DECONSOLIDATION OF SUBSIDIARY (Tables)

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of the Assets and Liabilities to Assignment for the Benefit of Creditors of Loss on Deconsolidation of Subsidiaries and Components of Loss From Discontinued Operations

In connection with the deconsolidation, the Company recognized a loss from deconsolidation of subsidiaries of $24.9 million which is recorded in loss from deconsolidation of discontinued

operations in the consolidated statements of operations for the three and six months ended June 30, 2023 and consisted of the following:

	June 30, 2023
Assets deconsolidated:
Cash and cash equivalents	$	213
Accounts receivable, net	—
Inventory	7,271
Prepaid expenses and other current assets	3,351
Restricted cash and cash equivalents, non-current	1,500
Property, plant and equipment, net	17,555
Intangible assets, net	656
Investments in affiliates	10,000
Other assets	23,364
Total assets deconsolidated	$	63,910
Liabilities deconsolidated:
Accounts payable	$	15,583
Accrued expenses and other current liabilities	57,612
Debt and finance lease liabilities, current	1,206
Long-term debt and finance lease liabilities, net of current portion	1,160
Operating lease liabilities	21,664
Warrant liability	8
Other non-current liabilities	—
Total liabilities deconsolidated	97,233
Net liabilities derecognized from deconsolidation	(33,323)
Less: intercompany balances derecognized	54,084
Less: cash payments directly related to deconsolidation	2,724
Less: derecognition of goodwill	1,450
Loss from deconsolidation of discontinued operation	$	24,935

As of December 31, 2022, the assets and liabilities of Romeo subject to assignment for the benefit of creditors have been reflected as assets subject to assignment for the benefit of creditors and liabilities subject to assignment for the benefit of creditors on the Company's consolidated balance sheets and consisted of the following:

	December 31, 2022
Assets:
Current assets
Cash and cash equivalents	$	7,555
Accounts receivable, net	262
Inventory	11,327
Prepaid expenses and other current assets	9,881
Total current assets subject to assignment for the benefit of creditors	29,025
Non-current assets
Restricted cash and cash equivalents, non-current	1,500
Property, plant and equipment, net	19,221
Intangible assets, net	621
Investments in affiliates	10,000
Prepayment - Long-term Supply Agreement	44,835
Other assets	23,948
Total non-current assets subject to assignment for the benefit of creditors	100,125
Total assets subject to assignment for the benefit of creditors	$	129,150
Liabilities:
Current liabilities
Accounts payable	$	24,672
Accrued expenses and other current liabilities	22,990
Debt and finance lease liabilities, current	1,440
Total current liabilities subject to assignment for the benefit of creditors	49,102
Long-term liabilities
Long-term debt and finance lease liabilities, net of current portion	1,499
Operating lease liabilities	22,132
Warrant liability	40
Total long-term liabilities subject to assignment for the benefit of creditors	23,671
Total liabilities subject to assignment for the benefit of creditors	$	72,773

The following represents the major components of loss from discontinued operations presented in the consolidated statements of operations:

	For the three months ended June 30, 2023		For the six months ended June 30, 2023
Revenues	$	1,225	$	1,665
Cost of revenues	2,272		12,926
Gross loss	(1,047)		(11,261)
Operating expenses:
Research and development	3,053		5,673
Selling, general and administrative	3,926		14,937
Loss on supplier deposits	44,835		44,835
Total operating expenses	51,814		65,445
Loss from operations	(52,861)		(76,706)
Other income (expense), net
Interest expense, net	(22)		(53)
Revaluation of warrant liability	—		33
Loss from discontinued operations	$	(52,883)	$	(76,726)