Restatement (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Changes and Error Corrections [Abstract]

Summary of Restatement

The following tables present the effect of correcting these accounting errors on the Company’s previously issued financial statements (in thousands, except share and per share data):

Summary of Restatement - Condensed Consolidated Balance Sheet

	September 30, 2022
	As Previously Reported		Restatement Impacts		As Restated
Liabilities and stockholders’ equity
Current liabilities
Accrued interest	$	541	$	(418)	$	123
Total current liabilities	177,323		(418)		176,905
Total liabilities	253,361		(418)		252,943
Additional paid-in capital	3,603,368		16,913		3,620,281
Accumulated deficit	(3,322,685)		(16,495)		(3,339,180)
Total stockholders’ equity	287,323		418		287,741
Total liabilities and stockholders’ equity	$	540,684	$	—	$	540,684

Condensed Consolidated Statements of Operations and Comprehensive Loss

	Three Months Ended September 30, 2022
	As Previously Reported		Restatement Impacts		As Restated
Operating expenses
Research and development	$	48,062	$	(480)	$	47,582
Sales and marketing	3,888		(65)		3,823
General and administrative	28,655		(104)		28,551
Loss on disposal of property and equipment	—		—		—
Total operating expenses	80,605		(649)		79,956
Loss from operations	(80,605)		649		(79,956)
Change in fair value measurements	(6,966)		5,202		(1,764)
Interest expense	(663)		418		(245)
Related party interest expense	(996)		—		(996)
Other (expense) income, net	(6,457)		—		(6,457)
Loss on extinguishment or settlement of related party notes payable, notes payable and vendor payables in trust, net	(7,690)		(22,764)		(30,454)
Loss before income taxes	(103,377)		(16,495)		(119,872)
Income tax provision	—		—		—
Net loss	$	(103,377)	$	(16,495)	$	(119,872)
Per share information:
Net loss per Common Stock – Class A and Class B – basic and diluted	$	(0.30)	$	(0.05)	$	(0.35)
Weighted average Common shares outstanding – Class A and Class B – basic and diluted	346,575,508		—		346,575,508
Total comprehensive loss:
Net loss	$	(103,377)	$	(16,495)	$	(119,872)
Change in foreign currency translation adjustment	9,864		—		9,864
Total comprehensive loss	$	(93,513)	$	(16,495)	$	(110,008)

	Nine Months Ended September 30, 2022
	As Previously Reported		Restatement Impacts		As Restated
Operating expenses
Research and development	$	260,221	$	(480)	$	259,741
Sales and marketing	16,272		(65)		16,207
General and administrative	89,173		(104)		89,069
Loss on disposal of property and equipment	1,407		—		1,407
Total operating expenses	367,073		(649)		366,424
Loss from operations	(367,073)		649		(366,424)
Change in fair value measurements	(622)		5,202		4,580
Interest expense	(5,537)		418		(5,119)
Related party interest expense	(2,931)		—		(2,931)
Other (expense) income, net	(14,307)		—		(14,307)
Loss on extinguishment or settlement of related party notes payable, notes payable and vendor payables in trust, net	(7,690)		(22,764)		(30,454)
Loss before income taxes	(398,160)		(16,495)		(414,655)
Income tax provision	(9)		—		(9)
Net loss	$	(398,169)	$	(16,495)	$	(414,664)
Per share information:
Net loss per Common Stock – Class A and Class B – basic and diluted	$	(1.20)	$	(0.05)	$	(1.25)
Weighted average Common shares outstanding – Class A and Class B – basic and diluted	330,878,677		—		330,878,677
Total comprehensive loss:
Net loss	$	(398,169)	$	(16,495)	$	(414,664)
Change in foreign currency translation adjustment	13,548		—		13,548
Total comprehensive loss	$	(384,621)	$	(16,495)	$	(401,116)

Summary of Restatement - Condensed Consolidated Statement of Cash Flows

	Nine Months Ended September 30, 2022
	As Previously Reported		Restatement Impacts		As Restated
Cash flows from operating activities
Net loss	$	(398,169)	$	(16,495)	$	(414,664)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization expense	15,323		—		15,323
Stock-based compensation	9,793		(649)		9,144
Vesting of restricted stock awards for employee bonus	—		—		—
Loss on disposal of property and equipment	1,407		—		1,407
Change in fair value measurement of related party notes payable and notes payable	622		(5,202)		(4,580)
Loss (gain) on foreign exchange	2,484		—		2,484
Loss on write-off of vendor deposits, net and (gain) on write-off of accounts payable	2,992		—		2,992
Non-cash interest expense	8,468		(418)		8,050
Loss on extinguishment or settlement of related party notes payable, notes payable and vendor payables in trust, net	7,690		22,764		30,454
Gain on forgiveness of vendor payables in trust	—		—		—
Reserve for unrecoverable value added taxes	—		—		—
Other	324		—		324
Changes in operating assets and liabilities:
Deposits	13,364		—		13,364
Other current and non-current assets	(16,011)		—		(16,011)
Accounts payable	27,467		—		27,467
Accrued payroll and benefits	9,372		—		9,372
Accrued expenses and other current liabilities	(24,628)		—		(24,628)
Operating lease liabilities	(2,886)		—		(2,886)
Accrued interest expense	(12,721)		—		(12,721)
Transfers between vendor payables in trust and accounts payable	—		—		—
Net cash used in operating activities	$	(355,109)	$	—	$	(355,109)

Supplemental disclosure of noncash investing and financing activities
Conversion of convertible note to equity	$	67,218	$	17,562	$	84,780