XML 58 R36.htm IDEA: XBRL DOCUMENT v3.21.2
Related Party Notes Payable (Tables) - FF Intelligent Mobility Global Holdings Ltd [Member]
6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Related Party Notes Payable (Tables) [Line Items]    
Schedule of Notes Payable
Note Name 

Contractual

Maturity

Date

 

Contractual

Interest

Rates

  

Unpaid

Balance

  

Fair Value

Measurement

Adjustments

  

Net

Carrying

Value

  

Interest

Expense for the Three Months

Ended
June 30,
2021

  

Interest

Expense for the
Six Months

Ended
June 30,
2021

 
Related party note(1)  June 30, 2021   12.00%  $149,674   $
—
   $149,674    1,369   $8,486 
Related party note(3)  Due on Demand   15.00%   10,000    
—
    10,000    392    779 
Related party notes – NPA tranche(2)  October 9, 2021   10.00%   18,112    3,657    21,769    457    910 
Related party notes –China  Due on Demand   18.00%   9,288    
—
    9,288    817    1,586 
Related party notes – China various other  Due on Demand   0% coupon, 10.00% imputed    5,002    
—
    5,002    69    183 
Related party notes – China various other(3)  Due on Demand   8.99%   1,410    
—
    1,410    32    63 
Related party notes – Other(3)  June 30, 2021   6.99%   4,160    
—
    4,160    72    144 
Related party notes – Other(3)  June 30, 2021   8.00%   6,452    
—
    6,452    129    256 
           $204,098   $3,657   $207,755   $3,337   $12,407 

 

Years ended December 31,     
Due on demand   $27,578 
2021    269,267 
    $296,845 
Schedule of Principal Maturities
Due on demand  $185,986 
2021   18,112 
   $204,098 
 
Schedule of Notes Payable  
   December 31, 2020 
Note Name  Contractual
Maturity Date
  Contractual
Interest Rates
  Unpaid
Balance
   Fair Value
Measurement
Adjustments
   0%
Coupon
Discount
   Loss (Gain) on
Extinguishments
   Net
Carrying
Value
 
Related party note(1)**  June 30, 2021  12.00%  $240,543   $
   —
   $(861)  $204   $239,886 
Related party note(2)  Due on Demand  15.00%*   10,000    
—
    
—
    
—
    10,000 
Related party notes – NPA tranche(3)  October 9, 2021  10.00%   18,112    3,515    
—
    
—
    21,627 
Related party notes – China(4)  Due on Demand  18.00%*   9,196    
—
    
—
    
—
    9,196 
Related party notes – China various other(5)  Due on Demand  0% coupon, 10.00%
imputed
   6,548    
—
    (190)   (22)   6,336 
Related party notes – China various other(5)  Due on Demand  8.99%   1,410    
—
    
—
    (3)   1,407 
Related party notes – Other(6)  Due on Demand  0.00%   424    
—
    
—
    
—
    424 
Related party notes – Other(6)  June 30, 2021  6.99%   4,160    
—
    
—
    (50)   4,110 
Related party notes – Other(6)  June 30, 2021  8.00%   6,452    
—
    
—
    (35)   6,417 
         $    296,845   $3,515   $       (1,051)  $94   $       299,403 

 

   December 31, 2019 
Note Name  Contractual
Maturity Date
  Contractual Interest
Rates
  Unpaid
Balance
   Fair Value
Measurement
Adjustments
   0%
Coupon Discount
   Net
Carrying Value
 
Related party note(1)**  December 31, 2020  12.00%  $215,940   $
—
   $
—
   $215,940 
Related party note(1)**  Due on Demand  0% coupon, 10.00% imputed   24,399    
—
    (3,557)   20,842 
Related party note(2)  Due on Demand  15.00%*   10,000    
—
    
—
    10,000 
Related party notes – NPA tranche(3)  May 31, 2020  10.00%   18,112    3,410    
—
    21,522 
Related party notes – China(4)  Due on Demand  18.00%*   8,601    
—
    
—
    8,601 
Related party notes – China various other(5)  Due on Demand  0% coupon, 10.00%
imputed
   6,125    
—
    (607)   5,518 
Related party notes – Other(6)  December 31, 2020  6.99%   4,160    
—
    
—
    4,160 
         $     287,337   $3,410   $       (4,164)  $     286,583 

 

*Rate as of December 31, 2020 and 2019, see footnotes for further discussion.
  
**During 2020, these related party notes payable were restructured into one related party note payable.

 

(1)During 2016, Faraday & Future (HK) Limited (“F&F HK”) and Leview Mobile (HK) Ltd. (“Leview”) provided the Company with cash contributions for a total of $278,866. F&F HK was previously controlled by the Company’s founder and former CEO and Leview is controlled by the Company’s founder and former CEO. On March 30, 2018, the cash funding was restructured via an agreement in the form of notes payable bearing an annual interest rate of 12.00% and maturing on December 31, 2020. The notes payable are unsecured and there are no covenants associated with these notes payable.

 

Schedule of Aggregate Principal Loan  
   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal   $
—
   $149,081 
Accrued interest    
—
    19,657 
Interest expense    11,959    17,889 
Unrealized foreign exchange (gain) loss on principal    
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest    
—
    
—
 
Principal payments    
—
    
—
 
Interest payments    
—
    
—
 
Proceeds    
—
    
—
 

  

   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal  $
—
   $66,859 
Accrued interest   
—
    16,046 
Interest expense   5,363    8,023 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal  $
—
   $24,399 
Accrued interest   
—
    
—
 
Interest expense   4,073    3,476 
Unrealized foreign exchange (gain) loss on principal   
—
    443 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal  $240,543   $
—
 
Accrued interest   64,827    
—
 
Interest expense   10,134    
—
 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal  $10,000   $10,000 
Accrued interest   2,839    1,228 
Interest expense   1,611    1,228 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    10,000 

   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal  $1,650   $1,650 
Accrued interest   134    30 
Interest expense   166    30 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   62    
—
 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal  $16,462   $16,462 
Accrued interest   2,501    828 
Interest expense   1,674    828 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    16,462 

 

   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal  $9,196   $8,601 
Accrued interest   7,646    4,542 
Interest expense   2,641    2,201 
Unrealized foreign exchange (gain) loss on principal   595    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   463    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal  $766   $717 
Accrued interest   
—
    
—
 
Interest expense   72    65 
Unrealized foreign exchange (gain) loss on principal   49    11 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal  $737   $689 
Accrued interest   
—
    
—
 
Interest expense   34    31 
Unrealized foreign exchange (gain) loss on principal   48    11 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal  $5,045   $4,719 
Accrued interest   
—
    
—
 
Interest expense   310    282 
Unrealized foreign exchange (gain) loss on principal   326    77 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal  $1,410   $
—
 
Accrued interest   69    
—
 
Interest expense   111    
—
 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   42    
—
 
Proceeds   1,410    
—
 

 

   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal  $4,160   $4,160 
Accrued interest   313    20 
Interest expense   293    20 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    4,160 

 

   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal  $6,452   $
—
 
Accrued interest   435    
—
 
Interest expense   435    
—
 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   1,970    
—
 
Interest payments   
—
    
—
 
Proceeds   8,422    
—
 

 

   As of and for the Year Ended
December 31,
 
   2020   2019 
Outstanding principal  $424   $
—
 
Accrued interest   
—
    
—
 
Interest expense   
—
    
—
 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   424    
—
 

 

Schedule of Restructured  
Lender  Principal 
Faraday & Future (HK) Limited  $149,081 
Leview Mobile (HK) Ltd   66,859 
Beijing Bairui Culture Media, Co. Ltd   24,603 
Total  $240,543 

Lender  Principal 
CYM Tech Holdings LLC  $240,543