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CONVERTIBLE PREFERRED STOCK AND EQUITY (Tables)

12 Months Ended

Dec. 31, 2021

Preferred stock as of December 31, 2020, consisted of the following (in thousands, except per share amounts):


	Issuance Start Date	Shares Authorized	Shares Issued and Outstanding	Issuance Price Per Share		Carrying Value		Liquidation Preference
Series Seed	July 14, 2014	3,971	3,971	$	0.60	$	1,768	$	4,978
Series Seed	April 29, 2015	4,000	4,000	0.63		2,479		5,101
Series A	January 19, 2016	15,231	15,231	0.75		11,110		11,367
Series A-1	May 5, 2017	8,464	8,464	1.18		9,737		10,000
Series B	July 30, 2018	15,983	15,983	3.13		50,000		50,000
Series B - 2019 Convertible Notes conversion at 10% discount	July 30, 2018	2,753	2,753	2.82		8,601		7,752
Series B-1	May 20, 2019	18,112	17,977	3.74		66,842		67,300
Series B-2	May 20, 2019	2,690	2,690	3.37		10,068		9,064
Total		71,204	71,069			$	160,605	$	165,562

Schedule of Stock by Class

The reserved shares for future issuance as of December 31, 2021 include the following (in thousands and as adjusted for the Exchange Ratio):


			December 31, 2021
Stock options issued and outstanding			15,010
Restricted stock units issued and outstanding			6,499
Public warrants outstanding			10,000
Private placement warrants outstanding			5,333
2021 Incentive Award Plan available shares			16,732
Total			53,574

Legacy Latch had reserved shares of common stock for future issuance as of December 31, 2020 as follows (in thousands and as adjusted for the Exchange Ratio):


			December 31, 2020
Conversion of outstanding redeemable convertible preferred stock			63,756
Stock options issued and outstanding			21,691
Warrants issued and outstanding.			318
Remaining shares available for future issuance			900
Total			86,665

Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information regarding Level 3 fair value measurement inputs at their measurement dates:


	December 31, 2021
Volatility	75.0	%
Risk free rate	U.S. Constant Maturity Treasury Yields
Term	0.75 years

Key inputs to calculate the fair value of the warrants outstanding as of December 31, 2020 using the Black-Scholes pricing model were as follows:


	December 31, 2020
Expected term	10-12 years
Volatility	55.0 – 61.0%
Risk-free interest rate	0.68 – 0.93%
Dividend yield	0	%

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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