XML 39 R23.htm IDEA: XBRL DOCUMENT v3.22.1
Redeemable Convertible Preferred Stock
3 Months Ended
Mar. 31, 2022
Temporary Equity Disclosure [Abstract]  
Redeemable Convertible Preferred Stock  Redeemable Convertible Preferred StockUnpaid cumulative distributions were approximately $4,800 as of December 31, 2020, and the Series A Preferred Stock had a liquidation preference of $37,114 as of December 31, 2020. Upon liquidation of Former CarLotz, proceeds in excess of the Series A Preferred Stock would have been shared pro rata among all stockholders based on the number of shares. The unpaid cumulative distributions are included as Accrued expenses — related party on the accompanying condensed consolidated balance sheets. As a result of the Merger, the Company settled Former CarLotz’ redeemable convertible preferred stock and redeemable convertible preferred stock tranche obligation with carrying values of $17,560 and $2,832, respectively, as of December 31, 2020.