Post-effective amendment to a registration statement that is not immediately effective upon filing

Summary of Significant Accounting Policies (Tables)

v3.22.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
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:
 
 
  
Year Ended December 31,
 
(in thousands)
  
    2021    
 
  
    2020    
 
Balance at beginning of period
    $ 1,070      $ 1,038  
Additions
      709        834  
Write – offs
      (312 )       (257 ) 
Recoveries
      (446 )       (545 ) 
    
 
 
     
 
 
  
Balance at end of period
    $ 1,021      $ 1,070  
    
 
 
     
 
 
  
Summary of Fair Value Hierarchy of The Valuation
The following table presents information about the Company’s assets that are measured at fair value as of December 31, 2021 and 2020, and indicates the fair value hierarchy of the valuation:
 
    
Fair Value Measurements
  
(in thousands)
   
Level 1
     
Level 2
     
Level 3
     
Total
  
December 31, 2021
                                    
Money market funds included in cash and cash
 
equivalents
    $ 286,890      $ —        $ —        $ 286,890  
Contingent earnout liability
      —          —          59,722        59,722  
Private placement warrant liability
      —          —          2,646        2,646  
December 31, 2020
                                    
Money market funds included in cash and cash
equivalents
    $ 56,907      $ —        $ —        $ 56,907  
SVB warrant liability
      —          —          545        545  
Summary of Changes in Fair Value of the Derivative Warrant Liabilities
The Company remeasures its Common Stock Warrants (as defined below) and Private Placement Warrants (as defined below) at fair value at each reporting period using Level 3 inputs via the Black-Scholes option-pricing model and Binomial Lattice Model, respectively. The valuation of the earnout shares is based on a Monte Carlo simulation. The significant assumptions used in preparing the above models are disclosed in Note 12 Stock Warrants and Note 11 Earnout. All Silicon Valley Bank (“SVB”) warrants were exercised in June 2021. There were no transfers between levels during the periods presented.
 
(in thousands)
   
Contingent
Earnout
Liability
     
Private
Placement
Warrant
Liability
     
SVB
Warrant
Liability
  
Fair Value as of January 1, 2020
    $ —        $ —        $ 370  
Change in fair value
      —          —          175  
    
 
 
     
 
 
     
 
 
  
Fair Value as of December 31, 2020
    $ —        $ —        $ 545  
    
 
 
     
 
 
     
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value as of January 1, 2021
    $ —        $ —        $ 545  
Recognition of liability acquired as part of the Merger
      123,129        5,702        —    
Change in fair value
      (63,407 )       (3,056 )       1,248  
Exercise of common stock warrants
      —          —          (1,793 ) 
    
 
 
     
 
 
     
 
 
  
Fair Value as of December 31, 2021
    $ 59,722      $ 2,646      $ —    
    
 
 
     
 
 
     
 
 
  
Summary of Property and Equipment Depreciated
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
Warranty reserves are included within accrued expenses on the consolidated balance sheets. The following table presents changes in the balance of the Company’s warranty reserve:
 
 
  
Year Ended December 31,
 
(in thousands)
  
    2021    
 
  
    2020    
 
Balance at beginning of period
    $ 564      $ 1,260  
Additions to warranty reserve
      529        821  
Claims fulfilled
      (435 )       (882 ) 
Change in estimate related to
pre-existing
warranties
      —          (635 ) 
    
 
 
     
 
 
  
Balance at end of period
    $ 658      $ 564