Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.4
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Concentrations of credit risk
Year ended December 31,
2022 2021
Net Sales % of Net Revenues Net Sales % of Net Revenues
Customer A $ 4,724  19  % $ —  —  %
Customer B 3,892  16  % 2,132  10  %
Customer C 2,996  12  % —  —  %
Customer D 2,688  11  % 6,062  29  %
Customer E —  —  % 2,807  13  %
Total of customers with sales greater than 10% $ 14,300  58  % $ 11,001  52  %
Total of customers with sales less than 10% 10,113  42  % 9,991  48  %
Total Revenues $ 24,413  100  % $ 20,992  100  %
Schedule of allowance for doubtful accounts activity The following table details the change in the allowance for doubtful accounts for the periods indicated:
Allowance for
Doubtful Accounts
As of December 31, 2020 $ — 
Charges to expense 3,491 
Deductions (142)
As of December 31, 2021 $ 3,349 
Charges to expense 2,459 
Deductions (3,780)
As of December 31, 2022 $ 2,028 
Schedule of estimated useful lives of our major classes of property and equipment
Major class of property and equipment Useful Lives
Machinery and equipment 7 years
Vehicles 5 years
Leasehold improvements 5 years
Computer equipment 3 years
Software 3 years
Furniture and fixtures 7 years
Schedule of disaggregates revenue by major source
The following table disaggregates revenue by major source:
Year ended December 31,
2022 2021
ZEVs $ 22,399  $ 19,096 
Other 2,014  1,896 
$ 24,413  $ 20,992 
Schedule of changes in contract liabilities
As of December 31, 2020 $ 267 
Revenues recognized (1) (981)
Increase due to billings 861 
As of December 31, 2021 $ 147 
Revenues recognized (2) (2,889)
Increase due to billings 3,536 
As of December 31, 2022 $ 794 
(1)The Company recognized revenue of $216 during the year ended December 31, 2021 that was included in the contract liability balance as of December 31, 2020.
(2)The Company recognized revenue of $104 during the year ended December 31, 2022 that was included in the contract liability balance as of December 31, 2021.
Schedule of fair value hierarchy
The following tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were measured at fair value on a recurring basis in the Consolidated Balance Sheets.
Level 1 Level 2 Level 3
As of December 31, 2022
Financial assets
Cash equivalents $ 51,351  $ —  $ — 
Financial Liabilities    
Warrant liability $ —  $ —  $ 60 
Derivative liability $ —  $ —  $ 78 
Earnout liability $ —  $ —  $ 2,265 
As of December 31, 2021
Financial assets
Cash equivalents $ 150,022  $ —  $ — 
Financial Liabilities    
Warrant liability $ —  $ —  $ 2,185 
Derivative liability $ —  $ —  $ 17,418 
Earnout liability $ —  $ —  $ 83,144 
Schedule of Earnout Liability
Level 3
Initial recognition May 6, 2021 $ 78,961 
Loss 4,183 
As of December 31, 2021 $ 83,144 
Gain (80,879)
As of December 31, 2022 $ 2,265