Delaware | 3714 | 37-1827430 | ||
(State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | ||
incorporation or organization) | Classification Code Number) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
1 | ||||
51 | ||||
102 | ||||
119 | ||||
121 | ||||
121 | ||||
122 | ||||
F-1 |
302,634 Commitment Shares issued to Tumim upon execution of the Purchase Agreement. We have not and will not receive any cash proceeds from the issuance of the Commitment Shares. |
Shares of Common Stock outstanding |
Shares of Common Stock outstanding after this offering | ||
Use of proceeds | We will not receive any proceeds from the Use of Proceeds |
Risk factors | You should carefully read the “Risk Factors” beginning on page |
Nasdaq symbol for our Common Stock | “LIDR” | |
Assumed Average Purchase Price Per Share | Number of Registered Purchase Shares to be Issued if Full Purchase(1) | Percentage of Outstanding Shares After Giving Effect to the Issuance to Tumim(2) | Gross Proceeds from the Sale of Shares to Tumim Under the Purchase Agreement | |||||||||
$3.00 | 30,562,785 | 16.28 | % | $ | 91,688,355 | |||||||
$4.00 | 30,562,785 | 16.28 | % | $ | 122,251,140 | |||||||
$5.11(3) | 24,461,839 | 13.47 | % | $ | 124,999,997 | |||||||
$6.00 | 20,833,333 | 11.70 | % | $ | 124,999,998 | |||||||
$7.00 | 17,857,142 | 10.20 | % | $ | 124,999,994 |
(1) | Although the Purchase Agreement provides that we may sell up to $125.0 million of our Common Stock to Tumim, we are only registering 30,865,419 shares under this prospectus which represents: (i) 302,634 Commitment Shares that we already issued to Tumim as a commitment fee for making the irrevocable commitment under the Purchase Agreement; and (ii) an additional 30,562,785 shares which may be issued to Tumim in the future under the Purchase Agreement, if and when we sell shares to Tumim under the Purchase Agreement, and which may or may not cover all the shares we ultimately sell to Tumim under the Purchase Agreement, depending on the purchase price per share. As a result, we have included in this column only those shares that we are registering in this offering. If we seek to issue under the Purchase Agreement and the transactions contemplated thereby, shares of our Common Stock in excess of 30,865,419 shares, or 19.99% of the total Common Stock outstanding, we may be required to seek stockholder approval in order to be in compliance with the Nasdaq listing rules. |
(2) | The denominator is based on 157,151,687 shares outstanding as of April 29, 2022, which includes the 302,634 Commitment Shares issued to Tumim upon execution of the Purchase Agreement and adjusted to include the number of shares set forth in the adjacent column which we would have sold to Tumim, assuming the purchase price in the first column. The numerator is based on the number of shares issuable under the Purchase Agreement at the corresponding assumed purchase price set forth in the first column. |
(3) | The closing sale price of our Common Stock on April 29, 2022. |
Pro Forma Combined (Assuming No Redemptions Scenario) | Pro Forma Combined (Assuming Maximum Redemptions Scenario) | |||||||||||||||
Stockholder | Shares | % | Shares | % | ||||||||||||
Former CF III Class A public stockholders | 23,000,000 | 11.3 | % | 2,041,147 | 1.1 | % | ||||||||||
Sponsor, other CF III initial stockholders and transferees (1) | 6,250,000 | 3.0 | % | 6,250,000 | 3.4 | % | ||||||||||
Former AEye Stockholders (including holders of AEye Preferred Stock) and holders of AEye Convertible Equity Instruments (2)(3) | 152,223,647 | 74.7 | % | 152,223,647 | 83.2 | % | ||||||||||
PIPE Investors (3) | 22,500,000 | 11.0 | % | 22,500,000 | 12.3 | % | ||||||||||
Pro forma common stock outstanding at June 30, 2021 | 203,973,647 | 100 | % | 183,014,794 | 100 | % | ||||||||||
Assumed options and assumed Warrants (3) | (30,002,411 | ) | (30,002,411 | ) | ||||||||||||
Pro forma common stock outstanding at June 30, 2021 | 173,971,236 | 153,012,383 | ||||||||||||||
As of June 30, 2021 | Assuming No Redemptions | Assuming Maximum Redemptions | ||||||||||||||||||||||||||||||
(In thousands, except share and per share data) | AEye (Historical) | CF III (Historical) | Transaction Accounting Adjustments | Pro Forma Combined | Transaction Accounting Adjustments | Pro Forma Combined | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 11,226 | $ | 128 | $ | 232,305 | A | $ | 413,661 | $ | (211,684 | ) | J | $ | 201,977 | |||||||||||||||||
(22,249 | ) | C | ||||||||||||||||||||||||||||||
(27,788 | ) | D | ||||||||||||||||||||||||||||||
225,000 | E | |||||||||||||||||||||||||||||||
(3,461 | ) | B | ||||||||||||||||||||||||||||||
(1,500 | ) | R | ||||||||||||||||||||||||||||||
Accounts receivable, net | 138 | 138 | 138 | |||||||||||||||||||||||||||||
Inventories, net | 4,468 | — | 4,468 | 4,468 | ||||||||||||||||||||||||||||
Prepaid and other current assets | 1,711 | 467 | — | 2,178 | 2,178 | |||||||||||||||||||||||||||
Total current assets | 17,543 | 595 | 402,307 | 420,445 | (211,684 | ) | 208,761 | |||||||||||||||||||||||||
Cash held in trust account | 232,305 | (232,305 | ) | A | — | — | ||||||||||||||||||||||||||
Property and equipment, net | 4,697 | 4,697 | 4,697 | |||||||||||||||||||||||||||||
Other noncurrent assets | 6,040 | 147 | (3,859 | ) | C | 2,328 | 2,328 | |||||||||||||||||||||||||
Total assets | $ | 28,280 | $ | 233,047 | $ | 166,143 | $ | 427,470 | $ | (211,684 | ) | $ | 215,786 | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||||||||||
Accounts payable | 4,782 | 109 | 4,891 | 4,891 | ||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 6,048 | 81 | (425 | ) | C | 5,704 | 5,704 | |||||||||||||||||||||||||
Deferred revenue | 272 | 272 | 272 | |||||||||||||||||||||||||||||
Convertible notes | 37,759 | (37,758 | ) | L | 1 | 1 | ||||||||||||||||||||||||||
Borrowings - net of issuance costs, current portion | 11,334 | 3,461 | (2,270 | ) | K | 9,064 | 9,064 | |||||||||||||||||||||||||
(3,461 | ) | B | ||||||||||||||||||||||||||||||
Franchise tax payable | 100 | 100 | 100 | |||||||||||||||||||||||||||||
Income tax payable | — | — | — | |||||||||||||||||||||||||||||
Total current liabilities | 60,195 | 3,751 | (43,914 | ) | 20,032 | — | 20,032 | |||||||||||||||||||||||||
Deferred rent, noncurrent | 3,333 | — | 3,333 | 3,333 | ||||||||||||||||||||||||||||
Borrowings - net of issuance, noncurrent | 1,242 | — | (229 | ) | O | 1,013 | 1,013 | |||||||||||||||||||||||||
Warrant liability | 12,612 | (12,343 | ) | P | 269 | 269 | ||||||||||||||||||||||||||
Total liabilities | $ | 64,770 | $ | 16,363 | $ | (56,486 | ) | $ | 24,647 | $ | — | $ | 24,647 | |||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||||||||
Common Stock subject to redemption | 211,684 | (211,684 | ) | F | — | — |
As of June 30, 2021 | Assuming No Redemptions | Assuming Maximum Redemptions | ||||||||||||||||||||||||||||||
(In thousands, except share and per share data) | AEye (Historical) | CF III (Historical) | Transaction Accounting Adjustments | Pro Forma Combined | Transaction Accounting Adjustments | Pro Forma Combined | ||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY (DEFICIT): | ||||||||||||||||||||||||||||||||
Preferred stock | $ | 62,639 | $ | — | $ | (62,639 | ) | G | $ | — | $ | $ | — | |||||||||||||||||||
Common stock | — | — | — | |||||||||||||||||||||||||||||
Class A common stock | — | — | 3 | E | (6 | ) | (2 | ) | J | (8 | ) | |||||||||||||||||||||
2 | F | |||||||||||||||||||||||||||||||
(12 | ) | H | ||||||||||||||||||||||||||||||
— | L | |||||||||||||||||||||||||||||||
1 | M | |||||||||||||||||||||||||||||||
— | N | |||||||||||||||||||||||||||||||
Class B common stock | 1 | (1 | ) | M | — | — | ||||||||||||||||||||||||||
Additional paid-in capital | 10,239 | 9,458 | (26,109 | ) | C | 539,469 | (211,682 | ) | J | 327,787 | ||||||||||||||||||||||
224,998 | E | |||||||||||||||||||||||||||||||
211,682 | F | |||||||||||||||||||||||||||||||
62,639 | G | |||||||||||||||||||||||||||||||
12 | H | |||||||||||||||||||||||||||||||
(4,459 | ) | I | ||||||||||||||||||||||||||||||
38,034 | L | |||||||||||||||||||||||||||||||
— | N | |||||||||||||||||||||||||||||||
229 | O | |||||||||||||||||||||||||||||||
12,343 | P | |||||||||||||||||||||||||||||||
1,903 | Q | |||||||||||||||||||||||||||||||
(1,500 | ) | R | ||||||||||||||||||||||||||||||
Accumulated deficit | (109,368 | ) | (4,459 | ) | 4,459 | I | (136,640 | ) | (136,640 | ) | ||||||||||||||||||||||
(276 | ) | L | ||||||||||||||||||||||||||||||
425 | C | |||||||||||||||||||||||||||||||
2,270 | K | |||||||||||||||||||||||||||||||
(1,903 | ) | Q | ||||||||||||||||||||||||||||||
(27,788 | ) | D | ||||||||||||||||||||||||||||||
Total stockholders’ equity (deficit) | (36,490 | ) | 5,000 | 434,313 | 402,823 | (211,684 | ) | 191,139 | ||||||||||||||||||||||||
Total liabilities and stockholders’ equity (deficit) | $ | 28,280 | $ | 233,047 | $ | 166,143 | $ | 427,470 | $ | (211,684 | ) | $ | 215,786 | |||||||||||||||||||
For the Six Months Ended June 30, 2021 | Assuming No Redemptions | Assuming Maximum Redemptions | ||||||||||||||||||||||||||
(In thousands, except share and per share data) | AEye (Historical) | CF III (Historical) | Transaction Accounting Adjustments | Pro Forma Combined | Transaction Accounting Adjustments | Pro Forma Combined | ||||||||||||||||||||||
REVENUE: | ||||||||||||||||||||||||||||
Prototype sales and support | $ | 461 | $ | 461 | $ | 461 | ||||||||||||||||||||||
Development contracts | 615 | 615 | 615 | |||||||||||||||||||||||||
Total revenues | 1,076 | 1,076 | — | 1,076 | ||||||||||||||||||||||||
Cost of goods sold | 1,071 | 1,071 | 1,071 | |||||||||||||||||||||||||
Gross profit | 5 | 5 | 5 | |||||||||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||||||
Research and development | 11,562 | 11,562 | 11,562 | |||||||||||||||||||||||||
Sales and marketing | 3,498 | 3,498 | 3,498 | |||||||||||||||||||||||||
General and administrative | 7,760 | 1,035 | 951 | LL | 8,811 | 8,811 | ||||||||||||||||||||||
(510 | ) | NN | ||||||||||||||||||||||||||
(425 | ) | MM | ||||||||||||||||||||||||||
Total operating expenses | 22,820 | 1,035 | 16 | 23,871 | — | 23,871 | ||||||||||||||||||||||
LOSS FROM OPERATIONS | (22,815 | ) | (1,035 | ) | (16 | ) | (23,866 | ) | — | (23,866 | ) | |||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||||||
Change in fair value of embedded derivatives and warrants | (119 | ) | (550 | ) | 119 | HH | (12 | ) | (12 | ) | ||||||||||||||||||
538 | KK | |||||||||||||||||||||||||||
PPP loan forgiveness | 2,297 | 2,297 | 2,297 | |||||||||||||||||||||||||
Interest income | 5 | 5 | 5 | |||||||||||||||||||||||||
Interest income on investment held in Trust Account | 11 | (11 | ) | GG | — | — | ||||||||||||||||||||||
Interest expense | (1,952 | ) | 1,283 | JJ | (658 | ) | (658 | ) | ||||||||||||||||||||
11 | II | |||||||||||||||||||||||||||
Total other income (expense), net | 231 | (539 | ) | 1,940 | 1,632 | — | 1,632 | |||||||||||||||||||||
NET (LOSS) | $ | (22,584 | ) | $ | (1,574 | ) | $ | 1,924 | $ | (22,234 | ) | $ | — | $ | (22,234 | ) | ||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||
Net loss per share (basic and diluted) | $ | (2.08 | ) | |||||||||||||||||||||||||
Weighted average shares outstanding (basic and diluted) | 10,868,166 | |||||||||||||||||||||||||||
Net loss per share (basic and diluted), Class A - Public shares | $ | — | $ | (0.13 | ) | $ | (0.15 | ) | ||||||||||||||||||||
Weighted average shares of Class A - Public shares | 23,000,000 | 173,971,236 | 153,012,383 | |||||||||||||||||||||||||
Net loss per share (basic and diluted), Class A - Private placement | $ | (0.25 | ) | |||||||||||||||||||||||||
Weighted average shares of Class A - Private placement | 500,000 | |||||||||||||||||||||||||||
Net loss per share (basic and diluted), Class B - Common Stock | $ | (0.25 | ) | |||||||||||||||||||||||||
Weighted average shares of Class B - Common stock | 5,750,000 |
For the Year Ended December 31, 2020 | Assuming No Redemptions | Assuming Maximum Redemptions | ||||||||||||||||||||||||||
(In thousands, except share and per share data) | AEye (Historical) | CF III (Historical) | Pro Forma Adjustments | Pro Forma Combined | Additional Pro Forma Adjustments | Pro Forma Combined | ||||||||||||||||||||||
REVENUE: | ||||||||||||||||||||||||||||
Prototype sales and support | $ | 365 | $ | 365 | $ | 365 | ||||||||||||||||||||||
Development contracts | 1,214 | 1,214 | 1,214 | |||||||||||||||||||||||||
Total revenues | $ | 1,579 | $ | 1,579 | $ | — | $ | 1,579 | ||||||||||||||||||||
Cost of goods sold | 808 | 808 | 808 | |||||||||||||||||||||||||
Gross profit | 771 | 771 | 771 | |||||||||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||||||
Research and development | 17,130 | 17,130 | 17,130 | |||||||||||||||||||||||||
Sales and marketing | 3,408 | 3,408 | 3,408 | |||||||||||||||||||||||||
General and administrative | 6,715 | 154 | 1,670 | FF | 8,539 | 8,539 | ||||||||||||||||||||||
Total operating expenses | $ | 27,253 | $ | 154 | $ | 1,670 | $ | 29,077 | $ | — | $ | 29,077 | ||||||||||||||||
LOSS FROM OPERATIONS | (26,482 | ) | (154 | ) | (1,670 | ) | (28,306 | ) | — | (28,306 | ) | |||||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||||||||||
Change in fair value of embedded derivatives and warrants | 1,410 | (2,730 | ) | (1,410 | ) | BB | (58 | ) | (58 | ) | ||||||||||||||||||
2,672 | EE | |||||||||||||||||||||||||||
Interest income | 23 | 23 | 23 | |||||||||||||||||||||||||
Interest income on investment held in Trust Account | 1 | (1 | ) | AA | — | — | ||||||||||||||||||||||
Interest expense | (1,502 | ) | 1,185 | DD | (301 | ) | (301 | ) | ||||||||||||||||||||
16 | CC | |||||||||||||||||||||||||||
Total other income (expense), net | (69 | ) | (2,729 | ) | 2,462 | (336 | ) | — | (336 | ) | ||||||||||||||||||
NET LOSS | $ | (26,551 | ) | $ | (2,883 | ) | $ | 792 | $ | (28,642 | ) | $ | — | $ | (28,642 | ) | ||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||
Net loss per share (basic and diluted) | $ | (2.36 | ) | |||||||||||||||||||||||||
Weighted average shares outstanding (basic and diluted) | 11,247,251 | |||||||||||||||||||||||||||
Net loss per share (basic and diluted), Class A - Public shares | $ | — | $ | (0.16 | ) | $ | (0.19 | ) | ||||||||||||||||||||
Weighted average shares of Class A - Public shares | 23,000,000 | 173,614,708 | 152,288,934 | |||||||||||||||||||||||||
Net loss per share (basic and diluted), Class A - Private placement | $ | (0.52 | ) | |||||||||||||||||||||||||
Weighted average shares of Class A - Private placement | 500,000 | |||||||||||||||||||||||||||
Net loss per share (basic and diluted), Class B - Common Stock | $ | (0.52 | ) | |||||||||||||||||||||||||
Weighted average shares of Class B - Common stock | 5,090,659 |
For the Six Months Ended June 30, 2021 | For the Year Ended December 31, 2020 | |||||||||||||||
Assuming No Redemptions | Assuming Maximum Redemptions | Assuming No Redemptions | Assuming Maximum Redemptions | |||||||||||||
Pro forma net loss | $ | (22,234 | ) | $ | (22,234 | ) | $ | (28,642 | ) | $ | (28,642 | ) | ||||
Basic and diluted weighted average shares outstanding | 173,971,236 | 153,012,383 | 173,614,708 | 152,288,934 | ||||||||||||
Pro forma net loss per share - basic and diluted | $ | (0.13 | ) | $ | (0.15 | ) | $ | (0.16 | ) | $ | (0.19 | ) | ||||
Pro forma weighted average shares outstanding - basic and diluted | ||||||||||||||||
Former CF III Class A stockholders | 23,000,000 | 2,041,147 | 23,000,000 | 1,674,226 | ||||||||||||
Former CF III Class B stockholders | 5,750,000 | 5,750,000 | 5,750,000 | 5,750,000 | ||||||||||||
Class A Common Stock purchased by Sponsor in the Private Placement | 500,000 | 500,000 | 500,000 | 500,000 | ||||||||||||
Former AEye Stockholders (including holders of AEye Preferred Stock) and holders of AEye Convertible Equity Instruments | 122,221,236 | 122,221,236 | 121,864,708 | 121,864,708 | ||||||||||||
PIPE Investors | 22,500,000 | 22,500,000 | 22,500,000 | 22,500,000 | ||||||||||||
173,971,236 | 153,012,383 | 173,614,708 | 152,288,934 | |||||||||||||
Years Ended December 31, | Variance | |||||||||||||||
(in thousands, except percentages) | 2020 | 2019 | $ | % | ||||||||||||
Prototype sales | $ | 365 | $ | 291 | $ | 74 | 25.4 | % | ||||||||
Development contracts | 1,214 | 1,175 | 39 | 3.3 | % | |||||||||||
Total revenues | 1,579 | 1,466 | 113 | 7.7 | % | |||||||||||
Cost of revenue | 808 | 253 | 555 | 219.4 | % | |||||||||||
Gross profit | 771 | 1,213 | (442 | ) | (36.4 | )% | ||||||||||
Research and development | 17,130 | 18,661 | (1,531 | ) | (8.2 | )% | ||||||||||
Sales and marketing | 3,408 | 4,244 | (836 | ) | (19.7 | )% | ||||||||||
General and administrative | 6,715 | 7,129 | (414 | ) | (5.8 | )% | ||||||||||
Total operating expenses | 27,253 | 30,034 | (2,781 | ) | (9.3 | )% | ||||||||||
Loss from operations | (26,482 | ) | (28,821 | ) | (2,339 | ) | (8.1 | )% | ||||||||
Change in fair value of embedded derivative liability and warrant liability | 1,410 | — | 1,410 | N/A | ||||||||||||
Interest income | 23 | 266 | (243 | ) | (91.4 | )% | ||||||||||
Interest expense | (1,502 | ) | (96 | ) | (1,406 | ) | 1,464.6 | % | ||||||||
Total other income/(expense), net | (69 | ) | 170 | (239 | ) | (140.6 | )% | |||||||||
Net loss | $ | (26,551 | ) | $ | (28,651 | ) | $ | (2,100 | ) | (7.3 | )% |
Six Months Ended June 30, | Variance | Year ended December 31, | Change | Change | ||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||||||||
Prototype sales | $ | 461 | $ | 63 | $ | 398 | 631.7 | % | $ | 1,004 | $ | 365 | $ | 639 | 175 | % | ||||||||||||||||
Development contracts | 615 | 100 | 515 | 515.0 | % | 2,003 | 1,214 | 789 | 65 | % | ||||||||||||||||||||||
Total revenues | 1,076 | 163 | 913 | 560.1 | % | 3,007 | 1,579 | 1,428 | 90 | % | ||||||||||||||||||||||
Cost of revenue | 1,071 | 147 | 924 | 628.6 | % | 3,637 | 808 | 2,829 | 350 | % | ||||||||||||||||||||||
Gross Profit | 5 | 16 | (11 | ) | (68.8 | )% | ||||||||||||||||||||||||||
Gross profit | (630 | ) | 771 | (1,401 | ) | (182 | )% | |||||||||||||||||||||||||
Research and development | 11,562 | 7,960 | 3,602 | 45.3 | % | 26,543 | 17,130 | 9,413 | 55 | % | ||||||||||||||||||||||
Sales and marketing | 3,498 | 1,938 | 1,560 | 80.5 | % | 10,548 | 3,408 | 7,140 | 210 | % | ||||||||||||||||||||||
General and administrative | 7,760 | 3,212 | 4,548 | 141.6 | % | 25,514 | 6,715 | 18,799 | 280 | % | ||||||||||||||||||||||
Total operating expenses | 22,820 | 13,110 | 9,710 | 74.1 | % | 62,605 | 27,253 | 35,352 | 130 | % | ||||||||||||||||||||||
Loss from operations | (22,815 | ) | (13,094 | ) | (9,721 | ) | 74.2 | % | (63,235 | ) | (26,482 | ) | (36,753 | ) | 139 | % | ||||||||||||||||
Change in fair value of embedded derivative liability and warrant liability | (119 | ) | (82 | ) | (37 | ) | 45.1 | % | ||||||||||||||||||||||||
PPP loan forgiveness | 2,297 | — | 2,297 | 100.0 | % | |||||||||||||||||||||||||||
Interest income | 5 | 13 | (8 | ) | (61.5 | )% | ||||||||||||||||||||||||||
Interest expense | (1,952 | ) | (554 | ) | (1,398 | ) | 252.3 | % | ||||||||||||||||||||||||
Total other income/(expense), net | 231 | (623 | ) | 854 | (137.1 | )% | ||||||||||||||||||||||||||
Change in fair value of embedded derivative and warrant liabilities | 223 | 1,410 | (1,187 | ) | (84 | )% | ||||||||||||||||||||||||||
Gain on PPP loan forgiveness | 2,297 | — | 2,297 | 100 | % | |||||||||||||||||||||||||||
Interest income and other | 561 | 23 | 538 | 2,339 | % | |||||||||||||||||||||||||||
Interest expense and other | (4,857 | ) | (1,502 | ) | (3,355 | ) | 223 | % | ||||||||||||||||||||||||
Total other income (expense), net | (1,776 | ) | (69 | ) | (1,707 | ) | 2474 | % | ||||||||||||||||||||||||
Net loss | $ | (22,584 | ) | $ | (13,717 | ) | $ | (8,867 | ) | 64.6 | % | $ | (65,011 | ) | $ | (26,551 | ) | $ | (38,460 | ) | 145 | % |
Six months ended June 30, | Year ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Net cash provided by (used in): | ||||||||||||||||
Operating activities | $ | (18,339 | ) | $ | (10,005 | ) | $ | (55,703 | ) | $ | (19,689 | ) | ||||
Investing activities | $ | (245 | ) | $ | (3,914 | ) | $ | (151,546 | ) | $ | (4,036 | ) | ||||
Financing activities | $ | 15,463 | $ | 12,229 | $ | 207,084 | $ | 32,018 |
Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||
Rental Payments | $ | 2,317 | $ | 4,703 | $ | 4,969 | $ | 1,063 | ||||||||
Convertible Notes | $ | 37,759 | — | — | — | |||||||||||
Borrowings - net of issuance costs | $ | 11,334 | $ | 1,242 | ||||||||||||
Total | $ | 51,410 | $ | 5,945 | $ | 4,969 | $ | 1,063 |
(1) | deliver optimal information for any specific use case. This level is particularly beneficial for repetitive motion applications, such as |
(2) | Triggered patterns at design time, each one addressing a specific use case. Maps, IMU, speed, tilt, weather, and direction of the vehicle can all trigger the sensor to switch from one scan pattern to another. For example, a customer can create different scan patterns for highway, urban, and suburban driving, as well as an “exit ramp” pattern. In addition, the customer can create scan patterns for those same driving environments, but optimized for bad weather (e.g., “highway rain scan pattern” vs “highway sunlight scan pattern”). |
(3) | Responsive the entire platform is completely software-configurable and situationally aware, adjusting, in real time, how it scans the scene, where to apply density and extra power, and what scan rate to employ. In this level, deterministic feedback loops or other sensors, such as camera and radar, inform the lidar to interrogate objects discretely or via dense, dynamic |
(4) | Predictive smarter about where (and what) it interrogates. In this level, basic perception can be distributed to the edge of the sensor network. Just like a human, Predictive |
Name | Age | Position | ||
Blair LaCorte | Chief Executive Officer and Director | |||
Luis Dussan | Chief Technology Officer, | |||
Robert Brown | ||||
Thomas R. Tewell | Chief Operating Officer | |||
Andrew S. Hughes | ||||
Wen Hsieh | Director | |||
Prof. Dr. Bernd Gottschalk | Director | |||
Dr. Karl-Thomas Neumann | Director | |||
Timothy J. Dunn | Director | |||
Carol DiBattiste | Director and Chairperson of the Board | |||
Sue Zeifman | 67 | Director |
Name and principal position | Fiscal Year | Salary ($) | Option Awards ($) (3) | Bonus ($) (4) | All Other Compensation ($) (5) | Total ($) | ||||||||||||||||||
Blair LaCorte | 2020 | $ | 218,506 | $ | 4,225,476 | 0 | $ | 19,530.00 | $ | 4,463,512 | ||||||||||||||
Chief Executive Officer | 2019 | $ | 230,417 | $ | 153,120 | 0 | $ | 4,423.00 | $ | 387,960 | ||||||||||||||
Luis Dussan | 2020 | $ | 236,699 | 0 | (1) | 0 | $ | 24,444 | $ | 261,143 | ||||||||||||||
Chief Technology Officer and founder | 2019 | $ | 300,000 | 0 | (1) | 0 | $ | 14,269 | $ | 314,269 | ||||||||||||||
Robert Brown (2) | 2020 | $ | 18,750 | $ | 2,043,161 | 0 | 0 | $ | 2,061,911 | |||||||||||||||
Chief Financial Officer | 2019 | n/a | n/a | n/a | n/a |
Name and Principal Position | Year | Salary ($) | Stock Awards ($) (1) | Option Awards ($) (2) | Non-Equity Incentive Plan Compensation ($) (3) | All other compensation ($) (4) | Total Compensation ($) | |||||||||||||||||||||
Blair B. LaCorte | 2021 | $ | 366,667 | $ | 5,183,043 | — | $ | 631,250 | $ | 45,740 | $ | 6,226,700 | ||||||||||||||||
Chief Executive Officer | 2020 | $ | 218,506 | — | $ | 1,617,266 | — | $ | 19,530 | $ | 1,855,302 | |||||||||||||||||
Andrew S. Hughes | 2021 | $ | 174,824 | $ | 7,179,984 | — | $ | 197,417 | $ | 17,557 | $ | 7,569,782 | ||||||||||||||||
General Counsel and Secretary | ||||||||||||||||||||||||||||
Thomas R. Tewell | 2021 | $ | 191,378 | $ | 6,898,365 | — | $ | 238,000 | $ | 12,014 | $ | 7,339,757 | ||||||||||||||||
Chief Operating Officer |
(1) |
remain exercisable for the lesser of (i) the one (1) year period ending with the first anniversary of the participant’s termination or (ii) the period ending on the latest date on which such stock option or SAR could have been exercised. |
(i) | any “person” becomes the “beneficial owner”, directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total fair market value or total combined voting power of the Company’s then-outstanding securities entitled to vote generally in the election of directors; provided, however, that a Change in Control shall not be deemed to have occurred if such degree of beneficial ownership results from any of the following: (A) an acquisition by any person who on the effective date is the beneficial owner of more than fifty percent (50%) of such voting power, (B) any acquisition directly from the Company, including, without limitation, pursuant to or in connection with a public offering of securities, (C) any acquisition by the Company, (D) any acquisition by a trustee or other fiduciary under an employee benefit plan of a participating company or (E) any acquisition by an entity owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the voting securities of the Company; or |
(ii) | a transaction in which the stockholders of the Company immediately before the transaction do not retain immediately after the transaction direct or indirect beneficial ownership of more than fifty percent (50%) of the total combined voting power of the outstanding securities entitled to vote generally in the election of directors; or |
(iii) | a date specified by the “committee” following approval by the stockholders of a plan of complete liquidation or dissolution of the Company; |
Option Awards | ||||||||||||||||||||
Name | Grant Date | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | |||||||||||||||
Blair LaCorte | 06/01/2017 | (1) | — | 20,843 | 0.59 | 05/31/2027 | ||||||||||||||
Chief Executive Officer and Director | 05/08/2018 | (2) | — | 5,209 | 0.65 | 05/07/2028 | ||||||||||||||
09/18/2018 | (3) | — | 8,568 | 0.65 | 09/17/2028 | |||||||||||||||
02/28/2019 | (4) | — | 29,167 | 2.32 | 02/27/2029 | |||||||||||||||
07/02/2019 | (5) | — | 5,625 | 2.32 | 07/01/2029 | |||||||||||||||
04/10/2020 | (6) | 2,469 | 5,723 | 2.33 | 04/09/2030 | |||||||||||||||
10/01/2020 | (7) | 399,085 | 1,347,257 | 2.33 | 09/30/2030 | |||||||||||||||
Robert Brown | 11/17/2020 | (8) | — | 876,893 | 2.33 | 11/16/2030 | ||||||||||||||
Chief Financial Officer |
Option-based awards | Share-based awards | |||||||||||||||||||||||||||
Name | Number of securities underlying unexercised options (#) exercisable | Number of securities underlying unexercised options (#) unexercisable | Equity incentive plan awards: number of securities underlying unexercised unearned options (#) | Option exercise price ($) | Option expiration date | Equity incentive plan awards: number of unearned shares, units or other rights that have not vested (#) | Equity incentive plan awards: market or payout value of unearned shares, units or other rights that have not vested ($) (1) | |||||||||||||||||||||
Blair B. LaCorte | 77,520 | — | 0.1586 | 05/30/2017 | ||||||||||||||||||||||||
19,382 | 0.1747 | 05/07/2028 | ||||||||||||||||||||||||||
16,700 | 13,662 | 0.1747 | 09/17/2028 | |||||||||||||||||||||||||
52,095 | 56,430 | 0.6235 | 02/272029 | |||||||||||||||||||||||||
9,307 | 11,622 | 0.6235 | 07/01/2029 | |||||||||||||||||||||||||
21,291 | — | — | 0.6262 | 04/09/2030 | ||||||||||||||||||||||||
9,190 | 0.6262 | 04/09/2030 | ||||||||||||||||||||||||||
47,152 | 247,810 | — | 0.6262 | 09/30/2030 | ||||||||||||||||||||||||
3,108,725 | 3,094,103 | 0.6262 | 09/30/2030 | |||||||||||||||||||||||||
1,861 | 9,007 | |||||||||||||||||||||||||||
1,103,345 | 5,340,190 | |||||||||||||||||||||||||||
Andrew S. Hughes | 223,248 | 1,080,520 | ||||||||||||||||||||||||||
1,127,721 | 5,458,170 | |||||||||||||||||||||||||||
Thomas R. Tewell | 1,532,970 | 7,419,575 |
(1) |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) (1) | Total ($) | |||||||||
Carol DiBattiste | $ | 45,937.50 | $ | 480,813.28 | $ | 526,750.78 | ||||||
Timothy J. Dunn | — | $ | 347,841.94 | $ | 347,841.94 | |||||||
Prof. Dr. Bernd Gottschalk | $ | 26,250.00 | $ | 323,763.30 | $ | 350,013.30 | ||||||
Wen H. Hsieh | $ | 21,250.00 | $ | 323,763.30 | $ | 345,013.30 | ||||||
Dr. Karl-Thomas Neumann | $ | 25,625.00 | $ | 386,577.99 | $ | 412,202.99 | ||||||
(1) | Represents the aggregate grant date fair value of stock awards granted, computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation— |
Stock Compensation (“FASB Topic 718”). The stock awards granted in 2021 consisted of grants of restricted share units (“RSUs”) granted pursuant to our 2021 Equity Plan (as defined above) as initial grants for providing board service; these RSUs vest in three equal annual installments, subject to continued service, on September 14, 2022, September 14, 2023, and September 14, 2024. In addition, Ms. Dibattiste received an award of 18,604 shares for services provided to AEye Technologies in 2021 prior to the Merger; Mr. Dunn opted to receive 4,130 shares in lieu of his cash retainers for the third and fourth calendar quarters of 2021; and Dr. Neumann received an award of 7,441 shares for services provided to AEye Technologies in 2021 prior to the Merger. Terms of the fiscal year 2021 RSUs are summarized in “Elements of Executive Compensation and Narrative Disclosure to Summary Compensation Table —Equity Awards During Fiscal Year 2021” above. |
Name | Aggregate Principal Amount | Aggregate Principal | ||||||
KPCB Holdings, Inc., as nominee | $ | 7,344,919.15 | ||||||
Taiwania Capital Buffalo Fund Co., Ltd. | $ | 1,973,729.03 | ||||||
Name | Amount | |||||||
$ | 7,344,919.15 | |||||||
General Motors Ventures LLC | $ | 2,844,199.15 | $ | 2,844,199.15 |
(1) | Wen H. Hsieh is a member of the AEye Board and |
(2) |
General Motors Ventures LLC holds more than 5% of AEye Common Stock. |
Stockholder | Shares of Series A Preferred Stock | Total Purchase Price | Total Principal and Accrued Interest on Convertible Note | Shares of Series A Preferred Stock | Total Purchase Price | Total Principal and Accrued Interest on Convertible Note | ||||||||||||||||||
General Motors Ventures LLC | 2,448,220 | 5,000,000 | n/a | 2,448,220 | $ | 5,000,000 | n/a | |||||||||||||||||
KPCB Holdings, Inc., as nominee | 2,448,220 | $ | 5,000,000 | n/a | 2,448,220 | $ | 5,000,000 | n/a |
(1) | General Motors Ventures LLC holds more than 5% of AEye capital stock. |
(2) | Wen H. Hsieh is a member of the AEye Board and |
Stockholder | Shares of Series B Preferred Stock | Total Purchase Price | Series B Preferred Shares from Conversion of Notes | Total Principal on Convertible Note | ||||||||||||
Taiwania Capital Buffalo Fund Co., Ltd | 1,130,436 | $ | 6,999,998.85 | N/A | N/A | |||||||||||
General Motors Ventures LLC | 391,146 | $ | 2,422,093.38 | 462,564 | $ | 2,577,905.00 | ||||||||||
KPCB Holdings, Inc., as nominee | 391,146 | $ | 2,422,093.38 | 462,564 | $ | 2,577,905.00 | ||||||||||
HELLA Ventures LLC | 540,993 | 3,349,990.95 | 296,066 | 1,650,000 |
Stockholder | Shares of Series B Preferred Stock | Total Purchase Price | Series B Preferred Shares from Conversion of Notes | Total Principal on Convertible Note | ||||||||||||
General Motors Ventures LLC (1) | 391,146 | $ | 2,422,093.38 | 462,564 | $ | 2,577,905.00 | ||||||||||
KPCB Holdings, Inc., as nominee (2) | 391,146 | $ | 2,422,093.38 | 462,564 | $ | 2,577,905.00 |
(1) |
General Motors Ventures LLC holds more than 5% of AEye capital stock. |
Wen H. Hsieh is a member of the AEye Board and |
Name and Address of Beneficial Owner | Number of Shares | % of Class | ||||||
Directors and Executive Officers(1) | ||||||||
Blair LaCorte(2) | 4,482,507 | 2.8 | % | |||||
Luis Dussan(3) | 18,324,105 | 11.8 | % | |||||
Robert Brown(4) | 821,884 | * | ||||||
Thomas R. Tewell | — | * | ||||||
Andrew S. Hughes | — | * | ||||||
Wen Hsieh | — | * | ||||||
Prof. Dr. Bernd Gottschalk(5) | 37,208 | * | ||||||
Dr. Karl-Thomas Neumann(6) | 2,478 | * | ||||||
Timothy J. Dunn(7) | 17,052 | * | ||||||
Carol DiBattiste(8) | 9,302 | * | ||||||
All directors and officers as a group(10 individuals) | 23,694,540 | 15.2 | % | |||||
5% Shareholders | ||||||||
KPCB Holdings, Inc., as nominee(9) | 16,300,697 | 10.5 | % | |||||
General Motors Ventures LLC(10) | 13,864,191 | 8.9 | % |
Name and Address of Beneficial Owner | Number of | % of | ||||||
Shares | Class | |||||||
Directors and Executive Officers(1) | ||||||||
Blair LaCorte(2) | 5,791,302 | 3.69 | % | |||||
Luis Dussan(3) | 18,727,877 | 11.92 | % | |||||
Sue Zeifman(4) | 5,000 | * | ||||||
Thomas R. Tewell(5) | 369,495 | * | ||||||
Andrew S. Hughes(6) | 225,464 | * | ||||||
Wen H. Hsieh | — | * | ||||||
Prof. Dr. Bernd Gottschalk(7) | 113,646 | * | ||||||
Dr. Karl-Thomas Neumann(8) | 4,960 | * | ||||||
Timothy J. Dunn(9) | 53,648 | * | ||||||
Carol DiBattiste(10) | 18,604 | * | ||||||
All directors and officers as a group (10 individuals)(11) | 25,309,996 | 16.11 | % | |||||
5% Shareholders | ||||||||
KPCB Holdings, Inc., as nominee(12) | 16,300,697 | 10.37 | % | |||||
General Motors Ventures LLC(13) | 14,064,191 | 8.95 | % |
* | Less than one percent. |
(1) | Unless otherwise noted, the business address of each of the following individuals or entities is c/o AEye, Inc., 1 Park Place, Suite 200, Dublin, CA 94568. |
(2) |
(3) |
(4) | Consists of 5,000 shares of common stock held of record by Ms. Zeifman. |
(5) | Consists of 281,455 shares of common stock held of record by Mr. Tewell and 88,040 shares of common stock subject to equity awards held by Mr. Tewell that are expected to vest within 60 days of April 29, 2022. |
(6) | Consists of 135,465 shares of common stock held of record by Mr. Hughes and 89,999 shares of common stock subject to equity awards held by Mr. Hughes that are expected to vest within 60 days of April 29 |
(7) | Consists of 51,633 shares of common stock held of record by Prof. Dr. Gottschalk and option to purchase 62,013 shares of common stock that are expected to vest, or have vested, within 60 days of April 29, 2022. |
(8) | Consists of 4,340 shares of common stock held by of record by Dr. Neumann and 620 shares of common stock awards held by Dr. Neumann that are expected to vest within 60 days of April 29, 2022. |
(9) | Consists of 11,530 shares of common stock held of record by Mr. Dunn and 23,514 shares of common stock held of record by the Dunn Family Trust U/A/D 7/10/2001, for which Mr. Dunn serves as a trustee, and options to purchase 18,604 shares of common stock that have vested within 60 days of April 29, 2022. |
(10) | Consists of 18,604 shares of common stock held of record by Ms. DiBattiste. |
(11) | Consists of 20,859,643 shares of common stock held of record and 4,450,353 shares of common stock subject to equity awards that are expected to vest and/or be exercisable within 60 days of April 29, 2022. |
(12) | Based solely on the Schedule 13G filed on February 11, 2022 filed by (i) Kleiner Perkins Caufield & Byers XVI, LLC (‘‘KPCB XVI’’), (ii) KPCB XVI Founders Fund, LLC (‘‘KPCB XVI Founders’’), (iii) KPCB XVI Associates, LLC (‘‘KPCB XVI Associates’’), (iv) Kleiner Perkins Caufield & Byers XIX, LLC (‘‘KPCB XIX’’), (v) KPCB XIX Founders Fund, LLC (‘‘KPCB XIX Founders’’), (vi) Kleiner Perkins XIX Friends, LLC (‘‘KPCB XIX Friends’’) and (vii) KPCB XIX Associates, LLC (‘‘KPCB XIX Associates’’). Consists of: (i) 13,405,167 shares over which KPCB XVI has sole voting and dispositive power, except that KPCB XVI Associates, the managing member of KPCB XVI, may be deemed to have sole power to vote and dispose these shares; (ii) 458,898 shares over which KPCB XVI Founders has sole voting and dispositive power, except that KPCB XVI Associates, the managing member of KPCB XVI Founders, may be deemed to have sole power to vote and dispose these shares; (iii) 13,864,065 shares over which KPCB XVI Associates has sole voting and dispositive power, of which 13,405,167 are directly owned by KPCB XVI and 458,898 are directly owned by KPCB XVI Founders, where KPCB XVI Associates, as the managing member of KPCB XVI and KPCB XVI Founders, may be deemed to have sole power to vote and dispose these shares; (iv) 2,362,303 shares over which KPCB XIX has sole voting and dispositive power, except that KPCB XIX Associates, the managing member of KPCB XIX, may be deemed to have sole power to vote and dispose these shares; (v) 52,150 shares over which KPCB XIX Founders has sole voting and dispositive power, except that KPCB XIX Associates, the managing member of KPCB XIX Founders, may be deemed to have sole power to vote and dispose these shares; (vi) 22,179 shares over which KPCB XIX Friends has sole voting and dispositive power, except that KPCB XIX Associates, the managing member of KPCB XIX Friends, may be deemed to have sole power to vote and dispose these shares; and (vii) 2,436,632 shares over which KPCB XIX Associates has sole voting and dispositive power, of which (x) 2,362,303 shares are directly owned by KPCB XIX, (y) 52,150 shares are directly owned by KPCB XIX Founders and (z) 22,179 shares are directly owned by KPCB XIX Friends, where KPCB XIX Associates, as the managing member of KPCB XIX, KPCB XIX Founders and KPCB XIX Friends, may be deemed to have sole power to vote and dispose these shares. The address for each of the Reporting Persons is c/o Kleiner Perkins Caufield & Byers, LLC, 2750 Sand Hill Road, Menlo Park, California 94025. |
Names and Addresses | Securities Beneficially Owned prior to this Offering | Securities to be Sold in this Offering | Securities Beneficially Owned after this Offering | |||||||||||||||||||||||||||||
Shares of Common Stock | Warrants | Shares of Common Stock | Warrants | Shares of Common Stock | Percentage | Warrants | Percentage | |||||||||||||||||||||||||
ADB Holdings I LLC (1) | 293,795 | — | 293,795 | — | — | — | — | — | ||||||||||||||||||||||||
Arena Capital Fund, LP - Series 4 (2) | 150,000 | — | 150,000 | — | — | — | — | — | ||||||||||||||||||||||||
Arena Capital Fund, LP - Series 6 (2) | 150,000 | — | 150,000 | — | — | — | — | — | ||||||||||||||||||||||||
Arena Capital Fund, LP - Series 9 (2) | 175,000 | — | 175,000 | — | — | — | — | — | ||||||||||||||||||||||||
Arena Capital Fund, LP - Series 14 (2) | 25,000 | — | 25,000 | — | — | — | — | — | ||||||||||||||||||||||||
Aristeia Capital, L.L.C (3) | 700,000 | — | 700,000 | — | — | — | — | — | ||||||||||||||||||||||||
Atman Fund II LP | 200,000 | — | 200,000 | — | — | — | — | — |
(13) | Based solely on the Schedule 13G filed on September 3, 2021. Consists of 14,064,191 shares of common stock held of record by (i) General Motors Ventures LLC (‘‘GM Ventures’’), (ii) General Motors Holdings LLC (‘‘GM Holdings’’), and (iii) General Motors Company (‘‘GM’’), where such entities have shared voting and dispositive power. GM Ventures is a wholly owned subsidiary of GM Holdings; GM Holdings is a wholly owned subsidiary of GM. The principal office of each of GM Ventures, GM Holdings, and GM is 300 Renaissance Center, Detroit, Michigan 48265. |
Names and Addresses | Securities Beneficially Owned prior to this Offering | Securities to be Sold in this Offering | Securities Beneficially Owned after this Offering | |||||||||||||||||||||||||||||
Shares of Common Stock | Warrants | Shares of Common Stock | Warrants | Shares of Common Stock | Percentage | Warrants | Percentage | |||||||||||||||||||||||||
BEMAP Master Fund Ltd. | 129,461 | — | 129,461 | — | — | — | — | — | ||||||||||||||||||||||||
Beryl Capital Partners II LP | 167,735 | — | 167,735 | — | — | — | — | — | ||||||||||||||||||||||||
Beryl Capital Partners LP | 13,770 | — | 13,770 | — | — | — | — | — | ||||||||||||||||||||||||
Blair LaCorte (4)(5) | 4,482,507 | — | 4,482,507 | — | ||||||||||||||||||||||||||||
Bespoke Alpha MAC MIM LP | 16,760 | — | 16,760 | — | — | — | — | — | ||||||||||||||||||||||||
Blackstone Aqua Master Sub-Fund, asub-fund of Blackstone Global MasterFund ICAV (6) | 1,200,000 | �� | — | 1,200,000 | — | — | — | — | — | |||||||||||||||||||||||
Blackwell Partners LLC - Series A (7) | 275,000 | — | 275,000 | — | — | — | — | — | ||||||||||||||||||||||||
Castle Hook Master Fund Ltd. (8) | 1,000,000 | — | 1,000,000 | — | — | — | — | — | ||||||||||||||||||||||||
CF Finance Holdings III, LLC (4)(9) | 4,426,000 | 166,666 | 4,426,000 | 166,666 | — | — | — | — | ||||||||||||||||||||||||
Citadel Multi-Strategy Equities Master Fund Ltd. (10) | 575,814 | — | 500,000 | — | 75,814 | * | — | — | ||||||||||||||||||||||||
Context Partners Master Fund, L.P. (11) | 400,000 | — | 400,000 | — | — | — | — | — | ||||||||||||||||||||||||
Continental Automotive Systems, Inc. | 450,000 | — | 450,000 | — | — | — | — | — | ||||||||||||||||||||||||
Cooper Road Acquisition, LLC (12) | 100,832 | — | 100,832 | — | — | — | — | — | ||||||||||||||||||||||||
Cooper Road, LLC (13) | 838,378 | — | 838,378 | — | — | — | — | — | ||||||||||||||||||||||||
Corbin Hedged Equity Fund LP | 13,372 | — | 13,372 | — | — | — | — | — | ||||||||||||||||||||||||
Dean Kehler | 939,210 | — | 939,210 | — | — | — | — | — | ||||||||||||||||||||||||
Dominant Capital Limited | 400,000 | — | 400,000 | — | — | — | — | — | ||||||||||||||||||||||||
DS Liquid Div RVA MON LLC | 156,162 | — | 156,162 | — | — | — | — | — | ||||||||||||||||||||||||
ECMC Group, Inc. (14) | 900,000 | — | 900,000 | — | — | — | — | — | ||||||||||||||||||||||||
Gain Global Co., Ltd. | 625,000 | — | 625,000 | — | — | — | — | — | ||||||||||||||||||||||||
General Motors Ventures LLC (15) | 200,000 | — | 200,000 | — | — | — | — | — | ||||||||||||||||||||||||
Grandwin Enterprises Limited (16) | 100,000 | — | 100,000 | — | — | — | — | — | ||||||||||||||||||||||||
HELLA Ventures LLC | 200,000 | — | 200,000 | — | — | — | — | — | ||||||||||||||||||||||||
Hillel Weinberger | 104,579 | — | 104,579 | — | — | — | — | — | ||||||||||||||||||||||||
Integrated Core Strategies (US) LLC (17) | 800,000 | 205,755 | 800,000 | 205,755 | — | — | 205,755 | * | ||||||||||||||||||||||||
Intel Capital Corporation | 250,000 | — | 250,000 | — | — | — | — | — | ||||||||||||||||||||||||
Jason Capone | 104,579 | — | 104,579 | — | — | — | — | — | ||||||||||||||||||||||||
Jordan Bloom | 195,864 | — | 195,864 | — | — | — | — | — | ||||||||||||||||||||||||
Kepos Alpha Master Fund L.P. (18) | 400,000 | — | 400,000 | — | — | — | — | — |
Names and Addresses | Securities Beneficially Owned prior to this Offering | Securities to be Sold in this Offering | Securities Beneficially Owned after this Offering | |||||||||||||||||||||||||||||
Shares of Common Stock | Warrants | Shares of Common Stock | Warrants | Shares of Common Stock | Percentage | Warrants | Percentage | |||||||||||||||||||||||||
KPCB Holdings, Inc., as nominee (4)(19) | 16,300,697 | — | 16,300,697 | — | ||||||||||||||||||||||||||||
LCT18 Investments, LLC | 100,000 | — | 100,000 | — | — | — | — | — | ||||||||||||||||||||||||
Leon Wagner | 104,579 | — | 104,579 | — | — | — | — | — | ||||||||||||||||||||||||
Linden Capital L.P. (20) | 500,000 | — | 500,000 | — | — | — | — | — | ||||||||||||||||||||||||
Lionhill Ventures Limited | 40,000 | — | 40,000 | — | — | — | — | — | ||||||||||||||||||||||||
Liu Lin | 200,000 | — | 200,000 | — | — | — | — | — | ||||||||||||||||||||||||
Long Wang | 200,000 | — | 200,000 | — | — | — | — | — | ||||||||||||||||||||||||
Luis Dussan (4)(21) | 18,324,105 | — | 18,324,105 | — | ||||||||||||||||||||||||||||
Lugard Road Capital Master Fund, LP (22) | 394,039 | — | 394,039 | — | — | — | — | — | ||||||||||||||||||||||||
Luxor Capital Partners Offshore Master Fund, LP (23) | 1,991 | — | 1,991 | — | — | — | — | — | ||||||||||||||||||||||||
Luxor Capital Partners, LP (24) | 3,178 | — | 3,178 | — | — | — | — | — | ||||||||||||||||||||||||
Luxor Wavefront, LP (25) | 792 | — | 792 | — | — | — | — | — | ||||||||||||||||||||||||
Magnetar Capital Master Fund Ltd. | 25,000 | — | 25,000 | — | — | — | — | — | ||||||||||||||||||||||||
Magnetar Constellation Fund II, Ltd. | 50,000 | — | 50,000 | — | — | — | — | — | ||||||||||||||||||||||||
Magnetar Constellation Master Fund, Ltd. | 167,000 | — | 167,000 | — | — | — | — | — | ||||||||||||||||||||||||
Magnetar Discovery Master Fund Ltd. | 20,000 | — | 20,000 | — | — | — | — | — | ||||||||||||||||||||||||
Magnetar Lake Credit Fund LLC | 25,000 | — | 25,000 | — | — | — | — | — | ||||||||||||||||||||||||
Magnetar Longhorn Fund LP | 19,000 | — | 19,000 | — | — | — | — | — | ||||||||||||||||||||||||
Magnetar SC Fund Ltd. | 38,000 | — | 38,000 | — | — | — | — | — | ||||||||||||||||||||||||
Magnetar Structured Credit Fund, LP | 67,000 | — | 67,000 | — | — | — | — | — | ||||||||||||||||||||||||
Magnetar Xing He Master Fund Ltd. | 58,000 | — | 58,000 | — | — | — | — | — | ||||||||||||||||||||||||
Marc Mazur | 10,458 | — | 10,458 | — | — | — | — | — | ||||||||||||||||||||||||
Maso Capital Investments Limited | 100,000 | — | 100,000 | — | — | — | — | — | ||||||||||||||||||||||||
Michael Maselli | 391,726 | — | 391,726 | — | — | — | — | — | ||||||||||||||||||||||||
Millais Limited | 400,000 | — | 400,000 | — | — | — | — | — | ||||||||||||||||||||||||
MMCAP International Inc. SPC (26) | 400,000 | — | 400,000 | — | — | — | — | — | ||||||||||||||||||||||||
MMF LT, LLC (27) | 500,000 | — | 500,000 | — | — | — | — | — | ||||||||||||||||||||||||
Monashee Pure Alpha SPV I LP | 76,946 | — | 76,946 | — | — | — | — | — | ||||||||||||||||||||||||
Monashee Solitario Fund LP | 98,701 | — | 98,701 | — | — | — | — | — | ||||||||||||||||||||||||
Noble Delight Enterprises Corp. | 500,000 | — | 500,000 | — | — | — | — | — | ||||||||||||||||||||||||
Norwich Assets Limited (28) | 100,000 | — | 100,000 | — | — | — | — | — |
Names and Addresses | Securities Beneficially Owned prior to this Offering | Securities to be Sold in this Offering | Securities Beneficially Owned after this Offering | |||||||||||||||||||||||||||||
Shares of Common Stock | Warrants | Shares of Common Stock | Warrants | Shares of Common Stock | Percentage | Warrants | Percentage | |||||||||||||||||||||||||
Patriot Capital Limited (29) | 25,000 | — | 25,000 | — | — | — | — | — | ||||||||||||||||||||||||
Pinehurst Partners LP | 5,123 | — | 5,123 | — | — | — | — | — | ||||||||||||||||||||||||
Polar Long/Short Master Fund | 232,716 | — | 232,716 | — | — | — | — | — | ||||||||||||||||||||||||
Polar Multi-Strategy Master Fund | 167,284 | — | 167,284 | — | — | — | — | — | ||||||||||||||||||||||||
Purpose Alternative Credit Fund - T LLC | 8,000 | — | 8,000 | — | — | — | — | — | ||||||||||||||||||||||||
Purpose Alternative Credit Fund Ltd. | 23,000 | — | 23,000 | — | — | — | — | — | ||||||||||||||||||||||||
Ratan Capital Master Fund Ltd. | 300,000 | — | 300,000 | — | — | — | — | — | ||||||||||||||||||||||||
Robert Brown (4)(30) | 821,884 | — | 821,884 | — | ||||||||||||||||||||||||||||
Saba Capital Master Fund III, L.P. | 65,179 | — | 65,179 | — | — | — | — | — | ||||||||||||||||||||||||
Saba Capital Master Fund, Ltd. | 170,887 | — | 170,887 | — | — | — | — | — | ||||||||||||||||||||||||
Saba II AIV LP | 463,934 | — | 463,934 | — | — | — | — | — | ||||||||||||||||||||||||
SFL SPV I LLC | 21,970 | — | 21,970 | — | — | — | — | — | ||||||||||||||||||||||||
Spring Creek Capital, LLC (31) | 1,000,000 | — | 1,000,000 | — | — | — | — | — | ||||||||||||||||||||||||
Star V Partners LLC | 125,000 | — | 125,000 | — | — | — | — | — | ||||||||||||||||||||||||
Stonehaven Ventures Limited ( 32) | 60,000 | — | 60,000 | — | — | — | — | — | ||||||||||||||||||||||||
SUBARU-SBI Innovation Fund | 100,000 | — | 100,000 | — | — | — | — | — | ||||||||||||||||||||||||
Taiwania Capital Buffalo Fund Co., Ltd. | 100,000 | — | 100,000 | — | — | — | — | — | ||||||||||||||||||||||||
Tech Opportunities LLC (33) | 400,000 | — | 400,000 | — | — | — | — | — | ||||||||||||||||||||||||
The Cui Family Revocable Living Trust | 200,000 | — | 200,000 | — | — | — | — | — | ||||||||||||||||||||||||
The Joseph S. Lacob Revocable Trust created UTA dated July 19, 2007, as amended | 100,000 | — | 100,000 | — | — | — | — | — | ||||||||||||||||||||||||
Thomas V. Ward III | 25,000 | — | 25,000 | — | — | — | — | — | ||||||||||||||||||||||||
Thoth Investment Holdings Limited | 300,000 | — | 300,000 | — | — | — | — | — | ||||||||||||||||||||||||
Entities affiliated with TPG Public Equity Partners (34) | 1,500,000 | — | 1,500,000 | — | — | — | — | — | ||||||||||||||||||||||||
Tyche Partners II, L.P. | 100,000 | — | 100,000 | — | — | — | — | — | ||||||||||||||||||||||||
Tyler Engh | 25,000 | — | 25,000 | — | — | — | — | — | ||||||||||||||||||||||||
VMS Investment Group Limited | 200,000 | — | 200,000 | — | — | — | — | — | ||||||||||||||||||||||||
Wong Fung | 750,000 | — | 750,000 | — | — | — | — | — | ||||||||||||||||||||||||
Yi-Hua Chung | 200,000 | — | 200,000 | — | — | — | — | — | ||||||||||||||||||||||||
Zhao Kai | 350,000 | — | 350,000 | — | — | — | — | — |
Names and Addresses | Number of Shares of Common Stock Owned Prior to Offering | Maximum Number of Shares of Common Stock to be Offered Pursuant to this Prospectus | Number of Shares of Common Stock Owned After Offering | |||||||||
Number (1) | Percent | Number (2) | Percent | |||||||||
Tumim Stone Capital LLC (3) | 302,634 | * | 30,865,419 | 0 | * |
* | less than 1% |
(1) |
13d-3(d) under the Exchange Act, we have excluded from the number of shares beneficially owned prior to the offering all of the shares that Tumim may be required to purchase under the Purchase Agreement because the issuance of such |
(2) | Assumes the sale of all shares being offered pursuant to this prospectus. Depending on the price per share at which we sell our Common Stock to Tumim pursuant to the Purchase Agreement, we may need to sell to Tumim under the Purchase Agreement more shares of our Common Stock than are offered under this prospectus in order to receive aggregate gross proceeds equal to the $125.0 million Total Commitment available to us under the Purchase Agreement. If we choose to do so, we must first register for resale under the Securities Act such additional shares. The number of shares ultimately offered for resale by Tumim is dependent upon the number of shares we sell to Tumim under the Purchase Agreement. |
(3) | The business address of Tumim Stone Capital LLC |
F-2 | |||||||
F-3 | |||||||
F-4 | |||||||
F-5 | |||||||
June 30, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 11,226 | $ | 15,275 | ||||
Accounts receivable, net | 138 | 156 | ||||||
Inventories, net | 4,468 | 2,655 | ||||||
Prepaid and other current assets | 1,711 | 1,396 | ||||||
Total current assets | 17,543 | 19,482 | ||||||
Property and equipment—Net | 4,697 | 4,865 | ||||||
Restricted cash | 2,150 | 1,222 | ||||||
Other noncurrent assets | 3,890 | 316 | ||||||
Total assets | $ | 28,280 | $ | 25,885 | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | 4,782 | 1,807 | ||||||
Accrued expenses and other current liabilities | 6,048 | 3,356 | ||||||
Deferred revenue (including $200 from related parties) | 272 | 660 | ||||||
Convertible notes | 37,759 | 29,079 | ||||||
Borrowing - net of issuance costs, current portion | 11,334 | 2,693 | ||||||
Total current liabilities | 60,195 | 37,595 | ||||||
Deferred rent, noncurrent | 3,333 | 3,631 | ||||||
Borrowings - net of issuance costs, noncurrent | 1,242 | 2,884 | ||||||
Total liabilities | $ | 64,770 | $ | 44,110 | ||||
COMMITMENTS AND CONTINGENCIES (Note 15) | ||||||||
STOCKHOLDERS’ DEFICIT: | ||||||||
Preferred stock—$0.00001 par value: 17,500,000 shares authorized at June 30, 2021 and December 31, 2020 ; 16,383,725 shares issued and outstanding at June 30, 2021 and December 31, 2020 ; aggregate liquidation preference of $63,162 at June 30, 2021 and December 31, 2020 | 62,639 | 62,639 | ||||||
Common stock—$0.00001 par value: 37,500,000 shares authorized at June 30, 2021 and December 31, 2020 ; 10,886,441 and 10,838,010 shares issued and outstanding at June 30, 2021 and December 31, 2020 | — | — | ||||||
Additional paid-in capital | 10,239 | 5,920 | ||||||
Accumulated deficit | (109,368 | ) | (86,784 | ) | ||||
Total stockholders’ deficit | (36,490 | ) | (18,225 | ) | ||||
Total liabilities and stockholders’ deficit | $ | 28,280 | $ | 25,885 | ||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
REVENUE: | ||||||||||||||||
Prototype sales (including $141 and $161 thousand from related parties for the three and six months ended June 30, 2021, respectively) | $ | 228 | $ | — | $ | 461 | $ | 63 | ||||||||
Development contracts (including $500 thousand from related parties for the three and six months ended June 30, 2021) | 519 | — | 615 | 100 | ||||||||||||
Total revenues | 747 | — | 1,076 | 163 | ||||||||||||
Cost of revenue | 454 | 36 | 1,071 | 147 | ||||||||||||
Gross (loss) profit | 293 | (36 | ) | 5 | 16 | |||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Research and development | 5,726 | 3,423 | 11,562 | 7,960 | ||||||||||||
Sales and marketing | 1,911 | 640 | 3,498 | 1,938 | ||||||||||||
General and administrative | 4,750 | 1,505 | 7,760 | 3,212 | ||||||||||||
Total operating expenses | 12,387 | 5,568 | 22,820 | 13,110 | ||||||||||||
LOSS FROM OPERATIONS | (12,094 | ) | (5,604 | ) | (22,815 | ) | (13,094 | ) | ||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||
Change in fair value of embedded derivative liability and warrant liability | (16 | ) | (1,519 | ) | (119 | ) | (82 | ) | ||||||||
Gain on PPP loan forgiveness | 2,297 | — | 2,297 | — | ||||||||||||
Interest income | 2 | 2 | 5 | 13 | ||||||||||||
Interest expense | (1,264 | ) | (381 | ) | (1,952 | ) | (554 | ) | ||||||||
Total other income (expense), net | 1,019 | (1,898 | ) | 231 | (623 | ) | ||||||||||
Provision for income tax expense | — | — | — | — | ||||||||||||
NET LOSS AND COMPREHENSIVE LOSS | $ | (11,075 | ) | $ | (7,502 | ) | $ | (22,584 | ) | $ | (13,717 | ) | ||||
PER SHARE DATA | ||||||||||||||||
Net loss per common share (basic and diluted) | (1.02 | ) | (0.66 | ) | (2.08 | ) | (1.21 | ) | ||||||||
Weighted average common shares outstanding (basic and diluted) | 10,884,301 | 11,316,842 | 10,868,166 | 11,304,295 |
As of December 31, | ||||||||
2021 | 2020 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 14,183 | $ | 15,275 | ||||
Marketable securities | 149,824 | 0 | ||||||
Accounts receivable, net | 4,222 | 156 | ||||||
Inventories, net | 4,085 | 2,655 | ||||||
Prepaid and other current assets | 5,051 | 1,396 | ||||||
Total current assets | 177,365 | 19,482 | ||||||
Property and equipment, net | 5,129 | 4,865 | ||||||
Restricted cash | 2,150 | 1,223 | ||||||
Other noncurrent assets | 1,509 | 315 | ||||||
Total assets | $ | 186,153 | $ | 25,885 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 2,542 | $ | 1,807 | ||||
Accrued expenses and other current liabilities | 8,739 | 3,356 | ||||||
Contract liabilities | 2,287 | 660 | ||||||
Convertible notes | 0 | 29,079 | ||||||
Borrowing—net of debt issuance costs, current | 0 | 2,693 | ||||||
Total current liabilities | 13,568 | 37,595 | ||||||
Deferred rent, noncurrent | 3,032 | 3,631 | ||||||
Borrowings—net of debt issuance costs, noncurrent | 0 | 2,884 | ||||||
Other noncurrent liabilities | 786 | 0 | ||||||
Total liabilities | 17,386 | 44,110 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 18) | 0 | 0 | ||||||
STOCKHOLDERS’ EQUITY (DEFICIT): | ||||||||
Preferred stock—$0.0001 par value: 1,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 | ||||||
Common stock—$0.0001 par value: 300,000,000 shares authorized; 155,137,237 and 101,286,645 shares issued and outstanding at December 31, 2021 and 2020 | 16 | 10 | ||||||
Additional paid-in capital | 320,937 | 68,549 | ||||||
Accumulated other comprehensive loss | (391 | ) | 0 | |||||
Accumulated deficit | (151,795 | ) | (86,784 | ) | ||||
Total stockholders’ equity (deficit) | 168,767 | (18,225 | ) | |||||
Total liabilities and stockholders’ equity (deficit) | $ | 186,153 | $ | 25,885 | ||||
Preferred Stock | Common Stock | Additional Paid in Capital | Accumulated Deficit | Total | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount (1) | |||||||||||||||||||||||||
BALANCE—December 31, 2019 | 16,383,725 | $ | 62,639 | 11,283,838 | $ | — | $ | 3,305 | $ | (60,233 | ) | $ | 5,711 | |||||||||||||||
Issuance of common stock upon exercise of stock options | 21,770 | 14 | 14 | |||||||||||||||||||||||||
Convertible notes | 10,211 | 10,211 | ||||||||||||||||||||||||||
Stock-based compensation | 280 | 280 | ||||||||||||||||||||||||||
Net loss | (6,215 | ) | (6,215 | ) | ||||||||||||||||||||||||
BALANCE—March 31, 2020 | 16,383,725 | $ | 62,639 | 11,305,608 | $ | — | $ | 13,810 | $ | (66,448 | ) | $ | 10,001 | |||||||||||||||
Issuance of common stock upon exercise of stock options | 58,555 | 68 | 68 | |||||||||||||||||||||||||
Stock-based compensation | 263 | 263 | ||||||||||||||||||||||||||
Convertible notes | (10,211 | ) | (10,211 | ) | ||||||||||||||||||||||||
Net loss | (7,502 | ) | (7,502 | ) | ||||||||||||||||||||||||
BALANCE—June 30, 2020 | 16,383,725 | $ | 62,639 | 11,364,163 | $ | — | $ | 3,930 | $ | (73,950 | ) | $ | (7,381 | ) | ||||||||||||||
BALANCE—December 31, 2020 | 16,383,725 | $ | 62,639 | 10,838,010 | — | $ | 5,920 | $ | (86,784 | ) | $ | (18,225 | ) | |||||||||||||||
Issuance of common stock upon exercise of stock options | 46,152 | — | 85 | 85 | ||||||||||||||||||||||||
Stock-based compensation | 1,610 | 1,610 | ||||||||||||||||||||||||||
Net loss | (11,509 | ) | (11,509 | ) | ||||||||||||||||||||||||
BALANCE—March 31, 2021 | 16,383,725 | $ | 62,639 | 10,884,162 | $ | — | $ | 7,615 | $ | (98,293 | ) | $ | (28,039 | ) | ||||||||||||||
Issuance of common stock upon exercise of stock options | 2,279 | — | 4 | 4 | ||||||||||||||||||||||||
Stock-based compensation | — | — | 2,620 | — | 2,620 | |||||||||||||||||||||||
Net loss | (11,075 | ) | (11,075 | ) | ||||||||||||||||||||||||
BALANCE—June 30, 2021 | 16,383,725 | $ | 62,639 | 10,886,441 | $ | — | $ | 10,239 | $ | (109,368 | ) | $ | (36,490 | ) | ||||||||||||||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
REVENUE: | ||||||||
Prototype sales | $ | 1,004 | $ | 365 | ||||
Development contracts | 2,003 | 1,214 | ||||||
Total revenues | 3,007 | 1,579 | ||||||
COST OF REVENUE | 3,637 | 808 | ||||||
Gross profit (loss) | (630 | ) | 771 | |||||
OPERATING EXPENSES: | ||||||||
Research and development | 26,543 | 17,130 | ||||||
Sales and marketing | 10,548 | 3,408 | ||||||
General and administrative | 25,514 | 6,715 | ||||||
Total operating expenses | 62,605 | 27,253 | ||||||
LOSS FROM OPERATIONS | (63,235 | ) | (26,482 | ) | ||||
OTHER INCOME (EXPENSE): | ||||||||
Change in fair value of embedded derivative liability and warrant liabilities | 223 | 1,410 | ||||||
Gain on PPP loan forgiveness | 2,297 | 0 | ||||||
Interest income and other | 561 | 23 | ||||||
Interest expense and other | (4,857 | ) | (1,502 | ) | ||||
Total other income (expense), net | (1,776 | ) | (69 | ) | ||||
Provision for income tax expense | 0 | 0 | ||||||
Net loss | $ | (65,011 | ) | $ | (26,551 | ) | ||
Net unrealized loss on available-for-sale | (391 | ) | 0 | |||||
Comprehensive loss | $ | (65,402 | ) | $ | (26,551 | ) | ||
PER SHARE DATA | ||||||||
Net loss per common share (basic and diluted) | $ | (0.60 | ) | $ | (0.26 | ) | ||
Weighted average common shares outstanding (basic and diluted) | 109,055,894 | 102,803,202 |
Six months ended June 30, | ||||||||
2021 | 2020 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (22,584 | ) | $ | (13,717 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 498 | 420 | ||||||
Change in fair value of embedded derivative liability and warrant liability | 119 | 82 | ||||||
Noncash gain on PPP loan forgiveness | (2,297 | ) | — | |||||
Stock-based compensation | 4,230 | 543 | ||||||
Amortization of issuance costs | 437 | 32 | ||||||
Amortization of debt issuance costs | 543 | 282 | ||||||
Other | 189 | (23 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 18 | (484 | ) | |||||
Inventories, net | (1,813 | ) | (754 | ) | ||||
Prepaids and other current assets | (316 | ) | 3,013 | |||||
Other noncurrent assets | (144 | ) | 104 | |||||
Accounts payable | 1,513 | (150 | ) | |||||
Accrued expenses and other current liabilities | 1,953 | 185 | ||||||
Deferred rent, noncurrent | (297 | ) | (242 | ) | ||||
Deferred revenue | (388 | ) | 704 | |||||
Net cash provided by (used in) operating activities | $ | (18,339 | ) | $ | (10,005 | ) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchase of property and equipment | (245 | ) | (3,914 | ) | ||||
Net cash provided by (used in) investing activities | $ | (245 | ) | $ | (3,914 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from the exercise of stock options | $ | 89 | $ | 82 | ||||
Proceeds from the issuance of convertible notes | 8,045 | 10,376 | ||||||
Proceeds from SVB financing facility | 10,000 | 2,270 | ||||||
Principal payments for SVB credit facility | (667 | ) | (445 | ) | ||||
Payments of deferred financing costs | (1,287 | ) | — | |||||
Payment of debt issuance costs | (717 | ) | (54 | ) | ||||
Net cash provided by (used in) financing activities | $ | 15,463 | $ | 12,229 | ||||
NET (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (3,121 | ) | (1,690 | ) | ||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period | 16,497 | 8,205 | ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Ending | $ | 13,376 | $ | 6,515 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||
Cash paid for interest | 142 | 98 | ||||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Property and equipment additions included in accounts payable and accrued liabilities | 85 | — | ||||||
Deferred financings costs included in accounts payable and accrued liabilities | 2,143 | — | ||||||
Noncash gain on extinguishment of debt related to PPP loan | 2,297 | — |
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
BALANCE—December 31, 2020 (as previously reported) | 16,383,725 | $ | 62,639 | 10,838,010 | $ | 0 | $ | 5,920 | $0 | $ | (86,784 | ) | $ | (18,225 | ) | |||||||||||||||||
Retroactive application of recapitalization (Note 2) | (16,383,725 | ) | (62,639 | ) | 90,448,635 | 10 | 62,629 | 0 | 0 | 0 | ||||||||||||||||||||||
Balance as of December 31, 2020, as adjusted (Note 2) | 0 | 0 | 101,286,645 | 10 | 68,549 | 0 | (86,784 | ) | (18,225 | ) | ||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 10,018 | — | — | 10,018 | ||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 312,037 | — | 150 | — | — | 150 | ||||||||||||||||||||||||
Conversion of convertible notes and accrued interest into Class A common stock | — | — | 20,778,097 | 2 | 39,093 | — | — | 39,095 | ||||||||||||||||||||||||
Business Combination and PIPE financing | — | — | 31,894,635 | 3 | 256,808 | — | — | 256,811 | ||||||||||||||||||||||||
Transaction costs related to Business Combination and PIPE financing | — | — | — | — | (52,661 | ) | — | — | (52,661 | ) | ||||||||||||||||||||||
Net settlement of common stock and Series A preferred stock warrants | — | — | 240,806 | — | — | — | — | — | ||||||||||||||||||||||||
Assumption of the private placement warrant liability in connection with Business Combination | — | — | — | — | (268 | ) | — | — | (268 | ) | ||||||||||||||||||||||
Commitment shares for Common Stock Purchase Agreement | — | — | 302,634 | — | 1,583 | — | — | 1,583 | ||||||||||||||||||||||||
Repurchase of stock options | — | — | — | — | (1,500 | ) | — | — | (1,500 | ) | ||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | 448,604 | 1 | — | — | — | 1 | ||||||||||||||||||||||||
Taxes related to net share settlement of equity awards | — | — | (126,221 | ) | — | (835 | ) | — | — | (835 | ) | |||||||||||||||||||||
Unrealized loss on available-for-sale | — | — | — | — | — | (391 | ) | — | (391 | ) | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (65,011 | ) | (65,011 | ) | ||||||||||||||||||||||
BALANCE—December 31, 2021 | 0 | $ | 0 | 155,137,237 | $ | 16 | $ | 320,937 | $ | (391 | ) | $ | (151,795 | ) | $ | 168,767 | ||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
BALANCE—December 31, 2019 (as previously reported) | 16,383,725 | $ | 62,639 | 11,283,838 | $ | 0 | $ | 3,305 | $ | (60,233 | ) | $ | 5,711 | |||||||||||||||
Retroactive application of recapitalization (Note 2) | (16,383,725 | ) | (62,639 | ) | 91,661,644 | 10 | 62,629 | 0 | 0 | |||||||||||||||||||
Balance as of December 31, 2019, as adjusted (Note 2) | 0 | 0 | 102,945,482 | 10 | 65,934 | (60,233 | ) | 5,711 | ||||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,952 | — | 1,952 | |||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 1,877,233 | — | 663 | — | 663 | |||||||||||||||||||||
Repurchase of common stock | — | — | (3,536,070 | ) | — | — | — | — | ||||||||||||||||||||
Net loss | — | — | — | — | — | (26,551 | ) | (26,551 | ) | |||||||||||||||||||
BALANCE—December 31, 2020 | 0 | $ | 0 | 101,286,645 | $ | 10 | $ | 68,549 | $ | (86,784 | ) | $ | (18,225 | ) | ||||||||||||||
AEYE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (65,011 | ) | $ | (26,551 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 1,014 | 922 | ||||||
Noncash common stock purchase agreement costs | 1,583 | 0 | ||||||
Inventory write-downs | 1,203 | 72 | ||||||
Change in fair value of embedded derivative liability and warrant liabilities | (223 | ) | (1,410 | ) | ||||
Noncash gain on PPP loan forgiveness | (2,297 | ) | 0 | |||||
Stock-based compensation | 10,018 | 1,952 | ||||||
Amortization of debt issuance costs | 725 | 97 | ||||||
Amortization of debt discount | 752 | 830 | ||||||
Amortization of premiums on marketable securities, net of change in accrued interest | 310 | 0 | ||||||
Other | 287 | 68 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable, net | (4,066 | ) | (13 | ) | ||||
Inventories, net | (2,633 | ) | (309 | ) | ||||
Prepaid and other current assets | (3,655 | ) | 3,811 | |||||
Other noncurrent assets | (1,483 | ) | (193 | ) | ||||
Accounts payable | 557 | 484 | ||||||
Accrued expenses and other current liabilities | 5,496 | 1,377 | ||||||
Deferred rent | (538 | ) | (496 | ) | ||||
Contract liabilities | 2,258 | (290 | ) | |||||
Net cash used in operating activities | (55,703 | ) | (19,689 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchase of property and equipment | (1,021 | ) | (4,036 | ) | ||||
Purchase of available-for-sale | (150,525 | ) | 0 | |||||
Net cash used in investing activities | (151,546 | ) | (4,036 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from the exercise of stock options | 150 | 663 | ||||||
Proceeds from Business Combination and PIPE financing | 256,811 | 0 | ||||||
Transaction costs related to Business Combination and PIPE financing | (52,372 | ) | 0 | |||||
Proceeds from the issuance of convertible notes | 8,045 | 29,990 | ||||||
Proceeds from bank loans | 10,000 | 2,270 | ||||||
Principal payments on bank loans | (13,333 | ) | (667 | ) | ||||
Payments of debt issuance costs | (717 | ) | (238 | ) | ||||
Repurchase of stock options | (1,500 | ) | 0 | |||||
Net cash provided by financing activities | 207,084 | 32,018 | ||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (165 | ) | 8,293 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period | 16,498 | 8,205 | ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Ending | $ | 16,333 | $ | 16,498 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||
Cash paid for interest | $ | 358 | $ | 197 | ||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Purchases of property and equipment included in accounts payable and accrued liabilities | 270 | 13 | ||||||
Conversion of Series A and Series B preferred stock into Class A common stock | 62,639 | 0 | ||||||
Conversion of convertible notes and accrued interest into Class A common stock | 39,095 | 0 | ||||||
Assumption of the private placement warrant liability in connection with Business Combination | 268 | 0 | ||||||
Transaction costs paid in 2020, previously recorded to other non-current assets and reclassified to additionalpaid-in capital in 2021 | 289 | 0 | ||||||
Taxes related to net share settlement of equity awards included in accrued liabilities | 835 | 0 |
1. | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
As of December 31, | ||||||||
2021 | 2020 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 14,183 | $ | 15,275 | ||||
Marketable securities | 149,824 | 0 | ||||||
Accounts receivable, net | 4,222 | 156 | ||||||
Inventories, net | 4,085 | 2,655 | ||||||
Prepaid and other current assets | 5,051 | 1,396 | ||||||
Total current assets | 177,365 | 19,482 | ||||||
Property and equipment, net | 5,129 | 4,865 | ||||||
Restricted cash | 2,150 | 1,223 | ||||||
Other noncurrent assets | 1,509 | 315 | ||||||
Total assets | $ | 186,153 | $ | 25,885 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 2,542 | $ | 1,807 | ||||
Accrued expenses and other current liabilities | 8,739 | 3,356 | ||||||
Contract liabilities | 2,287 | 660 | ||||||
Convertible notes | 0 | 29,079 | ||||||
Borrowing—net of debt issuance costs, current | 0 | 2,693 | ||||||
Total current liabilities | 13,568 | 37,595 | ||||||
Deferred rent, noncurrent | 3,032 | 3,631 | ||||||
Borrowings—net of debt issuance costs, noncurrent | 0 | 2,884 | ||||||
Other noncurrent liabilities | 786 | 0 | ||||||
Total liabilities | 17,386 | 44,110 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 18) | 0 | 0 | ||||||
STOCKHOLDERS’ EQUITY (DEFICIT): | ||||||||
Preferred stock—$0.0001 par value: 1,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 | ||||||
Common stock—$0.0001 par value: 300,000,000 shares authorized; 155,137,237 and 101,286,645 shares issued and outstanding at December 31, 2021 and 2020 | 16 | 10 | ||||||
Additional paid-in capital | 320,937 | 68,549 | ||||||
Accumulated other comprehensive loss | (391 | ) | 0 | |||||
Accumulated deficit | (151,795 | ) | (86,784 | ) | ||||
Total stockholders’ equity (deficit) | 168,767 | (18,225 | ) | |||||
Total liabilities and stockholders’ equity (deficit) | $ | 186,153 | $ | 25,885 | ||||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
REVENUE: | ||||||||
Prototype sales | $ | 1,004 | $ | 365 | ||||
Development contracts | 2,003 | 1,214 | ||||||
Total revenues | 3,007 | 1,579 | ||||||
COST OF REVENUE | 3,637 | 808 | ||||||
Gross profit (loss) | (630 | ) | 771 | |||||
OPERATING EXPENSES: | ||||||||
Research and development | 26,543 | 17,130 | ||||||
Sales and marketing | 10,548 | 3,408 | ||||||
General and administrative | 25,514 | 6,715 | ||||||
Total operating expenses | 62,605 | 27,253 | ||||||
LOSS FROM OPERATIONS | (63,235 | ) | (26,482 | ) | ||||
OTHER INCOME (EXPENSE): | ||||||||
Change in fair value of embedded derivative liability and warrant liabilities | 223 | 1,410 | ||||||
Gain on PPP loan forgiveness | 2,297 | 0 | ||||||
Interest income and other | 561 | 23 | ||||||
Interest expense and other | (4,857 | ) | (1,502 | ) | ||||
Total other income (expense), net | (1,776 | ) | (69 | ) | ||||
Provision for income tax expense | 0 | 0 | ||||||
Net loss | $ | (65,011 | ) | $ | (26,551 | ) | ||
Net unrealized loss on available-for-sale | (391 | ) | 0 | |||||
Comprehensive loss | $ | (65,402 | ) | $ | (26,551 | ) | ||
PER SHARE DATA | ||||||||
Net loss per common share (basic and diluted) | $ | (0.60 | ) | $ | (0.26 | ) | ||
Weighted average common shares outstanding (basic and diluted) | 109,055,894 | 102,803,202 |
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
BALANCE—December 31, 2020 (as previously reported) | 16,383,725 | $ | 62,639 | 10,838,010 | $ | 0 | $ | 5,920 | $0 | $ | (86,784 | ) | $ | (18,225 | ) | |||||||||||||||||
Retroactive application of recapitalization (Note 2) | (16,383,725 | ) | (62,639 | ) | 90,448,635 | 10 | 62,629 | 0 | 0 | 0 | ||||||||||||||||||||||
Balance as of December 31, 2020, as adjusted (Note 2) | 0 | 0 | 101,286,645 | 10 | 68,549 | 0 | (86,784 | ) | (18,225 | ) | ||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 10,018 | — | — | 10,018 | ||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 312,037 | — | 150 | — | — | 150 | ||||||||||||||||||||||||
Conversion of convertible notes and accrued interest into Class A common stock | — | — | 20,778,097 | 2 | 39,093 | — | — | 39,095 | ||||||||||||||||||||||||
Business Combination and PIPE financing | — | — | 31,894,635 | 3 | 256,808 | — | — | 256,811 | ||||||||||||||||||||||||
Transaction costs related to Business Combination and PIPE financing | — | — | — | — | (52,661 | ) | — | — | (52,661 | ) | ||||||||||||||||||||||
Net settlement of common stock and Series A preferred stock warrants | — | — | 240,806 | — | — | — | — | — | ||||||||||||||||||||||||
Assumption of the private placement warrant liability in connection with Business Combination | — | — | — | — | (268 | ) | — | — | (268 | ) | ||||||||||||||||||||||
Commitment shares for Common Stock Purchase Agreement | — | — | 302,634 | — | 1,583 | — | — | 1,583 | ||||||||||||||||||||||||
Repurchase of stock options | — | — | — | — | (1,500 | ) | — | — | (1,500 | ) | ||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | 448,604 | 1 | — | — | — | 1 | ||||||||||||||||||||||||
Taxes related to net share settlement of equity awards | — | — | (126,221 | ) | — | (835 | ) | — | — | (835 | ) | |||||||||||||||||||||
Unrealized loss on available-for-sale | — | — | — | — | — | (391 | ) | — | (391 | ) | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (65,011 | ) | (65,011 | ) | ||||||||||||||||||||||
BALANCE—December 31, 2021 | 0 | $ | 0 | 155,137,237 | $ | 16 | $ | 320,937 | $ | (391 | ) | $ | (151,795 | ) | $ | 168,767 | ||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
BALANCE—December 31, 2019 (as previously reported) | 16,383,725 | $ | 62,639 | 11,283,838 | $ | 0 | $ | 3,305 | $ | (60,233 | ) | $ | 5,711 | |||||||||||||||
Retroactive application of recapitalization (Note 2) | (16,383,725 | ) | (62,639 | ) | 91,661,644 | 10 | 62,629 | 0 | 0 | |||||||||||||||||||
Balance as of December 31, 2019, as adjusted (Note 2) | 0 | 0 | 102,945,482 | 10 | 65,934 | (60,233 | ) | 5,711 | ||||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,952 | — | 1,952 | |||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 1,877,233 | — | 663 | — | 663 | |||||||||||||||||||||
Repurchase of common stock | — | — | (3,536,070 | ) | — | — | — | — | ||||||||||||||||||||
Net loss | — | — | — | — | — | (26,551 | ) | (26,551 | ) | |||||||||||||||||||
BALANCE—December 31, 2020 | 0 | $ | 0 | 101,286,645 | $ | 10 | $ | 68,549 | $ | (86,784 | ) | $ | (18,225 | ) | ||||||||||||||
AEYE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (65,011 | ) | $ | (26,551 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 1,014 | 922 | ||||||
Noncash common stock purchase agreement costs | 1,583 | 0 | ||||||
Inventory write-downs | 1,203 | 72 | ||||||
Change in fair value of embedded derivative liability and warrant liabilities | (223 | ) | (1,410 | ) | ||||
Noncash gain on PPP loan forgiveness | (2,297 | ) | 0 | |||||
Stock-based compensation | 10,018 | 1,952 | ||||||
Amortization of debt issuance costs | 725 | 97 | ||||||
Amortization of debt discount | 752 | 830 | ||||||
Amortization of premiums on marketable securities, net of change in accrued interest | 310 | 0 | ||||||
Other | 287 | 68 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable, net | (4,066 | ) | (13 | ) | ||||
Inventories, net | (2,633 | ) | (309 | ) | ||||
Prepaid and other current assets | (3,655 | ) | 3,811 | |||||
Other noncurrent assets | (1,483 | ) | (193 | ) | ||||
Accounts payable | 557 | 484 | ||||||
Accrued expenses and other current liabilities | 5,496 | 1,377 | ||||||
Deferred rent | (538 | ) | (496 | ) | ||||
Contract liabilities | 2,258 | (290 | ) | |||||
Net cash used in operating activities | (55,703 | ) | (19,689 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchase of property and equipment | (1,021 | ) | (4,036 | ) | ||||
Purchase of available-for-sale | (150,525 | ) | 0 | |||||
Net cash used in investing activities | (151,546 | ) | (4,036 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from the exercise of stock options | 150 | 663 | ||||||
Proceeds from Business Combination and PIPE financing | 256,811 | 0 | ||||||
Transaction costs related to Business Combination and PIPE financing | (52,372 | ) | 0 | |||||
Proceeds from the issuance of convertible notes | 8,045 | 29,990 | ||||||
Proceeds from bank loans | 10,000 | 2,270 | ||||||
Principal payments on bank loans | (13,333 | ) | (667 | ) | ||||
Payments of debt issuance costs | (717 | ) | (238 | ) | ||||
Repurchase of stock options | (1,500 | ) | 0 | |||||
Net cash provided by financing activities | 207,084 | 32,018 | ||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (165 | ) | 8,293 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period | 16,498 | 8,205 | ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Ending | $ | 16,333 | $ | 16,498 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||
Cash paid for interest | $ | 358 | $ | 197 | ||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Purchases of property and equipment included in accounts payable and accrued liabilities | 270 | 13 | ||||||
Conversion of Series A and Series B preferred stock into Class A common stock | 62,639 | 0 | ||||||
Conversion of convertible notes and accrued interest into Class A common stock | 39,095 | 0 | ||||||
Assumption of the private placement warrant liability in connection with Business Combination | 268 | 0 | ||||||
Transaction costs paid in 2020, previously recorded to other non-current assets and reclassified to additionalpaid-in capital in 2021 | 289 | 0 | ||||||
Taxes related to net share settlement of equity awards included in accrued liabilities | 835 | 0 |
1. | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
As of June 30, 2021 | ||||||||||||||||
(unaudited) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities | ||||||||||||||||
Warrant liability | $ | — | $ | — | $ | 229 | $ | 229 | ||||||||
Total financial liabilities | $ | — | $ | — | $ | 229 | $ | 229 | ||||||||
December 31, 2020 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities | ||||||||||||||||
Warrant liability | $ | — | $ | — | $ | 93 | $ | 93 | ||||||||
Embedded derivative liability | $ | — | $ | — | $ | 17 | $ | 17 | ||||||||
Total financial liabilities | $ | — | $ | — | $ | 110 | $ | 110 | ||||||||
Embedded Derivative Liability | Warrant Liability | Total | ||||||||||
Balance at December 31, 2020 | $ | 17 | $ | 93 | $ | 110 | ||||||
(Gain) loss in fair value included in other income (expense) | (17 | ) | 136 | 119 | ||||||||
Balance at June 30, 2021 (unaudited) | $ | — | $ | 229 | $ | 229 | ||||||
June 30, 2021 | December 31, 2020 | |||||||
(unaudited) | ||||||||
Cash and cash equivalents | $ | 11,226 | $ | 15,275 | ||||
Restricted cash | 2,150 | 1,222 | ||||||
Total cash, cash equivalents, and restricted cash | $ | 13,376 | $ | 16,497 | ||||
June 30, 2021 | December 31, 2020 | |||||||
(unaudited) | ||||||||
Raw materials | $ | 1,662 | $ | 1,123 | ||||
Work in-process | 2,499 | 1,337 | ||||||
Finished goods | 307 | 195 | ||||||
Total inventory, net | $ | 4,468 | $ | 2,655 | ||||
June 30, 2021 | December 31, 2020 | |||||||
(unaudited) | ||||||||
Deferred financing costs | $ | 3,719 | $ | 289 | ||||
Other noncurrent assets | 171 | 27 | ||||||
Total other noncurrent assets | $ | 3,890 | $ | 316 | ||||
June 30, 2021 | December 31, 2020 | |||||||
(unaudited) | ||||||||
Payroll liabilities | $ | 1,673 | $ | 1,014 | ||||
Accrued interest | 938 | 391 | ||||||
Accrued purchases and other | 2,862 | 1,406 | ||||||
Deferred rent - current portion | 575 | 545 | ||||||
Accrued expenses and other current liabilities | $ | 6,048 | $ | 3,356 | ||||
June 30, 2021 | December 31, 2020 | |||||||
(unaudited) | ||||||||
Lab and testing equipment | $ | 751 | $ | 625 | ||||
Computers and related equipment | 328 | 218 | ||||||
Office furniture and equipment | 338 | 338 | ||||||
Vehicles | 205 | 165 | ||||||
Leasehold improvements | 4,709 | 4,709 | ||||||
Construction in progress | 54 | — | ||||||
Total property and equipment | 6,385 | 6,055 | ||||||
Less accumulated depreciation and amortization | (1,688 | ) | (1,190 | ) | ||||
Property and equipment—net | $ | 4,697 | $ | 4,865 | ||||
June 30, 2021 | December 31, 2020 | |||||||
(unaudited) | ||||||||
Silicon Valley Bank financing facility | $ | 10,000 | — | |||||
Silicon Valley Bank credit facility | 2,666 | $ | 3,334 | |||||
Payroll Protection Program (PPP) Loan | — | 2,270 | ||||||
Unamortized debt issuance costs - SVB financing and credit facility | (90 | ) | (27 | ) | ||||
Total borrowings, net of issuance costs | $ | 12,567 | $ | 5,577 | ||||
Borrowings - net of issuance costs, current portion | $ | 11,334 | $ | 2,693 | ||||
Borrowings - net of issuance costs, noncurrent portion | 1,242 | 2,884 | ||||||
Total borrowings, net issuance costs | $ | 12,567 | $ | 5,577 | ||||
June 30, 2021 | December 31, 2020 | |||||||
(unaudited) | ||||||||
Convertible notes - face value | $ | 38,035 | $ | 29,990 | ||||
Unamortized issuance costs | (67 | ) | (175 | ) | ||||
Unamortized debt discount | (209 | ) | (753 | ) | ||||
Embedded derivative liability | — | 17 | ||||||
Convertible notes - current | $ | 37,759 | $ | 29,079 | ||||
2021 (unaudited) | ||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(unaudited) | ||||||||||||||||
Interest on term loan debt | $ | 269 | $ | 67 | $ | 395 | $ | 130 | ||||||||
Interest on PPP loan | 5 | 4 | 11 | 4 | ||||||||||||
Interest on convertible note | 288 | 78 | 566 | 106 | ||||||||||||
Amortization of issuance costs | 426 | 15 | 437 | 32 | ||||||||||||
Amortization of debt discount | 276 | 217 | 543 | 282 | ||||||||||||
Interest expense | $ | 1,264 | $ | 381 | $ | 1,952 | $ | 554 | ||||||||
Shared Authorized | Shares Outstanding | Liquidation Preference | Carrying Amount | |||||||||||||
Series A | 9,234,087 | 9,226,734 | $ | 18,844 | $ | 18,595 | ||||||||||
Series B | 8,265,913 | 7,156,991 | 44,318 | 44,044 | ||||||||||||
Total | 17,500,000 | 16,383,725 | $ | 63,162 | $ | 62,639 | ||||||||||
June 30, 2021 | December 31, 2020 | |||||||
(unaudited) | ||||||||
Shares reserved for preferred stock outstanding | 16,383,725 | 16,383,725 | ||||||
Shares reserved for Series A preferred stock warrant | 7,353 | 7,353 | ||||||
Shares reserved for warrant to purchase common stock | 61,612 | 61,612 | ||||||
Options issued and outstanding | 8,379,760 | 8,497,693 | ||||||
Shares available for future option grants | 386,150 | 6,648 | ||||||
Total | 25,218,600 | 24,957,031 | ||||||
Outstanding Stock Options | Weighted Average Exercise Price | Weighted Average Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Balance at December 31, 2020 | 8,497,693 | $ | 1.79 | 8.3 | $ | 112,548 | ||||||||||
Granted | — | — | ||||||||||||||
Exercised | (49,265 | ) | 1.80 | |||||||||||||
Forfeited | (345,306 | ) | 1.97 | |||||||||||||
Expired | (46,060 | ) | 1.18 | |||||||||||||
Balance at June 30, 2021 (unaudited) | 8,057,062 | $ | 1.78 | 7.9 | $ | 255,464 | ||||||||||
Vested and expected to vest as of June 30, 2021 (unaudited) | 8,057,062 | $ | 1.73 | 7.6 | $ | 234,165 | ||||||||||
Vested and exercisable as of June 30, 2021 (unaudited) | 4,296,916 | $ | 1.36 | 6.6 | $ | 138,058 | ||||||||||
Common Stock | Weighted Average Grant date fair value | |||||||
Unvested at December 31, 2020 | — | — | ||||||
Granted | 467,697 | $ | 32.51 | |||||
Vested | (33,615 | ) | $ | 32.60 | ||||
Unvested at June 30, 2021 (unaudited) | 434,082 | $ | 32.50 | |||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(unaudited) | ||||||||||||||||
Research and development | $ | 776 | $ | 111 | $ | 1,397 | $ | 247 | ||||||||
Sales and marketing | 415 | 38 | 773 | 81 | ||||||||||||
General and administrative | 1429 | 114 | 2,060 | 215 | ||||||||||||
Total stock-based compensation expense | $ | 2,620 | $ | 263 | $ | 4,230 | $ | 543 | ||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(unaudited) | ||||||||||||||||
Revenue by primary geographical market: | ||||||||||||||||
United States | $ | 154 | $ | — | $ | 387 | $ | 128 | ||||||||
Germany | 500 | — | 500 | — | ||||||||||||
Other European countries | 64 | — | 64 | 35 | ||||||||||||
Asia | 29 | — | 125 | — | ||||||||||||
Total | $ | 747 | $ | — | $ | 1,076 | $ | 163 | ||||||||
Revenue by timing of recognition: | ||||||||||||||||
Recognized at a point in time | $ | 720 | $ | — | $ | 1,033 | $ | 163 | ||||||||
Recognized over time | 27 | — | 43 | — | ||||||||||||
Total | $ | 747 | $ | — | $ | 1,076 | $ | 163 | ||||||||
As of June 30, 2021 | ||||
(unaudited) | ||||
Contract liabilities, current | $ | 272 | ||
Contract liabilities, long-term | — | |||
Total | $ | 272 | ||
Beginning balance - April 1, 2021 | $ | 779 | ||
Revenue recognized that was included in the contract liabilities beginning balance | (527 | ) | ||
Increase due to cash received and performance obligations not yet satisfied during the period | 20 | |||
Ending balance - June 30, 2021 (unaudited) | $ | 272 | ||
Operating Leases | ||||
(unaudited) | ||||
Six months ended 2021 | $ | 1,143 | ||
Years ended: | ||||
2022 | 2,331 | |||
2023 | 2,342 | |||
2024 | 2,412 | |||
2025 and after | 4,824 | |||
Total minimum lease payments | $ | 13,052 | ||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(unaudited) | ||||||||||||||||
Numerator: | ||||||||||||||||
Net loss attributable to common shareholders | $ | (11,075 | ) | $ | (7,502 | ) | $ | (22,584 | ) | $ | (13,717 | ) | ||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding- Basic | 10,884,301 | 11,316,842 | 10,868,166 | 11,304,295 | ||||||||||||
Dilutive effect of potential common shares | — | — | — | — | ||||||||||||
Weighted average common shares outstanding- Diluted | 10,884,301 | 11,316,842 | 10,868,166 | 11,304,295 | ||||||||||||
Net loss per common share (basic and diluted) | $ | (1.02 | ) | $ | (0.66 | ) | $ | (2.08 | ) | $ | (1.21 | ) | ||||
June 30, 2021 | June 30, 2020 | |||||||
(unaudited) | ||||||||
Warrants to purchase common stock | 61,612 | 61,612 | ||||||
Warrants to purchase Series A preferred stock warrant | 7,353 | 7,353 | ||||||
Options to purchase common stock | 8,379,760 | 5,387,133 | ||||||
Conversion of Series A preferred stock | 9,226,734 | 9,226,734 | ||||||
Conversion of Series B preferred stock | 7,156,991 | 7,156,991 | ||||||
Conversion of convertible notes | 5,886,180 | 1,502,385 | ||||||
Total | 30,718,630 | 23,342,208 | ||||||
As of December 31, | ||||||||
2021 | 2020 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 14,183 | $ | 15,275 | ||||
Marketable securities | 149,824 | 0 | ||||||
Accounts receivable, net | 4,222 | 156 | ||||||
Inventories, net | 4,085 | 2,655 | ||||||
Prepaid and other current assets | 5,051 | 1,396 | ||||||
Total current assets | 177,365 | 19,482 | ||||||
Property and equipment, net | 5,129 | 4,865 | ||||||
Restricted cash | 2,150 | 1,223 | ||||||
Other noncurrent assets | 1,509 | 315 | ||||||
Total assets | $ | 186,153 | $ | 25,885 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 2,542 | $ | 1,807 | ||||
Accrued expenses and other current liabilities | 8,739 | 3,356 | ||||||
Contract liabilities | 2,287 | 660 | ||||||
Convertible notes | 0 | 29,079 | ||||||
Borrowing—net of debt issuance costs, current | 0 | 2,693 | ||||||
Total current liabilities | 13,568 | 37,595 | ||||||
Deferred rent, noncurrent | 3,032 | 3,631 | ||||||
Borrowings—net of debt issuance costs, noncurrent | 0 | 2,884 | ||||||
Other noncurrent liabilities | 786 | 0 | ||||||
Total liabilities | 17,386 | 44,110 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 18) | 0 | 0 | ||||||
STOCKHOLDERS’ EQUITY (DEFICIT): | ||||||||
Preferred stock—$0.0001 par value: 1,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 | ||||||
Common stock—$0.0001 par value: 300,000,000 shares authorized; 155,137,237 and 101,286,645 shares issued and outstanding at December 31, 2021 and 2020 | 16 | 10 | ||||||
Additional paid-in capital | 320,937 | 68,549 | ||||||
Accumulated other comprehensive loss | (391 | ) | 0 | |||||
Accumulated deficit | (151,795 | ) | (86,784 | ) | ||||
Total stockholders’ equity (deficit) | 168,767 | (18,225 | ) | |||||
Total liabilities and stockholders’ equity (deficit) | $ | 186,153 | $ | 25,885 | ||||
2020 | 2019 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 15,275 | $ | 5,855 | ||||
Accounts receivable, net (including $22 from related parties) | 156 | 143 | ||||||
Inventories, net | 2,655 | 2,418 | ||||||
Prepaid and other current assets | 1,396 | 5,207 | ||||||
Total current assets | 19,482 | 13,623 | ||||||
Property and equipment, net | 4,865 | 4,965 | ||||||
Other noncurrent assets | 1,538 | 2,472 | ||||||
Total assets | $ | 25,885 | $ | 21,060 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | 1,807 | 4,469 | ||||||
Accrued expenses and other current liabilities | 3,356 | 2,019 | ||||||
Deferred revenue (including $565 from related parties) | 660 | 950 | ||||||
Convertible notes | 29,079 | — | ||||||
Borrowings – net of issuance costs, current portion | 2,693 | 1,333 | ||||||
Total current liabilities | 37,595 | 8,771 | ||||||
Deferred rent, noncurrent | 3,631 | 4,127 | ||||||
Borrowings – net of issuance costs, noncurrent | 2,884 | 2,451 | ||||||
Total liabilities | $ | 44,110 | $ | 15,349 | ||||
COMMITMENTS AND CONTINGENCIES (Note 16) | ||||||||
STOCKHOLDERS’ (DEFICIT) EQUITY: | ||||||||
Preferred stock – $0.00001 par value: 17,500,000 shares authorized at December 31, 2020 and 2019; 16,383,725 shares issued and outstanding at December 31, 2020 and 2019; aggregate liquidation preference of $63,162 at December 31, 2020 and 2019 | 62,639 | 62,639 | ||||||
Common stock – $0.00001 par value: 37,500,000 shares authorized at December 31, 2020 and 2019; 10,838,010 and 11,283,838 shares issued and outstanding at December 31, 2020 and 2019 | — | — | ||||||
Additional paid-in capital | 5,920 | 3,305 | ||||||
Accumulated deficit | (86,784 | ) | (60,233 | ) | ||||
Total stockholders’ (deficit) equity | (18,225 | ) | 5,711 | |||||
Total liabilities and stockholders’ (deficit) equity | $ | 25,885 | $ | 21,060 | ||||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
REVENUE: | ||||||||
Prototype sales | $ | 1,004 | $ | 365 | ||||
Development contracts | 2,003 | 1,214 | ||||||
Total revenues | 3,007 | 1,579 | ||||||
COST OF REVENUE | 3,637 | 808 | ||||||
Gross profit (loss) | (630 | ) | 771 | |||||
OPERATING EXPENSES: | ||||||||
Research and development | 26,543 | 17,130 | ||||||
Sales and marketing | 10,548 | 3,408 | ||||||
General and administrative | 25,514 | 6,715 | ||||||
Total operating expenses | 62,605 | 27,253 | ||||||
LOSS FROM OPERATIONS | (63,235 | ) | (26,482 | ) | ||||
OTHER INCOME (EXPENSE): | ||||||||
Change in fair value of embedded derivative liability and warrant liabilities | 223 | 1,410 | ||||||
Gain on PPP loan forgiveness | 2,297 | 0 | ||||||
Interest income and other | 561 | 23 | ||||||
Interest expense and other | (4,857 | ) | (1,502 | ) | ||||
Total other income (expense), net | (1,776 | ) | (69 | ) | ||||
Provision for income tax expense | 0 | 0 | ||||||
Net loss | $ | (65,011 | ) | $ | (26,551 | ) | ||
Net unrealized loss on available-for-sale | (391 | ) | 0 | |||||
Comprehensive loss | $ | (65,402 | ) | $ | (26,551 | ) | ||
PER SHARE DATA | ||||||||
Net loss per common share (basic and diluted) | $ | (0.60 | ) | $ | (0.26 | ) | ||
Weighted average common shares outstanding (basic and diluted) | 109,055,894 | 102,803,202 |
2020 | 2019 | |||||||
REVENUE: | ||||||||
Prototype sales (including $60 from related parties) | $ | 365 | $ | 291 | ||||
Development contracts (including $1,150 from related parties) | 1,214 | 1,175 | ||||||
Total revenues | 1,579 | 1,466 | ||||||
Cost of revenue | 808 | 253 | ||||||
Gross profit | 771 | 1,213 | ||||||
OPERATING EXPENSES: | ||||||||
Research and development | 17,130 | 18,661 | ||||||
Sales and marketing | 3,408 | 4,244 | ||||||
General and administrative | 6,715 | 7,129 | ||||||
Total operating expenses | 27,253 | 30,034 | ||||||
LOSS FROM OPERATIONS | (26,482 | ) | (28,821 | ) | ||||
OTHER INCOME (EXPENSE): | ||||||||
Change in fair value of embedded derivatives and warrants | 1,410 | — | ||||||
Interest income | 23 | 266 | ||||||
Interest expense | (1,502 | ) | (96 | ) | ||||
Total other income (expense), net | (69 | ) | 170 | |||||
Provision for income tax expense | — | — | ||||||
NET LOSS AND COMPREHENSIVE LOSS | $ | (26,551 | ) | $ | (28,651 | ) | ||
PER SHARE DATA | ||||||||
Net loss per share (basic and diluted) | (2.36 | ) | (2.58 | ) | ||||
Weighted average shares outstanding (basic and diluted) | 11,247,251 | 11,099,850 |
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
BALANCE—December 31, 2020 (as previously reported) | 16,383,725 | $ | 62,639 | 10,838,010 | $ | 0 | $ | 5,920 | $0 | $ | (86,784 | ) | $ | (18,225 | ) | |||||||||||||||||
Retroactive application of recapitalization (Note 2) | (16,383,725 | ) | (62,639 | ) | 90,448,635 | 10 | 62,629 | 0 | 0 | 0 | ||||||||||||||||||||||
Balance as of December 31, 2020, as adjusted (Note 2) | 0 | 0 | 101,286,645 | 10 | 68,549 | 0 | (86,784 | ) | (18,225 | ) | ||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 10,018 | — | — | 10,018 | ||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 312,037 | — | 150 | — | — | 150 | ||||||||||||||||||||||||
Conversion of convertible notes and accrued interest into Class A common stock | — | — | 20,778,097 | 2 | 39,093 | — | — | 39,095 | ||||||||||||||||||||||||
Business Combination and PIPE financing | — | — | 31,894,635 | 3 | 256,808 | — | — | 256,811 | ||||||||||||||||||||||||
Transaction costs related to Business Combination and PIPE financing | — | — | — | — | (52,661 | ) | — | — | (52,661 | ) | ||||||||||||||||||||||
Net settlement of common stock and Series A preferred stock warrants | — | — | 240,806 | — | — | — | — | — | ||||||||||||||||||||||||
Assumption of the private placement warrant liability in connection with Business Combination | — | — | — | — | (268 | ) | — | — | (268 | ) | ||||||||||||||||||||||
Commitment shares for Common Stock Purchase Agreement | — | — | 302,634 | — | 1,583 | — | — | 1,583 | ||||||||||||||||||||||||
Repurchase of stock options | — | — | — | — | (1,500 | ) | — | — | (1,500 | ) | ||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | 448,604 | 1 | — | — | — | 1 | ||||||||||||||||||||||||
Taxes related to net share settlement of equity awards | — | — | (126,221 | ) | — | (835 | ) | — | — | (835 | ) | |||||||||||||||||||||
Unrealized loss on available-for-sale | — | — | — | — | — | (391 | ) | — | (391 | ) | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (65,011 | ) | (65,011 | ) | ||||||||||||||||||||||
BALANCE—December 31, 2021 | 0 | $ | 0 | 155,137,237 | $ | 16 | $ | 320,937 | $ | (391 | ) | $ | (151,795 | ) | $ | 168,767 | ||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
BALANCE—December 31, 2019 (as previously reported) | 16,383,725 | $ | 62,639 | 11,283,838 | $ | 0 | $ | 3,305 | $ | (60,233 | ) | $ | 5,711 | |||||||||||||||
Retroactive application of recapitalization (Note 2) | (16,383,725 | ) | (62,639 | ) | 91,661,644 | 10 | 62,629 | 0 | 0 | |||||||||||||||||||
Balance as of December 31, 2019, as adjusted (Note 2) | 0 | 0 | 102,945,482 | 10 | 65,934 | (60,233 | ) | 5,711 | ||||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,952 | — | 1,952 | |||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | 1,877,233 | — | 663 | — | 663 | |||||||||||||||||||||
Repurchase of common stock | — | — | (3,536,070 | ) | — | — | — | — | ||||||||||||||||||||
Net loss | — | — | — | — | — | (26,551 | ) | (26,551 | ) | |||||||||||||||||||
BALANCE—December 31, 2020 | 0 | $ | 0 | 101,286,645 | $ | 10 | $ | 68,549 | $ | (86,784 | ) | $ | (18,225 | ) | ||||||||||||||
Preferred Stock | Common Stock | Additional Paid in Capital | Accumulated Deficit | Total | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount (1) | |||||||||||||||||||||||||
BALANCE – January 1, 2019 | 15,899,254 | $ | 59,669 | 10,965,329 | $ | — | $ | 2,257 | $ | (31,582 | ) | $ | 30,344 | |||||||||||||||
Issuance of common stock upon exercise of stock options | 318,509 | — | 196 | 196 | ||||||||||||||||||||||||
Issuance of common stock warrant | 86 | 86 | ||||||||||||||||||||||||||
Issuance of Series B preferred stock, net of issuance costs of $30 | 484,471 | 2,970 | 2,970 | |||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 766 | — | 766 | |||||||||||||||||||||
Net loss | (28,651 | ) | (28,651 | ) | ||||||||||||||||||||||||
BALANCE – December 31, 2019 | 16,383,725 | $ | 62,639 | 11,283,838 | $ | — | $ | 3,305 | $ | (60,233 | ) | $ | 5,711 | |||||||||||||||
Issuance of common stock upon exercise of stock options | 504,524 | — | 663 | 663 | ||||||||||||||||||||||||
Repurchase of common stock | (950,352 | ) | — | — | — | |||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,952 | — | 1,952 | |||||||||||||||||||||
Net loss | (26,551 | ) | (26,551 | ) | ||||||||||||||||||||||||
BALANCE – December 31, 2020 | 16,383,725 | $ | 62,639 | 10,838,010 | $ | — | $ | 5,920 | $ | (86,784 | ) | $ | (18,225 | ) | ||||||||||||||
AEYE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
Year ended December 31, | ||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
Net loss | $ | (26,551 | ) | $ | (28,651 | ) | $ | (65,011 | ) | $ | (26,551 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
Depreciation and amortization | 922 | 343 | 1,014 | 922 | ||||||||||||
Noncash interest expense related to bank loans | 97 | 18 | ||||||||||||||
Change in fair value of embedded derivatives and warrants | (1,410 | ) | — | |||||||||||||
Noncash common stock purchase agreement costs | 1,583 | 0 | ||||||||||||||
Inventory write-downs | 1,203 | 72 | ||||||||||||||
Change in fair value of embedded derivative liability and warrant liabilities | (223 | ) | (1,410 | ) | ||||||||||||
Noncash gain on PPP loan forgiveness | (2,297 | ) | 0 | |||||||||||||
Stock-based compensation | 1,952 | 766 | 10,018 | 1,952 | ||||||||||||
Amortization of debt issuance costs | 830 | — | 725 | 97 | ||||||||||||
Amortization of debt discount | 752 | 830 | ||||||||||||||
Amortization of premiums on marketable securities, net of change in accrued interest | 310 | 0 | ||||||||||||||
Other | 68 | (64 | ) | 287 | 68 | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Accounts receivable | (13 | ) | 249 | |||||||||||||
Accounts receivable, net | (4,066 | ) | (13 | ) | ||||||||||||
Inventories, net | (237 | ) | (1,332 | ) | (2,633 | ) | (309 | ) | ||||||||
Prepaids and other current assets | 3,811 | (4,210 | ) | |||||||||||||
Prepaid and other current assets | (3,655 | ) | 3,811 | |||||||||||||
Other noncurrent assets | (193 | ) | (10 | ) | (1,483 | ) | (193 | ) | ||||||||
Accounts payable | 484 | 939 | 557 | 484 | ||||||||||||
Accrued expenses and other current liabilities | 1,377 | 1,102 | 5,496 | 1,377 | ||||||||||||
Deferred revenue | (290 | ) | 950 | |||||||||||||
Deferred rents, noncurrent | (496 | ) | 4,071 | |||||||||||||
Deferred rent | (538 | ) | (496 | ) | ||||||||||||
Contract liabilities | 2,258 | (290 | ) | |||||||||||||
Net cash used in operating activities | $ | (19,689 | ) | $ | (25,829 | ) | (55,703 | ) | (19,689 | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
Purchase of property and equipment | $ | (4,036 | ) | $ | (1,178 | ) | (1,021 | ) | (4,036 | ) | ||||||
Maturity of short-term investment | — | 6,000 | ||||||||||||||
Purchase of available-for-sale | (150,525 | ) | 0 | |||||||||||||
Net cash (used in) provided by investing activities | $ | (4,036 | ) | $ | 4,822 | |||||||||||
Net cash used in investing activities | (151,546 | ) | (4,036 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
Proceeds from the exercise of stock options | $ | 663 | $ | 196 | 150 | 663 | ||||||||||
Proceeds from the issuance of Series B preferred stock – net of issuance costs of $30 | — | 2,970 | ||||||||||||||
Proceeds from Business Combination and PIPE financing | 256,811 | 0 | ||||||||||||||
Transaction costs related to Business Combination and PIPE financing | (52,372 | ) | 0 | |||||||||||||
Proceeds from the issuance of convertible notes | 29,990 | — | 8,045 | 29,990 | ||||||||||||
Proceeds from bank loans | 2,270 | 4,000 | 10,000 | 2,270 | ||||||||||||
Principal payments on bank loan | (667 | ) | (1,939 | ) | ||||||||||||
Payment of debt issuance costs | (238 | ) | (135 | ) | ||||||||||||
Principal payments on bank loans | (13,333 | ) | (667 | ) | ||||||||||||
Payments of debt issuance costs | (717 | ) | (238 | ) | ||||||||||||
Repurchase of stock options | (1,500 | ) | 0 | |||||||||||||
Net cash provided by financing activities | $ | 32,018 | $ | 5,092 | 207,084 | 32,018 | ||||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 8,293 | (15,915 | ) | (165 | ) | 8,293 | ||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – Beginning of year | 8,205 | 24,120 | ||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – End of year | $ | 16,498 | $ | 8,205 | ||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period | 16,498 | 8,205 | ||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Ending | $ | 16,333 | $ | 16,498 | ||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||||||
Cash paid for interest | 197 | 76 | $ | 358 | $ | 197 | ||||||||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||||||
Property and equipment additions paid with lease incentive | — | 56 | ||||||||||||||
Property and equipment additions included in accounts payable and accrued liabilities | 13 | 3,159 | ||||||||||||||
Issuance of common stock warrant in connection with credit facility | — | 86 | ||||||||||||||
Purchases of property and equipment included in accounts payable and accrued liabilities | 270 | 13 | ||||||||||||||
Conversion of Series A and Series B preferred stock into Class A common stock | 62,639 | 0 | ||||||||||||||
Conversion of convertible notes and accrued interest into Class A common stock | 39,095 | 0 | ||||||||||||||
Assumption of the private placement warrant liability in connection with Business Combination | 268 | 0 | ||||||||||||||
Transaction costs paid in 2020, previously recorded to other non-current assets and reclassified to additionalpaid-in capital in 2021 | 289 | 0 | ||||||||||||||
Taxes related to net share settlement of equity awards included in accrued liabilities | 835 | 0 |
1. | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Customer A | * | 66 | % | |||||
Customer B | 55 | % | * |
* | Customer accounted for less than 10% of total revenue in the period. |
2. | RECAPITALIZATION |
Cash—CF III’s trust and cash (net of redemption) | $ | 36,811 | ||
Cash—Private offering | 220,000 | |||
Less: transaction costs and advisory fees paid | (52,661 | ) | ||
Net Business Combination and private offering | $ | 204,150 | ||
CF III Class A common stock, outstanding prior to Business Combination | 23,000,000 | |||
Less: redemption of CF III Class A common stock | 19,355,365 | |||
Class A common stock of CF III | 3,644,635 | |||
CF III founder shares | 5,750,000 | |||
CF III Private Placement shares | 500,000 | |||
CF III Shares issued in PIPE | 22,000,000 | |||
Business Combination and PIPE shares | 31,894,635 | |||
Legacy AEye shares | 122,509,667 | |||
August 16, 2021 | 154,404,302 | |||
AEye shares | AEye shares, effected for Exchange Ratio | |||||||
Balance at December 31, 2019 | 11,283,838 | 41,984,908 | ||||||
Recapitalization applied to Redeemable Convertible preferred stock outstanding at December 31, 2019 | 16,383,725 | 60,960,574 | ||||||
Exercise of common stock options—2020 | 504,524 | 1,877,233 | ||||||
Repurchase of common stock—2020 | (950,352 | ) | (3,536,070 | ) | ||||
Exercise of common stock options—2021 (pre-Closing) | 54,859 | 204,119 | ||||||
Conversion of Convertible Notes and Accrued Interest—2021 | 5,584,308 | 20,778,097 | ||||||
Exercise of common stock and Series A preferred stock warrants—2021 | 64,719 | 240,806 | ||||||
Total | 122,509,667 | |||||||
3. |
December 31, 2020 | Fair Value (in thousands) Measured as of December 31, 2021 Using: | |||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Adjusted Cost | Unrealized losses | Fair Value | Cash and Cash Equivalent | Marketable Securities | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Level 1 | ||||||||||||||||||||||||||||||||||||
Money market funds | $ | 4,863 | $ | — | $ | 4,863 | $ | 4,863 | $ | — | ||||||||||||||||||||||||||
Level 2 | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | 26,491 | $ | (68 | ) | $ | 26,423 | $ | — | $ | 26,423 | |||||||||||||||||||||||||
Corporate bonds | 48,643 | (150 | ) | 48,493 | — | 48,493 | ||||||||||||||||||||||||||||||
Commercial paper | 45,145 | — | 45,145 | — | 45,145 | |||||||||||||||||||||||||||||||
U.S. Government securities | 29,936 | (173 | ) | 29,763 | — | 29,763 | ||||||||||||||||||||||||||||||
Total financial assets | $ | 155,078 | $ | (391 | ) | $ | 154,687 | $ | 4,863 | $ | 149,824 | |||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Warrant liability | $ | — | $ | — | $ | 93 | $ | 93 | ||||||||||||||||||||||||||||
Embedded derivative liabilities | $ | — | $ | — | $ | 17 | $ | 17 | ||||||||||||||||||||||||||||
Level 2 | ||||||||||||||||||||||||||||||||||||
Private placement warrant liability | $ | — | $ | — | $ | 155 | $ | — | $ | — | ||||||||||||||||||||||||||
Total financial liabilities | $ | — | $ | — | $ | 110 | $ | 110 | $ | — | $ | — | $ | 155 | $ | — | $ | — | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Level 3 | ||||||||||||||||||||||||||||||||||||
Common stock and series A preferred stock warrant liability | $ | — | $ | — | $ | 93 | $ | — | $ | — | ||||||||||||||||||||||||||
Embedded derivative liability | — | — | 17 | — | — | |||||||||||||||||||||||||||||||
Total financial liabilities | $ | — | $ | — | $ | 110 | $ | — | $ | — | ||||||||||||||||||||||||||
Embedded Derivative | Warrants | Total | ||||||||||
Balance at December 31, 2019 | $ | — | $ | — | $ | — | ||||||
Initial fair value of embedded derivative | 1,520 | — | 1,520 | |||||||||
(Gain)/loss in fair value included in other income (expense) | (1,503 | ) | 93 | (1,410 | ) | |||||||
Balance at December 31, 2020 | $ | 17 | $ | 93 | $ | 110 | ||||||
Embedded Derivative | Common Stock and Series A Preferred Stock Warrant Liability | Total | ||||||||||
Balance at December 31, 2020 | $ | 17 | $ | 93 | $ | 110 | ||||||
(Gain) loss in fair value included in other income (expense, net) | (17 | ) | (93 | ) | (110 | ) | ||||||
Balance at December 31, 2021 | $ | 0 | $ | 0 | $ | 0 | ||||||
Embedded Derivative | Common Stock and Series A Preferred Stock Warrant Liability | Total | ||||||||||
Balance at December 31, 2019 | $ | 0 | $ | 0 | $ | 0 | ||||||
Initial fair value of embedded derivative | 1,520 | 0 | 1,520 | |||||||||
(Gain)/loss in fair value included in other income (expense, net) | (1,503 | ) | 93 | (1,410 | ) | |||||||
Balance at December 31, 2020 | $ | 17 | $ | 93 | $ | 110 | ||||||
December 31, 2020 | ||||
Expected term (years) | 5.8 | |||
Expected volatility | 45.6 | % | ||
Risk-free interest rate | 0.4 | % | ||
Dividend yield | 0 | % | ||
Exercise price | $ | 15.03 |
4. | CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |
As of December 31, | ||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Cash and cash equivalents | $ | 15,275 | $ | 5,855 | $ | 14,183 | $ | 15,275 | ||||||||
Restricted cash | 1,223 | 2,350 | 2,150 | 1,223 | ||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 16,498 | $ | 8,205 | $ | 16,333 | $ | 16,498 | ||||||||
5. | INVENTORIES |
2020 | 2019 | |||||||
Raw materials | $ | 1,123 | $ | 1,269 | ||||
Work in-process | 1,337 | 1,027 | ||||||
Finished goods | 195 | 122 | ||||||
Total inventory, net | $ | 2,655 | $ | 2,418 | ||||
As of December 31, | ||||||||
2021 | 2020 | |||||||
Raw materials | $ | 1,544 | $ | 1,123 | ||||
Work in-process | 2,447 | 1,337 | ||||||
Finished goods | 94 | 195 | ||||||
Total inventory, net | $ | 4,085 | $ | 2,655 | ||||
6. |
2020 | 2019 | |||||||
Receivables for tenant improvements | $ | 453 | $ | 3,845 | ||||
Taxes receivable | 43 | 500 | ||||||
Advances to suppliers & employees | 351 | 5 | ||||||
Prepaid rent | 200 | 214 | ||||||
Prepaid software licenses | 178 | 253 | ||||||
Prepaid insurance, taxes, lease costs, and other | 171 | 390 | ||||||
Total prepaid and other current assets | $ | 1,396 | $ | 5,207 | ||||
As of December 31, | ||||||||
2021 | 2020 | |||||||
Prepaid expenses | $ | 3,980 | $ | 549 | ||||
Demonstration units | 224 | 0 | ||||||
Other | 847 | 847 | ||||||
Total prepaid and other current assets | $ | 5,051 | $ | 1,396 | ||||
7. | OTHER NONCURRENT ASSETS |
2020 | 2019 | |||||||
Trade receivables | $ | 134 | $ | 143 | ||||
Trade receivables – related parties | 22 | — | ||||||
Total accounts receivables | $ | 156 | $ | 143 | ||||
As of December 31, | ||||||||
2021 | 2020 | |||||||
Deferred financing costs | $ | 0 | $ | 288 | ||||
Security deposits | 133 | 27 | ||||||
Long-term prepaid expenses | 1,376 | 0 | ||||||
Total other noncurrent assets | $ | 1,509 | $ | 315 | ||||
8. |
2020 | 2019 | As of December 31, | ||||||||||||||
Payroll liabilities | $ | 1,014 | $ | 933 | ||||||||||||
Sales tax payable | 82 | 30 | ||||||||||||||
2021 | 2020 | |||||||||||||||
Accrued payroll | $ | 957 | $ | 741 | ||||||||||||
Accrued bonuses | 3,408 | 0 | ||||||||||||||
Accrued payroll taxes | 1,547 | 273 | ||||||||||||||
Accrued interest | 391 | 12 | 0 | 391 | ||||||||||||
Accrued purchases and other | 1,324 | 488 | 1,947 | 1,406 | ||||||||||||
Deferred rent – current portion | 545 | 556 | ||||||||||||||
Warranty reserve | 275 | 0 | ||||||||||||||
Deferred rent—current | 605 | 545 | ||||||||||||||
Accrued expenses and other current liabilities | $ | 3,356 | $ | 2,019 | $ | 8,739 | $ | 3,356 | ||||||||
9. | PROPERTY AND EQUIPMENT, NET |
2020 | 2019 | |||||||
Lab and testing equipment | $ | 625 | $ | 637 | ||||
Computers and related equipment | 218 | 337 | ||||||
Office furniture and equipment | 338 | 195 | ||||||
Vehicles | 165 | 165 | ||||||
Leasehold improvements | 4,709 | 269 | ||||||
Construction in progress | — | 4,051 | ||||||
Total property and equipment | 6,055 | 5,654 | ||||||
Less accumulated depreciation and amortization | (1,190 | ) | (689 | ) | ||||
Property and equipment – net | $ | 4,865 | $ | 4,965 | ||||
As of December 31, | ||||||||
2021 | 2020 | |||||||
Machinery and equipment | $ | 1,444 | $ | 625 | ||||
Computers, software and related equipment | 268 | 218 | ||||||
Office furniture and equipment | 341 | 338 | ||||||
Vehicles | 342 | 165 | ||||||
Leasehold improvements | 4,725 | 4,709 | ||||||
Construction in progress | 213 | 0 | ||||||
Total property and equipment | 7,333 | 6,055 | ||||||
Less accumulated depreciation and amortization | (2,204 | ) | (1,190 | ) | ||||
Property and equipment, net | $ | 5,129 | $ | 4,865 | ||||
10. |
2020 | 2019 | |||||||
Silicon Valley Bank term loan | $ | 3,333 | $ | 4,000 | ||||
Silicon Valley Bank PPP Loan | 2,270 | — | ||||||
Unamortized debt discount | (26 | ) | (216 | ) | ||||
Current maturities | (2,693 | ) | (1,333 | ) | ||||
Borrowings, net of current maturities | $ | 2,884 | $ | 2,451 | ||||
Year | Amount | |||
2021 | $ | 2,693 | ||
2022 | 2,244 | |||
2023 | 667 | |||
$ | 5,604 | |||
December 31, 2020 | ||||
Silicon Valley Bank credit facility | $ | 3,333 | ||
Payroll Protection Program (PPP) Loan | 2,270 | |||
Unamortized debt issuance costs—SVB financing and credit facility | (26 | ) | ||
Total borrowings, net of debt issuance costs | $ | 5,577 | ||
Borrowings—net of debt issuance costs, current | $ | 2,693 | ||
Borrowings—net of debt issuance costs, noncurrent | 2,884 | |||
Total borrowings, net of debt issuance costs | $ | 5,577 | ||
December 31, 2020 | ||||
Stock price | $ | 15.03 | ||
Expected term (years) | 5.8 | |||
Expected volatility | 45.6 | % | ||
Risk-free interest | 0.4 | % | ||
Dividend yield | — | % |
11. |
(i) | the original issue price per share paid in the Next Financing Stock multiplied by 90%; and |
(ii) | the price obtained by dividing $250,000 by the number of outstanding shares of common stock of the Company immediately prior to the Next Financing, as applicable. |
2020 | ||||
Convertible notes – face value | $ | 29,990 | ||
Unamortized fees | (175 | ) | ||
Debt discount | (753 | ) | ||
Derivative liability | 17 | |||
Convertible notes – current | $ | 29,079 | ||
December 31, 2020 | ||||
Convertible notes—face value | $ | 29,990 | ||
Unamortized debt issuance costs | (175 | ) | ||
Unamortized debt discount | (753 | ) | ||
Embedded derivative liability | 17 | |||
Convertible notes—current | $ | 29,079 | ||
12. | INTEREST EXPENSE AND OTHER |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Interest on term loan debt | $ | 630 | $ | 200 | ||||
Interest on PPP loan | 11 | 16 | ||||||
Interest on convertible note | 700 | 359 | ||||||
Amortization of debt issuance costs | 725 | 97 | ||||||
Amortization of debt discount | 752 | 830 | ||||||
Amortization of premiums on marketable securities, net | 456 | 0 | ||||||
Common stock purchase agreement costs | 1,583 | 0 | ||||||
Interest expense and other | $ | 4,857 | $ | 1,502 | ||||
13. | STOCKHOLDERS’ EQUITY |
14. | NET LOSS PER SHARE |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Numerator: | ||||||||
Net loss attributable to common stockholders | $ | (65,011 | ) | $ | (26,551 | ) | ||
Denominator: | ||||||||
Weighted average common shares outstanding—Basic | 109,055,894 | 102,803,202 | ||||||
Dilutive effect of potential common shares | 0 | 0 | ||||||
Weighted average common shares outstanding—Diluted | 109,055,894 | 102,803,202 | ||||||
Net loss per share attributable to common stockholders—Basic and Diluted | $ | (0.60 | ) | $ | (0.26 | ) | ||
2020 | 2019 | |||||||
Shares reserved for preferred stock outstanding | 16,383,725 | 16,383,725 | ||||||
Shares reserved for Series A preferred stock warrant | 7,353 | 7,353 | ||||||
Shares reserved for warrant to purchase shares of common stock | 61,612 | 68,458 | ||||||
Options issued and outstanding | 8,497,693 | 5,800,426 | ||||||
Shares available for future option grants | 6,648 | 958,087 | ||||||
Total | 24,957,031 | 23,218,049 | ||||||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Warrants | 7,833,332 | 256,605 | ||||||
Common stock options issued and outstanding | 29,238,432 | 31,618,135 | ||||||
Unvested restricted stock units | 7,434,743 | 0 | ||||||
Conversion of convertible notes | 0 | 16,317,560 | ||||||
Total | 44,506,507 | 48,192,300 | ||||||
15. | STOCK-BASED COMPENSATION |
Outstanding Stock Options | Weighted Average Exercise Price | Weighted Average Contractual Life (Years) | Aggregate Intrinsic Value (in thousands) | |||||||||||||
Balance at December 31, 2018 | 3,585,704 | $ | 0.56 | 8.1 | $ | 6,325 | ||||||||||
Granted | 2,829,917 | 2.32 | ||||||||||||||
Exercised | (318,509 | ) | 0.62 | |||||||||||||
Forfeited | (253,729 | ) | 1.23 | |||||||||||||
Expired | (42,957 | ) | 0.66 | |||||||||||||
Balance at December 31, 2019 | 5,800,426 | 1.38 | 8.3 | 5,446 | ||||||||||||
Granted | 4,411,431 | 2.33 | ||||||||||||||
Exercised | (504,524 | ) | 1.31 | |||||||||||||
Forfeited | (1,014,010 | ) | 2.04 | |||||||||||||
Expired | (195,630 | ) | 1.98 | |||||||||||||
Balance at December 31, 2020 | 8,497,693 | 1.79 | 8.3 | 112,548 | ||||||||||||
Vested and expected to vest as of December 31, 2020 | 8,497,693 | 1.79 | 8.3 | 112,548 | ||||||||||||
Vested and exercisable as of December 31, 2020 | 3,546,022 | $ | 1.21 | 7.0 | $ | 49,022 | ||||||||||
Outstanding Stock Options | Weighted Average Exercise Price | Weighted Average Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Balance at December 31, 2020 | 31,618,135 | $ | 0.48 | 8.3 | $ | 112,548 | ||||||||||
Granted | 0 | 0 | ||||||||||||||
Exercised | (312,037 | ) | 0.48 | |||||||||||||
Forfeited | (1,026,950 | ) | 0.65 | |||||||||||||
Expired | (498,101 | ) | 0.19 | |||||||||||||
Repurchased | (542,615 | ) | 0.17 | |||||||||||||
Balance at December 31, 2021 | 29,238,432 | $ | 0.48 | 7.4 | $ | 127,345 | ||||||||||
Vested and expected to vest as of December 31, 2021 | 27,555,673 | $ | 0.48 | 7.3 | $ | 120,250 | ||||||||||
Vested and exercisable as of December 31, 2021 | 18,615,254 | $ | 0.41 | 6.7 | $ | 82,475 |
Shares | Weighted Average Grant date Fair Value per Share | |||||||
Unvested at December 31, 2020 | 0 | 0 | ||||||
Granted | 7,913,760 | $ | 5.91 | |||||
Forfeited | (30,413 | ) | 7.60 | |||||
Vested | (448,604 | ) | 7.54 | |||||
Unvested at December 31, 2021 | 7,434,743 | $ | 5.80 | |||||
Year ended December 31, | ||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Research and development | $ | 702 | $ | 376 | $ | 2,175 | $ | 702 | ||||||||
Sales and marketing | 249 | 144 | 1,381 | 249 | ||||||||||||
General and administrative | 1,001 | 246 | 6,462 | 1,001 | ||||||||||||
Total stock-based compensation expense | $ | 1,952 | $ | 766 | ||||||||||||
Total stock-based compensation | $ | 10,018 | $ | 1,952 | ||||||||||||
2020 | 2019 | |||||||
Unrecognized stock-based compensation expense | $ | 11,562 | $ | 2,275 | ||||
Weighted average recognition period | 2.9 | 2.9 | ||||||
2020 | 2019 | |||||||
Expected term (in years) | 5.8 | 6.0 | ||||||
Risk-free interest rate | 0.4 | % | 2.1 | % | ||||
Expected volatility | 45.6 | % | 40.9 | % | ||||
Expected dividend yield | — | % | — | % |
December 31, 2020 | ||||
Expected term (in years) | 5.8 | |||
Risk-free interest rate | 0.4 | % | ||
Expected volatility | 45.6 | % | ||
Expected dividend yield | 0 | % |
16. |
Year ended December 31, | ||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Revenue by primary geographical market: | ||||||||||||||||
United States | $ | 330 | $ | 385 | $ | 2,215 | $ | 330 | ||||||||
Europe | 135 | 1,025 | ||||||||||||||
Germany | 536 | 25 | ||||||||||||||
Other European countries | 111 | 110 | ||||||||||||||
Asia | 1,114 | 56 | 145 | 1,114 | ||||||||||||
Total | $ | 1,579 | $ | 1,466 | $ | 3,007 | $ | 1,579 | ||||||||
Revenue by timing of recognition: | ||||||||||||||||
Recognized at a point in time | $ | 1,515 | $ | 466 | $ | 2,991 | $ | 1,515 | ||||||||
Recognized over time | 64 | 1,000 | 16 | 64 | ||||||||||||
Total | $ | 1,579 | $ | 1,466 | $ | 3,007 | $ | 1,579 | ||||||||
As of December 31, 2020 | ||||
Contract liabilities, Current | $ | 660 | ||
Total | $ | 660 | ||
As of December 31, 2021 | ||||
Contract liabilities, current | $ | 2,287 | ||
Contract liabilities, noncurrent | 631 | |||
Total | $ | 2,918 | ||
2020 | 2019 | |||||||
Beginning balance | $ | 950 | $ | — | ||||
Revenue recognized that was included in the contract liabilities beginning balance | (450 | ) | — | |||||
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period | 160 | 950 | ||||||
Ending balance | $ | 660 | $ | 950 | ||||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Beginning balance | $ | 660 | $ | 950 | ||||
Revenue recognized that was included in the contract liabilities beginning balance | (570 | ) | (450 | ) | ||||
Increase due to invoices issued on performance obligations not yet satisfied during the period | 2,828 | 160 | ||||||
Ending balance | $ | 2,918 | $ | 660 | ||||
17. |
2020 | 2019 | |||||||
U.S. federal tax benefit at statutory rate | 21.0 | % | 21.0 | % | ||||
State income taxes, net of federal benefit | 3.5 | % | 3.1 | % | ||||
Non-deductible expenses and other | 0.3 | % | (0.2 | )% | ||||
Share-based compensation | (1.5 | )% | (0.5 | )% | ||||
Research and development credits | 2.5 | % | 1.1 | % | ||||
Foreign rate differential | (4.3 | )% | (2.9 | )% | ||||
Change in valuation allowance, net | (21.5 | )% | (21.6 | )% | ||||
Effective tax rate | — | % | — | % | ||||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
U.S. federal tax benefit at statutory rate | 21.0 | % | 21.0 | % | ||||
State income taxes, net of federal benefit | 11.8 | % | 3.5 | % | ||||
Non-deductible expenses and other | (0.3 | )% | 0.3 | % | ||||
Stock-based compensation | (1.1 | )% | (1.5 | )% | ||||
Research and development credits | 1.2 | % | 2.5 | % | ||||
Transaction cost | 3.9 | % | 0 | % | ||||
Foreign rate differential | (3.1 | )% | (4.3 | )% | ||||
Change in valuation allowance, net | (33.4 | )% | (21.5 | )% | ||||
Effective tax rate | 0 | % | 0 | % | ||||
Year ended December 31, | ||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Deferred tax assets: | ||||||||||||||||
Net operating loss carryforwards | $ | 17,011 | $ | 12,276 | $ | 41,856 | $ | 17,011 | ||||||||
Research and development credit carryforward | 2,810 | 1,826 | 4,545 | 2,810 | ||||||||||||
Stock-based compensation | 51 | 42 | 1,040 | 51 | ||||||||||||
Property and equipment | 40 | 178 | 40 | |||||||||||||
Other accruals | 464 | 545 | 734 | 464 | ||||||||||||
Gross deferred tax assets | 20,376 | 14,688 | 48,353 | 20,376 | ||||||||||||
Valuation allowance | (20,376 | ) | (14,677 | ) | (48,353 | ) | (20,376 | ) | ||||||||
Net deferred tax assets | — | 11 | ||||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Property and equipment | — | (11 | ) | |||||||||||||
Total deferred tax assets—net | $ | 0 | $ | 0 | ||||||||||||
Total deferred tax assets (liabilities) – net | $ | — | $ | — | ||||||||||||
2020 | 2019 | |||||||
Unrecognized tax benefits as of the beginning of the year | $ | 938 | $ | 647 | ||||
Increases related to prior year tax provisions | (14 | ) | — | |||||
Increase related to current year tax provisions | 286 | 291 | ||||||
Unrecognized tax benefits as of the end of the year | $ | 1,210 | $ | 938 | ||||
14. |
2020 | 2019 | |||||||
Numerator: | ||||||||
Net loss attributable to common shareholders (in thousands) | $ | (26,551 | ) | $ | (28,651 | ) | ||
Denominator: | ||||||||
Weighted average Common shares outstanding- Basic | 11,247,251 | 11,099,850 | ||||||
Dilutive effect of potential common shares | — | — | ||||||
Weighted average Common shares outstanding- Diluted | 11,247,251 | 11,099,850 | ||||||
Net loss per share attributable to Common shareholders – Basic and Diluted | $ | (2.36 | ) | $ | (2.58 | ) | ||
2020 | 2019 | |||||||
Warrants to purchase common stock | 61,612 | 68,458 | ||||||
Warrants to purchase preferred stock | 7,353 | 7,353 | ||||||
Options to purchase common stock | 8,497,693 | 5,800,426 | ||||||
Conversion of Series A Preferred stock | 9,226,734 | 9,226,734 | ||||||
Conversion of Series B Preferred stock | 7,156,991 | 7,156,991 | ||||||
Conversion of convertible notes | 4,385,497 | — | ||||||
Total | 29,335,880 | 22,259,962 | ||||||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Numerator: | ||||||||
Net loss attributable to common stockholders | $ | (65,011 | ) | $ | (26,551 | ) | ||
Denominator: | ||||||||
Weighted average common shares outstanding—Basic | 109,055,894 | 102,803,202 | ||||||
Dilutive effect of potential common shares | 0 | 0 | ||||||
Weighted average common shares outstanding—Diluted | 109,055,894 | 102,803,202 | ||||||
Net loss per share attributable to common stockholders—Basic and Diluted | $ | (0.60 | ) | $ | (0.26 | ) | ||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Warrants | 7,833,332 | 256,605 | ||||||
Common stock options issued and outstanding | 29,238,432 | 31,618,135 | ||||||
Unvested restricted stock units | 7,434,743 | 0 | ||||||
Conversion of convertible notes | 0 | 16,317,560 | ||||||
Total | 44,506,507 | 48,192,300 | ||||||
15. | STOCK-BASED COMPENSATION |
June 30, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
Assets: | ||||||||
Current Assets: | ||||||||
Cash | $ | 128,719 | $ | 1,250 | ||||
Prepaid expenses | 466,501 | 437,500 | ||||||
Total current assets | 595,220 | 438,750 | ||||||
Other assets | 145,833 | 364,583 | ||||||
Cash equivalents held in Trust Account | 232,305,815 | 230,000,819 | ||||||
Total Assets | $ | 233,046,868 | $ | 230,804,152 | ||||
Liabilities and Stockholders’ Equity: | ||||||||
Current Liabilities: | ||||||||
Accrued expenses | $ | 81,058 | $ | 28,099 | ||||
Payables to related party | 108,719 | 4,295 | ||||||
Sponsor loan – promissory notes | 3,460,955 | 427,612 | ||||||
Franchise tax payable | 100,000 | 24,615 | ||||||
Income tax payable | 52 | 26 | ||||||
Total Current Liabilities | 3,750,784 | 484,647 | ||||||
Warrant liability | 12,611,665 | 12,061,764 | ||||||
Total Liabilities | 16,362,449 | 12,546,411 | ||||||
Commitments and Contingencies (Note 5) | 0 | 0 | ||||||
Class A common stock, 20,958,853 and 21,325,774 shares subject to possible redemption at $10.10 and $10.00 per share as of June 30, 2021 and December 31, 2020, respectively | 211,684,415 | 213,257,740 | ||||||
Stockholders’ Equity: | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0000none issued and outstanding as of both June 30, 2021 and December 31, 2020 | 0— | 0— | ||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 2,541,147 and 2,174,226 issued and outstanding (excluding 20,958,853 and 21,325,774 shares subject to possible redemption) as of June 30, 2021 and December 31, 2020, respectively | 254 | 217 | ||||||
Class B common stock, $0.0001 par value; 30,000,000 shares authorized; 5,750,000 shares issued and outstanding as of both June 30, 2021 and December 31, 2020 | 575 | 575 | ||||||
Additional paid-in capital | 9,457,745 | 7,884,457 | ||||||
Accumulated deficit | (4,458,570 | ) | (2,885,248 | ) | ||||
Total Stockholders’ Equity | 5,000,004 | 5,000,001 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 233,046,868 | $ | 230,804,152 | ||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
General and administrative costs | $ | 270,523 | $ | — | $ | 844,333 | $ | — | ||||||||
Administrative expenses – related party | 30,000 | — | 60,000 | — | ||||||||||||
Franchise tax expense | 50,050 | — | 130,575 | — | ||||||||||||
Loss from operations | (350,573 | ) | — | (1,034,908 | ) | — | ||||||||||
Interest income on investments held in Trust Account | 5,815 | — | 11,487 | — | ||||||||||||
Changes in fair value of warrant liability | (1,566,668 | ) | (549,901 | ) | ||||||||||||
Net loss | $ | (1,911,426 | ) | $ | — | $ | (1,573,322 | ) | $ | — | ||||||
Weighted average number of shares of common stock outstanding: | ||||||||||||||||
Class A – Public shares | 23,000,000 | — | 23,000,000 | — | ||||||||||||
Class A – Private placement | 500,000 | — | 500,000 | — | ||||||||||||
Class B – Common stock | 5,750,000 | 5,000,000 | (1) | 5,750,000 | 5,000,000 | (1) | ||||||||||
Basic and diluted net income (loss) per share: | ||||||||||||||||
Class A – Public shares | $ | 0.00 | $ | — | $ | 0.00 | $ | — | ||||||||
Class A – Private placement | $ | (0.31 | ) | $ | — | $ | (0.25 | ) | $ | — | ||||||
Class B – Common stock | $ | (0.31 | ) | $ | 0.00 | $ | (0.25 | ) | $ | 0.00 |
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance – December 31, 2020 | 2,174,226 | $ | 217 | 5,750,000 | $ | 575 | $ | 7,884,457 | $ | (2,885,248 | ) | $ | 5,000,001 | |||||||||||||||
Shares subject to possible redemption | (33,810 | ) | (3 | ) | — | — | (338,097 | ) | — | (338,100 | ) | |||||||||||||||||
Net income | — | — | — | — | — | 338,104 | 338,104 | |||||||||||||||||||||
Balance – March 31, 2021 | 2,140,416 | 214 | 5,750,000 | 575 | 7,546,360 | (2,547,144 | ) | 5,000,005 | ||||||||||||||||||||
Shares subject to possible redemption | 400,731 | 40 | — | — | 1,911,385 | — | 1,911,425 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (1,911,426 | ) | (1,911,426 | ) | |||||||||||||||||||
Balance – June 30, 2021 | 2,541,147 | $ | 254 | 5,750,000 | $ | 575 | $ | 9,457,745 | $ | (4,458,570 | ) | $ | 5,000,004 | |||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance – December 31, 2019 | 0— | $ | 0— | 5,750,000 | (1) | $ | 575 | $ | 24,425 | $ | (2,449 | ) | $ | 22,551 | ||||||||||||||
Net income | — | 0— | — | 0— | 0— | 0— | 0— | |||||||||||||||||||||
Balance – March 31, 2020 | 0— | 0— | 5,750,000 | 575 | 24,425 | (2,449 | ) | 22,551 | ||||||||||||||||||||
Net income | — | 0— | — | 0— | 0— | 0— | 0— | |||||||||||||||||||||
Balance – June 30, 2020 | 0— | $ | 0— | 5,750,000 | (1) | $ | 575 | $ | 24,425 | $ | (2,449 | ) | $ | 22,551 | ||||||||||||||
For the Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (1,573,322 | ) | $ | 0— | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
General and administrative expenses paid by related party | 549,366 | 0— | ||||||
Interest income on investments held in Trust Account | (11,487 | ) | 0— | |||||
Changes in fair value of warrant liability | 549,901 | 0— | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other assets | 247,749 | 0— | ||||||
Accrued expenses | 52,958 | 0— | ||||||
Income tax payable | 26 | 0— | ||||||
Payable to related party | 104,424 | 0— | ||||||
Franchise tax payable | 75,385 | 0— | ||||||
Net cash used in operating activities | (5,000 | ) | 0— | |||||
Cash flows from investing activities: | ||||||||
Proceeds from Trust Account to pay tax | 6,491 | 0— | ||||||
Cash deposited to Trust Account | (2,300,000 | ) | 0— | |||||
Net cash used by investing activities | (2,293,509 | ) | 0— | |||||
Cash flows from financing activities: | ||||||||
Proceeds from related party – Sponsor loan | 3,033,343 | 0— | ||||||
Payment of related party payable | (607,365 | ) | 0— | |||||
Net cash provided by financing activities | 2,425,978 | 0— | ||||||
Net change in cash | 127,469 | 0— | ||||||
Cash – beginning of the period | 1,250 | 25,000 | ||||||
Cash – end of the period | $ | 128,719 | $ | 25,000 | ||||
Supplemental disclosure of noncash financing activities: | ||||||||
Prepaid expenses paid with payables to related party | $ | 58,000 | $ | 0— | ||||
Changes in Class A common stock subject to possible redemption | $ | (1,573,325 | ) | $ | 0— | |||
Outstanding Stock Options | Weighted Average Exercise Price | Weighted Average Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Balance at December 31, 2020 | 31,618,135 | $ | 0.48 | 8.3 | $ | 112,548 | ||||||||||
Granted | 0 | 0 | ||||||||||||||
Exercised | (312,037 | ) | 0.48 | |||||||||||||
Forfeited | (1,026,950 | ) | 0.65 | |||||||||||||
Expired | (498,101 | ) | 0.19 | |||||||||||||
Repurchased | (542,615 | ) | 0.17 | |||||||||||||
Balance at December 31, 2021 | 29,238,432 | $ | 0.48 | 7.4 | $ | 127,345 | ||||||||||
Vested and expected to vest as of December 31, 2021 | 27,555,673 | $ | 0.48 | 7.3 | $ | 120,250 | ||||||||||
Vested and exercisable as of December 31, 2021 | 18,615,254 | $ | 0.41 | 6.7 | $ | 82,475 |
For the Three Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Redeemable shares of Class A common stock | ||||||||
Numerator: earnings allocable to redeemable shares of Class A common stock | ||||||||
Interest income on investments held in Trust Account | $ | 5,815 | $ | 0— | ||||
Less franchise tax available to be withdrawn from the Trust Account | $ | (5,815 | ) | $ | 0— | |||
Net earnings | $ | 0— | $ | 0— | ||||
Denominator: weighted average number of redeemable shares of Class A common stock | 23,000,000 | 0— | ||||||
Basic and diluted net loss per redeemable share of Class A common stock | $ | 0.00 | $ | 0— | ||||
Non-redeemable shares of Class A private placement common stock and Class B common stock | ||||||||
Numerator: net loss minus redeemable net earnings | ||||||||
Loss from operations | $ | (350,573 | ) | $ | 0— | |||
Less franchise tax available to be withdrawn from the Trust Account | $ | 5,815 | $ | 0— | ||||
Change in fair value of warrant liability attributable to non-redeemable shares of Class A private placement common stock and Class B common stock | $ | (1,566,668 | ) | $ | 0— | |||
Non-redeemable net loss | $ | (1,911,426 | ) | $ | 0— | |||
Denominator: weighted average number of non-redeemable shares of Class A private placement common stock and Class B common stock | ||||||||
Non-redeemable shares of Class A private placement common stock and Class B common stock, basic and diluted | 6,250,000 | 5,000,000 | ||||||
Basic and diluted net loss per non-redeemable share of Class A private placement common stock and share of Class B common stock | $ | (0.31 | ) | $ | 0.00 |
Shares | Weighted Average Grant date Fair Value per Share | |||||||
Unvested at December 31, 2020 | 0 | 0 | ||||||
Granted | 7,913,760 | $ | 5.91 | |||||
Forfeited | (30,413 | ) | 7.60 | |||||
Vested | (448,604 | ) | 7.54 | |||||
Unvested at December 31, 2021 | 7,434,743 | $ | 5.80 | |||||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Research and development | $ | 2,175 | $ | 702 | ||||
Sales and marketing | 1,381 | 249 | ||||||
General and administrative | 6,462 | 1,001 | ||||||
Total stock-based compensation | $ | 10,018 | $ | 1,952 | ||||
For the Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Redeemable shares of Class A common stock | ||||||||
Numerator: earnings allocable to redeemable shares of Class A common stock | ||||||||
Interest income on investments held in Trust Account | $ | 11,487 | $ | 0— | ||||
Less franchise tax available to be withdrawn from the Trust Account | $ | (11,487 | ) | $ | 0— | |||
Net earnings | $ | 0— | $ | 0— | ||||
Denominator: weighted average number of redeemable shares of Class A common stock | 23,000,000 | 0— | ||||||
Basic and diluted net loss per redeemable share of Class A common stock | $ | 0.00 | $ | 0— | ||||
Non-redeemable shares of Class A private placement common stock and Class B common stock | ||||||||
Numerator: net loss minus redeemable net earnings | ||||||||
Loss from operations | $ | (1,034,908 | ) | $ | 0— | |||
Less franchise tax available to be withdrawn from the Trust Account | $ | 11,487 | 0— | |||||
Change in fair value of warrant liability attributable to non-redeemable shares of Class A private placement common stock and Class B common stock | $ | (549,901 | ) | $ | 0— | |||
Non-redeemable net loss | $ | (1,573,322 | ) | $ | 0— | |||
Denominator: weighted average number of non-redeemable shares of Class A private placement common stock and Class B common stock | ||||||||
Non-redeemable shares of Class A private placement common stock and Class B common stock, basic and diluted | 6,250,000 | 5,000,000 | ||||||
Basic and diluted net loss per non-redeemable share of Class A private placement common stock and Class B common stock | $ | (0.25 | ) | $ | 0.00 |
December 31, 2020 | ||||
Expected term (in years) | 5.8 | |||
Risk-free interest rate | 0.4 | % | ||
Expected volatility | 45.6 | % | ||
Expected dividend yield | 0 | % |
16. | REVENUE |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Revenue by primary geographical market: | ||||||||
United States | $ | 2,215 | $ | 330 | ||||
Germany | 536 | 25 | ||||||
Other European countries | 111 | 110 | ||||||
Asia | 145 | 1,114 | ||||||
Total | $ | 3,007 | $ | 1,579 | ||||
Revenue by timing of recognition: | ||||||||
Recognized at a point in time | $ | 2,991 | $ | 1,515 | ||||
Recognized over time | 16 | 64 | ||||||
Total | $ | 3,007 | $ | 1,579 | ||||
As of December 31, 2021 | ||||
Contract liabilities, current | $ | 2,287 | ||
Contract liabilities, noncurrent | 631 | |||
Total | $ | 2,918 | ||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Beginning balance | $ | 660 | $ | 950 | ||||
Revenue recognized that was included in the contract liabilities beginning balance | (570 | ) | (450 | ) | ||||
Increase due to invoices issued on performance obligations not yet satisfied during the period | 2,828 | 160 | ||||||
Ending balance | $ | 2,918 | $ | 660 | ||||
17. | INCOME TAXES |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Total | ||||||||||||
Assets: | ||||||||||||||||
Assets held in Trust Account — U.S. Treasury Securities | $ | 232,305,815 | $ | 0— | $ | 0 — | $ | 232,305,815 | ||||||||
Liabilities: | ||||||||||||||||
Warrant liability | $ | 12,343,333 | $ | 268,332 | $ | 0 — | $ | 12,611,665 | ||||||||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Total | ||||||||||||
Assets: | ||||||||||||||||
Assets held in Trust Account — U.S. Treasury Securities | $ | 230,000,819 | $ | 0 — | $ | 0— | $ | 230,000,819 | ||||||||
Liabilities: | ||||||||||||||||
Warrant liability | $ | 0— | $ | 0 — | $ | 12,061,764 | $ | 12,061,764 | ||||||||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
U.S. federal tax benefit at statutory rate | 21.0 | % | 21.0 | % | ||||
State income taxes, net of federal benefit | 11.8 | % | 3.5 | % | ||||
Non-deductible expenses and other | (0.3 | )% | 0.3 | % | ||||
Stock-based compensation | (1.1 | )% | (1.5 | )% | ||||
Research and development credits | 1.2 | % | 2.5 | % | ||||
Transaction cost | 3.9 | % | 0 | % | ||||
Foreign rate differential | (3.1 | )% | (4.3 | )% | ||||
Change in valuation allowance, net | (33.4 | )% | (21.5 | )% | ||||
Effective tax rate | 0 | % | 0 | % | ||||
December 31, 2020 | ||||
Risk-free interest rate | 0.5 | % | ||
Expected term (years) | 5 | |||
Expected volatility | 17.5 | % | ||
Exercise price | $ | 11.50 | ||
Stock price | $ | 10.73 | ||
Dividend yield | 0.0 | % |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carryforwards | $ | 41,856 | $ | 17,011 | ||||
Research and development credit carryforward | 4,545 | 2,810 | ||||||
Stock-based compensation | 1,040 | 51 | ||||||
Property and equipment | 178 | 40 | ||||||
Other accruals | 734 | 464 | ||||||
Gross deferred tax assets | 48,353 | 20,376 | ||||||
Valuation allowance | (48,353 | ) | (20,376 | ) | ||||
Total deferred tax assets—net | $ | 0 | $ | 0 | ||||
Private Placement | Public | Warrant Liability | ||||||||||
Fair value as of December 31, 2020 | $ | 256,632 | $ | 11,805,132 | $ | 12,061,764 | ||||||
Change in valuation inputs or other assumptions (1) | (21,633 | ) | (995,134 | ) | (1,016,767 | ) | ||||||
Fair Value as at March 31, 2021 | 234,999 | 10,809,998 | 11,044,997 | |||||||||
Change in valuation inputs or other assumptions (1) | 33,333 | 1,533,335 | 1,566,668 | |||||||||
Fair value as of June 30, 2021 (2) | $ | 268,332 | $ | 12,343,333 | $ | 12,611,665 | ||||||
December 31, | ||||||||
2020 | 2019 | |||||||
(restated) | ||||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash | $ | 1,250 | $ | 25,000 | ||||
Prepaid expenses | 437,500 | — | ||||||
Total current assets | 438,750 | 25,000 | ||||||
Other assets | 364,583 | — | ||||||
Cash equivalents held in Trust Account | 230,000,819 | — | ||||||
Total Assets | $ | 230,804,152 | $ | 25,000 | ||||
Liabilities and Stockholders’ Equity: | ||||||||
Current liabilities: | ||||||||
Accrued expenses | $ | 28,099 | $ | 98 | ||||
Payables to related party | 4,295 | 2,351 | ||||||
Sponsor loan – promissory notes | 427,612 | — | ||||||
Franchise tax payable | 24,615 | — | ||||||
Income tax payable | 26 | — | ||||||
Total current liabilities | 484,647 | 2,449 | ||||||
Warrant liability | 12,061,764 | — | ||||||
Total liabilities | 12,546,411 | 2,449 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A common stock, 21,325,774 and -0- shares subject to possible redemption at $10.00 per share as of December 31, 2020 and 2019, respectively | 213,257,740 | — | ||||||
Stockholders’ Equity: | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0000none issued and outstanding | 0— | 0— | ||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 2,174,226 and -0- shares issued and outstanding (excluding 21,325,774 and -0- shares subject to possible redemption) as of December 31, 2020 and 2019, respectively | 217 | — | ||||||
Class B common stock, $0.0001 par value; 30,000,000 shares authorized; 5,750,000 shares issued and outstanding as of December 31, 2020 and 2019 | 575 | 575 | (1) | |||||
Additional paid-in capital | 7,884,457 | 24,425 | ||||||
Accumulated deficit | (2,885,248 | ) | (2,449 | ) | ||||
Total Stockholders’ Equity | 5,000,001 | 22,551 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 230,804,152 | $ | 25,000 | ||||
For the Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
(restated) | ||||||||
General and administrative costs | $ | 115,204 | $ | 98 | ||||
Administrative expenses – related party | 14,333 | — | ||||||
Franchise tax expense | 24,165 | 450 | ||||||
Loss from operations | (153,702 | ) | (548 | ) | ||||
Interest income on investments held in Trust Account | 819 | — | ||||||
Change in fair value of warrant liability | (2,729,916 | ) | — | |||||
Loss before income tax expense | (2,882,799 | ) | (548 | ) | ||||
Net loss | $ | (2,882,799 | ) | $ | (548 | ) | ||
Weighted average number of common shares outstanding: | ||||||||
Class A – Public shares | 23,000,000 | — | ||||||
Class A – Private placement | 500,000 | — | ||||||
Class B – Common stock | 5,090,659 | 5,000,000 | (1) | |||||
Basic and diluted net income (loss) per share: | ||||||||
Class A – Public shares | $ | 0.00 | $ | — | ||||
Class A – Private placement | $ | (0.52 | ) | $ | — | |||
Class B – Common stock | $ | (0.52 | ) | $ | (0.00 | ) |
For the years ended December 31, 2020 (restated) and 2019 | ||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance – December 31, 2018 | 0— | $ | 0— | 5,750,000 | (1) | $ | 575 | $ | 24,425 | $ | (1,901 | ) | $ | 23,099 | ||||||||||||||
Net loss | — | 0— | — | 0— | 0— | (548 | ) | (548 | ) | |||||||||||||||||||
Balance – December 31, 2019 | 0— | $ | 0— | 5,750,000 | (1) | $ | 575 | $ | 24,425 | $ | (2,449 | ) | $ | 22,551 | ||||||||||||||
Sale of Class A common stock in initial public offering | 23,000,000 | 2,300 | — | — | 220,864,401 | — | 220,866,701 | |||||||||||||||||||||
Sale of private placement Class A common stock to Sponsor in private placement | 500,000 | 50 | — | — | 4,801,401 | — | 4,801,451 | |||||||||||||||||||||
Offering costs | — | — | — | — | (4,550,163 | ) | — | (4,550,163 | ) | |||||||||||||||||||
Class A common stock subject to possible redemption | (21,325,774 | ) | (2,133 | ) | — | — | (213,255,607 | ) | — | (213,257,740 | ) | |||||||||||||||||
Net loss | — | — | — | — | — | (2,882,799 | ) | (2,882,799 | ) | |||||||||||||||||||
Balance – December 31, 2020 | 2,174,226 | $ | 217 | 5,750,000 | $ | 575 | $ | 7,884,457 | $ | (2,885,248 | ) | $ | 5,000,001 | |||||||||||||||
For the Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
(restated) | ||||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (2,882,799 | ) | $ | (548 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
General and administrative expenses paid by related party | 101,060 | 1,001 | ||||||
Interest income on investments held in Trust Account | (819 | ) | — | |||||
Change in fair value of warrant liability | 2,729,916 | — | ||||||
Changes in operating assets and liabilities: | ||||||||
Accrued expenses | 28,001 | (453 | ) | |||||
Franchise tax payable | 24,615 | — | ||||||
Income tax payable | 26 | — | ||||||
Net cash provided by operating activities | — | — | ||||||
Cash Flows from Investing Activities: | ||||||||
Cash deposited in Trust Account | (230,000,000 | ) | — | |||||
Net cash used in investing activities | (230,000,000 | ) | — | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from note payable to related party | 427,612 | — | ||||||
Deferred offering costs paid by related party | 139,870 | — | ||||||
Repayment of note payable to related party | (1,041,069 | ) | — | |||||
Proceeds from collection of stock subscription receivable from stockholder | — | 25,000 | ||||||
Proceeds received from initial public offering | 230,000,000 | — | ||||||
Proceeds received from private placement | 5,000,000 | — | ||||||
Offering costs paid | (4,550,163 | ) | — | |||||
Net cash provided by financing activities | 229,976,250 | 25,000 | ||||||
Net change in cash | (23,750 | ) | 25,000 | |||||
Cash – beginning of the period | 25,000 | — | ||||||
Cash – end of the period | $ | 1,250 | $ | 25,000 | ||||
Supplemental disclosure of noncash activities: | ||||||||
Offering costs included in note payable | $ | 139,870 | $ | — | ||||
General and administrative expenses paid by related party | $ | 1,043,013 | $ | — | ||||
Initial classification of warrant liability | $ | 9,331,848 | $ | — | ||||
Change in Class A common stock subject to possible redemption | $ | 213,257,740 | $ | — | ||||
As Previously Reported | Adjustment | Restated | ||||||||||
Balance Sheet as of December 31, 2020 | ||||||||||||
Warrant liability | $ | 0— | $ | 12,061,764 | $ | 12,061,764 | ||||||
Total liabilities | 484,647 | 12,061,764 | 12,546,411 | |||||||||
Class A common stock subject to possible redemption | 225,319,500 | (12,061,760 | ) | 213,257,740 | ||||||||
Class A common stock | 97 | 120 | 217 | |||||||||
Additional paid-in capital | 5,154,665 | 2,729,792 | 7,884,457 | |||||||||
Accumulated deficit | (155,332 | ) | (2,729,916 | ) | (2,885,248 | ) | ||||||
Total stockholders’ equity | $ | 5,000,005 | $ | (4 | ) | $ | 5,000,001 | |||||
Statement of Operations for the year ended December 31, 2020 | ||||||||||||
Change in fair value of warrant liability | $ | 0— | $ | (2,729,916 | ) | $ | (2,729,916 | ) | ||||
Loss before income tax expense | (152,883 | ) | (2,729,916 | ) | (2,882,799 | ) | ||||||
Net loss | (152,883 | ) | (2,729,916 | ) | (2,882,799 | ) | ||||||
Basic and diluted net loss per share, Class A – Public shares | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||
Basic and diluted net loss per share, Class A – Private placement | $ | (0.03 | ) | $ | (0.49 | ) | $ | (0.52 | ) | |||
Basic and diluted net loss per share, Class B – Common stock | $ | (0.03 | ) | $ | (0.49 | ) | $ | (0.52 | ) | |||
Statement of Cash Flows for the year ended December 31, 2020 | ||||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net loss | $ | (152,883 | ) | $ | (2,729,916 | ) | $ | (2,882,799 | ) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||
Change in fair value of warrant liability | 0— | 2,729,916 | 2,729,916 | |||||||||
Net cash provided by operating activities | 0— | 0— | 0— | |||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||
Initial classification of warrant liability | $ | 0— | $ | 9,331,848 | $ | 9,331,848 | ||||||
Change in Class A common stock subject to possible redemption | $ | 225,319,500 | $ | (12,061,760 | ) | $ | 213,257,740 |
For the Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Redeemable Class A common shares | ||||||||
Numerator: earnings allocable to redeemable Class A common shares | ||||||||
Interest income on investments held in Trust Account | $ | 819 | $ | 0— | ||||
Less franchise tax available to be withdrawn from the Trust Account | $ | 819 | $ | 0— | ||||
Net income | $ | 0— | $ | 0— | ||||
Denominator: weighted average number of redeemable Class A common share | 23,000,000 | 0 |
For the Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Basic and diluted net income per redeemable Class A common share | $ | 0.00 | $ | 0— | ||||
Non-redeemable Class A and Class B common shares | ||||||||
Numerator: net loss minus redeemable net earnings | ||||||||
Loss from operations | $ | (153,702 | ) | $ | (548 | ) | ||
Less franchise tax available to be withdrawn from Trust Account | 818 | |||||||
Change in fair value of warrant liability attributable to non-redeemable Class A common shares | $ | (2,729,916 | ) | $ | 0— | |||
Non-redeemable net loss | $ | (2,882,799 | ) | $ | (548 | ) | ||
Denominator: weighted average number of non-redeemable Class A and Class B common shares | ||||||||
Non-redeemable Class A private placement and Class B common shares, basic and diluted | 5,590,659 | 5,000,000 | ||||||
Basic and diluted net loss per non-redeemable Class A private placement and Class B common share | $ | (0.52 | ) | $ | (0.00 | ) |
August 16, 2021 (Closing) | ||||||||||||
Preferred stock shares | Exchange ratio | Common stock shares | ||||||||||
Series A Convertible preferred stock (pre-combination) | 9,226,734 | 3.7208 | 34,330,838 | |||||||||
Series B Convertible preferred stock (pre-combination) | 7,156,991 | 3.7208 | 26,629,736 | |||||||||
Total | 16,383,725 | 60,960,574 | ||||||||||
14. | NET LOSS PER SHARE |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Numerator: | ||||||||
Net loss attributable to common stockholders | $ | (65,011 | ) | $ | (26,551 | ) | ||
Denominator: | ||||||||
Weighted average common shares outstanding—Basic | 109,055,894 | 102,803,202 | ||||||
Dilutive effect of potential common shares | 0 | 0 | ||||||
Weighted average common shares outstanding—Diluted | 109,055,894 | 102,803,202 | ||||||
Net loss per share attributable to common stockholders—Basic and Diluted | $ | (0.60 | ) | $ | (0.26 | ) | ||
December 31, | ||||||||
2020 | 2019 | |||||||
Current | ||||||||
Federal | $ | (4,908 | ) | $ | (95 | ) | ||
State | 0— | 0— | ||||||
Deferred | ||||||||
Federal | (600,500 | ) | (20 | ) | ||||
State | 0— | 0— | ||||||
Change in valuation allowance | 605,408 | 115 | ||||||
Income tax provision expense | $ | 0— | $ | 0 — | ||||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Warrants | 7,833,332 | 256,605 | ||||||
Common stock options issued and outstanding | 29,238,432 | 31,618,135 | ||||||
Unvested restricted stock units | 7,434,743 | 0 | ||||||
Conversion of convertible notes | 0 | 16,317,560 | ||||||
Total | 44,506,507 | 48,192,300 | ||||||
15. | STOCK-BASED COMPENSATION |
December 31, | ||||||||
2020 | 2019 | |||||||
Deferred tax asset | $ | 573,282 | $ | 0— | ||||
Mark-to-Market Adjustments | 0 | 0 | ||||||
Startup/Organizational Costs | 27,218 | 20 | ||||||
Net operating loss carryforwards | 4,908 | 95 | ||||||
Total deferred tax assets | 605,408 | 115 | ||||||
Valuation Allowance | (605,408 | ) | (115 | ) | ||||
Deferred tax asset, net of allowance | $ | 0— | $ | 0— | ||||
December 31, | ||||||||
2020 | 2019 | |||||||
Statutory Federal income tax rate | 21.0 | % | 21.0 | % | ||||
Change in Valuation Allowance | (21.0 | )% | (21.0 | )% | ||||
Income Taxes Benefit | 0.0 | % | 0.0 | % | ||||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Total | ||||||||||||
Assets: | ||||||||||||||||
Assets held in Trust Account U.S. Treasury Securities | $ | 230,000,819 | $ | — | $ | — | $ | 230,000,819 | ||||||||
Liabilities: | ||||||||||||||||
Warrant liability | $ | — | $ | — | $ | 12,061,764 | $ | 12,061,764 | ||||||||
Outstanding Stock Options | Weighted Average Exercise Price | Weighted Average Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Balance at December 31, 2020 | 31,618,135 | $ | 0.48 | 8.3 | $ | 112,548 | ||||||||||
Granted | 0 | 0 | ||||||||||||||
Exercised | (312,037 | ) | 0.48 | |||||||||||||
Forfeited | (1,026,950 | ) | 0.65 | |||||||||||||
Expired | (498,101 | ) | 0.19 | |||||||||||||
Repurchased | (542,615 | ) | 0.17 | |||||||||||||
Balance at December 31, 2021 | 29,238,432 | $ | 0.48 | 7.4 | $ | 127,345 | ||||||||||
Vested and expected to vest as of December 31, 2021 | 27,555,673 | $ | 0.48 | 7.3 | $ | 120,250 | ||||||||||
Vested and exercisable as of December 31, 2021 | 18,615,254 | $ | 0.41 | 6.7 | $ | 82,475 |
Shares | Weighted Average Grant date Fair Value per Share | |||||||
Unvested at December 31, 2020 | 0 | 0 | ||||||
Granted | 7,913,760 | $ | 5.91 | |||||
Forfeited | (30,413 | ) | 7.60 | |||||
Vested | (448,604 | ) | 7.54 | |||||
Unvested at December 31, 2021 | 7,434,743 | $ | 5.80 | |||||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Research and development | $ | 2,175 | $ | 702 | ||||
Sales and marketing | 1,381 | 249 | ||||||
General and administrative | 6,462 | 1,001 | ||||||
Total stock-based compensation | $ | 10,018 | $ | 1,952 | ||||
December 31, 2020 | ||||
Expected term (in years) | 5.8 | |||
Risk-free interest rate | 0.4 | % | ||
Expected volatility | 45.6 | % | ||
Expected dividend yield | 0 | % |
16. | REVENUE |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Revenue by primary geographical market: | ||||||||
United States | $ | 2,215 | $ | 330 | ||||
Germany | 536 | 25 | ||||||
Other European countries | 111 | 110 | ||||||
Asia | 145 | 1,114 | ||||||
Total | $ | 3,007 | $ | 1,579 | ||||
Revenue by timing of recognition: | ||||||||
Recognized at a point in time | $ | 2,991 | $ | 1,515 | ||||
Recognized over time | 16 | 64 | ||||||
Total | $ | 3,007 | $ | 1,579 | ||||
As of December 31, 2021 | ||||
Contract liabilities, current | $ | 2,287 | ||
Contract liabilities, noncurrent | 631 | |||
Total | $ | 2,918 | ||
November 17, 2020 (Initial Measurement) | December 31, 2020 | |||||||
Risk-free interest rate | 0.5 | % | 0.5 | % | ||||
Expected term (years) | 5 | 5 | ||||||
Expected volatility | 17.5 | % | 17.5 | % | ||||
Exercise price | $ | 11.50 | $ | 11.50 | ||||
Stock price | $ | 10.00 | $ | 10.73 | ||||
Dividend yield | 0.0 | % | 0.0 | % |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Beginning balance | $ | 660 | $ | 950 | ||||
Revenue recognized that was included in the contract liabilities beginning balance | (570 | ) | (450 | ) | ||||
Increase due to invoices issued on performance obligations not yet satisfied during the period | 2,828 | 160 | ||||||
Ending balance | $ | 2,918 | $ | 660 | ||||
17. | INCOME TAXES |
Private Placement | Public | Warrant Liability | ||||||||||
Fair value as of January 1, 2020 | $ | 0 | $ | 0 | $ | 0 | ||||||
Initial measurement on November 17, 2020 | 198,549 | 9,133,299 | 9,331,848 | |||||||||
Change in valuation inputs or other assumptions (1) | 58,083 | 2,671,833 | 2,729,916 | |||||||||
Fair value as of December 31, 2020 | $ | 256,632 | $ | 11,805,132 | $ | 12,061,764 | ||||||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
U.S. federal tax benefit at statutory rate | 21.0 | % | 21.0 | % | ||||
State income taxes, net of federal benefit | 11.8 | % | 3.5 | % | ||||
Non-deductible expenses and other | (0.3 | )% | 0.3 | % | ||||
Stock-based compensation | (1.1 | )% | (1.5 | )% | ||||
Research and development credits | 1.2 | % | 2.5 | % | ||||
Transaction cost | 3.9 | % | 0 | % | ||||
Foreign rate differential | (3.1 | )% | (4.3 | )% | ||||
Change in valuation allowance, net | (33.4 | )% | (21.5 | )% | ||||
Effective tax rate | 0 | % | 0 | % | ||||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carryforwards | $ | 41,856 | $ | 17,011 | ||||
Research and development credit carryforward | 4,545 | 2,810 | ||||||
Stock-based compensation | 1,040 | 51 | ||||||
Property and equipment | 178 | 40 | ||||||
Other accruals | 734 | 464 | ||||||
Gross deferred tax assets | 48,353 | 20,376 | ||||||
Valuation allowance | (48,353 | ) | (20,376 | ) | ||||
Total deferred tax assets—net | $ | 0 | $ | 0 | ||||
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Unrecognized tax benefits as of the beginning of the year | $ | 1,210 | $ | 938 | ||||
Increases (decreases) related to prior year tax provisions | 40 | (14 | ) | |||||
Increase related to current year tax provisions | 431 | 286 | ||||||
Unrecognized tax benefits as of the end of the year | $ | 1,681 | $ | 1,210 | ||||
18. | COMMITMENTS AND CONTINGENCIES |
Operating Leases | ||||
Years ended: | ||||
2022 | $ | 2,393 | ||
2023 | 2,341 | |||
2024 | 2,412 | |||
2025 | 2,484 | |||
2026 and after | 2,340 | |||
Total minimum lease payments | $ | 11,970 | ||
19. | RELATED PARTIES |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Prototype sales: | ||||||||
Stockholder A | $ | 0 | $ | 60 | ||||
Development contracts: | ||||||||
Stockholder B | $ | 0 | $ | 100 | ||||
Stockholder C | $ | 0 | $ | 1,050 |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Accounts receivable: | ||||||||
Stockholder A | $ | 0 | $ | 22 |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
Contract liabilities (current): | ||||||||
Stockholder B | $ | 0 | $ | 65 | ||||
Stockholder D | $ | 0 | $ | 500 |
20. | SUBSEQUENT EVENTS |
Item 13. Other Expenses of Issuance and Distribution. |
Amount | Amount | |||||||
Securities and Exchange Commission registration fee | $ | 65,538 | $ | 14,620.86 | ||||
Accounting fees and expenses | 50,000 | $ | 20,000 | |||||
Legal fees and expenses | 50,000 | $ | 35,000 | |||||
Financial printing and miscellaneous expenses | 25,000 | $ | 65,000 | |||||
Total expenses | $ | 190,278 | $ | 134,620.86 |
Item 14. Indemnification of Directors and Officers. |
Item 15. Recent Sales of Unregistered Securities. |
(a) | Issuance of Capital Stock. |
Item 16. | Exhibits and Financial Statement Schedules. |
(a) | Exhibits. |
Exhibit | Description | Incorporated by Reference | ||||||||||||
Form | Exhibit | Filing Date | ||||||||||||
Merger Agreement, dated as of February 17, 2021, by and among the Company, Merger Sub and AEye Technologies | S-4 | 2.1 | 5/13/2021 | |||||||||||
2.2*† | Amendment to the Merger Agreement, dated as of April 30, 2021, by and among the Company, Merger Sub and AEye Technologies | S-4 | 2.2 | 5/13/2021 | ||||||||||
3.1* | Second Amended and Restated Certificate of Incorporation of AEye, Inc. | 8-K | 3.1 | 8/23/2021 | ||||||||||
3.2* | Amended and Restated Bylaws of AEye, Inc. | 8-K | 3.2 | 8/23/2021 | ||||||||||
4.1* | Registration Rights Agreement by and between AEye, Inc. and Tumim Stone Capital LLC, dated December 8, 2021 | 8-K/A | 4.1 | 12/15/2021 |
Exhibit | Description | Incorporated by Reference | ||||||||||||
Form | Exhibit | Filing Date | ||||||||||||
24.1# | Power of Attorney (included on signature page of the initial filing of this Registration Statement) | |||||||||||||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because iXBRL tags are embedded within the Inline XBRL document). | |||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||||||||
101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document | |||||||||||||
101.DEF | Inline XBRL Taxonomy Definition Linkbase Document | |||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||
104 | Cover Page Interactive Data File, formatted in Inline XBRL (included within the Exhibit 101 attachments). | |||||||||||||
107# | Filing Fee Table |
† | Certain exhibits and schedules to this Exhibit have been omitted in accordance with Regulation |
# | Filed Herewith. |
* | Previously filed. |
+ | Indicates a management contract or compensatory plan. |
(b) | Financial Statement Schedules. |
Item 17. Undertakings. |
AEYE, INC. | ||
By: | /s/ Blair LaCorte | |
Name: Blair LaCorte | ||
Title: Chief Executive Officer |
Signature | Title | Date | ||
/s/ Blair LaCorte | Chief Executive Officer and Director | May 5, 2022 | ||
Blair LaCorte | (Principal Executive Officer) | |||
/s/ Robert Brown | Chief Financial Officer | |||
Robert Brown | (Principal Financial Officer and Principal Accounting Officer) | |||
Board Chair and Director | May 5, 2022 | |||
Carol DiBattiste | ||||
/s/ Wen Hsieh | Director | May 5, 2022 | ||
Wen Hsieh | ||||
/s/ Prof. Dr. Bernd Gottschalk | Director | May 5, 2022 | ||
Prof. Dr. Bernd Gottschalk | ||||
/s/ Dr. Karl-Thomas Neumann | Director | May 5, 2022 | ||
Dr. Karl-Thomas Neumann | ||||
/s/ Timothy J. Dunn | Director | May 5, 2022 | ||
Timothy J. Dunn | ||||
Director | May 5, 2022 |
Sue Zeifman | ||||
May 5, 2022 | ||||
Luis Dussan | ||||