Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Concentrations of credit risk The net sales to the following customers comprised more than 10% of revenues for the periods presented.
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Net Sales % of Net Revenues Net Sales % of Net Revenues Net Sales % of Net Revenues Net Sales % of Net Revenues
Customer A $ 599  17  % $ —  —  % $ 2,564  29  % $ —  —  %
Customer B —  —  % —  —  % 1,725  19  % —  —  %
Customer C —  —  % 3,249  55  % —  —  % 5,318  51  %
Customer D —  —  % 1,141  19  % —  —  % 1,632  16  %
Customer E 572  16  % —  —  % —  —  % —  —  %
Customer F 340  10  % 628  11  % —  —  % —  —  %
Total of customers with sales greater than 10% $ 1,511  43  % $ 5,018  85  % $ 4,289  48  % $ 6,950  67  %
Total of customers with sales less than 10% 2,025  57  % 905  15  % 4,659  52  % 3,564  33  %
Total Revenues $ 3,536  100  % $ 5,923  100  % $ 8,948  100  % $ 10,514  100  %
Schedule of allowance for doubtful accounts activity The following table details the change in the allowance for doubtful accounts for the periods indicated:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Balance at beginning of period $ 3,397 $ 142 $ 3,349 $
Charges to expense 450 498 142
Balance at end of period $ 3,847 $ 142 $ 3,847 $ 142
Schedule of estimated useful lives of our major classes of property and equipment The estimated useful lives of the Company’s major classes of property and equipment are as follows:
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:

Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
ZEVs $ 2,884 $ 5,350 $ 8,063 $ 9,496
Zero-emission powertrains 336 130 336 218
Other 316 443 549 800
Total $ 3,536 $ 5,923 $ 8,948 $ 10,514
Schedule of changes in contract liabilities Changes in contract liabilities are as follows:
Balance as of December 31, 2021
$ 147 
Revenues recognized (412)
Increase due to billings 1,013 
Balance as of June 30, 2022
$ 748 
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 June 30, 2022
Financial assets
Cash equivalents $ 117,260  $ —  $ — 
Financial Liabilities    
Warrant liability $ —  $ —  $ 871 
Derivative liability —  —  4,776 
Earnout liability —  —  32,841 
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 The following table provides a reconciliation of the beginning and ending balances for the earnout liability measured at fair value using significant unobservable inputs (Level 3):
Six Months Ended June 30,
2022 2021
Balance at beginning of period $ 83,144  $ — 
Initial recognition May 6, 2021 —  78,961 
(Gain) Loss (50,303) 12,376 
Balance at end of period $ 32,841  $ 91,337