Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | May 18, 2021 | Jun. 30, 2020 | |
Cover page. | |||
Entity Registrant Name | Advent Technologies Holdings, Inc. | ||
Entity Central Index Key | 0001744494 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K/A | ||
Amendment Flag | true | ||
Amendment Description | This Amendment No. 1 to Form 10-K (this "Amendment" or "Form 10-K/A") amends the Advent Technologies Holdings, Inc. (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2020 originally filed with the Securities and Exchange Commission ("SEC") on March 26, 2021 by the Company (the "Original Filing"). This Amendment restates the Company's previously issued consolidated financial statements as of and for the year ended December 31, 2020. See Note 1, Restatement of Previously Issued Consolidated Financial Statements, in Item 8, Financial Statements and Supplementary Data, for additional information. The relevant unaudited interim financial information for each of the quarters during the year ended December 31, 2020 and December 31, 2019 has also been restated. See Note 1, Restatement of Previously Issued Quarterly Financial Statements (unaudited), in Item 8, Financial Statements and Supplementary Data, for such restated information. | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Address, State or Province | MA | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 153.3 | ||
Entity Common Stock, Shares Outstanding | 46,128,745 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash | $ 24,945 | $ 520,422 |
Prepaid income tax | 203,613 | 0 |
Prepaid expenses and other current assets | 353,959 | 57,109 |
Total Current Assets | 582,517 | 577,531 |
Cash and cash equivalents held in Trust Account | 93,340,005 | 225,433,349 |
Total Assets | 93,922,522 | 226,010,880 |
Current Liabilities | ||
Accounts payable | 349,439 | 25,496 |
Accrued expenses | 25,000 | 25,000 |
Franchise tax payable | 40,050 | 200,050 |
Income tax payable | 0 | 1,033,660 |
Promissory note | 2,365,649 | 0 |
Promissory note- Related party | 400,000 | 0 |
Total Current Liabilities | 3,180,138 | 1,284,206 |
Warrant Liabilities | 109,466,579 | 10,246,454 |
Deferred underwriting fees | 7,718,227 | 7,718,227 |
Total Liabilities | 120,364,944 | 19,248,887 |
Commitments | ||
Common stock subject to possible redemption, 0 and 19,838,936 shares at redemption value at December 31, 2020 and December 31, 2019, respectively | 0 | 201,761,986 |
Stockholders' Equity | ||
Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued and outstanding | 0 | 0 |
Common stock | 906 | 221 |
Additional paid-in capital | 53,536,057 | (15,234,807) |
Retained earnings / (Accumulated Deficit) | (79,979,936) | 20,234,042 |
Total Stockholders' Equity | (26,442,422) | 5,000,007 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 93,922,522 | 226,010,880 |
Class A Common Stock [Member] | ||
Stockholders' Equity | ||
Common stock | 906 | 221 |
Class B Common Stock [Member] | ||
Stockholders' Equity | ||
Common stock | $ 551 | $ 551 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Common stock, subject to possible redemption (in shares) | 0 | 19,838,936 |
Stockholders' Equity | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | |
Class A Common Stock [Member] | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Common stock, subject to possible redemption (in shares) | 0 | 19,838,936 |
Stockholders' Equity | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 9,061,136 | 2,213,141 |
Common stock, shares outstanding (in shares) | 9,061,136 | 2,213,141 |
Class B Common Stock [Member] | ||
Stockholders' Equity | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 5,513,019 | 5,513,019 |
Common stock, shares outstanding (in shares) | 5,513,019 | 5,513,019 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating expenses | |||
Operating and formation costs | $ 1,422,570 | $ 439,017 | |
Franchise tax expense | 208,794 | 257,540 | |
Loss from operations | (1,631,364) | (696,557) | |
Change in fair value of warrant liabilities | (99,220,125) | 18,639,249 | |
Other Income - dividends and interest | 836,541 | 4,638,361 | |
(Loss) income before provision for income tax | (100,014,948) | 22,581,053 | |
Provision for income tax | (199,030) | (1,068,915) | |
Net (loss) income | $ (100,213,978) | $ 21,512,138 | |
Common Stock Subject to Possible Redemption [Member] | |||
Operating expenses | |||
Basic and diluted weighted average shares outstanding, Common stock (in shares) | 15,811,603 | 19,401,513 | |
Basic and diluted net loss per, Common Stock (in dollars per share) | $ 0 | $ 0.16 | |
Non-Redeemable Common Stock [Member] | |||
Operating expenses | |||
Net (loss) income | $ (100,213,978) | $ 21,512,138 | |
Basic and diluted weighted average shares outstanding, Common stock (in shares) | [1] | 8,135,082 | 8,163,583 |
Basic and diluted net loss per, Common Stock (in dollars per share) | [2] | $ (12.32) | $ 2.26 |
[1] | Excludes an aggregate of 0 and 19,838,936 shares subject to possible redemption as of December 31, 2020 and December 31, 2019, respectively. | ||
[2] | Excludes income of $357,715 and $3,185,186 attributable to common stock subject to possible redemption for the Years Ended December 31, 2020 and December 31, 2019 (see Note 2). |
STATEMENTS OF OPERATIONS (Paren
STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Options Forfeiture [Abstract] | ||
Common stock subject to possible redemption (in shares) | 0 | 19,838,936 |
Income from common stock subject to possible redemption | $ 357,715 | $ 3,185,186 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | Class B Common Stock [Member] |
Balance at Dec. 31, 2018 | $ 118 | $ 551 | $ 6,277,435 | $ (1,278,096) | $ 5,000,008 | |
Balance (in shares) at Dec. 31, 2018 | 4,065,566 | 5,513,019 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Reversal of offering costs | $ 0 | $ 0 | 25,000 | 0 | 25,000 | |
Change in common stock subject to possible redemption | $ 103 | $ 0 | (21,537,242) | 0 | (21,537,139) | |
Change in common stock subject to possible redemption (in shares) | (1,852,425) | 0 | ||||
Net income (loss) | $ 0 | $ 0 | 0 | 21,512,138 | 21,512,138 | $ 21,512,138 |
Balance at Dec. 31, 2019 | $ 221 | $ 551 | (15,234,807) | 20,234,042 | 5,000,007 | |
Balance (in shares) at Dec. 31, 2019 | 2,213,141 | 5,513,019 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Change in common stock subject to possible redemption | $ 685 | $ 0 | 68,770,864 | 0 | 68,771,520 | |
Change in common stock subject to possible redemption (in shares) | 6,847,996 | 0 | ||||
Net income (loss) | $ 0 | $ 0 | 0 | (100,213,978) | (100,213,978) | $ (100,213,978) |
Balance at Dec. 31, 2020 | $ 906 | $ 551 | $ 53,536,057 | $ (79,979,936) | $ (26,442,422) | |
Balance (in shares) at Dec. 31, 2020 | 9,061,136 | 5,513,019 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Net (loss) income | $ (100,213,978) | $ 21,512,138 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Change in fair value of warrant liabilities | 99,220,125 | (18,639,249) |
Other income - dividends and interest | (836,541) | (4,638,361) |
Changes in operating assets and liabilities: | ||
Prepaid income tax | (203,613) | 0 |
Prepaid expenses and other current assets | (296,850) | 72,716 |
Accounts payable | 323,943 | (29,868) |
Accrued expenses | 0 | 25,000 |
Franchise tax payable | (160,000) | 146,050 |
Income tax payable | (1,033,660) | 920,660 |
Net cash used in operating activities | (3,200,574) | (630,914) |
Cash Flows from Investing Activities: | ||
Investment of cash in Trust Account | (1,865,649) | 0 |
Trust Account withdrawal for redemption of common stock | 132,990,436 | 0 |
Trust Account withdrawals for the payment of franchise taxes and income taxes | 1,805,098 | 265,057 |
Net cash provided by investing activities | 132,929,885 | 265,057 |
Cash Flows from Financing Activities: | ||
Payment for redemption of common stock | (132,990,436) | 0 |
Proceeds from promissory note | 2,365,649 | 0 |
Proceeds from Promissory Note - related party | 400,000 | 0 |
Net cash provided by financing activities | (130,224,788) | 0 |
Net Change in Cash | (495,477) | (365,857) |
Cash - Beginning | 520,422 | 886,279 |
Cash - Ending | 24,945 | 520,422 |
Supplemental Disclosure for Cash Flow activities: | ||
Cash paid for income taxes | 1,436,303 | 0 |
Non-Cash investing and financing activities: | ||
Change in value of common stock subject to possible redemption | 68,771,520 | (21,537,142) |
Reversal of deferred offering costs over accrual | $ 0 | $ 25,000 |
Description of Organization and
Description of Organization and Business Operations | 12 Months Ended |
Dec. 31, 2020 | |
Description of Organization and Business Operations [Abstract] | |
Description of Organization and Business Operations | Note 1 - Description of Organization and Business Operations AMCI Acquisition Corp. (the “Company”) was incorporated in Delaware on June 18, 2018. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company’s sponsor is AMCI Sponsor LLC, a Delaware limited liability company (the “Sponsor”). Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus its search on companies in the global natural resource infrastructure, value chain and logistics-related sectors. These sectors include equipment, services and technology that is used in, or related to, the resource value chain, and we refer to Natural Resources and Mining Equipment, Technology and Services (“Natural Resources and METS”) sectors. As of December 31, 2020, the Company had not commenced any operations. All activity through December 31, 2020 relates to the Company’s formation, its initial public offering (“Initial Public Offering”), which is described below, and its search for a suitable Business Combination. The registration statement for the Company’s Initial Public Offering was declared effective on November 15, 2018. On November 20, 2018, the Company consummated the Initial Public Offering of 20,000,000 units (“Units” and, with respect to the shares of Class A common stock included in the Units sold, the “Public Shares”), generating total gross proceeds of $200,000,000, which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 5,500,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per warrant in a private placement to the Sponsor, generating total gross proceeds of $5,500,000, which is described in Note 4. Following the closing of the Initial Public Offering on November 20, 2018, an amount of $200,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (“Trust Account”) and will be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account, as described below. On November 27, 2018, the Company closed on the sale of 2,052,077 additional units at a price of $10.00 per unit upon receiving notice of the underwriters’ election to partially exercise their over-allotment option, generating additional gross proceeds of $20,520,770, which were placed in the Trust Account and incurring additional offering costs of $410,416 in underwriting fees, which were paid via purchase by the Sponsor of an additional 410,416 Private Placement Warrants at a price of $1.00 per warrant. As a result of the partial exercise of the over-allotment option by the underwriters and the expiration of the remaining portion of the over-allotment option, the Sponsor forfeited 236,981 Founder Shares (as defined in Note 5). Transaction costs amounted to $12,628,266, consisting of $4,410,416 of underwriting fees, $7,718,227 of deferred underwriting fees and $499,623 of other costs. In addition, $24,945 of cash remained outside of the Trust Account and was available for working capital purposes as of December 31, 2020. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the remaining net proceeds are intended to be applied generally toward consummating a Business Combination. The Company must complete an initial Business Combination having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting fees and taxes payable on interest earned on the Trust Account) at the time of the agreement to enter into an initial Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion unless otherwise required by law or regulation. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ($10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Company’s Sponsor, officers and directors (the “initial stockholders”) have agreed to vote their Founder Shares (as defined below in Note 5), and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company. The Company has entered a contingent forward purchase agreement with the Sponsor. This contingent forward purchase agreement allows the Sponsor to purchase up to 5,000,000 units (the “Forward Purchase Units”) for $10.00 each, in a private placement to occur concurrently with the closing of an initial Business Combination, for an aggregate purchase price of up to $50,000,000. The Forward Purchase Units and their component securities would be identical to the units being sold in this offering, except that the Forward Purchase Units and their component securities would be subject to transfer restrictions and certain registration rights, as described therein. The proceeds from the sale of Forward Purchase Units may be used as part of the consideration to the sellers in the initial Business Combination. The Company’s initial stockholders have agreed (a) to waive their redemption rights with respect to their Founder Shares and Public Shares held by them in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Certificate of Incorporation (i) that would affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination or (ii) with respect to any other provision relating to stockholders’ rights or pre-business combination activity, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. The Company has until February 22, 2021 to consummate a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. On May 15, 2020, the Company held a special meeting of stockholders to seek stockholder approval to extend the Combination Period from May 20, 2020 to October 20, 2020. The stockholders voted in favor to extend the deadline to complete a Business Combination to October 20, 2020. In addition, stockholders holding 7,126,888 shares of the Company’s Class A common stock exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $72.6 million (approximately $10.18 per share) was removed from the Trust Account to pay such holders. Approximately $373,000 (equal to $0.025 for each share of Class A common stock that was not redeemed at the special meeting) will be deposited into the Trust Account for each calendar month, or portion thereof, that is needed by the Company to complete an initial business combination. As of December 31, 2020, $1,865,649 was deposited into the Trust Account. On October 16, 2020, the Company held a special meeting of stockholders to seek stockholder approval to extend the Combination Period from October 20, 2020 to February 22, 2021. The stockholders voted in favor to extend the deadline to complete a Business Combination to February 22, 2021. In addition, stockholders holding 5,864,053 shares of the Company’s Class A common stock exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $60.4 million (approximately $10.30 per share) was removed from the Trust Account to pay such holders. The initial stockholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders acquire Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting fee (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than $10.00 per share. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $10.00 per share or (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. On February 4, 2021, we consummated a business combination (the "Closing") pursuant to the terms of the Merger Agreement, including the merger of Merger Sub with and Advent, with Advent continuing as the surviving corporation and as a wholly-owned subsidiary of the Company, in accordance with the terms of the Merger Agreement (the "Business Combination"). Restatement of Previously Issued Annual Financial Statements On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the Securities and Exchange Commission together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Statement”). Specifically, the SEC Statement focused in part on provisions in warrant agreements that provide for settlement of cash in a tender offer that is different than the underlying stock and the potential changes to the settlement amounts dependent upon the characteristics of the warrant holder and because the holder of a warrant is not an input into the pricing of a fixed-for-fixed option on equity shares, such provisions would preclude the warrant from being classified in equity and thus the warrant should be classified as a liability. As a result of the SEC Statement, the Company reevaluated the accounting treatment of the public warrants and the private placement warrants issued in connection with the Initial Public Offering of AMCI Acquisition Corp. that were originally recorded as equity. Because these warrants contain provisions whereby the settlement amount varies depending upon the characteristics of the warrant holder, and have the tender offer provisions that could preference one of our two classes of stock in the event of such tender offer, these warrants should have been recorded at fair value as a liability in the Company’s consolidated balance sheet. Accordingly, due to this restatement, the public warrants and the private placement warrants are now classified as a liability on the Company’s balance sheet at December 31, 2020 and December 31, 2019. These warrants are measured at fair value initially and subsequently at each reporting date with changes in the fair value recognized as a gain or loss in the Company’s statements of operations. These warrants are deemed equity instruments for income tax purposes, and accordingly, there is no tax accounting relating to changes in the fair value of these warrants recognized. The Company reclassified certain transaction cost incurred in 2018 and reported as part of additional paid-in capital as an income statement expense. Transaction cost adjustment was made to reflect reclassification of warrants as liability instruments. The adjustment amounted to $ 1,302,034 and was recorded effective 11/20/2018. The impact of this correction to the applicable reporting periods for the financial statement line items impacted is as follows (only line items were impacted by the restatement were presented): AMCI Acquisition Corp. Balance Sheet for the Year Ended December 31, 2020 As Previously Reported Restatement Impact As Restated Warrant Liabilities 109,466,579 109,466,579 Total Liabilities 10,898,365 109,466,579 120,364,944 Common stock subject to possible redemption 78,024,156 (78,024,156 ) - Class A Common stock 150 759 906 Additional paid-in capital 2,812,626 50,724,187 53,536,813 Retained earnings / (Accumulated Deficit) 2,186,674 (82,166,610 ) (79,979,936 ) Total Stockholders’ Equity 5,000,001 (31,442,423 ) (26,442,422 ) AMCI Acquisition Corp. Balance Sheet for the Year Ended December 31, 2019 As Previously Reported Restatement Impact As Restated Warrant Liabilities 10,246,454 10,246,454 Total Liabilities 9,002,433 10,246,454 19,248,887 Common stock subject to possible redemption 212,008,440 (10,246,454 ) 201,761,986 Class A Common stock 121 100 221 Additional paid-in capital 1,818,808 (17,053,615 ) (15,234,807 ) Retained earnings / (Accumulated Deficit) 3,180,527 17,053,515 20,234,042 AMCI Acquisition Corp. Statement of Operations for the Year Ended December 31, 2020 As Previously Reported Restatement Impact As Restated Change in fair value of warrant liabilities (99,220,125 ) (99,220,125 ) (Loss) income before provision for income tax (794,823 ) (99,220,125 ) (100,014,948 ) Net (loss) income (993,853 ) (99,220,125 ) (100,213,978 Basic and diluted net loss per share, Common stock subject to redemption 0.02 (0.20 ) - Basic and diluted net loss per share, Common stock (0.20 ) (12.16 ) (12.32 ) AMCI Acquisition Corp. Statement of Operations for the Year Ended December 31, 2019 As Previously Reported Restatement Impact As Restated Change in fair value of warrant liabilities 18,639,249 18,639,249 (Loss) income before provision for income tax 3,941,804 18,639,249 22,581,053 Net (loss) income 2,872,889 18,639,249 21,512,138 Basic and diluted net loss per share, Common stock subject to redemption 0.15 0.01 0.16 Basic and diluted net loss per share, Common stock (0.05 ) 2.31 2.26 AMCI Acquisition Corp. Statement of Cash Flows for the Year Ended December 31, 2020 As Previously Reported Restatement Impact As Restated Net (loss) income (993,853 ) (99,220,125 ) (100,213,978 ) Adjustments to reconcile net (loss) income to net cash used in operating activities: Change in fair value of warrant liabilities - 99,220,125 99,220,125 Non-Cash investing and financing activities: Change in value of common stock subject to possible redemption (993,848 ) 69,765,368 68,771,520 AMCI Acquisition Corp. Statement of Cash Flows for the Year Ended December 31, 2019 As Previously Reported Restatement Impact As Restated Net (loss) income 2,872,889 18,639,249 21,512,138 Adjustments to reconcile net (loss) income to net cash used in operating activities: Change in fair value of warrant liabilities - (18,639,249 ) (18,639,249 ) Non-Cash investing and financing activities: Change in value of common stock subject to possible redemption 2,897,890 (24,435,032 ) (21,537,142 ) Restatement of Previously Issued Quarterly Financial Statements (unaudited) In lieu of filing amended quarterly reports on Form 10-Q, the following tables represent our restated unaudited condensed consolidated financial statements for each of the quarters during the years ended December 31, 2020 and December 31, 2019. AMCI Acquisition Corp. unaudited interim Statement of Operations for each of the quarters during the year ended December 31, 2020 Three Months Ended Three Months Ended Three Months Ended Three Months Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated Change in fair value of warrant liabilities - 4,580,791 4,580,791 - (10,576,629 ) (10,576,629 ) - (5,148,191 ) (5,148,191 ) - (88,076,096 ) (88,076,096 ) (Loss) income before provision for income tax 520,011 4,580,791 5,100,802 (345,560 ) (10,576,629 ) (10,922,189 ) (425,178 ) (5,148,191 ) (5,573,369 ) (544,096 ) (88,076,096 ) (88,620,192 ) Net (loss) income 365,235 4,580,791 4,946,026 (418,925 ) (10,576,629 ) (10,995,554 ) (617,905 ) (5,148,191 ) (5,766,096 ) (322,258 ) (88,076,096 ) (88,398,354 ) Basic and diluted net loss per share, Common stock (0.01 ) 0.59 0.58 (0.06 ) (1.45 ) (1.51 ) (0.09 ) (0.60 ) (0.69 ) (0.03 ) (9.67 ) (9.70 ) Six Months Ended Nine Months Ended June 30, 2020 September 30, 2020 As Previously Reported Restatement Impact As Previously Reported As Previously Reported Restatement Impact As Restated Change in fair value of warrant liabilities - (5,995,838 ) (5,995,838 ) - (11,144,029 ) (11,144,029 ) (Loss) income before provision for income tax 174,451 (5,995,838 ) (5,821,387 ) (250,727 ) (11,144,029 ) (11,394,756 ) Net (loss) income (53,690 ) (5,995,838 ) (6,049,528 ) (671,595 ) (11,144,029 ) (11,815,624 ) Basic and diluted net loss per share, Common stock (0.07 ) (0.79 ) (0.86 ) (0.13 ) (1.13 ) (1.26 ) AMCI Acquisition Corp. unaudited interim Statement of Operations for each of the quarters during the year ended December 31, 2019 Three Months Ended Three Months Ended Three Months Ended Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated Change in fair value of warrant liabilities - 19,009,366 19,009,366 - 226,633 226,633 - (1,360,625 ) (1,360,625 ) - 763,875 763,875 (Loss) income before provision for income tax 1,019,254 19,009,366 20,028,620 1,117,070 226,633 1,343,703 1,015,074 (1,360,625 ) (345,551 ) 790,406 763,875 1,554,281 Net (loss) income 790,254 19,009,366 19,799,620 842,931 226,633 1,069,564 815,158 (1,360,625 ) (545,467 ) 424,546 763,875 1,188,421 Basic and diluted net loss per share, Common stock (0.01 ) 1.99 1.98 (0.02 ) 0.04 0.02 (0.01 ) (0.18 ) (0.19 ) (0.01 ) 0.10 0.09 Six Months Ended Nine Months Ended As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Previously Reported Change in fair value of warrant liabilities - 19,235,999 19,235,999 - 17,875,375 17,875,375 (Loss) income before provision for income tax 2,136,324 19,235,999 21,372,323 3,151,398 17,875,375 21,026,773 Net (loss) income 1,633,185 19,235,999 20,869,184 2,448,343 17,875,375 20,323,718 Basic and diluted net loss per share, Common stock (0.03 ) 2.24 2.21 (0.04 ) 2.17 2.13 AMCI Acquisition Corp. unaudited interim Balance Sheet for each of the quarters during the year ended December 31, 2020 March 31, 2020 June 30, 2020 September 30, 2020 As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated Warrant Liabilities - 5,665,663 5,665,663 - 16,242,292 16,242,292 - 21,390,482 21,390,482 Total Liabilities 9,006,140 5,665,663 14,671,803 8,610,603 16,242,292 24,852,895 10,165,519 21,390,482 31,556,001 Common stock subject to possible redemption 212,373,680 (5,665,663 ) 206,708,017 139,369,310 (16,242,292 ) 123,127,018 138,751,410 (21,390,482 ) 117,360,928 Additional paid-in capital 1,453,568 (21,634,306 ) (20,180,738 ) 1,872,487 (11,057,677 ) (9,185,190 ) 2,490,372 (5,909,487 ) (3,419,115 ) Retained earnings / (Accumulated Deficit) 3,545,762 21,634,306 25,180,068 3,126,837 11,057,677 14,184,514 2,508,932 5,909,487 8,418,419 AMCI Acquisition Corp. unaudited interim Balance Sheet for each of the quarters during the year ended December 31, 2019 March 31, 2019 June 30, 2019 September 30, 2019 As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated Warrant Liabilities - 9,876,337 9,876,337 - 9,649,704 9,649,704 - 11,010,329 11,010,329 Total Liabilities 8,295,098 9,876,337 18,171,435 8,322,174 9,649,704 17,971,878 8,562,223 11,010,329 19,572,552 Common stock subject to possible redemption 209,900,810 (9,876,337 ) 200,024,473 210,743,740 (9,649,704 ) 201,094,036 211,583,900 (11,010,329 ) 200,573,571 Additional paid-in capital 3,901,440 (17,423,632 ) (13,522,192 ) 3,058,510 (17,650,265 ) (14,591,755 ) 2,243,350 (16,289,640 ) (14,046,290 ) Retained earnings / (Accumulated Deficit) 1,097,892 17,423,632 18,521,524 1,940,823 17,650,265 19,591,088 2,755,981 16,289,640 19,045,621 The Company made errors in a reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2020 and December 31, 2019. The errors did not have any impact on Company’s Balance Sheet at December 31, 2020 and December 31, 2019 and Company’s Statement of Operations for years ended December 31, 2020 and December 31, 2021. Liquidity and Capital Resources The Company successfully consummated its business combination on February 4, 2021. As indicated in the accompanying financial statements, at December 31, 2019, the Company had $24,945 in cash, working capital deficit of $2,761,184, and $2,728,645 of interest available to pay its tax obligations. The Company’s liquidity needs have been satisfied to date through the contribution of $25,000 from the sale of the founder shares, the loan from Orion Resource Partners (USA) LP, an affiliate of a business combination target, in an aggregate amount of $2,365,649 pursuant to a promissory note, the loan from the Sponsor in an aggregate amount of $400,000 pursuant to a promissory note, and the net proceeds from the sale of the Units and Private Placement Warrants held outside the Trust Account. Risks and Uncertainties Management is currently evaluating the impact of the COVID-19 global pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company's financial position, results of its operations, close of the Proposed Public Offering and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of balance sheet in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the balance sheet, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and cash equivalents held in Trust Account At December 31, 2020, the assets held in the Trust Account were invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had cash equivalents totaling $93,340,005 and $225,433,329 held in the Trust Account as of December 31, 2020 and December 31, 2019, respectively. During the years ended December 31, 2020 and December 31, 2019, the Company withdrew $1,805,098 and $265,057, respectively, from interest accrued in the Trust Account for the payment of franchise taxes and income taxes. Common stock subject to possible redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheets. Net loss per common share Net income (loss) per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the Public Offering and Private Placement to purchase an aggregate of 27,962, 493 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s statement of operations includes a presentation of income (loss) per share for common shares subject to possible redemption in a manner similar to the two-class method of income (loss) per share. Net income per common share, basic and diluted, for Common stock subject to possible redemption is calculated by dividing the proportionate share of income or loss on marketable securities held by the Trust Account, net of applicable franchise and income taxes, by the weighted average number of Common stock subject to possible redemption outstanding since original issuance. Net loss per share, basic and diluted, for non-redeemable common stock is calculated by dividing the net loss, adjusted for income or loss on marketable securities attributable to Common stock subject to possible redemption, by the weighted average number of non-redeemable common stock outstanding for the period. Non-redeemable common stock includes Founder Shares and non-redeemable shares of common stock as these shares do not have any redemption features. Non-redeemable common stock participates in the income or loss on marketable securities based on non-redeemable common stock shares’ proportionate interest. Warrant Liability The Company accounts for the 27,962,493 warrants (comprising of 22,052,077 public warrants and 5,910,416 private placement warrants) issued in connection with its Initial Public Offering in accordance with ASC 815-40-15-7D. If the warrants do not meet the criteria for equity treatment, they must be recorded as liabilities. Accordingly, the Company classifies the warrant instrument as liabilities at its fair value and adjusts the instrument to fair value at each reporting period. These liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of public warrants issued by the Company in connection with the Initial Public Offering has been determined using either the quoted price, if available, or was based on a modified Black-Scholes-Merton model. The private placement warrants have been determined based Reconciliation of net loss per common share The Company’s net income is adjusted for the portion of income that is attributable to common stock subject to possible redemption, as these shares only participate in the income of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted loss per common share is calculated as follows: Year Ended December 31, 2020 (as restated) Year Ended December 31, 2019 (as restated) Common stock subject to possible redemption Numerator: Earnings allocable to Common stock subject to possible redemption Interest earned on marketable securities held in Trust Account $ - $ 4,172,856 Less: interest available to be withdrawn for payment of taxes - (1,141,612 ) Net income allocable to shares subject to possible redemption - 3,031,244 Denominator: Weighted average Common stock subject to possible redemption Basic and diluted weighted average shares outstanding 15,811,603 19,401,513 Basic and diluted net income per share $ 0.02 $ 0.16 Non-Redeemable Common Stock Numerator Net Income minus Net Earnings Net income (loss) $ (100,213,978 ) $ 21,512,138 Less: Income attributable to common stock subject to possible redemption - (3,031,244 ) Non-Redeemable Net Loss (100,213,978 ) 18,480,894 Basic and diluted weighted average shares outstanding 8,135,082 8,163,583 Basic and diluted net loss per common share $ (12.32 ) $ 2.26 Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2020 and December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. On March 27, 2020, the CARES Act was enacted in response to COVID-19 pandemic. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period which the new legislation is enacted. The CARES Act made various tax law changes including among other things (i) increasing the limitation under Section 163(j) of the Internal Revenue Code of 1986, as amended (the “IRC”) for 2019 and 2020 to permit additional expensing of interest (ii) enacting a technical correction so that qualified improvement property can be immediately expensed under IRC Section 168(k), (iii) making modifications to the federal net operating loss rules including permitting federal net operating losses incurred in 2018, 2019, and 2020 to be carried back to the five preceding taxable years in order to generate a refund of previously paid income taxes and (iv) enhancing the recoverability of alternative minimum tax credits. Given the Company's full valuation allowance position and capitalization of all formation costs, the CARES Act did not have an impact on the financial statements. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Dec. 31, 2020 | |
Initial Public Offering [Abstract] | |
Initial Public Offering | Note 3 – Initial Public Offering Pursuant to the Initial Public Offering, the Company sold 22,052,077 units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 7). On May 20, 2020, 7,126,888 shares were redeemed. On October 20, 2020, 5,864,053 shares were redeemed. |
Private Placement Warrants
Private Placement Warrants | 12 Months Ended |
Dec. 31, 2020 | |
Private Placement Warrants [Abstract] | |
Private Placement Warrants | Note 4 - Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 5,500,000 Private Placement Warrants at a purchase price of $1.00 per Private Placement Warrant for an aggregate purchase price of $5,500,000. Simultaneously with the exercise of the over-allotment, the Sponsor purchased an aggregate of 410,416 Private Placement Warrants at a price of $1.00 per Private Placement Warrant for an aggregate purchase price of $410,416. Each Private Placement Warrant is exercisable for one share of Class A common stock at a price of $11.50 per share. The proceeds from the sale of the Private Placement Warrants were added to the proceeds from the sale of the Units in the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. The warrants will expire five years after the completion of the Company’s Business Combination or earlier upon liquidation. The Sponsor, and the Company’s officers and directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 - Related Party Transactions Founder Shares On June 25, 2018, the Sponsor purchased 5,750,000 shares (the “Founder Shares”) of the Company’s Class B common stock for an aggregate price of $25,000. The Founder Shares will automatically convert into Class A common stock upon the consummation of a Business Combination on a one-for-one basis, subject to adjustments as described in Note 7. In October 2018, the Sponsor transferred 35,000 founder shares to each of Messrs. Uren, Clark and Grant, the Company’s independent director nominees, and 100,000 each to Messrs. Hunter, Beem and Patel, the Company’s officers. As a result of the partial exercise of the over-allotment option by the Underwriters and the expiration of the remaining portion of the over-allotment option, the Sponsor forfeited 236,981 Founder Shares. The Sponsor has agreed, subject to certain limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Administrative Services Agreement The Company entered into an agreement with an affiliate of the Sponsor whereby, commencing on November 16, 2018 through the earlier of the Company’s consummation of a Business Combination and its liquidation, the Company agreed to pay the affiliate $10,000 per month for office space, utilities and secretarial and administrative support. For the years ended December 31, 2020 and December 31, 2019, the Company recorded $120,000 in fees in connection with such services in general and administrative expenses in the accompanying statements of operations. There were no fees payable and outstanding as of December 31, 2020 and December 31, 2019. Related Party Loans On June 25, 2018, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Promissory Note”). The Promissory Note was non-interest bearing and payable on the earlier of December 31, 2018 or the completion of the Initial Public Offering. $218,610 was outstanding under the Promissory Note as of November 20, 2018. The Company repaid the outstanding balance of the Promissory Note in the amount of $218,610 to the Sponsor on November 23, 2018. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. On November 20, 2020, the Sponsor agreed to loan the Company an aggregate of up to $1,000,000 to cover expenses related to the Business Combination pursuant to a promissory note (the “Promissory Note”). The Promissory Note was noninterest bearing and payable on the earlier of February 22, 2021 or the consummation of the Business Combination. $400,000 was outstanding under the Promissory Note as of December 31, 2020. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Commitments [Abstract] | |
Commitments | Note 6 – Commitments Registration Rights Pursuant to a registration rights agreement entered into on November 15, 2018, the holders of the Founder Shares (and any shares of Class A common stock issuable upon conversion of the Founder Shares), Private Placement Warrants (and any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants), Forward Purchase Units (and any shares of Class A Common Stock issuable upon the exercise of the Forward Purchase Units and the Shares of Class A Common Stock underlying the warrants underlying the Forward Purchase Units) and securities that may be issued upon conversion of Working Capital Loans are entitled to registration rights requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A common stock). The holders of the majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Other Agreements In May 2018, the Company entered into an agreement with a legal firm to assist the Company with a potential business combination and related securities and corporate work. The Company has agreed to pay a portion of the invoices and the payment of the remaining amount will be deferred until the consummation of the Business Combination. In November 2018, the Company entered into an agreement with a transfer agent and trust company. The Company has paid a portion of the initial fees and the payment of the remaining amount will be deferred until the consummation of the Business Combination. As of December 31, 2020, the aggregate amount deferred for such legal firm and transfer agent and trust company was $474,508. The deferred amount is an unrecognized contingent liability, as closing of the Business Combination was not considered probable as of December 31, 2020. On May 20, 2020, the Company issued a promissory note (the “Note”) in the principal amount of up to $2,365,649 to an affiliate of a business combination target (the “Lender”), pursuant to which Lender agreed, among other things, to loan the Company the necessary funds to deposit in the Company’s Trust Account for each share of the Company’s Class A common stock (“Public Share”) that was not redeemed in connection with the extension of the Company’s termination date from May 20, 2020 until October 20, 2020. The Note provides that, commencing May 20, 2020, Lender shall advance to the Company monthly payments of approximately $373,000, up to a maximum amount of approximately $1.9 million. The Company will deposit these advances into the Company’s Trust Account and such amounts will be distributed either to: (i) all of the holders of Public Shares upon the Company’s liquidation or (ii) holders of Public Shares who elect to have their shares redeemed in connection with the consummation of the Company’s initial business combination. Lender will also advance the Company up to $500,000 to pay fees and expenses incurred by the Company in completing its initial business combination. The Note bears no interest unless the Company enters into a definitive agreement for an initial business combination with a party that is not affiliated with Lender (“Third Party Business Combination”), in which case the Note will bear interest at 1% per annum. The Note is due and payable upon the earlier to occur of (i) the date on which the Company consummates its initial business combination or (ii) February 22, 2021, pursuant to the Amendment to Promissory Note dated October 12, 2020. The Company’s obligations under the Note are subject to a limited recourse guarantee by the Sponsor and are secured by a portion of the founder shares and private placement warrants (the “Pledged Securities”) of the Company owned by Sponsor. Following the occurrence of a Third Party Business Combination, no amounts will be due under the Note if Lender elects to realize under the Pledged Securities. As of December 31, 2020, the outstanding amount is $2,365,649. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 7 - Stockholders’ Equity Preferred Stock Common Stock Class A Common Stock Class B Common Stock Holders of Class A common stock and Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders except as required by law. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of a Business Combination on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Initial Public Offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with a Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination, any private placement-equivalent securities issued, or to be issued, to any seller in a Business Combination, any private placement equivalent securities issued to the Sponsor or its affiliates upon conversion of loans made to the Company). Holders of Founder Shares may also elect to convert their shares of Class B common stock into an equal number of shares of Class A common stock, subject to adjustment as provided above, at any time. |
Warrant Liability
Warrant Liability | 12 Months Ended |
Dec. 31, 2020 | |
Warrant Liability [Abstract] | |
Warrant Liability | Note 8 - Warrant Liability As of December 31, 2020 and 2019, the Company has 22,052,077 and 5,910,416 public warrants and private placement warrants respectively, outstanding. Each warrant is exercisable to purchase one share of Class A common stock at an exercise price of $11.50 per share. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the Public Warrants. The Company will use its best efforts to cause the same to become effective and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing of a Business Combination, warrantholders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, the Company will use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. Once the warrants become exercisable, the Company may redeem the Public Warrants: • in whole and not in part; • at a price of $0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption; • if, and only if, the reported last sale price of the Company’s Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrantholders; and • if, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Offering, except that the Private Placement Warrants and the Class A common stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | Note 9 - Income Taxes The income tax provision consists of the following: As of December 31, 2020 2019 Current US Federal $ 171,703 $ 878,133 US State 27,327 194,357 Total current provision 199,030 1,072,490 Deferred US Federal (312,697 ) (103,156 ) US State (117,516 ) (31,983 ) Total deferred benefit (430,213 ) (135,139 ) Change in valuation allowance 430,213 135,139 Total deferred provision $ - $ - As of December 31, 2020 and 2019, the Company did not have any U.S. federal and state net operating loss carryovers (“NOLs”). December 31, 2020 December 31, 2019 Deferred tax assets: Startup Costs $ 565,352 $ 131,532 Total deferred income tax assets $ 565,352 $ 131,532 Net deferred income tax assets $ 565,352 $ 131,532 Valuation allowance (565,352 ) (131,532 ) Deferred tax asset, net of allowance $ - $ - In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, Management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2020 and December 31, 2019 is as follows: December 31, 2020 (as restated) December 31, 2019 (as restated) Statutory federal income tax rate 21.00 % 21.00 % State taxes, net of federal tax benefit 0.1 % 0.54 % Return to provision (0.03 )% (0.05 )% Net change in warrant valuation (20.83 )% (17.33 )% Change in valuation allowance (0.43 )% 0.58 % Income tax provision (0.19 )% 4.74 % The Company files income tax returns in the U.S. federal jurisdiction and Pennsylvania and is subject to examination for the years ended December 31, 2018, 2019, and 2020. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 10 - Fair Value Measurements The Company follows the guidance of ASC 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 ● Level 3 The Company used a Modified Black-Scholes-Merton Model to estimate the fair value of the derivative liability representing private placement warrants. The derivative liability was classified within Level 3 of the fair value hierarchy because certain unobservable inputs were used in the valuation model. The Company estimated the fair value of derivative liabilities using the following assumptions: December 31, 2020 December 31, 2019 Risk free rate 0.32 - 0.38 % 1.56 - 2.23 % Fair value of underlying stock $14.93 $10.12 Expected term (in years) 5.04 - 5.42 5.34 - 5.64 Stock price volatility 15 - 40 % 12 % Expected dividend yield 0.00 % 0.00 % During twelve months ended 2020 and 2019 the Company recognized a $ 31,520,249 loss and $ 2,783,806 gain associated with the revaluation of above derivative liability. The Company used directly observable quoted market prices to estimate the fair value of the derivative liability representing public warrants. The derivative liability was classified within Level 2 of the fair value hierarchy. During twelve months ended 2020 and 2019 the Company recognized a $ 67,699,876 loss and $ 15,855,443 gain associated with the revaluation of above derivative liability. The following table presents information about the Company’s assets that are measured on a recurring basis at December 31, 2020 and December 31, 2019, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. December 31, 2020 Description Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Cash and cash equivalents held in Trust Account Asset $ 93,340,005 Public Warrant Derivative Liability 74,536,020 Private Warrants Derivative Liability 34,930,559 December 31, 2019 Description Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Cash and cash equivalents held in Trust Account Asset $ 225,433,349 Public Warrants Derivative Liability 6,836,144 Private Warrants Derivative Liability 3,410,310 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 - Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. On October 12, 2020, and as amended on October 19, 2020 and amended again on December 31, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with AMCI Merger Sub Corp., a Delaware corporation and newly formed wholly-owned subsidiary of the Company (“Merger Sub”), AMCI Sponsor LLC, a Delaware limited liability company (the “Sponsor”), solely in the capacity the Purchaser Representative, Advent Technologies Inc., a Delaware corporation (“Advent”), and Vassilios Gregoriou, solely in his capacity Seller Representative providing for, among other things, the combination of the Company and Advent pursuant to the merger of Merger Sub with and into Advent with Advent continuing as the surviving entity and as a wholly-owned subsidiary of the Company (the “Merger”). As a result of the Merger, all shares of Advent’s common stock, par value $0.001 per share and all of Advent’s convertible preferred shares, par value $0.001 per share, on an as converted basis, issued and outstanding immediately prior to the effective time, will be converted into the right to receive Company common stock, par value $0.0001 per share, representing a pro rata share of $250 million in the aggregate, minus net debt adjustment, with each stockholder of Advent being entitled to receive its pro rata share of the total consideration. On October 20, 2020, the Company redeemed 5,864,053 shares of the Class A common stock at a redemption price of $60.4 million, as a result of the voting for an amendment and extension of the certificate of incorporation of AMCI. On December 17, 2020, a purported shareholder class action complaint was filed by Dillon Frey against the Company in the Supreme Court of the State of New York, County of New York, alleging that the proposed Business Combination with Advent is both procedurally and substantively unfair and seeking to maintain the action as a class action and enjoin the Business Combination, among other things, without stating a specific amount of damages. The complaint does not provide detail as to how the proposed Business Combination is unfair, either procedurally or substantively, and we believe it has no merit. On February 10, 2021, a notice of dismissal of the complaint was filed in the Supreme Court of the State of New York, County of New York. On December 22, 2020 AMCI entered into subscription agreements, pursuant to which certain investors agreed to purchase, and AMCI agreed to sell to the investors, an aggregate of 6,500,000 shares of AMCI Class A common stock for gross proceeds to AMCI of $65,000,000 (the “PIPE Investment”). The PIPE Investment closed substantially immediately prior to the Closing of the Business Combination. On January 5, 2021, the Company received a written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that the Company is not in compliance with Listing Rule 5620(a), due to the Company’s failure to hold an annual meeting of stockholders within twelve months of the end of the Company’s fiscal year end. The Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities on the Nasdaq Capital Market. On February 2, 2021, the Company held a Special Meeting at which the Company’s stockholders considered and adopted, among other matters, the Merger Agreement (the “Special Meeting”). On February 4, 2021 (the “Closing Date”), the parties to the Merger Agreement consummated the Business Combination. Pursuant to the Merger Agreement, the Merger Consideration paid to the Advent stockholders is being paid solely by the delivery of new shares of New Advent common stock, each valued at $10.00 per share. The aggregate value of the consideration paid to Advent stockholders in the Business Combination was approximately $250.3 million. Prior to the Special Meeting, holders of 1,606 shares of AMCI’s Class A common stock sold in its initial public offering exercised their right to redeem those shares for cash at a price of approximately $10.30 per share, for an aggregate of $16,536. In connection with the Closing, New Advent common stock and warrants began trading on Nasdaq under the symbols “ADN” and “ADNWW”. AMCI’s public units automatically separated into their component securities upon consummation of the Business Combination and, as a result, no longer trade as a separate security. As of the Closing Date, our directors and executive officers and affiliated entities beneficially owned approximately 26.1% of the outstanding shares of New Advent common stock, and the former securityholders of AMCI beneficially owned approximately 31.6% of the outstanding shares of New Advent common stock. On February 4, 2021, we consummated a business combination (the “Closing”) pursuant to the terms of the Merger Agreement, including the merger of Merger Sub with and into Advent, with Advent continuing as the surviving corporation and as a wholly-owned subsidiary of the Company, in accordance with the terms of the Merger Agreement (the “Business Combination”). On February 5, 2021, Advent entered into a lease agreement by and among Advent, in its capacity as Tenant, and BP Hancock LLC, a Delaware limited liability company, in its capacity as Landlord, (the “2021 Lease Agreement”). The 2021 Lease Agreement, which is dated as of February 5, 2021, provides for the rental by Advent of office space at 200 Clarendon Street, Boston, MA 02116 for use as the Company’s executive offices. The term of the lease is five years (unless sooner terminated as provided in the 2021 Lease Agreement). On February 18, 2021, Advent, a wholly-owned subsidiary of the Company, entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with Bren-tronics, Inc. (“Seller”) and UltraCell, LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Seller (“UltraCell”). Pursuant to the Purchase Agreement, and subject to the terms and conditions therein, on February 18, 2021, Advent acquired 100% of the issued and outstanding membership interests in UltraCell. On March 8, 2021, the Company entered into a lease for 21,401 square feet as a product development and manufacturing center at Hood Park in Charlestown, MA. The lease has a term of eight years and five months, with an option to extend for five years. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. |
Use of Estimates | Use of Estimates The preparation of balance sheet in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the balance sheet, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents Held in Trust Account | Cash and cash equivalents held in Trust Account At December 31, 2020, the assets held in the Trust Account were invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had cash equivalents totaling $93,340,005 and $225,433,329 held in the Trust Account as of December 31, 2020 and December 31, 2019, respectively. During the years ended December 31, 2020 and December 31, 2019, the Company withdrew $1,805,098 and $265,057, respectively, from interest accrued in the Trust Account for the payment of franchise taxes and income taxes. |
Common Stock Subject to Possible Redemption | Common stock subject to possible redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheets. |
Net Loss Per Common Share | Net loss per common share Net income (loss) per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the Public Offering and Private Placement to purchase an aggregate of 27,962, 493 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s statement of operations includes a presentation of income (loss) per share for common shares subject to possible redemption in a manner similar to the two-class method of income (loss) per share. Net income per common share, basic and diluted, for Common stock subject to possible redemption is calculated by dividing the proportionate share of income or loss on marketable securities held by the Trust Account, net of applicable franchise and income taxes, by the weighted average number of Common stock subject to possible redemption outstanding since original issuance. Net loss per share, basic and diluted, for non-redeemable common stock is calculated by dividing the net loss, adjusted for income or loss on marketable securities attributable to Common stock subject to possible redemption, by the weighted average number of non-redeemable common stock outstanding for the period. Non-redeemable common stock includes Founder Shares and non-redeemable shares of common stock as these shares do not have any redemption features. Non-redeemable common stock participates in the income or loss on marketable securities based on non-redeemable common stock shares’ proportionate interest. Warrant Liability The Company accounts for the 27,962,493 warrants (comprising of 22,052,077 public warrants and 5,910,416 private placement warrants) issued in connection with its Initial Public Offering in accordance with ASC 815-40-15-7D. If the warrants do not meet the criteria for equity treatment, they must be recorded as liabilities. Accordingly, the Company classifies the warrant instrument as liabilities at its fair value and adjusts the instrument to fair value at each reporting period. These liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of public warrants issued by the Company in connection with the Initial Public Offering has been determined using either the quoted price, if available, or was based on a modified Black-Scholes-Merton model. The private placement warrants have been determined based Reconciliation of net loss per common share The Company’s net income is adjusted for the portion of income that is attributable to common stock subject to possible redemption, as these shares only participate in the income of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted loss per common share is calculated as follows: Year Ended December 31, 2020 (as restated) Year Ended December 31, 2019 (as restated) Common stock subject to possible redemption Numerator: Earnings allocable to Common stock subject to possible redemption Interest earned on marketable securities held in Trust Account $ - $ 4,172,856 Less: interest available to be withdrawn for payment of taxes - (1,141,612 ) Net income allocable to shares subject to possible redemption - 3,031,244 Denominator: Weighted average Common stock subject to possible redemption Basic and diluted weighted average shares outstanding 15,811,603 19,401,513 Basic and diluted net income per share $ 0.02 $ 0.16 Non-Redeemable Common Stock Numerator Net Income minus Net Earnings Net income (loss) $ (100,213,978 ) $ 21,512,138 Less: Income attributable to common stock subject to possible redemption - (3,031,244 ) Non-Redeemable Net Loss (100,213,978 ) 18,480,894 Basic and diluted weighted average shares outstanding 8,135,082 8,163,583 Basic and diluted net loss per common share $ (12.32 ) $ 2.26 |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2020 and December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. On March 27, 2020, the CARES Act was enacted in response to COVID-19 pandemic. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period which the new legislation is enacted. The CARES Act made various tax law changes including among other things (i) increasing the limitation under Section 163(j) of the Internal Revenue Code of 1986, as amended (the “IRC”) for 2019 and 2020 to permit additional expensing of interest (ii) enacting a technical correction so that qualified improvement property can be immediately expensed under IRC Section 168(k), (iii) making modifications to the federal net operating loss rules including permitting federal net operating losses incurred in 2018, 2019, and 2020 to be carried back to the five preceding taxable years in order to generate a refund of previously paid income taxes and (iv) enhancing the recoverability of alternative minimum tax credits. Given the Company's full valuation allowance position and capitalization of all formation costs, the CARES Act did not have an impact on the financial statements. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Description of Organization a_2
Description of Organization and Business Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Description of Organization and Business Operations [Abstract] | |
Impact of Correction to Applicable Reporting Periods | The impact of this correction to the applicable reporting periods for the financial statement line items impacted is as follows (only line items were impacted by the restatement were presented): AMCI Acquisition Corp. Balance Sheet for the Year Ended December 31, 2020 As Previously Reported Restatement Impact As Restated Warrant Liabilities 109,466,579 109,466,579 Total Liabilities 10,898,365 109,466,579 120,364,944 Common stock subject to possible redemption 78,024,156 (78,024,156 ) - Class A Common stock 150 759 906 Additional paid-in capital 2,812,626 50,724,187 53,536,813 Retained earnings / (Accumulated Deficit) 2,186,674 (82,166,610 ) (79,979,936 ) Total Stockholders’ Equity 5,000,001 (31,442,423 ) (26,442,422 ) AMCI Acquisition Corp. Balance Sheet for the Year Ended December 31, 2019 As Previously Reported Restatement Impact As Restated Warrant Liabilities 10,246,454 10,246,454 Total Liabilities 9,002,433 10,246,454 19,248,887 Common stock subject to possible redemption 212,008,440 (10,246,454 ) 201,761,986 Class A Common stock 121 100 221 Additional paid-in capital 1,818,808 (17,053,615 ) (15,234,807 ) Retained earnings / (Accumulated Deficit) 3,180,527 17,053,515 20,234,042 AMCI Acquisition Corp. Statement of Operations for the Year Ended December 31, 2020 As Previously Reported Restatement Impact As Restated Change in fair value of warrant liabilities (99,220,125 ) (99,220,125 ) (Loss) income before provision for income tax (794,823 ) (99,220,125 ) (100,014,948 ) Net (loss) income (993,853 ) (99,220,125 ) (100,213,978 Basic and diluted net loss per share, Common stock subject to redemption 0.02 (0.20 ) - Basic and diluted net loss per share, Common stock (0.20 ) (12.16 ) (12.32 ) AMCI Acquisition Corp. Statement of Operations for the Year Ended December 31, 2019 As Previously Reported Restatement Impact As Restated Change in fair value of warrant liabilities 18,639,249 18,639,249 (Loss) income before provision for income tax 3,941,804 18,639,249 22,581,053 Net (loss) income 2,872,889 18,639,249 21,512,138 Basic and diluted net loss per share, Common stock subject to redemption 0.15 0.01 0.16 Basic and diluted net loss per share, Common stock (0.05 ) 2.31 2.26 AMCI Acquisition Corp. Statement of Cash Flows for the Year Ended December 31, 2020 As Previously Reported Restatement Impact As Restated Net (loss) income (993,853 ) (99,220,125 ) (100,213,978 ) Adjustments to reconcile net (loss) income to net cash used in operating activities: Change in fair value of warrant liabilities - 99,220,125 99,220,125 Non-Cash investing and financing activities: Change in value of common stock subject to possible redemption (993,848 ) 69,765,368 68,771,520 AMCI Acquisition Corp. Statement of Cash Flows for the Year Ended December 31, 2019 As Previously Reported Restatement Impact As Restated Net (loss) income 2,872,889 18,639,249 21,512,138 Adjustments to reconcile net (loss) income to net cash used in operating activities: Change in fair value of warrant liabilities - (18,639,249 ) (18,639,249 ) Non-Cash investing and financing activities: Change in value of common stock subject to possible redemption 2,897,890 (24,435,032 ) (21,537,142 ) Restatement of Previously Issued Quarterly Financial Statements (unaudited) In lieu of filing amended quarterly reports on Form 10-Q, the following tables represent our restated unaudited condensed consolidated financial statements for each of the quarters during the years ended December 31, 2020 and December 31, 2019. AMCI Acquisition Corp. unaudited interim Statement of Operations for each of the quarters during the year ended December 31, 2020 Three Months Ended Three Months Ended Three Months Ended Three Months Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated Change in fair value of warrant liabilities - 4,580,791 4,580,791 - (10,576,629 ) (10,576,629 ) - (5,148,191 ) (5,148,191 ) - (88,076,096 ) (88,076,096 ) (Loss) income before provision for income tax 520,011 4,580,791 5,100,802 (345,560 ) (10,576,629 ) (10,922,189 ) (425,178 ) (5,148,191 ) (5,573,369 ) (544,096 ) (88,076,096 ) (88,620,192 ) Net (loss) income 365,235 4,580,791 4,946,026 (418,925 ) (10,576,629 ) (10,995,554 ) (617,905 ) (5,148,191 ) (5,766,096 ) (322,258 ) (88,076,096 ) (88,398,354 ) Basic and diluted net loss per share, Common stock (0.01 ) 0.59 0.58 (0.06 ) (1.45 ) (1.51 ) (0.09 ) (0.60 ) (0.69 ) (0.03 ) (9.67 ) (9.70 ) Six Months Ended Nine Months Ended June 30, 2020 September 30, 2020 As Previously Reported Restatement Impact As Previously Reported As Previously Reported Restatement Impact As Restated Change in fair value of warrant liabilities - (5,995,838 ) (5,995,838 ) - (11,144,029 ) (11,144,029 ) (Loss) income before provision for income tax 174,451 (5,995,838 ) (5,821,387 ) (250,727 ) (11,144,029 ) (11,394,756 ) Net (loss) income (53,690 ) (5,995,838 ) (6,049,528 ) (671,595 ) (11,144,029 ) (11,815,624 ) Basic and diluted net loss per share, Common stock (0.07 ) (0.79 ) (0.86 ) (0.13 ) (1.13 ) (1.26 ) AMCI Acquisition Corp. unaudited interim Statement of Operations for each of the quarters during the year ended December 31, 2019 Three Months Ended Three Months Ended Three Months Ended Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated Change in fair value of warrant liabilities - 19,009,366 19,009,366 - 226,633 226,633 - (1,360,625 ) (1,360,625 ) - 763,875 763,875 (Loss) income before provision for income tax 1,019,254 19,009,366 20,028,620 1,117,070 226,633 1,343,703 1,015,074 (1,360,625 ) (345,551 ) 790,406 763,875 1,554,281 Net (loss) income 790,254 19,009,366 19,799,620 842,931 226,633 1,069,564 815,158 (1,360,625 ) (545,467 ) 424,546 763,875 1,188,421 Basic and diluted net loss per share, Common stock (0.01 ) 1.99 1.98 (0.02 ) 0.04 0.02 (0.01 ) (0.18 ) (0.19 ) (0.01 ) 0.10 0.09 Six Months Ended Nine Months Ended As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Previously Reported Change in fair value of warrant liabilities - 19,235,999 19,235,999 - 17,875,375 17,875,375 (Loss) income before provision for income tax 2,136,324 19,235,999 21,372,323 3,151,398 17,875,375 21,026,773 Net (loss) income 1,633,185 19,235,999 20,869,184 2,448,343 17,875,375 20,323,718 Basic and diluted net loss per share, Common stock (0.03 ) 2.24 2.21 (0.04 ) 2.17 2.13 AMCI Acquisition Corp. unaudited interim Balance Sheet for each of the quarters during the year ended December 31, 2020 March 31, 2020 June 30, 2020 September 30, 2020 As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated Warrant Liabilities - 5,665,663 5,665,663 - 16,242,292 16,242,292 - 21,390,482 21,390,482 Total Liabilities 9,006,140 5,665,663 14,671,803 8,610,603 16,242,292 24,852,895 10,165,519 21,390,482 31,556,001 Common stock subject to possible redemption 212,373,680 (5,665,663 ) 206,708,017 139,369,310 (16,242,292 ) 123,127,018 138,751,410 (21,390,482 ) 117,360,928 Additional paid-in capital 1,453,568 (21,634,306 ) (20,180,738 ) 1,872,487 (11,057,677 ) (9,185,190 ) 2,490,372 (5,909,487 ) (3,419,115 ) Retained earnings / (Accumulated Deficit) 3,545,762 21,634,306 25,180,068 3,126,837 11,057,677 14,184,514 2,508,932 5,909,487 8,418,419 AMCI Acquisition Corp. unaudited interim Balance Sheet for each of the quarters during the year ended December 31, 2019 March 31, 2019 June 30, 2019 September 30, 2019 As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated As Previously Reported Restatement Impact As Restated Warrant Liabilities - 9,876,337 9,876,337 - 9,649,704 9,649,704 - 11,010,329 11,010,329 Total Liabilities 8,295,098 9,876,337 18,171,435 8,322,174 9,649,704 17,971,878 8,562,223 11,010,329 19,572,552 Common stock subject to possible redemption 209,900,810 (9,876,337 ) 200,024,473 210,743,740 (9,649,704 ) 201,094,036 211,583,900 (11,010,329 ) 200,573,571 Additional paid-in capital 3,901,440 (17,423,632 ) (13,522,192 ) 3,058,510 (17,650,265 ) (14,591,755 ) 2,243,350 (16,289,640 ) (14,046,290 ) Retained earnings / (Accumulated Deficit) 1,097,892 17,423,632 18,521,524 1,940,823 17,650,265 19,591,088 2,755,981 16,289,640 19,045,621 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Basic and Diluted Loss Per Common Share | The Company’s net income is adjusted for the portion of income that is attributable to common stock subject to possible redemption, as these shares only participate in the income of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted loss per common share is calculated as follows: Year Ended December 31, 2020 (as restated) Year Ended December 31, 2019 (as restated) Common stock subject to possible redemption Numerator: Earnings allocable to Common stock subject to possible redemption Interest earned on marketable securities held in Trust Account $ - $ 4,172,856 Less: interest available to be withdrawn for payment of taxes - (1,141,612 ) Net income allocable to shares subject to possible redemption - 3,031,244 Denominator: Weighted average Common stock subject to possible redemption Basic and diluted weighted average shares outstanding 15,811,603 19,401,513 Basic and diluted net income per share $ 0.02 $ 0.16 Non-Redeemable Common Stock Numerator Net Income minus Net Earnings Net income (loss) $ (100,213,978 ) $ 21,512,138 Less: Income attributable to common stock subject to possible redemption - (3,031,244 ) Non-Redeemable Net Loss (100,213,978 ) 18,480,894 Basic and diluted weighted average shares outstanding 8,135,082 8,163,583 Basic and diluted net loss per common share $ (12.32 ) $ 2.26 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Tax Provision | The income tax provision consists of the following: As of December 31, 2020 2019 Current US Federal $ 171,703 $ 878,133 US State 27,327 194,357 Total current provision 199,030 1,072,490 Deferred US Federal (312,697 ) (103,156 ) US State (117,516 ) (31,983 ) Total deferred benefit (430,213 ) (135,139 ) Change in valuation allowance 430,213 135,139 Total deferred provision $ - $ - |
Deferred Tax Assets | As of December 31, 2020 and 2019, the Company did not have any U.S. federal and state net operating loss carryovers (“NOLs”). December 31, 2020 December 31, 2019 Deferred tax assets: Startup Costs $ 565,352 $ 131,532 Total deferred income tax assets $ 565,352 $ 131,532 Net deferred income tax assets $ 565,352 $ 131,532 Valuation allowance (565,352 ) (131,532 ) Deferred tax asset, net of allowance $ - $ - |
Reconciliation of Federal Income Tax Rate | A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2020 and December 31, 2019 is as follows: December 31, 2020 (as restated) December 31, 2019 (as restated) Statutory federal income tax rate 21.00 % 21.00 % State taxes, net of federal tax benefit 0.1 % 0.54 % Return to provision (0.03 )% (0.05 )% Net change in warrant valuation (20.83 )% (17.33 )% Change in valuation allowance (0.43 )% 0.58 % Income tax provision (0.19 )% 4.74 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Estimated Fair Value of Derivative Liabilities | The Company estimated the fair value of derivative liabilities using the following assumptions: December 31, 2020 December 31, 2019 Risk free rate 0.32 - 0.38 % 1.56 - 2.23 % Fair value of underlying stock $14.93 $10.12 Expected term (in years) 5.04 - 5.42 5.34 - 5.64 Stock price volatility 15 - 40 % 12 % Expected dividend yield 0.00 % 0.00 % |
Assets Measured on Recurring Basis | The following table presents information about the Company’s assets that are measured on a recurring basis at December 31, 2020 and December 31, 2019, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. December 31, 2020 Description Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Cash and cash equivalents held in Trust Account Asset $ 93,340,005 Public Warrant Derivative Liability 74,536,020 Private Warrants Derivative Liability 34,930,559 December 31, 2019 Description Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Cash and cash equivalents held in Trust Account Asset $ 225,433,349 Public Warrants Derivative Liability 6,836,144 Private Warrants Derivative Liability 3,410,310 |
Description of Organization a_3
Description of Organization and Business Operations (Details) - USD ($) | Oct. 20, 2020 | May 20, 2020 | Nov. 27, 2018 | Nov. 20, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 |
Business Operations [Abstract] | |||||||
Amount deposited into Trust Account | $ 93,340,005 | $ 225,433,349 | |||||
Offering costs | 12,628,266 | ||||||
Underwriting fees | 4,410,416 | ||||||
Deferred underwriting fees | 7,718,227 | 7,718,227 | |||||
Other costs | 499,623 | ||||||
Cash held outside of trust account | 24,945 | 520,422 | |||||
Payment for redemption of common stock | 132,990,436 | $ 0 | |||||
Maximum [Member] | |||||||
Business Operations [Abstract] | |||||||
Interest to pay dissolution expenses | $ 100,000 | ||||||
Private Placement Warrant [Member] | |||||||
Business Operations [Abstract] | |||||||
Unit price (in dollars per share) | $ 1 | $ 1 | |||||
Warrants issued (in shares) | 410,416 | 5,500,000 | |||||
Gross proceeds from issuance of warrants | $ 410,416 | $ 5,500,000 | |||||
Share price, shares redeemed (in dollars per share) | $ 11.50 | ||||||
Class A Common Stock [Member] | |||||||
Business Operations [Abstract] | |||||||
Amount deposited into Trust Account | $ 1,865,649 | ||||||
Number of shares redeemed (in shares) | 5,864,053 | 7,126,888 | |||||
Payment for redemption of common stock | $ 60,400,000 | $ 72,600,000 | |||||
Share price, shares redeemed (in dollars per share) | $ 10.30 | $ 10.18 | |||||
Monthly deposit into trust account | $ 373,000 | ||||||
Amount deposited in trust account (in dollars per share) | $ 0.025 | ||||||
Initial Public Offering [Member] | |||||||
Business Operations [Abstract] | |||||||
Units issued (in shares) | 22,052,077 | 20,000,000 | |||||
Unit price (in dollars per share) | $ 10 | $ 10 | |||||
Gross proceeds from initial public offering | $ 200,000,000 | ||||||
Amount deposited into Trust Account | $ 200,000,000 | ||||||
Over-Allotment Option [Member] | |||||||
Business Operations [Abstract] | |||||||
Units issued (in shares) | 2,052,077 | ||||||
Unit price (in dollars per share) | $ 10 | ||||||
Gross proceeds from initial public offering | $ 20,520,770 | ||||||
Offering costs | $ 410,416 | ||||||
Common stock subject to possible forfeiture (in shares) | 236,981 | ||||||
Forward Purchase Units [Member] | |||||||
Business Operations [Abstract] | |||||||
Unit price (in dollars per share) | $ 10 | ||||||
Contingent number of units authorized (in shares) | 5,000,000 | ||||||
Aggregate value of units available for sale | $ 50,000,000 |
Description of Organization a_4
Description of Organization and Business Operations, Restatement of Previously Issued Annual Financial Statements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement of Operations [Abstract] | |||||||||||||||||
Change in fair value of warrant liabilities | $ (88,076,096) | $ (5,148,191) | $ (10,576,629) | $ 4,580,791 | $ 763,875 | $ (1,360,625) | $ 226,633 | $ 19,009,366 | $ (5,995,838) | $ 19,235,999 | $ (11,144,029) | $ 17,875,375 | $ (99,220,125) | $ 18,639,249 | |||
(Loss) income before provision for income tax | (88,620,192) | (5,573,369) | (10,922,189) | 5,100,802 | 1,554,281 | (345,551) | 1,343,703 | 20,028,620 | (5,821,387) | 21,372,323 | (11,394,756) | 21,026,773 | (100,014,948) | 22,581,053 | |||
Net (loss) income | (88,398,354) | (5,766,096) | (10,995,554) | 4,946,026 | 1,188,421 | (545,467) | 1,069,564 | 19,799,620 | (6,049,528) | 20,869,184 | (11,815,624) | 20,323,718 | (100,213,978) | 21,512,138 | |||
Balance Sheet [Abstract] | |||||||||||||||||
Warrant Liabilities | 109,466,579 | 21,390,482 | 16,242,292 | 5,665,663 | 10,246,454 | 11,010,329 | 9,649,704 | 9,876,337 | 16,242,292 | 9,649,704 | 21,390,482 | 11,010,329 | 109,466,579 | 10,246,454 | |||
Total Liabilities | 120,364,944 | 31,556,001 | 24,852,895 | 14,671,803 | 19,248,887 | 19,572,552 | 17,971,878 | 18,171,435 | 24,852,895 | 17,971,878 | 31,556,001 | 19,572,552 | 120,364,944 | 19,248,887 | |||
Common stock subject to possible redemption | 0 | 117,360,928 | 123,127,018 | 206,708,017 | 201,761,986 | 200,573,571 | 201,094,036 | 200,024,473 | 123,127,018 | 201,094,036 | 117,360,928 | 200,573,571 | 0 | 201,761,986 | |||
Common stock | 906 | 221 | 906 | 221 | |||||||||||||
Additional paid-in capital | 53,536,057 | (3,419,115) | (9,185,190) | (20,180,738) | (15,234,807) | (14,046,290) | (14,591,755) | (13,522,192) | (9,185,190) | (14,591,755) | (3,419,115) | (14,046,290) | 53,536,057 | (15,234,807) | |||
Retained earnings / (Accumulated Deficit) | (79,979,936) | 8,418,419 | 14,184,514 | 25,180,068 | 20,234,042 | 19,045,621 | 19,591,088 | 18,521,524 | 14,184,514 | 19,591,088 | 8,418,419 | 19,045,621 | (79,979,936) | 20,234,042 | |||
Total Stockholders' Equity | (26,442,422) | 5,000,007 | (26,442,422) | 5,000,007 | $ 5,000,008 | ||||||||||||
Cash Flows [Abstract] | |||||||||||||||||
Net (loss) income | (88,398,354) | $ (5,766,096) | $ (10,995,554) | $ 4,946,026 | 1,188,421 | $ (545,467) | $ 1,069,564 | $ 19,799,620 | $ (6,049,528) | $ 20,869,184 | $ (11,815,624) | $ 20,323,718 | (100,213,978) | 21,512,138 | |||
Adjustments to reconcile net (loss) income to net cash used in operating activities [Abstract] | |||||||||||||||||
Change in fair value of warrant liabilities | 99,220,125 | (18,639,249) | |||||||||||||||
Non-Cash investing and financing activities [Abstract] | |||||||||||||||||
Change in value of common stock subject to possible redemption | $ 68,771,520 | $ (21,537,142) | |||||||||||||||
Class A Common Stock [Member] | |||||||||||||||||
Statement of Operations [Abstract] | |||||||||||||||||
Basic and diluted net loss per share, Common stock (in dollars per share) | $ 0 | $ 0.16 | |||||||||||||||
Balance Sheet [Abstract] | |||||||||||||||||
Common stock | $ 906 | $ 221 | $ 906 | $ 221 | |||||||||||||
Class B Common Stock [Member] | |||||||||||||||||
Statement of Operations [Abstract] | |||||||||||||||||
Net (loss) income | $ (100,213,978) | $ 21,512,138 | |||||||||||||||
Basic and diluted net loss per share, Common stock (in dollars per share) | $ (9.70) | $ (0.69) | $ (1.51) | $ 0.58 | $ 0.09 | $ (0.19) | $ 0.02 | $ 1.98 | $ (0.86) | $ 2.21 | $ (1.26) | $ 2.13 | $ (12.32) | [1] | $ 2.26 | [1] | |
Balance Sheet [Abstract] | |||||||||||||||||
Common stock | $ 551 | $ 551 | $ 551 | $ 551 | |||||||||||||
Cash Flows [Abstract] | |||||||||||||||||
Net (loss) income | (100,213,978) | 21,512,138 | |||||||||||||||
Reclassification Adjustment [Member] | |||||||||||||||||
Restatement of Previously Issued Annual Financial Statements [Abstract] | |||||||||||||||||
Reclassification of transaction costs | 1,302,034 | ||||||||||||||||
As Previously Reported [Member] | |||||||||||||||||
Statement of Operations [Abstract] | |||||||||||||||||
Change in fair value of warrant liabilities | 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||
(Loss) income before provision for income tax | (544,096) | (425,178) | (345,560) | 520,011 | 790,406 | 1,015,074 | 1,117,070 | 1,019,254 | 174,451 | 2,136,324 | (250,727) | 3,151,398 | (794,823) | 3,941,804 | |||
Net (loss) income | (322,258) | (617,905) | (418,925) | 365,235 | 424,546 | 815,158 | 842,931 | 790,254 | (53,690) | 1,633,185 | (671,595) | 2,448,343 | (993,853) | 2,872,889 | |||
Balance Sheet [Abstract] | |||||||||||||||||
Warrant Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Liabilities | 10,898,365 | 10,165,519 | 8,610,603 | 9,006,140 | 9,002,433 | 8,562,223 | 8,322,174 | 8,295,098 | 8,610,603 | 8,322,174 | 10,165,519 | 8,562,223 | 10,898,365 | 9,002,433 | |||
Common stock subject to possible redemption | 78,024,156 | 138,751,410 | 139,369,310 | 212,373,680 | 212,008,440 | 211,583,900 | 210,743,740 | 209,900,810 | 139,369,310 | 210,743,740 | 138,751,410 | 211,583,900 | 78,024,156 | 212,008,440 | |||
Common stock | 150 | 121 | 150 | 121 | |||||||||||||
Additional paid-in capital | 2,812,626 | 2,490,372 | 1,872,487 | 1,453,568 | 1,818,808 | 2,243,350 | 3,058,510 | 3,901,440 | 1,872,487 | 3,058,510 | 2,490,372 | 2,243,350 | 2,812,626 | 1,818,808 | |||
Retained earnings / (Accumulated Deficit) | 2,186,674 | 2,508,932 | 3,126,837 | 3,545,762 | 3,180,527 | 2,755,981 | 1,940,823 | 1,097,892 | 3,126,837 | 1,940,823 | 2,508,932 | 2,755,981 | 2,186,674 | 3,180,527 | |||
Total Stockholders' Equity | 5,000,001 | 5,000,001 | |||||||||||||||
Cash Flows [Abstract] | |||||||||||||||||
Net (loss) income | $ (322,258) | $ (617,905) | $ (418,925) | $ 365,235 | $ 424,546 | $ 815,158 | $ 842,931 | $ 790,254 | $ (53,690) | $ 1,633,185 | $ (671,595) | $ 2,448,343 | (993,853) | 2,872,889 | |||
Adjustments to reconcile net (loss) income to net cash used in operating activities [Abstract] | |||||||||||||||||
Change in fair value of warrant liabilities | 0 | 0 | |||||||||||||||
Non-Cash investing and financing activities [Abstract] | |||||||||||||||||
Change in value of common stock subject to possible redemption | $ (993,848) | $ 2,897,890 | |||||||||||||||
As Previously Reported [Member] | Class A Common Stock [Member] | |||||||||||||||||
Statement of Operations [Abstract] | |||||||||||||||||
Basic and diluted net loss per share, Common stock (in dollars per share) | $ 0.02 | $ 0.15 | |||||||||||||||
As Previously Reported [Member] | Class B Common Stock [Member] | |||||||||||||||||
Statement of Operations [Abstract] | |||||||||||||||||
Basic and diluted net loss per share, Common stock (in dollars per share) | $ (0.03) | $ (0.09) | $ (0.06) | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.01) | $ (0.07) | $ (0.03) | $ (0.13) | $ (0.04) | $ (0.20) | $ (0.05) | |||
Restatement Impact [Member] | |||||||||||||||||
Statement of Operations [Abstract] | |||||||||||||||||
Change in fair value of warrant liabilities | $ (88,076,096) | $ (5,148,191) | $ (10,576,629) | $ 4,580,791 | $ 763,875 | $ (1,360,625) | $ 226,633 | $ 19,009,366 | $ (5,995,838) | $ 19,235,999 | $ (11,144,029) | $ 17,875,375 | $ (99,220,125) | $ 18,639,249 | |||
(Loss) income before provision for income tax | (88,076,096) | (5,148,191) | (10,576,629) | 4,580,791 | 763,875 | (1,360,625) | 226,633 | 19,009,366 | (5,995,838) | 19,235,999 | (11,144,029) | 17,875,375 | (99,220,125) | 18,639,249 | |||
Net (loss) income | (88,076,096) | (5,148,191) | (10,576,629) | 4,580,791 | 763,875 | (1,360,625) | 226,633 | 19,009,366 | (5,995,838) | 19,235,999 | (11,144,029) | 17,875,375 | (99,220,125) | 18,639,249 | |||
Balance Sheet [Abstract] | |||||||||||||||||
Warrant Liabilities | 109,466,579 | 21,390,482 | 16,242,292 | 5,665,663 | 10,246,454 | 11,010,329 | 9,649,704 | 9,876,337 | 16,242,292 | 9,649,704 | 21,390,482 | 11,010,329 | 109,466,579 | 10,246,454 | |||
Total Liabilities | 109,466,579 | 21,390,482 | 16,242,292 | 5,665,663 | 10,246,454 | 11,010,329 | 9,649,704 | 9,876,337 | 16,242,292 | 9,649,704 | 21,390,482 | 11,010,329 | 109,466,579 | 10,246,454 | |||
Common stock subject to possible redemption | (78,024,156) | (21,390,482) | (16,242,292) | (5,665,663) | (10,246,454) | (11,010,329) | (9,649,704) | (9,876,337) | (16,242,292) | (9,649,704) | (21,390,482) | (11,010,329) | (78,024,156) | (10,246,454) | |||
Common stock | 756 | 100 | 756 | 100 | |||||||||||||
Additional paid-in capital | 50,723,431 | (5,909,487) | (11,057,677) | (21,634,306) | (17,053,615) | (16,289,640) | (17,650,265) | (17,423,632) | (11,057,677) | (17,650,265) | (5,909,487) | (16,289,640) | 50,723,431 | (17,053,615) | |||
Retained earnings / (Accumulated Deficit) | (82,166,610) | 5,909,487 | 11,057,677 | 21,634,306 | 17,053,515 | 16,289,640 | 17,650,265 | 17,423,632 | 11,057,677 | 17,650,265 | 5,909,487 | 16,289,640 | (82,166,610) | 17,053,515 | |||
Total Stockholders' Equity | (31,442,423) | (31,442,423) | |||||||||||||||
Cash Flows [Abstract] | |||||||||||||||||
Net (loss) income | $ (88,076,096) | $ (5,148,191) | $ (10,576,629) | $ 4,580,791 | $ 763,875 | $ (1,360,625) | $ 226,633 | $ 19,009,366 | $ (5,995,838) | $ 19,235,999 | $ (11,144,029) | $ 17,875,375 | (99,220,125) | 18,639,249 | |||
Adjustments to reconcile net (loss) income to net cash used in operating activities [Abstract] | |||||||||||||||||
Change in fair value of warrant liabilities | 99,220,125 | (18,639,249) | |||||||||||||||
Non-Cash investing and financing activities [Abstract] | |||||||||||||||||
Change in value of common stock subject to possible redemption | $ 69,765,368 | $ (24,435,032) | |||||||||||||||
Restatement Impact [Member] | Class A Common Stock [Member] | |||||||||||||||||
Statement of Operations [Abstract] | |||||||||||||||||
Basic and diluted net loss per share, Common stock (in dollars per share) | $ (0.02) | $ 0.01 | |||||||||||||||
Restatement Impact [Member] | Class B Common Stock [Member] | |||||||||||||||||
Statement of Operations [Abstract] | |||||||||||||||||
Basic and diluted net loss per share, Common stock (in dollars per share) | $ (9.67) | $ (0.60) | $ (1.45) | $ 0.59 | $ 0.10 | $ (0.18) | $ 0.04 | $ 1.99 | $ (0.79) | $ 2.24 | $ (1.13) | $ 2.17 | $ (12.12) | $ 2.31 | |||
[1] | Excludes income of $357,715 and $3,185,186 attributable to common stock subject to possible redemption for the Years Ended December 31, 2020 and December 31, 2019 (see Note 2). |
Description of Organization a_5
Description of Organization and Business Operations, Liquidity and Capital Resources (Details) - USD ($) | Jun. 25, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Liquidity and Capital Resources [Abstract] | |||
Cash held outside of trust Account | $ 24,945 | $ 520,422 | |
Working capital | (2,761,184) | ||
Interest available to pay tax obligations | 2,728,645 | ||
Contribution from sale of founder shares | $ 25,000 | ||
Promissory note | 2,365,649 | 0 | |
Loan from sponsor | $ 400,000 | $ 0 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Cash and cash equivalents held in Trust Account [Abstract] | |||||||||||||||||
Cash and cash equivalents | $ 93,340,005 | $ 225,433,329 | $ 93,340,005 | $ 225,433,329 | |||||||||||||
Payment of franchise taxes and income taxes | $ 1,805,098 | 265,057 | |||||||||||||||
Net loss per common share [Abstract] | |||||||||||||||||
Shares excluded from the computation of net loss per common share (in shares) | 27,962,493 | ||||||||||||||||
Warrant Liability [Abstract] | |||||||||||||||||
Number of warrants issued (in shares) | 27,962,493 | 27,962,493 | |||||||||||||||
Numerator: [Abstract] | |||||||||||||||||
Net income (loss) | $ (88,398,354) | $ (5,766,096) | $ (10,995,554) | $ 4,946,026 | 1,188,421 | $ (545,467) | $ 1,069,564 | $ 19,799,620 | $ (6,049,528) | $ 20,869,184 | $ (11,815,624) | $ 20,323,718 | $ (100,213,978) | 21,512,138 | |||
Income Taxes [Abstract] | |||||||||||||||||
Unrecognized tax benefits | 0 | 0 | 0 | 0 | |||||||||||||
Accrued interest and penalties | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||
Public Warrant [Member] | |||||||||||||||||
Warrant Liability [Abstract] | |||||||||||||||||
Number of warrants issued (in shares) | 22,052,077 | 22,052,077 | 22,052,077 | 22,052,077 | |||||||||||||
Private Placement Warrant [Member] | |||||||||||||||||
Warrant Liability [Abstract] | |||||||||||||||||
Number of warrants issued (in shares) | 5,910,416 | 5,910,416 | 5,910,416 | 5,910,416 | |||||||||||||
Common Stock Subject to Possible Redemption [Member] | |||||||||||||||||
Numerator: [Abstract] | |||||||||||||||||
Interest earned on marketable securities held in Trust Account | $ 0 | $ 4,172,856 | |||||||||||||||
Less: interest available to be withdrawn for payment of taxes | 0 | (1,141,612) | |||||||||||||||
Less: Income attributable to common stock subject to possible redemption | $ 0 | $ 3,031,244 | |||||||||||||||
Denominator: [Abstract] | |||||||||||||||||
Weighted average shares outstanding, basic and diluted (in shares) | 15,811,603 | 19,401,513 | |||||||||||||||
Basic and diluted net loss per, Common Stock (in dollars per share) | $ 0 | $ 0.16 | |||||||||||||||
Non-Redeemable Common Stock [Member] | |||||||||||||||||
Numerator: [Abstract] | |||||||||||||||||
Net income (loss) | $ (100,213,978) | $ 21,512,138 | |||||||||||||||
Less: Income attributable to common stock subject to possible redemption | 0 | (3,031,244) | |||||||||||||||
Non-Redeemable Net Loss | $ (100,213,978) | $ 18,480,894 | |||||||||||||||
Denominator: [Abstract] | |||||||||||||||||
Weighted average shares outstanding, basic and diluted (in shares) | [1] | 8,135,082 | 8,163,583 | ||||||||||||||
Basic and diluted net loss per, Common Stock (in dollars per share) | $ (9.70) | $ (0.69) | $ (1.51) | $ 0.58 | $ 0.09 | $ (0.19) | $ 0.02 | $ 1.98 | $ (0.86) | $ 2.21 | $ (1.26) | $ 2.13 | $ (12.32) | [2] | $ 2.26 | [2] | |
[1] | Excludes an aggregate of 0 and 19,838,936 shares subject to possible redemption as of December 31, 2020 and December 31, 2019, respectively. | ||||||||||||||||
[2] | Excludes income of $357,715 and $3,185,186 attributable to common stock subject to possible redemption for the Years Ended December 31, 2020 and December 31, 2019 (see Note 2). |
Initial Public Offering (Detail
Initial Public Offering (Details) - $ / shares | Oct. 20, 2020 | May 20, 2020 | Nov. 27, 2018 | Nov. 20, 2018 | Dec. 31, 2020 |
Class A Common Stock [Member] | |||||
Public Offering [Abstract] | |||||
Exercise price (in dollars per share) | $ 10.30 | $ 10.18 | |||
Number of shares redeemed (in shares) | 5,864,053 | 7,126,888 | |||
Initial Public Offering [Member] | |||||
Public Offering [Abstract] | |||||
Sale of units (in shares) | 22,052,077 | 20,000,000 | |||
Unit price (in dollars per share) | $ 10 | $ 10 | |||
Initial Public Offering [Member] | Class A Common Stock [Member] | |||||
Public Offering [Abstract] | |||||
Number of shares called by each unit (in shares) | 1 | ||||
Number of shares called by each warrant (in shares) | 1 | ||||
Initial Public Offering [Member] | Public Warrants [Member] | |||||
Public Offering [Abstract] | |||||
Number of shares called by each unit (in shares) | 1 | ||||
Exercise price (in dollars per share) | $ 11.50 |
Private Placement Warrants (Det
Private Placement Warrants (Details) - USD ($) | Nov. 27, 2018 | Nov. 20, 2018 | Dec. 31, 2020 | Oct. 20, 2020 | May 20, 2020 |
Class A Common Stock [Member] | |||||
Private Placement Warrants [Abstract] | |||||
Exercise price (in dollars per share) | $ 10.30 | $ 10.18 | |||
Private Placement Warrant [Member] | |||||
Private Placement Warrants [Abstract] | |||||
Warrants issued (in shares) | 410,416 | 5,500,000 | |||
Warrant price (in dollars per share) | $ 1 | $ 1 | |||
Aggregate purchase price of warrants | $ 410,416 | $ 5,500,000 | |||
Exercise price (in dollars per share) | $ 11.50 | ||||
Warrants expiration period | 5 years | ||||
Period not to transfer, assign or sell warrants | 30 days | ||||
Private Placement Warrant [Member] | Class A Common Stock [Member] | |||||
Private Placement Warrants [Abstract] | |||||
Number of shares called by each warrant (in shares) | 1 |
Related Party Transactions, Fou
Related Party Transactions, Founder Shares (Details) | Nov. 27, 2018shares | Jun. 25, 2018USD ($)shares | Oct. 31, 2018shares | Dec. 31, 2020$ / shares |
Founder Shares [Abstract] | ||||
Aggregate purchase price | $ | $ 25,000 | |||
Stock conversion ratio | 1 | |||
Restricted period to transfer, assign or sell founder shares | 1 year | |||
Number of trading days | 20 days | |||
Number of consecutive trading days | 30 days | |||
Minimum days after business combination | 150 days | |||
Over-Allotment Option [Member] | ||||
Founder Shares [Abstract] | ||||
Founder shares forfeited (in shares) | 236,981 | |||
Class A Common Stock [Member] | Minimum [Member] | ||||
Founder Shares [Abstract] | ||||
Sale price (in dollars per share) | $ / shares | $ 12 | |||
Sponsor [Member] | Class B Common Stock [Member] | ||||
Founder Shares [Abstract] | ||||
Founder shares purchased (in shares) | 5,750,000 | |||
Aggregate purchase price | $ | $ 25,000 | |||
Stock conversion ratio | 1 | |||
Sponsor [Member] | Class B Common Stock [Member] | Messrs. Uren [Member] | ||||
Founder Shares [Abstract] | ||||
Number of founder shares transferred (in shares) | 35,000 | |||
Sponsor [Member] | Class B Common Stock [Member] | Messrs. Clark [Member] | ||||
Founder Shares [Abstract] | ||||
Number of founder shares transferred (in shares) | 35,000 | |||
Sponsor [Member] | Class B Common Stock [Member] | Messrs. Grant [Member] | ||||
Founder Shares [Abstract] | ||||
Number of founder shares transferred (in shares) | 35,000 | |||
Sponsor [Member] | Class B Common Stock [Member] | Messrs. Hunter [Member] | ||||
Founder Shares [Abstract] | ||||
Number of founder shares transferred (in shares) | 100,000 | |||
Sponsor [Member] | Class B Common Stock [Member] | Messrs. Beem [Member] | ||||
Founder Shares [Abstract] | ||||
Number of founder shares transferred (in shares) | 100,000 | |||
Sponsor [Member] | Class B Common Stock [Member] | Messrs. Patel [Member] | ||||
Founder Shares [Abstract] | ||||
Number of founder shares transferred (in shares) | 100,000 |
Related Party Transactions, Adm
Related Party Transactions, Administrative Services Agreeement (Details) - Sponsor [Member] - USD ($) | Nov. 16, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Administrative Support Agreement [Abstract] | |||
Monthly fees for office space, utilities and secretarial and administrative support | $ 10,000 | ||
General and administrative expenses | $ 120,000 | ||
Fees payable and outstanding | $ 0 | $ 0 |
Related Party Transactions, Rel
Related Party Transactions, Related Party Loans (Details) - USD ($) | Nov. 23, 2018 | Dec. 31, 2020 | Nov. 20, 2020 | Dec. 31, 2019 | Nov. 20, 2018 | Jun. 25, 2018 |
Related Party Loans [Abstract] | ||||||
Related party note amount outstanding | $ 400,000 | $ 0 | ||||
Sponsor [Member] | ||||||
Related Party Loans [Abstract] | ||||||
Related party note amount outstanding | $ 400,000 | $ 218,610 | ||||
Repayment of debt to related party | $ 218,610 | |||||
Warrant price (in dollars per share) | $ 1 | |||||
Sponsor [Member] | Maximum [Member] | ||||||
Related Party Loans [Abstract] | ||||||
Loan commitment amount | $ 1,000,000 | $ 300,000 | ||||
Working capital loan | $ 1,500,000 |
Commitments (Details)
Commitments (Details) | Dec. 31, 2020USD ($)Demand | May 20, 2020USD ($) | Dec. 31, 2019USD ($) |
Underwriting Agreement [Abstract] | |||
Deferred fee aggregate value for legal firm and transfer agent | $ 474,508 | ||
Outstanding amount | $ 2,365,649 | $ 0 | |
Maximum [Member] | |||
Registration Rights [Abstract] | |||
Number of demands eligible security holder can make | Demand | 3 | ||
Affiliate [Member] | |||
Underwriting Agreement [Abstract] | |||
Outstanding amount | $ 2,365,649 | ||
Affiliate [Member] | The Note [Member] | |||
Underwriting Agreement [Abstract] | |||
Monthly deposit into trust account | $ 373,000 | ||
Interest rate | 1.00% | ||
Affiliate [Member] | The Note [Member] | Maximum [Member] | |||
Underwriting Agreement [Abstract] | |||
Principal amount | $ 2,365,649 | ||
Monthly deposit into trust account | 1,900,000 | ||
Business combination of lender advance | $ 500,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 12 Months Ended | |
Dec. 31, 2020Vote$ / sharesshares | Dec. 31, 2019$ / sharesshares | |
Stockholders' Equity [Abstract] | ||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | |
Common stock subject to possible redemption (in shares) | 0 | 19,838,936 |
Stock conversion ratio | 1 | |
Percentage of shares owned by initial stockholders | 20.00% | |
Class A Common Stock [Member] | ||
Stockholders' Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Number of voting rights per share | Vote | 1 | |
Common stock, shares issued (in shares) | 9,061,136 | 2,213,141 |
Common stock, shares outstanding (in shares) | 9,061,136 | 2,213,141 |
Common stock subject to possible redemption (in shares) | 0 | 19,838,936 |
Class B Common Stock [Member] | ||
Stockholders' Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Number of voting rights per share | Vote | 1 | |
Common stock, shares issued (in shares) | 5,513,019 | 5,513,019 |
Common stock, shares outstanding (in shares) | 5,513,019 | 5,513,019 |
Warrant Liability (Details)
Warrant Liability (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Oct. 20, 2020 | May 20, 2020 | Dec. 31, 2019 | |
Warrant Liability [Abstract] | ||||
Number of warrants issued (in shares) | 27,962,493 | |||
Number of trading days | 20 days | |||
Consecutive trading day period | 30 days | |||
Public Warrant [Member] | ||||
Warrant Liability [Abstract] | ||||
Number of warrants issued (in shares) | 22,052,077 | 22,052,077 | ||
Private Placement Warrant [Member] | ||||
Warrant Liability [Abstract] | ||||
Number of warrants issued (in shares) | 5,910,416 | 5,910,416 | ||
Exercise price (in dollars per share) | $ 11.50 | |||
Period to exercise warrants after business combination | 30 days | |||
Period to exercise warrants after public offerings | 12 months | |||
Expiration period upon redemption or liquidation | 5 years | |||
Redemption price (in dollars per share) | $ 0.01 | |||
Notice period for redemption | 30 days | |||
Number of trading days | 20 days | |||
Consecutive trading day period | 30 days | |||
Number of business days before the notice of redemption to warrant holders | 3 days | |||
Period not to transfer, assign or sell warrants | 30 days | |||
Class A Common Stock [Member] | ||||
Warrant Liability [Abstract] | ||||
Exercise price (in dollars per share) | $ 10.30 | $ 10.18 | ||
Class A Common Stock [Member] | Private Placement Warrant [Member] | ||||
Warrant Liability [Abstract] | ||||
Number of shares called by each warrant (in shares) | 1 | |||
Sale price of common stock (in dollars per share) | $ 18 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current [Abstract] | ||
US Federal | $ 171,703 | $ 878,133 |
US State | 27,327 | 194,357 |
Total current provision | 199,030 | 1,072,490 |
Deferred [Abstract] | ||
US Federal | (312,697) | (103,156) |
US State | (117,516) | (31,983) |
Total deferred benefit provision | (430,213) | (135,139) |
Change in valuation allowance | 430,213 | 135,139 |
Total deferred provision | 0 | 0 |
Deferred Tax Assets [Abstract] | ||
Startup Costs | 565,352 | 131,532 |
Total deferred income tax assets | 565,352 | 131,532 |
Valuation allowance | (565,352) | (131,532) |
Deferred tax asset, net of allowance | $ 0 | $ 0 |
Reconciliation of Federal Income Tax Rate [Abstract] | ||
Statutory federal income tax rate | 21.00% | 21.00% |
State taxes, net of federal tax benefit | 0.10% | 0.54% |
Return to provision | (0.03%) | (0.05%) |
Net change in warrant valuation | (20.83%) | (17.33%) |
Change in valuation allowance | (0.43%) | 0.58% |
Income tax provision | (0.19%) | 4.74% |
Federal [Member] | ||
Operating Loss Carryforwards [Abstract] | ||
Net operating loss carryovers | $ 0 | $ 0 |
State [Member] | ||
Operating Loss Carryforwards [Abstract] | ||
Net operating loss carryovers | $ 0 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | |
Significant Other Observable Inputs (Level 2) [Member] | Public Warrant [Member] | ||
Fair Value of Derivative Liabilities [Abstract] | ||
Revaluation of derivative liabilities | $ (67,699,876) | $ 15,855,443 |
Significant Other Unobservable Inputs (Level 3) [Member] | Private Warrant [Member] | ||
Fair Value of Derivative Liabilities [Abstract] | ||
Revaluation of derivative liabilities | $ (31,520,249) | $ 2,783,806 |
Risk Free Rate [Member] | Minimum [Member] | ||
Fair Value of Derivative Liabilities [Abstract] | ||
Derivative liabilities | 0.0032 | 0.0156 |
Risk Free Rate [Member] | Maximum [Member] | ||
Fair Value of Derivative Liabilities [Abstract] | ||
Derivative liabilities | 0.0038 | 0.0223 |
Fair Value of Underlying Stock [Member] | ||
Fair Value of Derivative Liabilities [Abstract] | ||
Derivative liabilities | $ / shares | 14.93 | 10.12 |
Expected Term [Member] | Minimum [Member] | ||
Fair Value of Derivative Liabilities [Abstract] | ||
Derivative liabilities | 5.04 | 5.34 |
Expected Term [Member] | Maximum [Member] | ||
Fair Value of Derivative Liabilities [Abstract] | ||
Derivative liabilities | 5.42 | 5.64 |
Stock Price Volatility [Member] | ||
Fair Value of Derivative Liabilities [Abstract] | ||
Derivative liabilities | 0.12 | |
Stock Price Volatility [Member] | Minimum [Member] | ||
Fair Value of Derivative Liabilities [Abstract] | ||
Derivative liabilities | 0.15 | |
Stock Price Volatility [Member] | Maximum [Member] | ||
Fair Value of Derivative Liabilities [Abstract] | ||
Derivative liabilities | 0.4 | |
Expected Dividend Yield [Member] | ||
Fair Value of Derivative Liabilities [Abstract] | ||
Derivative liabilities | 0 | 0 |
Fair Value Measurements, Fair V
Fair Value Measurements, Fair Value Hierarchy (Details) - Recurring [Member] - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents held in Trust Account Asset | $ 93,340,005 | $ 225,433,349 |
Public Warrant [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Liability | 74,536,020 | 6,836,144 |
Private Warrant [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Liability | $ 34,930,559 | $ 3,410,310 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 04, 2021USD ($)$ / sharesshares | Dec. 22, 2020USD ($)shares | Oct. 20, 2020USD ($)$ / sharesshares | May 20, 2020USD ($)$ / sharesshares | Jun. 25, 2018USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Mar. 08, 2021ft² | Feb. 18, 2021 | Feb. 05, 2021 |
Subsequent Event Description [Abstract] | ||||||||||
Common stock, par value (in dollars per share) | $ 0.0001 | |||||||||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||
Payment for redemption of common stock | $ | $ 132,990,436 | $ 0 | ||||||||
Proceeds from issuance of common stock | $ | $ 25,000 | |||||||||
Advent [Member] | ||||||||||
Subsequent Event Description [Abstract] | ||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | |||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | |||||||||
Merger consideration | $ | $ 250,000,000 | |||||||||
Class A Common Stock [Member] | ||||||||||
Subsequent Event Description [Abstract] | ||||||||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||||
Number of shares redeemed (in shares) | shares | 5,864,053 | 7,126,888 | ||||||||
Payment for redemption of common stock | $ | $ 60,400,000 | $ 72,600,000 | ||||||||
Common stock, shares issued (in shares) | shares | 9,061,136 | 2,213,141 | ||||||||
Share price, shares redeemed (in dollars per share) | $ 10.30 | $ 10.18 | ||||||||
Class A Common Stock [Member] | PIPE Investment [Member] | ||||||||||
Subsequent Event Description [Abstract] | ||||||||||
Common stock, shares issued (in shares) | shares | 6,500,000 | |||||||||
Proceeds from issuance of common stock | $ | $ 65,000,000 | |||||||||
Subsequent Event [Member] | ||||||||||
Subsequent Event Description [Abstract] | ||||||||||
Lease contract term | 8 years 5 months | 5 years | ||||||||
Area of leased space | ft² | 21,401 | |||||||||
Term of option to extend lease | 5 years | |||||||||
Subsequent Event [Member] | Advent [Member] | ||||||||||
Subsequent Event Description [Abstract] | ||||||||||
Merger consideration | $ | $ 250,300,000 | |||||||||
Value per share (in dollars per share) | $ 10 | |||||||||
Subsequent Event [Member] | UltraCell [Member] | ||||||||||
Subsequent Event Description [Abstract] | ||||||||||
Percentage of membership interest acquired | 100.00% | |||||||||
Subsequent Event [Member] | Class A Common Stock [Member] | ||||||||||
Subsequent Event Description [Abstract] | ||||||||||
Number of shares redeemed (in shares) | shares | 1,606 | |||||||||
Payment for redemption of common stock | $ | $ 16,536 | |||||||||
Share price, shares redeemed (in dollars per share) | $ 10.30 | |||||||||
Subsequent Event [Member] | New Advent Common Stock [Member] | Directors, Executive Officers and Affiliated Entities [Member] | ||||||||||
Subsequent Event Description [Abstract] | ||||||||||
Beneficial ownership percentage of outstanding shares | 26.10% | |||||||||
Subsequent Event [Member] | New Advent Common Stock [Member] | AMCI [Member] | ||||||||||
Subsequent Event Description [Abstract] | ||||||||||
Beneficial ownership percentage of outstanding shares | 31.60% |