XML 53 R33.htm IDEA: XBRL DOCUMENT v3.23.1
Fair Value of Financial Instruments (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Fair Value of Financial Instruments [Abstract]    
Schedule of Financial Instruments Measured at Fair Value
   March 31, 2023 
   Level 1   Level 2   Level 3 
Liabilities:            
Notes payable  $
         -
   $
          -
   $92,665 
Private warrants   
-
    
-
    52 
Bridge warrants   
-
    
-
    28,521 

 

   December 31, 2022 
   Level 1   Level 2   Level 3 
Liabilities:            
Notes payable  $
          -
   $
      -
   $26,008 
Accrued expenses and other current liabilities   
-
    
-
    6,227 
Private warrants   
-
    
-
    52 
Bridge warrants   
-
    
-
    95,130 

 

   December 31, 2022 
   Level 1   Level 2   Level 3 
Liabilities:            
Notes payable  $       -   $        -   $26,008 
Private warrants   -    -    52 
Bridge warrants   -    -    95,130 
                

 

   December 31, 2021 
   Level 1   Level 2   Level 3 
Liabilities:            
Notes payable  $        -   $        -   $161,282 
Private warrants   -    -    642 
Obligation to issue registered shares of Class A Common Stock   -    -    12,635 
                

 

Schedule of Activity for Level 3 Fair Value Measurements
   Bridge
Warrants
   Notes
Payable, Bridge
   Private
Warrants
   Earnout
Shares
Liability
   Liability for
Insufficient
Authorized
Shares
Related to
Stock
Options and
RSUs
 
Balance as of December 31, 2022  $95,130   $26,008   $         52   $2,250   $3,977 
Additions   33,266    190,000    
-
    
-
    
-
 
Disposals pursuant to warrant exchange   (77,577)   
-
    
-
    
-
    
-
 
Exercises   (4,079)   
-
    
-
    
-
    
-
 
Settlement of transaction costs   
-
    (1,139)   
-
    
-
    
-
 
Change in fair value measurements   (18,219)   (79,462)   
-
    2,764    
-
 
Stock-based compensation expense   
-
    
-
    
-
    
-
    5,002 
Conversions of liability to Common Stock   
-
    
-
    
-
    (5,014)   (8,979)
Conversions of notes to Common Stock   
-
    (42,742)   
-
    
-
    
-
 
Balance as of March 31, 2023  $28,521   $92,665   $52   $
-
   $
-
 
   Bridge
Warrants
   Notes
Payable,
Ares
   Notes
Payable,
Bridge
   Notes
Payable,
ATW NPA
   Private
Warrants
   Obligation to
issue
Registered
Shares of
Class A
Common Stock
 
Balance as of December 31, 2021  $-   $87,619   $-   $73,663   $642   $12,635 
Additions (1)   9,938    -    82,000    -    -    - 
Payment of transaction costs   -    -    (3,834)   -    -    - 
Changes in fair value measurements   85,192    (554)   (20,874)   (5,466)   (326)   - 
Payments of notes payable   -    (87,065)   -    -    -    - 
Conversions of notes to Common Stock   -    -    (31,284)   (68,197)   -    - 
Reclassification of Private Warrants to Public Warrants   -    -    -    -    (264)   - 
Reclassification of obligation to issue registered shares upon adoption of ASC 2020-06   -    -    -    
 
    -    (12,635)
Balance as of December 31, 2022  $95,130   $-   $26,008   $-   $52   $- 

 

(1)Additions during the year ended December 31, 2022 included non-cash conversion of $9.9 million Bridge warrants, which was charged to Change in fair value measurements in the Consolidated Statements of Operations for the year ended December 31, 2022, and cash contribution of $82.0 million to note payable, which was reduced by the original issuance discount of $8.2 million, resulting in a net cash contribution of $73.8 million.

 

   Related
Party Notes
Payable at
Fair Value
   Notes
Payable at
Fair Value
   The9
 Conditional
 Obligation
   Private
Warrants
   Obligation
to issue
Registered
Shares of
Class A
Common
Stock
 
Balance as of December 31, 2020  $32,949   $59,742   $1,128   $-   $- 
Proceeds, net of original issuance discount   -    171,929    -    -    - 
Original issue discount (1)   -    11,860    -    -    - 
Proceeds allocated to equity classified warrants   -    (17,596)   -    -    - 
Issuance of warrant liabilities   -    -    -    290    - 
Transaction costs and consent fees charged to interest expense   -    5,022    -    -    - 
Private warrant liability and obligation to issue registered shares assumed in Business Combination   -    -    -    2,152    32,900 
Changes in fair value measurements   163    31,008    1,735    (1,800)   (20,265)
Repayment of principal and liquidation premium   (27,593)   (48,210)   -    -    - 
Conversion of principal and liquidation premium to equity   (5,519)   (52,473)   (2,863)   -    - 
Reclassification of warrant liability to equity   -    -    -    -    - 
Balance as of December 31, 2021  $-   $161,282   $-   $642   $12,635 

 

(1)Original issue discount represents the amount withheld by the note payable holder upon issuance of the note which will be paid, in addition to the full note payable principal, to the lender upon maturity of the notes payable. The original issue discount is included in Change in Fair Value Measurements on the Consolidated Statements of Operations and Comprehensive Loss.