| Summary of impact of the restatement to the specific line items presented in the Company's previously reported consolidated financial statement |
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As Previously Reported |
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Adjustments |
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As Restated |
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Consolidated Balance Sheet: |
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December 31, 2021 |
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Contingent earnout liability |
$ |
11,369 |
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$ |
(1,343 |
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$ |
10,026 |
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Total liabilities |
$ |
101,330 |
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$ |
(1,343 |
) |
$ |
99,987 |
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Additional paid-in capital |
$ |
418,575 |
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$ |
20,121 |
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$ |
438,696 |
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Accumulated deficit |
$ |
(230,458 |
) |
$ |
(18,778 |
) |
$ |
(249,236 |
) |
Total stockholders’ equity (deficit) |
$ |
188,864 |
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$ |
1,343 |
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$ |
190,207 |
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Total liabilities and stockholders' equity (deficit) |
$ |
290,194 |
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$ |
- |
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$ |
290,194 |
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Consolidated Statements of Operations: |
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Fiscal Year Ended December 31, 2021 |
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Change in fair value of contingent earnout liability |
$ |
67,026 |
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$ |
(18,778 |
) |
$ |
48,248 |
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Total other income (expense), net |
$ |
49,011 |
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$ |
(18,778 |
) |
$ |
30,233 |
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Loss before income taxes |
$ |
(18,815 |
) |
$ |
(18,778 |
) |
$ |
(37,593 |
) |
Net loss |
$ |
(19,312 |
) |
$ |
(18,778 |
) |
$ |
(38,090 |
) |
Basic and diluted net loss per share |
$ |
(0.31 |
) |
$ |
(0.30 |
) |
$ |
(0.61 |
) |
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Consolidated Statements of Comprehensive Loss: |
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Fiscal Year Ended December 31, 2021 |
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Net loss |
$ |
(19,312 |
) |
$ |
(18,778 |
) |
$ |
(38,090 |
) |
Comprehensive loss |
$ |
(17,598 |
) |
$ |
(18,778 |
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$ |
(36,376 |
) |
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Consolidated Statements of Changes in Stockholders' Equity (Deficit): |
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Fiscal Year Ended December 31, 2021 |
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Contingent earnout liability upon closing of the merger |
$ |
(78,395 |
) |
$ |
20,121 |
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$ |
(58,274 |
) |
Additional paid-in capital |
$ |
418,575 |
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$ |
20,121 |
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$ |
438,696 |
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Accumulated deficit |
$ |
(230,458 |
) |
$ |
(18,778 |
) |
$ |
(249,236 |
) |
Total stockholders’ equity (deficit) |
$ |
188,864 |
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$ |
1,343 |
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$ |
190,207 |
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Consolidated Statements of Cash Flows: |
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Fiscal Year Ended December 31, 2021 |
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Net loss |
$ |
(19,312 |
) |
$ |
(18,778 |
) |
$ |
(38,090 |
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Change in fair value of contingent earnout liability |
$ |
(67,026 |
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$ |
18,778 |
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$ |
(48,248 |
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Net cash used in operating activities |
$ |
(57,986 |
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$ |
- |
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$ |
(57,986 |
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Noncash Investment and financing activities |
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Contingent earnout liability recognized upon the closing of the
reverse recapitalization |
$ |
78,395 |
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$ |
(20,121 |
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$ |
58,274 |
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| Summary of cash, cash equivalents, and restricted cash |
The following table shows components of cash, cash equivalents, and restricted cash reported on the Consolidated Balance Sheets and in the Consolidated Statements of Cash Flows as of and for the years then ended:
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December 31, |
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2021 |
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2020 |
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Cash and cash equivalents |
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$ |
109,256 |
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$ |
15,571 |
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Restricted cash included in Other long-term assets |
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389 |
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415 |
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$ |
109,645 |
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$ |
15,986 |
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| Summary of customers whose revenue and accounts receivable balances |
The Company had the following customers whose revenue and accounts receivable balances individually represented 10% or more of the Company’s total revenue and/or accounts receivable:
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Year Ended December 31, |
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December 31, |
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2021 |
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2020 |
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2021 |
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2020 |
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Revenue |
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Revenue |
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Accounts
Receivable |
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Accounts
Receivable |
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Customer A |
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27 |
% |
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19 |
% |
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29 |
% |
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* |
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Customer B |
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16 |
% |
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17 |
% |
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* |
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59 |
% |
Customer C |
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10 |
% |
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19 |
% |
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12 |
% |
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* |
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* Revenue and/or accounts receivable from these customers were less than 10% of total revenue and/or accounts receivable during the period.
The Company has the following vendors where purchases of equipment, components and services individually represented 10% or more of the Company’s total purchases:
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Year Ended December 31, |
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2021 |
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2020 |
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Purchases |
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Purchases |
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Vendor A |
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* |
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15 |
% |
Vendor B |
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* |
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11 |
% |
Vendor C |
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* |
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11 |
% |
Vendor D |
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10 |
% |
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* |
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* Purchases from these vendors were less than 10% of total purchased during the period.
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