XML 70 R43.htm IDEA: XBRL DOCUMENT v3.22.4
Business Combination (Details)
$ / shares in Units, $ in Thousands
9 Months Ended 12 Months Ended
Sep. 23, 2022
$ / shares
Aug. 10, 2021
$ / shares
Aug. 05, 2021
$ / shares
Jun. 09, 2021
$ / shares
Sep. 30, 2022
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
shares
Nov. 11, 2022
shares
Business Combination (Details) [Line Items]                
Exchange ratio           0.1413    
Proceeds from issuance of Class A Common Stock in the Business Combination (in Dollars) | $           $ 229,600    
Cash received through reverse recapitalization (in Dollars) | $           206,400    
Redemptions (in Dollars) | $           767  
Fair value of earnout shares (in Dollars) | $           $ 293,900    
Exercise price of the warrant (in Dollars per share) | $ / shares $ 0.6427       $ 0.5 $ 10    
Options outstanding           42,193,512    
Warrants rights           476,364,277 28,196,377  
Number of shares purchased           76,140,000    
Purchase price per share (in Dollars per share) | $ / shares           $ 10    
Aggregate purchase price (in Dollars) | $           $ 761,400    
Business combination description           In conjunction with the closing of the Business Combination, the Company paid $139.6 million in cash and committed to issue 24,464,994 shares of Class A Common Stock at a value of $10.00 per share to settle liabilities of the Company and to compensate current and former employees, including: (i) notes payable principal amounts of $85.2 million and accrued interest of $7.4 million; (ii) related party notes payable principal amounts of $91.4 million and accrued interest of $13.6 million; (iii) interests in the Vendor Trust of $124.7 million, including payables of $103.0 million and purchase orders in the amount of $8.4 million related to goods and services yet to be received, and accrued interest thereon of $13.3 million; (iv) $19.8 million of amounts due to vendors; and (v) $9.6 million to current and former employees as a bonus. In addition, the Company issued 1,350,970 restricted stock awards, net of forfeitures, to current employees as a bonus (see Note 15, Stock-Based Compensation).     
Payments to settle liabilities (in Dollars) | $           $ 139,600    
Amounts due to vendors (in Dollars) | $             $ 94,700  
Fair value of the consideration transferred (in Dollars) | $           170,100    
Conversion of the Redeemable Preference Stock (in Dollars) | $           1,815,600    
Principal amount of related party convertible notes (in Dollars) | $           $ 800    
Related party transaction, description           **The Company committed to issue 6,921,814 shares of Class A Common Stock to convert related party notes payable (see Note 9, Related Party Notes Payable), 6,854,013 shares of Class A Common Stock to convert notes payable (see Note 10, Notes Payable), 9,618,542 shares of Class A Common Stock to convert liabilities in the Vendor Trust (see Note 11, Vendor Payables in Trust), 838,040 shares of Class A Common Stock to convert Future Work, and 232,585 shares of Class A Common Stock to settle other vendor liabilities.Subsequent to the closing of the Business Combination, the Company issued 80,000 shares of Class A Common Stock and 80,000 Private Warrants to settle related party notes of PSAC with an aggregate principal amount of $0.8 million (see Note 9, Related Party Notes Payable).     
Incremental transaction costs (in Dollars) | $           $ 125,900    
Expensed transaction costs (in Dollars) | $           900    
Equity transaction costs (in Dollars) | $           $ 125,000    
Retroactive application of reverse recapitalization to the consolidated balance sheets description           To conform to the retroactive application of recapitalization of the Company’s Consolidated Statements of Stockholders’ Equity (Deficit), the Company reclassified $724.8 million of Legacy FF Redeemable Preference Stock and $697.6 million of Legacy FF Class B Convertible Preferred Stock to APIC, less amounts attributable to the par value of the Common Stock as of December 31, 2020. Pursuant to the terms of the Merger Agreement, as part of the closing of the Business Combination, the Company reclassified Convertible Preferred Stock Classes A-1, A-2, and A-3 in the amounts of $119.0 million, $271.9 million and $2.2 million, respectively, to APIC less amounts attributable to the par value of Class A Common Stock.    
Earnout Shares, Tranche One [Member]                
Business Combination (Details) [Line Items]                
Contingent consideration, earnout shares, stock price trigger (in Dollars per share) | $ / shares           $ 13.5    
Earnout Shares, Tranche Two [Member]                
Business Combination (Details) [Line Items]                
Contingent consideration, earnout shares, stock price trigger (in Dollars per share) | $ / shares           $ 15.5    
Public Warrants [Member]                
Business Combination (Details) [Line Items]                
Warrants           22,977,568    
Warrants rights           23,540,988 [1] 22,977,568  
Private Warrants [Member]                
Business Combination (Details) [Line Items]                
Warrants           594,551    
Fair value of the private warrants (in Dollars) | $           $ 100 $ 600  
Warrants rights           111,131 [2] 674,551 [3]  
Class A Common Stock [Member]                
Business Combination (Details) [Line Items]                
Shares attributable to reverse recapitalization           127,949,403    
Issued shares           127,949,403 167,280,677 789,016
Issuance of shares           89,152,131    
Contingent consideration, earnout shares           25,000,000    
Exercise price of the warrant (in Dollars per share) | $ / shares   $ 10 $ 10 $ 10   $ 10    
Shares attributable to reverse recapitalization           127,949,403    
Shares issued from reverse recapitalization           24,464,994    
Reverse recapitalization, share price (in Dollars per share) | $ / shares           $ 10    
Price per share (in Dollars per share) | $ / shares           $ 10    
Class A Common Stock [Member] | Earnout Shares, Tranche One [Member]                
Business Combination (Details) [Line Items]                
Contingent consideration, earnout shares           12,500,000    
Class A Common Stock [Member] | Earnout Shares, Tranche Two [Member]                
Business Combination (Details) [Line Items]                
Contingent consideration, earnout shares           12,500,000    
Class A Common Stock [Member] | Public Warrants [Member]                
Business Combination (Details) [Line Items]                
Warrants term           5 years    
Class A Common Stock [Member] | PSAC Warrants [Member]                
Business Combination (Details) [Line Items]                
Exercise price of the warrant (in Dollars per share) | $ / shares           $ 11.5    
Class A Common Stock [Member] | US-Based Investment Firm Warrants [Member]                
Business Combination (Details) [Line Items]                
Exercise price of the warrant (in Dollars per share) | $ / shares           $ 10    
Warrants rights           2,687,083    
Common stock, shares issuable           44,880,595    
Class B Common Stock [Member]                
Business Combination (Details) [Line Items]                
Shares attributable to reverse recapitalization           64,000,588    
Issued shares           64,000,588    
Issuance of shares           64,000,588    
Class B Common Stock [Member] | Legacy FF Shareholders [Member]                
Business Combination (Details) [Line Items]                
Shares attributable to reverse recapitalization           64,000,588    
Pro Forma [Member]                
Business Combination (Details) [Line Items]                
Outstanding shares             320,433,395  
Series of Individually Immaterial Business Acquisitions [Member]                
Business Combination (Details) [Line Items]                
Redemptions (in Dollars) | $           $ 200    
Business Combination [Member]                
Business Combination (Details) [Line Items]                
Fair value of the private warrants (in Dollars) | $           $ 2,200    
[1] During 2022, PSAC Sponsor transferred 563,420 Private Warrants to unaffiliated third-party purchasers on the open market. Upon such transfer the transferred warrants became subject to identical terms to the Public Warrants underlying the units offered in the initial public offering of PSAC. Therefore, upon their transfer the Company classified the warrants to APIC at their fair value.
[2] The Private Warrants are recorded in Other liabilities, less current portion in the Consolidated Balance Sheets as of December 31, 2022 and December 31, 2021.
[3] The Private Warrants are recorded in Other liabilities, less current portion in the Consolidated Balance Sheet as of December 31, 2021.