terminate the transaction following the Optional Early Termination (“OET”) Date which shall specify the quantity by which the number of shares is to be reduced (such quantity, the “Terminated Shares”). Seller shall terminate the transaction in respect of any shares sold on or prior to the maturity date. The counterparty is entitled to an amount from the seller equal to the number of terminated shares multiplied by a reset price. The reset price is initially $ |
• | The FPA contains multiple settlement outcomes. Per the terms of the agreements, the FPAs will (1) settle in cash in the event the Company is due cash upon settlement from the FPA Sellers or (2) settle in either cash or shares, at the discretion of the Company, should the settlement amount adjustment exceed the settlement amount. Should the Company elect to settle via shares, the equity will be issued in Complete Solaria Common Stock, with a per share price based on the volume-weighted average price (“VWAP”) Price over 15 scheduled trading days. The magnitude of the settlement is based on the Settlement Amount, an amount equal to the product of: (1) Number of shares issued to the |
FPA Seller pursuant to the FPA, less the number of Terminated Shares multiplied by (2) the VWAP Price over the valuation period. The Settlement amount will be reduced by the Settlement Adjustment, an amount equal to the product of (1) Number of shares in the Pricing Date Notice, less the number of Terminated Shares multiplied by $ |
• | The Settlement occurs as of the Valuation Date, which is the earlier to occur of (a) the date that is two years after the date of the Closing Date of the Mergers (b) the date specified by Seller in a written notice to be delivered to Counterparty at Seller’s discretion (which Valuation Date shall not be earlier than the day such notice is effective) after the occurrence of certain triggering events; and (c) 90 days after delivery by the Counterparty of a written notice in the event that for any 20 trading days during a 30 consecutive trading day-period (the “Measurement Period”) that occurs at least 6 months after the Closing Date, the VWAP Price is less than the then applicable Reset Price. |
(6) |
Business Combination |
Amount |
||||
Cash, cash equivalents and restricted cash |
$ | |||
Accounts receivable |
||||
Inventories |
||||
Prepaid expenses and other current assets |
||||
Property and equipment |
||||
Operating lease right-of-use |
||||
Intangible assets |
||||
Other non-current assets |
||||
Total identifiable assets acquired |
||||
Accounts payable |
||||
Accrued expenses and other current liabilities |
||||
Notes payable |
||||
Deferred revenue |
||||
Operating lease liabilities, net of current portion |
||||
Warranty provision, noncurrent |
||||
SAFE agreements |
||||
Total identifiable liabilities assumed |
||||
Net identifiable liabilities assumed |
||||
Goodwill |
||||
Total aggregate consideration paid |
$ | |||
Amount |
||||
Trademarks |
$ | |||
Developed technology |
||||
Customer relationships |
||||
Total intangible assets |
$ | |||
Three Months Ended September 30, 2022 |
Nine Months Ended September 30, 2022 |
|||||||
Revenues |
$ | $ | ||||||
Net loss |
$ | ( |
) | $ | ( |
) |
(7) |
Prepaid Expenses and Other Current Assets |
As of |
||||||||
October 1, 2023 |
December 31, 2022 |
|||||||
Inventory deposits |
$ | $ | ||||||
Prepaid sales commissions |
||||||||
Other |
||||||||
Total prepaid expenses and other current assets |
$ | $ | ||||||
(8) |
Divestiture |
Thirteen Weeks Ended October 1, 2023 |
Thirty-Nine Weeks Ended October 1, 2023 |
|||||||
Revenues |
$ | $ | ||||||
Cost of revenues |
||||||||
Gross loss |
( |
) | ( |
) | ||||
Operating expenses: |
||||||||
Sales and marketing |
||||||||
General and administrative |
||||||||
Total operating expenses |
||||||||
Loss from discontinued operations |
( |
) | ( |
) | ||||
Other income (expense), net |
||||||||
Loss from discontinued operations before income taxes |
( |
) | ( |
) | ||||
Income tax benefit (provision) |
( |
) | ||||||
Impairment loss from discontinued operations |
( |
) | ( |
) | ||||
Net loss from discontinued operations |
$ | ( |
) | $ | ( |
) | ||
As of |
||||||||
October 1, 2023 |
December 31, 2022 |
|||||||
Intangible assets, net |
$ | $ | ||||||
Goodwill |
— | |||||||
Long-term assets held for sale |
$ | $ | ||||||
(9) |
Property and Equipment, Net |
Estimated |
As of |
|||||||||||
Useful Lives (Years) |
October 1, 2023 |
December 31, 2022 |
||||||||||
Developed software |
$ | $ | ||||||||||
Manufacturing equipment |
||||||||||||
Furniture and equipment |
||||||||||||
Leasehold improvements |
||||||||||||
Total property and equipment |
||||||||||||
Less: accumulated depreciation and amortization |
( |
) | ( |
) | ||||||||
Total property and equipment, net |
$ | $ | ||||||||||
(10) |
Goodwill and Intangible Assets |
As of October 1, 2023 |
||||||||||||||||||||
Gross Carrying Amount |
Impairment |
Held for Sale |
Accumulated Amortization |
Net Amount |
||||||||||||||||
Assembled workforce |
$ | $ | $ | ( |
) | $ | ||||||||||||||
Trademarks |
( |
) | ( |
) | ( |
) | ||||||||||||||
Customer relationship |
( |
) | ( |
) | ( |
) | ||||||||||||||
Developed technology |
( |
) | ( |
) | ( |
) | ||||||||||||||
Total intangible assets |
$ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | |||||||||
As of December 31, 2022 |
||||||||||||||||
Weighted- Average Remaining Life (Years) |
Gross Carrying Amount |
Accumulated Amortization |
Net Amount |
|||||||||||||
Assembled workforce |
$ | $ | ( |
) | $ | |||||||||||
Trademarks |
( |
) | ||||||||||||||
Customer relationship |
( |
) | ||||||||||||||
Developed technology |
( |
) | ||||||||||||||
Total intangible assets |
$ | $ | ( |
) | $ | |||||||||||
Thirteen Weeks Ended October 1, 2023 |
Three Months Ended September 30, 2022 |
Thirty-Nine Weeks Ended October 1, 2023 |
Nine Months Ended September 30, 2022 |
|||||||||||||
Assembled workforce |
$ | $ | $ | $ | ||||||||||||
Trademarks |
||||||||||||||||
Customer relationship |
||||||||||||||||
Developed technology |
||||||||||||||||
Total amortization expense |
$ | $ | $ | $ | ||||||||||||
(11) |
Accrued Expenses and Other Current Liabilities |
As of |
||||||||
October 1, 2023 |
December 31, 2022 |
|||||||
Accrued compensation and benefits |
$ | $ | ||||||
Customer deposits |
||||||||
Uninvoiced contract costs |
||||||||
Inventory received but not invoiced |
||||||||
Accrued term loan and revolving loan amendment and final payment fees |
||||||||
Accrued legal settlements |
||||||||
Accrued taxes |
||||||||
Accrued rebates and credits |
||||||||
Operating lease liabilities, current |
||||||||
Revenue warranty |
||||||||
Deferred underwriters’ discount payable |
||||||||
Accrued warranty, current |
||||||||
Other accrued liabilities |
||||||||
Total accrued expenses and other current liabilities |
$ | $ | ||||||
(12) |
Employee Benefit Plan |
Thirteen Weeks Ended October 1, 2023 |
Three Months Ended September 30, 2022 |
Thirty-Nine Weeks Ended October 1, 2023 |
Nine Months Ended September 30, 2022 |
|||||||||||||
Change in fair value of redeemable convertible preferred stock warrant liability |
$ | $ | $ | $ | ( |
) | ||||||||||
Change in fair value of Carlyle warrants |
||||||||||||||||
Change in fair value of FACT public, private placement and working capital warrants |
||||||||||||||||
Gain on extinguishment of convertible notes and SAFE agreements (1) |
||||||||||||||||
Loss on CS Solis debt extinguishment |
( |
) | ( |
) | ||||||||||||
Bonus shares issued in connection with the Mergers (2) |
( |
) | ( |
) | ||||||||||||
Issuance of forward purchase agreements (3) |
||||||||||||||||
Change in fair value of forward purchase agreement liabilities (4) |
( |
) | ( |
) | ||||||||||||
Issuance of shares in connection with the forward purchase agreements (5) |
( |
) | ( |
) | ||||||||||||
Other, net |
( |
) | ||||||||||||||
Total other income (expense), net |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
(1) |
Includes |
(2) |
Includes $ |
(3) |
Includes $ |
(4) |
Includes $ |
(5) |
Includes $ |
(14) |
Common Stock |
As of October 1, 2023 |
||||
Common stock warrants |
||||
Employee stock purchase plan |
||||
Stock options and RSUs, issued and outstanding |
||||
Stock options and RSUs, authorized for future issuance |
||||
Total shares reserved |
||||
(15) |
Warrants |
(16) |
Borrowing Arrangements |
As of |
||||||||
October 1, 2023 |
December 31, 2022 |
|||||||
Convertible notes, net, noncurrent |
||||||||
2022 Convertible Notes |
$ | $ | ||||||
2022 Convertible Notes due to related parties |
||||||||
Total convertible notes |
$ | $ | ||||||
(17) |
Stock-Based Compensation |
Options Outstanding |
||||||||||||||||
Number of Shares |
Weighted Average Exercise Price per Share |
Weighted Average Contractual Term (Years) |
Aggregate Intrinsic Value (in thousands) |
|||||||||||||
Outstanding—December 31, 2022 |
$ | $ | ||||||||||||||
Options granted |
||||||||||||||||
Options exercised |
( |
) | ||||||||||||||
Options canceled |
( |
) | ||||||||||||||
Outstanding—October 1, 2023 |
$ | $ | ||||||||||||||
Vested and expected to vest—October 1, 2023 |
$ | $ | ||||||||||||||
Vested and exercisable—October 1, 2023 |
$ | $ | ||||||||||||||
Number of RSUs |
Weighted Average Grant Date Fair Value |
|||||||
Unvested at December 31, 2022 |
— | |||||||
Granted |
$ | |||||||
Vested and released |
( |
) | $ | |||||
Cancelled or forfeited |
( |
) | $ | |||||
Unvested at October 1, 2023 |
$ | |||||||
Thirteen Weeks Ended October 1, 2023 |
Three Months Ended September 30, 2022 |
Thirty-Nine Weeks Ended October 1, 2023 |
Nine Months Ended September 30, 2022 |
|||||||||||||
Cost of revenues |
$ | $ | $ | $ | ||||||||||||
Sales and marketing |
||||||||||||||||
General and administrative |
||||||||||||||||
Loss from discontinued operations, net of tax |
— | — | ||||||||||||||
Total stock-based compensation expense |
$ | $ | $ | $ | ||||||||||||
(18) |
Employee Stock Purchase Plan |
(19) |
Commitments and Contingencies |
October 1, 2023 | ||
Remaining average remaining lease term |
||
Weighted average discount rate |
2023 (excluding the thirty-nine weeks ended October 1, 2023) |
$ | |||
2024 |
||||
2025 |
||||
2026 |
||||
2027 and thereafter |
||||
Total undiscounted liabilities |
||||
Less: imputed interest |
( |
) | ||
Present value of operating lease liabilities |
$ | |||
Thirty-Nine Weeks Ended October 1, 2023 |
Year Ended December 31, 2022 |
|||||||
Warranty provision, beginning of period |
$ | $ | ||||||
Warranty liability from Business Combination |
||||||||
Accruals for new warranties issued |
||||||||
Settlements |
( |
) | ( |
) | ||||
Warranty provision, end of period |
$ | $ | ||||||
Warranty provision, current |
$ | $ | ||||||
Warranty provision, noncurrent |
$ | $ |
(20) |
Basic and Diluted Net Loss Per Share |
Thirteen Weeks Ended October 1, 2023 |
Three Months Ended September 30, 2022 |
Thirty-Nine Weeks Ended October 1, 2023 |
Nine Months Ended September 30, 2022 |
|||||||||||||
Numerator: |
||||||||||||||||
Net loss from continuing operations |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Net loss from discontinued operations |
( |
) | — | ( |
) | — | ||||||||||
Net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Denominator: |
||||||||||||||||
Weighted average common shares outstanding, basic and diluted |
||||||||||||||||
Net loss per share: |
||||||||||||||||
Continuing operations – basic and diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Discontinued operations – basic and diluted |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
Net loss per share – basic and diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
As of |
||||||||
October 1, 2023 |
December 31, 2022 |
|||||||
Common stock warrants |
||||||||
Preferred stock warrants |
— | |||||||
Stock options and RSUs issued and outstanding |
||||||||
Potential common shares excluded from diluted net loss per share |
||||||||
(21) |
Related Party Transactions |