Annual report pursuant to Section 13 and 15(d)

Balance Sheet Detail

v3.22.0.1
Balance Sheet Detail
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Detail Balance Sheet Detail
(a)Fair Value of Financial Instruments
The Company uses a three-level hierarchy, which prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information for fair value measurement based on the nature of inputs used in the valuation of an asset or liability as of the measurement date. Fair value focuses on an exit price and is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with those financial instruments.
The three-level hierarchy for fair value measurements is defined as follows:
Level 1: Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2: Inputs to the valuation methodology included quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3:Inputs to the valuation methodology, which are significant to the fair value measurement, are unobservable.
An asset or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
The following table summarizes the Company’s fair value hierarchy for its financial assets measured at fair value on a recurring bases as of December 31, 2021 and 2020:
As of December 31, 2021
Level 1   Level 2     Level 3   Total
Cash equivalents:
Money market funds
 $ 1,609,919  $ —  $ —  $ 1,609,919 
Total cash equivalents
 $ 1,609,919  $ —  $ —  $ 1,609,919 
Liabilities:
Public warrants 37,999 — — 37,999
Private placement warrants — 27,679 — 27,679
Earnout Shares liability — — 52,380 52,380
Total liabilities $ 37,999  $ 27,679  $ 52,380  $ 118,058 
As of December 31, 2020
Level 1 Level 2   Level 3   Total
Cash equivalents:
Money market funds
 $ 387,464  $ —  $ —  $ 387,464 
Total cash equivalents
 $ 387,464  $ —  $ —  $ 387,464 

The Public Warrants and Private Placement Warrants (see Note 8: Derivative Liabilities) are measured at fair value on a recurring basis. The Public Warrants are valued based on the closing price of the publicly traded instrument. The Private Placement Warrants are valued using observable inputs for similar liabilities resulting in Level 2 classification.

The Earnout Shares liability (see Note 8: Derivative Liabilities) are measured at fair value on a recurring basis. The fair value was determined using a Monte Carlo simulation with a risk free rate of 1.60% and 1.52% and volatility of 50% and 50% as of November 3, 2021 and December 31, 2021, respectively.
(b)Property and Equipment
Property and equipment consist of the following at December 31:
2021 2020
Land $ 13,503  $ — 
Furniture and fixtures
 10,893  4,209 
Test and lab equipment
 11,984  3,787 
Leasehold improvements
 61,173  3,609 
Computers and equipment
 7,839  2,121 
Computer software
 3,321  1,941 
Automobile
 3,444  520 
Buildings 1,040  — 
113,197  16,187 
Less accumulated depreciation and amortization
 (19,680) (5,290)
Total property and equipment, net
 $ 93,517  $ 10,897 
(c)Other Assets
Other assets consist of the following at December 31:
2021 2020
Long-term prepaid expenses and other assets
 $ 4,631  $ 15,507 
Equity method investment 16,088  — 
Security deposits
 331  124 
Total other assets
 $ 21,050  $ 15,631 
(d)Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following at December 31:
2021 2020
Accrued expenses
 $ 16,074  $ 3,412 
Accrued compensation
 51,401  13,938 
Other
 2,531  1,418 
Total accrued expenses and other current liabilities
 $ 70,006  $ 18,768