General form of registration statement for all companies including face-amount certificate companies

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Accounting Policies [Abstract]    
Summary of Allowance For Doubtful Accounts
The following presents the changes in the balance of the Company’s allowance for doubtful accounts:
 
 
  
Three Months
Ended June 30,
 
  
Six Months Ended
June 30,
 
(in thousands)
  
2021
 
  
2020
 
  
2021
 
  
2020
 
Balance at beginning of period
  
$
1,012
 
  
$
1,060
 
  
$
1,070
 
  
$
1,038
 
Additions
  
 
296
 
  
 
236
 
  
 
378
 
  
 
397
 
Write – offs
  
 
(63
) 
  
 
(14
) 
  
 
(64
) 
  
 
(14
) 
Recoveries
  
 
(80
) 
  
 
(179
) 
  
 
(219
) 
  
 
(318
) 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Balance at end of period
  
$
1,165
 
  
$
1,103
 
  
$
1,165
 
  
$
1,103
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
The following presents the changes in the balance of the Company’s allowance for doubtful accounts:
 
    
Year Ended
December 31,
  
(in thousands)
   
2020
     
2019
  
Balance at beginning of year
    $ 1,038      $ 175  
Additions
      591        1,014  
Write – offs
      (559 )       (151 ) 
    
 
 
     
 
 
  
Balance at end of year
    $ 1,070      $ 1,038  
    
 
 
     
 
 
  
Summary of Fair Value Hierarchy of The Valuation
The following table presents information about the Company’s assets and liabilities that are measured at fair value as of June 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation:
 
 
  
Fair Value Measurements
 
(in thousands)
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
June 30, 2021
  
      
  
      
  
      
  
      
Money market funds included in cash and cash equivalents
    $ 31,337      $ —        $ —        $ 31,337  
December 31, 2020
                           
Money market funds included in cash and cash equivalents
    $ 56,907      $ —        $ —        $ 56,907  
Warrant liability
      —          —          545        545  
The following table presents information about the Company’s assets that are measured at fair value as of December 31, 2020 and 2019, and indicates the fair value hierarchy of the valuation:
 
    
Fair Value Measurements
         
(in thousands)
   
Level 1
     
Level 2
     
Level 3
     
Total
  
December 31, 2020
                                    
Money market funds included in cash and cash equivalents
    $ 56,907      $ —        $ —        $ 56,907  
Warrant liability
      —          —          545        545  
         
December 31, 2019
                                    
Money market funds included in cash and cash equivalents
    $ 58,182      $ —        $ —        $ 58,182  
Warrant liability
      —          —          370        370  
Summary of Changes in Fair Value of the Derivative Warrant Liabilities
The Company remeasures its warrant liability at fair value at each reporting period using Level 3 inputs via the Black-Scholes option-pricing model. The significant assumptions used in preparing the option pricing model are disclosed in Note 10 Stock Warrants. All warrants were exercised in June 2021. There were no transfers between levels during the periods presented.
 
 
  
Three Months
Ended June 30,
 
  
Six Months Ended
June 30,
 
(in thousands)
  
2021
 
  
2020
 
  
2021
 
  
2020
 
Balance at beginning of period
  
$
1,555
 
  
$
382
 
  
$
545
 
  
$
370
 
Change in fair value
  
 
241
 
  
 
—  
 
  
 
1,251
 
  
 
12
 
Derecognition of liability
  
 
(1,796
) 
  
 
—  
 
  
 
(1,796
) 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Balance at end of period
  
$
—  
 
  
$
382
 
  
$
—  
 
  
$
382
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
The Company remeasures its warrant liability at fair value at each reporting period using Level 3 inputs via the Black-Scholes option-pricing model. The significant assumptions used in preparing the option pricing model are disclosed in Note 10 Stock Warrants.
 
    
Year ended
December 31,
  
(in thousands)
   
2020
     
2019
  
Balance at beginning of year
    $ 370      $ 150  
Change in fair value
      175        220  
    
 
 
     
 
 
  
Balance at end of year
   $ 545      $ 370  
    
 
 
     
 
 
  
Summary of Estimated Useful Life of Property Plant Equipment  
The cost of property and equipment is depreciated based upon the following asset lives:
 
Asset Classification
   
Estimated Useful Life
Machinery and equipment    5 years
Leasehold improvements    Shorter of estimated useful life or remaining lease term
Computer equipment    3 years
Computer software    3 years
Furniture and fixtures    3 years
Summary of Balance of The Company's Warranty Reserve The following table presents changes in the balance of the Company’s warranty reserve:
 
 
  
Three Months
Ended June 30,
 
  
Six Months Ended
June 30,
 
(in thousands)
  
2021
 
  
2020
 
  
2021
 
  
2020
 
Balance at beginning of period
   
$
538
 
 
$
1,261
 
 
 $ 564      $ 1,260  
Additions to warranty reserve
   
 
366
 
 
 
250
 
 
   633        482  
Claims fulfilled
   
 
(336
) 
 
 
(144
) 
 
   (629 )       (375 ) 
    
 
 
 
 
 
 
 
 
 
 
     
 
 
  
Balance at end of period
   
$
568
 
 
$
1,367
 
 
 $ 568      $ 1,367  
    
 
 
 
 
 
 
 
 
 
 
     
 
 
  
The following table presents changes in the balance of the Company’s warranty reserve:
 
    
Year Ended
December 31,
  
(in thousands)
   
2020
     
2019
  
Balance at beginning of year
    $ 1,260      $ 80  
Additions to warranty reserve
      821        2,415  
Claims fulfilled
      (882 )       (1,235 ) 
Change in estimate related to
pre-existing
warranties
      (635 )       —    
    
 
 
     
 
 
  
Balance at end of year
    $ 564      $ 1,260