XML 30 R20.htm IDEA: XBRL DOCUMENT v3.22.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the consolidated statements of cash flows are as follows:
As of
June 30, 2022December 31, 2021June 30, 2021
Cash and cash equivalents$441,765 $497,241 $632,694 
Restricted cash and cash equivalents – non-current87,459 25,000 — 
Cash, cash equivalents and restricted cash and cash equivalents$529,224 $522,241 $632,694 
Restrictions on Cash and Cash Equivalents
The reconciliation of cash and cash equivalents and restricted cash and cash equivalents to amounts presented in the consolidated statements of cash flows are as follows:
As of
June 30, 2022December 31, 2021June 30, 2021
Cash and cash equivalents$441,765 $497,241 $632,694 
Restricted cash and cash equivalents – non-current87,459 25,000 — 
Cash, cash equivalents and restricted cash and cash equivalents$529,224 $522,241 $632,694 
Carrying Value and Fair Value of Financial Instruments
The carrying value and fair value of the Company’s financial instruments are as follows:
As of June 30, 2022
Level 1Level 2Level 3Total
Assets
Derivative asset
$— $— $800 $800 
Liabilities
Warrant liability$— $— $1,377 $1,377 
Derivative liability— — 6,588 6,588 
As of December 31, 2021
Level 1Level 2Level 3Total
Assets
Cash equivalents – money market$463,867 $— $— $463,867 
Liabilities
Warrant liability
$— $— $4,284 $4,284 
Derivative liability
— — 4,189 4,189 
The following table presents the carrying value and estimated fair values:
As of June 30, 2022
Carrying ValueFair Value
Convertible Notes$186,805 $141,000 
Collateralized Promissory Note50,000 50,000 
Changes in Fair Value The change in fair value of the Warrant Liability was as follows:
Warrant Liability
Estimated fair value at December 31, 2021
$4,284 
Change in fair value(2,907)
Estimated fair value at June 30, 2022
$1,377 
The change in fair value of the derivative liability was as follows:
Derivative Liability
Estimated fair value at December 31, 2021$4,189 
Change in fair value2,399 
Estimated fair value at June 30, 2022$6,588 
The change in fair value of the derivative asset was as follows:
Derivative asset
Estimated fair value as of June 1, 2022$1,500 
Change in fair value(700)
Estimated fair value as of June 30, 2022$800 
Inputs and Assumptions Used The following reflects the inputs and assumptions used:
As of
June 30, 2022December 31, 2021
Stock price$4.76 $9.87 
Exercise price$11.50 $11.50 
Remaining term (in years)2.933.42
Volatility90 %90 %
Risk-free rate2.96 %1.03 %
Expected dividend yield— %— %
The following reflects the inputs and assumptions used:
As of
December 31, 2021
Stock price$9.87 
Strike price$14.86 
Volatility100 %
Risk-free rate0.18 %
The following reflects the inputs and assumptions used:
As of
June 30, 2022June 1, 2022
Stock price$4.76 $6.77 
Threshold price$20.00 $20.00 
Term (in years)2.42.5
Volatility90 %90 %
Risk-free rate2.93 %2.73 %
Payer cost of debt5.00 %4.30 %
Change in Warrant Liabilities
The change in warranty liability for the three and six months ended June 30, 2022 is summarized as follows:
Three Months EndedSix Months Ended
June 30, 2022June 30, 2022
Accrued warranty - beginning of period$— $— 
Provision for warranty2,203 2,203 
Accrued warranty - end of period$2,203 $2,203 
As of June 30, 2022, warranty accrual for $0.6 million is recorded in "Accrued expenses and other current liabilities" and $1.6 million in "Other long-term liabilities" on the consolidated balance sheets.