Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 23, 2021 | Jun. 30, 2020 | |
Document Information Line Items | |||
Entity Registrant Name | Hyliion Holdings Corp. | ||
Document Type | 10-K/A | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 170,255,200 | ||
Entity Public Float | $ 634,986,762 | ||
Amendment Flag | true | ||
Amendment Description | Hyliion Holdings Corp. (the “Company,” “we,” “our” or “us”) is filing this Amendment No. 1 on Form 10-K/A (“Amendment No. 1”) to amend our Annual Report on Form 10-K for the year ended December 31, 2020, originally filed with the United States Securities and Exchange Commission (the “SEC”) on February 26, 2021 (“Original Report”), to restate our financial statements and related footnote disclosures as of and for the year ended December 31, 2020. This Form 10-K/A also amends certain other Items in the Original Report, as listed in “Items Amended in this Form 10-K/A” below. | ||
Entity Central Index Key | 0001759631 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | false | ||
Entity File Number | 001-38823 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 389,705 | $ 6,285 |
Accounts receivable | 92 | 145 |
Prepaid expenses and other current assets | 20,690 | 414 |
Short-term investments | 201,881 | |
Total current assets | 612,368 | 6,844 |
Property and equipment, net | 1,171 | 1,635 |
Operating lease right-of-use assets | 5,055 | 4,976 |
Intangible assets, net | 332 | 429 |
Other assets | 193 | 212 |
Long-term investments | 35,970 | |
Total assets | 655,089 | 14,096 |
Current liabilities: | ||
Accounts payable | 1,890 | 1,156 |
Convertible notes payable derivative liabilities | 3,029 | |
Current portion of operating lease liabilities | 734 | 953 |
Current portion of debt | 49 | 6,720 |
Accrued expenses and other current liabilities | 6,264 | 500 |
Total current liabilities | 8,937 | 12,358 |
Operating lease liabilities, net of current portion | 5,076 | 4,803 |
Convertible notes payable derivative liabilities, net of current portion | 5,322 | |
Debt, net of current portion | 908 | 9,682 |
Total liabilities | 14,921 | 32,165 |
Commitments and contingencies (Note 15) | ||
Stockholders’ equity (deficit) | ||
Common stock, $0.0001 par value; 250,000,000 shares authorized; 169,316,421 and 86,762,463 shares issued and outstanding at December 31, 2020 and 2019, respectively | 19 | 9 |
Additional paid-in capital | 364,998 | 30,888 |
Accumulated earnings (deficit) | 275,151 | (48,966) |
Total stockholders’ equity (deficit) | 640,168 | (18,069) |
Total liabilities and stockholders’ equity (deficit) | $ 655,089 | $ 14,096 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 169,316,421 | 86,762,463 |
Common stock, shares outstanding | 169,316,421 | 86,762,463 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating expenses: | ||
Research and development | $ (12,598) | $ (9,269) |
Selling, general and administrative expenses | (9,585) | (2,730) |
Loss from operations | (22,183) | (11,999) |
Interest expense | (5,459) | (3,260) |
Change in fair value of convertible notes payable derivative liabilities | (1,358) | 1,119 |
Change in fair value of warrant liabilities | 363,299 | |
Other income (expense) | (12) | 27 |
Loss on extinguishment of debt | (10,170) | |
Total other income (expense) | 346,300 | (2,114) |
Net income (loss) | $ 324,117 | $ (14,113) |
Net income (loss) per share, basic (in Dollars per share) | $ 3.11 | $ (0.16) |
Net income (loss) per share, diluted (in Dollars per share) | $ 2.93 | $ (0.16) |
Weighted-average shares outstanding, basic (in Shares) | 104,324,059 | 86,643,714 |
Weighted-average shares outstanding, diluted (in Shares) | 110,696,489 | 86,643,714 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity (Deficit) - USD ($) $ in Thousands | Series A-1 Redeemable, Convertible Preferred Stock | Series A-2 Redeemable, Convertible Preferred Stock | Series A-3 Redeemable, Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Earnings Deficit | Total |
Balance at Dec. 31, 2018 | $ 20,750 | $ 3,893 | $ 2,026 | $ 24 | $ 4,072 | $ (34,853) | $ (30,757) |
Balance (in Shares) at Dec. 31, 2018 | 23,460,903 | 8,793,755 | 2,545,155 | 24,453,750 | |||
Retroactive application of recapitalization (See Note 4) | $ (20,750) | $ (3,893) | $ (2,026) | $ (15) | 26,684 | 26,669 | |
Retroactive application of recapitalization (See Note 4) (in Shares) | (23,460,903) | (8,793,755) | (2,545,155) | 61,890,680 | |||
Adjusted balance, beginning of period | $ 9 | 30,756 | (34,853) | (4,088) | |||
Adjusted balance, beginning of period (in Shares) | 86,344,430 | ||||||
Exercise of common stock options | 7 | 7 | |||||
Exercise of common stock options (in Shares) | 418,033 | ||||||
Share-based compensation | 125 | 125 | |||||
Net income (loss) | (14,113) | (14,113) | |||||
Balance at Dec. 31, 2019 | $ 9 | 30,888 | (48,966) | (18,069) | |||
Balance (in Shares) at Dec. 31, 2019 | 86,762,463 | ||||||
Exercise of common stock options | 121 | 121 | |||||
Exercise of common stock options (in Shares) | 1,112,160 | ||||||
Conversion of convertible notes payable to common stock | 44,039 | 44,039 | |||||
Conversion of convertible notes payable to common stock (in Shares) | 4,404,367 | ||||||
Business Combination and PIPE financing | $ 6 | 153,147 | 153,153 | ||||
Business Combination and PIPE financing (in Shares) | 61,622,839 | ||||||
Common stock issued for warrants exercised, net of issuance cost | $ 4 | 136,512 | 136,516 | ||||
Common stock issued for warrants exercised, net of issuance cost (in Shares) | 15,414,592 | ||||||
Redemption of unexercised warrants | (3) | (3) | |||||
Share-based compensation | 294 | 294 | |||||
Net income (loss) | 324,117 | 324,117 | |||||
Balance at Dec. 31, 2020 | $ 19 | $ 364,998 | $ 275,151 | $ 640,168 | |||
Balance (in Shares) at Dec. 31, 2020 | 169,316,421 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities: | ||
Net income (loss) | $ 324,117 | $ (14,113) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 850 | 1,028 |
Loss on extinguishment of debt | 10,170 | |
Noncash lease expense | 928 | 1,312 |
Paid-in-kind interest on convertible notes payable | 1,085 | 723 |
Amortization of debt discount | 4,237 | 2,485 |
Share-based compensation | 294 | 125 |
Change in fair value of convertible notes payable derivative liabilities | 1,358 | (1,118) |
Change in fair value of contingent consideration liability | (27) | |
Change in fair value of warrant liability | (363,299) | |
Change in operating assets and liabilities, net of effects of business acquisition: | ||
Accounts receivable | 53 | (28) |
Prepaid expenses and other current assets | (8,301) | (62) |
Other assets | 19 | 106 |
Accounts payable | 734 | (684) |
Accrued expenses and other current liabilities | 5,764 | (21) |
Operating lease liabilities | (953) | (798) |
Net cash used in operating activities | (22,944) | (11,072) |
Investing activities: | ||
Purchase of property and equipment | (311) | (349) |
Purchase of investments | (237,851) | |
Proceeds from sale of property and equipment | 22 | |
Net cash used in investing activities | (238,140) | (349) |
Financing activities: | ||
Business Combination and PIPE financing, net of issuance costs paid | 516,454 | |
Proceeds from the exercise of stock warrants | 124,536 | |
Proceeds from convertible notes payable issuance and derivative liabilities | 3,200 | 16,803 |
Proceeds from Paycheck Protection Program loan | 908 | |
Payments for deferred financing costs | (468) | |
Repayments on finance lease obligations | (247) | (201) |
Proceeds from exercise of common stock options | 121 | 7 |
Net cash provided by financing activities | 644,504 | 16,609 |
Net increase in cash and cash equivalents: | 383,420 | 5,188 |
Cash and cash equivalents, beginning of period | 6,285 | 1,097 |
Cash and cash equivalents, end of period | $ 389,705 | $ 6,285 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Description of business and basis of presentation | Note 1. Description of business and basis of presentation Hyliion Holdings Corp. and its wholly owned subsidiary, designs and develops hybrid and electrified powertrain systems for long haul “Class 8” semi-tractors which modify semi-tractors into Hybrid and fully electric range extender vehicles, respectively. Hyliion Holdings Corp.’s Hybrid systems utilize intelligent electric drive axles with advanced algorithms and battery technology to optimize fuel savings and vehicle performance with reduced emissions, enabling fleets to access an easy, efficient way to decrease fuel expenses, lower emissions and/or improve vehicle performance. Hyliion Holdings Corp.’s fully electric range extender systems utilize an intelligent electric powertrain with advanced algorithms to optimize emissions performance and efficiency with no new infrastructure required. The Hypertruck ERX system enables fleets to reduce the cost of ownership while providing the ability to deliver net-negative carbon emissions and operate fully electric when needed. Hyliion Holdings Corp. is in a pre-commercialization stage of development in which its electric Hybrid system is in the testing phase and the Hypertruck ERX system is in the prototype phase. Basis of Presentation and Principles of Consolidation: On the Closing Date, and in connection with the closing of the Business Combination, TortoiseCorp changed its name to Hyliion Holdings Corp. (the “Company” or “Hyliion”) and the Company’s common stock began trading on the New York Stock Exchange under the ticker symbol HYLN. Legacy Hyliion was deemed the accounting acquirer in the Business Combination based on an analysis of the criteria outlined in Accounting Standards Codification (“ASC”) 805. The determination was primarily based on Legacy Hyliion’s shareholders prior to the Business Combination having a majority of the voting interests in the combined company, Legacy Hyliion’s board of directors comprising a majority of the board of directors of the combined company, Legacy Hyliion’s existing shareholders’ control over decisions regarding the election and removal of directors and officers of the combined company’s board of directors, and Legacy Hyliion’s senior management comprising the senior management of the combined company. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Legacy Hyliion issuing stock for the net assets of TortoiseCorp, accompanied by a recapitalization. The net assets of TortoiseCorp are stated at historical cost, with no goodwill or other intangible assets recorded. While TortoiseCorp was the legal acquirer in the Business Combination, because Legacy Hyliion was deemed the accounting acquirer, the historical financial statements of Legacy Hyliion became the historical financial statements of the combined company, upon the consummation of the Business Combination. As a result, the financial statements included in this report reflect (i) the historical operating results of Legacy Hyliion prior to the Business Combination; (ii) the combined results of TortoiseCorp and Legacy Hyliion following the closing of the Business Combination; (iii) the assets and liabilities of Legacy Hyliion at their historical cost; and (iv) the Company’s equity structure for all periods presented. In accordance with guidance applicable to these circumstances, the equity structure has been restated in all comparative periods up to the Closing Date, to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to Legacy Hyliion shareholders and Legacy Hyliion convertible noteholders in connection with the recapitalization transaction. As such, the shares and corresponding capital amounts and earnings per share related to Legacy Hyliion redeemable convertible preferred stock and Legacy Hyliion common stock prior to the Business Combination have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination. The accompanying consolidated financial statements include the accounts of Hyliion Holdings Corp. and its wholly-owned subsidiary. Intercompany transactions and balances have been eliminated upon consolidation. The consolidated financial statements and accompanying notes have been prepared in accordance with generally accounting principles in the United States of America (“U.S. GAAP”) and in accordance with the rules and regulations of the Unites States Securities and Exchange Commission (“SEC”). Any reference in these footnotes to the applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Liquidity: On October 1, 2020, the Company consummated the Business Combination and raised net proceeds of $516.5 million net of transaction costs and expenses. As of December 31, 2020, all outstanding warrants were either exercised or redeemed, with gross proceeds of $140.8 million raised, of which $16.3 million was collected during the first quarter of 2021 (see Note 7). As of December 31, 2020, the Company had a cash and cash equivalents balance of $389.7 million and total investments of $237.9 million. Based on this, the Company has sufficient funds to continue to execute its business strategy for the next twelve months. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Restatement of Previously Issued Financial Statements | Note 2. Restatement of Previously Issued 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 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 provision 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 Warrants issued in connection with the IPO of TortoiseCorp and recorded in equity on the Company’s consolidated balance sheet as a result of the merger and reverse recapitalization occurring on October 1, 2020. The Company concluded that the Warrants should have been recorded at fair value as a liability in the Company’s consolidated balance sheet. All public and private warrants were exercised by December 31, 2020, so the warrant liability on the Company’s consolidated balance sheet recorded on the date of the acquisition has been extinguished, and the change in the fair value of the liability as of the exercise date was recognized as a gain in the Company’s consolidated statement of operations. While all warrants were exercised as of December 31, 2020, 371,535 warrants which were exercised on December 30, 2020 were broker protected, resulting in cash collection and share issuance being delayed until January 4, 2021. Accounts receivable for the net amount due from investors of $4.3 million and an associated liability for these common shares to be issued has been recognized at the balance sheet date and included below. The restatement adjustments reflect the entries to record the initial warrant liability from the Warrants, to revalue the warrant liability to the then fair value as of the exercise date, the subsequent extinguishment of the liability, and the accounts receivable and associated liability arising from the broker protected warrants exercised but not settled. The following presents a reconciliation of the consolidated balance sheet as previously reported to the restated amounts as of December 31, 2020 (in thousands): For the Year Ended December 31, 2020 As Reported Restatement Impact As Restated Consolidated Statement of Operations: Change in fair value of warrant liabilities $ — $ 363,299 $ 363,299 Net income (loss) $ (39,182 ) $ 363,299 $ 324,117 Earnings (loss) per share: Basic $ (0.38 ) $ 3.49 $ 3.11 Diluted $ (0.38 ) $ 3.31 $ 2.93 As of December 31, 2020 As Reported Restatement Impact As Restated Consolidated Balance Sheets: Prepaid expenses and other current assets $ 16,408 $ 4,282 $ 20,690 Total current assets $ 608,086 $ 4,282 $ 612,368 Total assets $ 650,807 $ 4,282 $ 655,089 Warrant liabilities $ — $ — $ — Accrued expenses and other current liabilities $ 1,982 $ 4,282 $ 6,264 Total current liabilities $ 4,655 $ 4,282 $ 8,937 Total liabilities $ 10,639 $ 4,282 $ 14,921 Common Stock $ 17 $ 2 $ 19 Additional paid-in-capital $ 728,299 $ (363,301 ) $ 364,998 Accumulated earnings $ (88,148 ) $ 363,299 $ 275,151 Total equity (deficit) $ 640,168 $ — $ 640,168 As of December 31, 2020 As Reported Restatement Impact As Restated Consolidated Statement of Stockholders’ Equity (Deficit): Common Stock Par Value $ 17 $ 2 $ 19 Additional paid-in-capital $ 728,299 $ (363,301 ) $ 364,998 Accumulated earnings $ (88,148 ) $ 363,299 $ 275,151 For the Year Ended December 31, 2020 As Reported Restatement Impact As Restated Consolidated Statement of Cash Flow: Net income (loss) $ (39,182 ) $ 363,299 $ 324,117 Change in fair value of warrant liability $ — $ (363,299 ) $ (363,299 ) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Note 3. Summary of significant accounting policies Emerging Growth Company Use of estimates and uncertainty of the coronavirus pandemic On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 11, 2020, declared the coronavirus outbreak a pandemic. In mid-March 2020, U.S. State Governors, local officials and leaders outside of the U.S. began ordering various “shelter-in-place” orders, which have had various impacts on the U.S. and global economies. This has required greater use of estimates and assumptions in the preparation of the unaudited consolidated financial statements. As the coronavirus pandemic continues to evolve, the Company believes the extent of the impact to its businesses, operating results, cash flows, liquidity and financial condition will be primarily driven by the severity and duration of the coronavirus pandemic, the pandemic’s impact on the U.S. and global economies and the timing, scope and effectiveness of federal, state and local governmental responses to the pandemic. Those primary drivers are beyond the Company’s knowledge and control, and as a result, at this time the Company is unable to predict the cumulative impact, both in terms of severity and duration, that the coronavirus pandemic will have on its business, operating results, cash flows and financial condition, but it could be material if the current circumstances continue to exist for a prolonged period. Although the Company has made its best estimates based upon current information, actual results could materially differ from the estimates and assumptions developed by management. If so, the Company may be subject to future impairment charges as well as changes to recorded reserves and valuations. Segment information: Segment Reporting Concentration of supplier risk: Cash and cash equivalents: The Company maintains cash in excess of federally insured limits at financial institutions. The Company makes such deposits with entities it believes are of high credit quality and has not incurred any losses related to these balances to date. Management believes its credit risk, with respect to the financial institutions to be minimal. Accounts receivable: Investments: The Company uses the specific identification method to determine the cost basis of securities sold. Investments are impaired when a decline in fair value is judged to be other-than-temporary. The Company evaluates an investment for impairment by considering the length of time and extent to which market value has been less than cost or amortized cost, the financial condition and near-term prospects of the issuer as well as specific events or circumstances that may influence the operations of the issuer and the Company’s intent to sell the security or the likelihood that it will be required to sell the security before recovery of the entire amortized cost. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income (expense) and a new costs basis in the investment is established. Fair value measurements: Fair Value Measurements Level I Level II Level III An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques noted in ASC 820: ● Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. ● Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost). ● Income approach: Techniques to convert future amounts to a single present value amount based upon market expectations (including present value techniques, option pricing and excess earnings models) The Company believes its valuation methods are appropriate and consistent with other market participants, however the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, investments, accounts payable, accrued expenses, contingent consideration liability, convertible notes payable derivative liability, warrant liabilities, and convertible notes payable. The carrying value of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximates fair value because of the short-term nature of those instruments. We estimate the fair value of our convertible notes payable using Level II and Level III inputs by discounting the future cash flows using current interest rates at which we could obtain similar borrowings in consideration of the estimated enterprise value of the Company. The fair value of corporate bonds, treasury securities and commercial paper are based on quoted prices for identical or similar instruments in markets that are not active. As a result, corporate bonds, treasury securities and commercial paper are classified within Level II of the fair value hierarchy. The fair value of the Company’s public warrant liabilities are based on Level I inputs, while the fair value of the private warrants is determined using the trading price of the public warrants, a Level II input. The Company’s assets and liabilities that are measured at fair value on a recurring basis include the Company’s contingent consideration liability, warrant liabilities, and convertible notes payable derivative liabilities (See Note 5). Prepaid expenses and other current assets: Property and equipment, net: Production machinery and equipment 2 to 7 years Vehicles 3 to 7 years Leasehold improvements shorter of lease term or 7 years Demo fleet systems 2 to 3 years Furniture and fixtures 3 years Computers and related equipment 3 to 7 years Major renewals and improvements are capitalized, while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed as incurred. When property and equipment is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss on the disposition is recorded in the consolidated statement of operations as a component of other (expense) income. Intangible assets, net: Impairment of long-lived assets Impairment or Disposal of Long-Lived Assets Revenue: Revenue from Contracts with Customers ● Step 1: Identify the contract(s) with a customer ● Step 2: Identify the performance obligations in the contract ● Step 3: Determine the transaction price ● Step 4: Allocate the transaction price to the performance obligations in the contract ● Step 5: Recognize revenue when (or as) a performance obligation is satisfied The Company intends to generate revenue from the sale of its hybrid and electrified drive systems for the long haul “Class 8” semi-tractors. However, since the Company is still in the pre-commercialization stage, it has not generated revenue from the sale of the products. The Company did not enter into any agreement that meets the definition of a contract with a customer that would be accounted for under ASC 606 through December 31, 2020. Leases: Lessee: ROU assets represent the Company’s right to use underlying assets for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate the present value for lease payments is the Company’s incremental borrowing rate, which is determined based on information available at lease commencement and is equal to the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term in an amount equal to the lease payments in a similar economic environment. The Company uses the implicit rate when readily determinable. The Company has entered into operating leases for corporate offices having initial lease terms of one to eight years. The Company has entered into finance leases primarily for vehicles and equipment, having initial terms of three years. The Company’s real estate leases may include one or more options to renew, with the renewal extending the lease term for an additional one to five years. The exercise of lease renewal option is at the Company’s sole discretion. In general, the Company does not consider renewal option to be reasonably likely to be exercised, therefore renewal option are generally not recognized as part of the ROU assets and lease liabilities. Lease costs for lease payments are recognized on a straight-line basis over the lease term, unless there is a transfer of title or purchase option reasonably certain to be exercised. The Company does not record operating leases with an initial term of twelve months or less (“short-term leases”) in the consolidated balance sheets. The Company’s vehicle and equipment leases may include transfer rights or options to purchase at the end of the lease that the Company is reasonably certain to exercise. Interest expense is recognized using the effective interest rate method, and the ROU asset is amortized over the useful life of the underlying asset. Lessor: The Company has entered into various trial and evaluation agreements that contain an operating lease component that is within the scope of ASC 842, Leases The trial and evaluation agreements contain only variable payments not based on an index or rate as a result of refund provisions within those contracts. The Company records accounts receivable when the Company meets the criteria within the trial and evaluation agreements to invoice the lessee. In accordance with ASC 842, the Company recognizes variable lease payments as profit or loss in the period in which the changes in facts and circumstances on which the variable lease payments are based occur, which will generally be the end of the trial period when the customer refund rights lapse. During the years ended December 31, 2020 and 2019, the Company has not recognized any lease income related to these trial and evaluation agreements either because the Company has not received any consideration from the lease contracts, or the uncertainty related to the consideration received has not been resolved. Certain of the Company’s lessee and lessor lease agreements contain both lease and non-lease components, which are generally accounted for as a single lease component. Additionally, for certain vehicle leases, we apply a portfolio approach to effectively account for the finance lease ROU assets and liabilities. Income taxes: Income Taxes Due to the Company’s history of losses since inception, the net deferred tax assets have been fully offset by a valuation allowance as of December 31, 2020 and 2019. Uncertain tax positions taken or expected to be taken in a tax return are accounted for using the more likely than not threshold for financial statement recognition and measurement. For the years ended December 31, 2020 and 2019, there were no uncertain tax positions taken or expected to be taken in the Company’s tax returns. Share-based compensation: Compensation – Stock Compensation The Company utilizes the Black-Scholes model to determine the fair value of the stock option awards, which requires the input of subjective assumptions. These assumptions include estimating (a) the length of time grantees will retain their vested stock options before exercising them for employees and the contractual term of the option for nonemployees (“expected term”), (b) the volatility of the Company’s common stock price over the expected term, (c) expected dividends, and (d) the fair value of a share of common stock prior to the Business Combination. After the closing of the Business Combination, the Company’s board of directors determined the fair value of each share of common stock underlying stock-based awards based on the closing price of the Company’s common stock as reported by the NYSE on the date of grant. The Company has elected to recognize the adjustment to share-based compensation expense in the period in which forfeitures occur. The assumptions used in the Black-Scholes model are management’s best estimates, but the estimates involve inherent uncertainties and the application of management judgment (see Note 9). As a result, if other assumptions had been used, the recorded share-based compensation expense could have been materially different from that depicted in the financial statements. Research and development expense: Net income (loss) per share: Recent accounting pronouncements issued, not yet adopted: In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Reverse Recapitalization
Reverse Recapitalization | 12 Months Ended |
Dec. 31, 2020 | |
Reverse Recapitalization [Abstract] | |
Reverse Recapitalization | Note 4. Reverse Recapitalization On October 1, 2020, Legacy Hyliion and TortoiseCorp consummated the merger contemplated by the Business Combination, with Legacy Hyliion surviving the merger as a wholly-owned subsidiary of TortoiseCorp. Upon the closing of the Business Combination, TortoiseCorp’s certificate of incorporation was amended and restated to, among other things, increase the total number of authorized shares of capital stock to 260,000,000 shares, of which 250,000,000 shares were designated common stock, $.0001 par value per share, and of which 10,000,000 shares were designated preferred stock, $0.0001 par value per share. Immediately prior to the closing of the Business Combination, each ● issued and outstanding share of Legacy Hyliion’s redeemable, convertible preferred stock, was converted into shares Legacy Hyliion common stock based on a one-to-one ratio (see Note 8). The Business Combination is accounted for with a retrospective application of the Business Combination that results in 34,799,813 shares of redeemable, convertible preferred stock converting into the same number of shares of Legacy Hyliion common stock. ● convertible note payable, plus accrued paid-in-kind interest, was converted into an aggregate 2,336,235 shares of Legacy Hyliion common stock at the predetermined discount (see Note 4). Upon the consummation of the Business Combination, each share of Legacy Hyliion common stock issued and outstanding was cancelled and converted into the right to receive 1.45720232 shares (the “Exchange Ratio”) of the Company’s common stock (the “Per Share Merger Consideration”). Additionally, Legacy Hyliion issued 1,000,000 shares of Legacy Hyliion common stock with an estimated grant date fair value of $10.00 per share to one of the convertible noteholders in connection with the commercial matters agreement (“Commercial Matters Agreement”) that was entered into in June 2020, that was not subject to the Exchange Ratio (see Note 15). Outstanding stock options, whether vested or unvested, to purchase shares of Legacy Hyliion common stock granted under the 2016 Plan (“Legacy Options”) (see Note 9) converted into stock options for shares of the Company’s common stock upon the same terms and conditions that were in effect with respect to such stock options immediately prior to the Business Combination, after giving effect to the Exchange Ratio. Outstanding warrants to purchase shares of TortoiseCorp Class A common stock will remain outstanding at the Closing Date. The warrants will become exercisable 30 days after the completion of the Business Combination and will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation. On November 30, 2020, the Company issued a notice of redemption to the warrant holders and on December 31, 2020, it redeemed all outstanding public warrants. See Note 8 “Capital Structure” for more information. In connection with the Business Combination, ● certain TortoiseCorp shareholders exercised their right to redeem certain of their outstanding shares for cash, resulting in the redemption of 3,308 shares of TortoiseCorp common stock for gross redemption payments of less than $0.1 million. ● a number of investors purchased from the Company an aggregate of 30,750,000 shares of common stock (the “PIPE Shares”), for a purchase price of $10.00 per share and an aggregate purchase price of $307.5 million pursuant to separate subscription agreements entered into effective June 18, 2020 (the “PIPE”). The PIPE investment closed simultaneously with the consummation of the Business Combination. ● an investor purchased 1,750,000 TortoiseCorp units (consisting of one share of common stock and one half of one warrant, the “Forward Purchase Units”), consisting of 1,750,000 shares of common stock (“Forward Purchase Shares”) and warrants to purchase 875,000 shares of common stock (“Forward Purchase Warrants”) for an aggregate purchase price of $17.5 million pursuant to a forward purchase agreement entered into effective February 6, 2019, as amended by the First Amendment to Amended and Restated Forward Purchase Agreement, dated June 18, 2020. The Business Combination is accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, TortoiseCorp was treated as the “acquired” company for financial reporting purposes. See Note 1 “Description of business and basis of presentation” for further details. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Legacy Hyliion issuing stock for the net assets of TortoiseCorp, accompanied by a recapitalization. The net assets of TortoiseCorp are stated at historical cost, with no goodwill or intangible assets recorded. Prior to the Business Combination, Legacy Hyliion and TortoiseCorp filed separate standalone federal, state and local income tax returns. As a result of the Business Combination Legacy Hyliion will file a consolidated income tax return. Although, for legal purposes, TortoiseCorp acquired Legacy Hyliion, and the transaction represents a reverse acquisition for federal income tax purposes. TortoiseCorp will be the parent of the consolidated group with Legacy Hyliion a subsidiary, but in the year of the closing of the Business Combination, Legacy Hyliion will file a full year tax return with TortoiseCorp joining in the return the day after the Closing Date. The following table reconciles the elements of the Business Combination to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’ equity (deficit) for the year ended December 31, 2020 (in thousands): Cash - TortoiseCorp’s trust and cash (net of redemption) $ 236,484 Cash - PIPE 307,500 Cash - forward purchase units 17,500 Less: transaction costs and advisory fees paid (45,030 ) Net Business Combination and PIPE financing $ 516,454 The number of shares of common stock issued immediately following the consummation of the Business Combination were: Common stock, outstanding prior to Business Combination 23,300,917 Less: redemption of TortoiseCorp shares (3,308 ) Common stock of TortoiseCorp 23,297,609 TortoiseCorp founder shares 5,825,230 Shares issued in PIPE 30,750,000 Shares issued in connection with forward purchase agreement 1,750,000 Business Combination, PIPE, and forward purchase agreement financing shares 61,622,839 Legacy Hyliion shares (1) 92,278,990 Total shares of common stock immediately after Business Combination 153,901,829 Hyliion Holdings Corp. exercise of warrants 15,414,592 Total shares of common stock at December 31, 2020 169,316,421 (1) The number of Legacy Hyliion shares was determined as follows: Legacy Hyliion Legacy Hyliion Balance at December 31, 2018 24,453,750 35,634,061 Recapitalization applied to Series A outstanding at December 31, 2018 34,799,813 50,710,369 Exercise of common stock options - 2019 286,874 418,033 Exercise of common stock options - 2020 (pre-Closing) 763,216 1,112,160 Conversion of convertible notes payable to common stock (2) 2,336,235 4,404,367 92,278,990 (2) The number of shares issued for the conversion of convertible notes payable to common stock is calculated by applying the Exchange Ratio to the Legacy Hyliion shares issued at the time of conversion and adding 1,000,000 shares issued in connection with the Commercial Matters Agreement. All fractions were rounded down. Lock-Up Arrangements Certain former stockholders of Legacy Hyliion and TortoiseCorp have agreed to lock-up restrictions regarding the future transfer shares of common stock. Such shares may not be transferred or otherwise disposed of for a period of six months through April 1, 2021, subject to certain exceptions. Transaction costs: Transaction costs incurred in connection with the Business Combination totaled approximately $45.0 million which were charged to additional paid-in capital for the year ended December 31, 2020. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Note 5. Debt At December 31, 2020 and 2019, the carrying value of debt was as follows: December 31, 2020 2019 (in thousands) Convertible notes payable, net of unamortized discount at December 31, 2020 and 2019 of $0 and $6,451, respectively $ - $ 16,113 Paycheck Protection Program loan 908 - Finance lease obligations 49 289 957 16,402 Less current portion 49 6,720 Debt, net of current portion $ 908 $ 9,682 During 2018, the Company issued a convertible note payable in exchange for cash totaling $5.0 million (the “2018 Note”). The 2018 Note bears interest at 6% per annum and matures in September 2020 (two years subsequent to its issuance date). The 2018 Note includes the following embedded features: (a) Automatic conversion upon the next equity financing of at least $5.0 million in proceeds. The conversion price is dependent upon the pre-money valuation of the Company in connection with the next equity financing, with the conversion price set at a 35% discount on the next equity financing price if the pre-money valuation is $100.0 million or less, or 35% multiplied by the quotient of $100.0 million divided by the pre-money valuation if it is greater than $100.0 million. (b) Optional conversion upon a change in control. In the event of a change in control, the holder can elect to convert the 2018 Note into shares of common stock at a conversion price equal to (i) the product of the change in control purchase price multiplied by 65%, divided by (ii) the total number of outstanding shares of capital stock of the Company (on a fully diluted basis). (c) Optional redemption upon a change in control. In the event of a change in control, the holder can elect to request payment of all outstanding principal (with no penalty) and unpaid accrued interest. (d) Automatic or optional redemption upon an event of default. Upon the occurrence of an event of default, the 2018 Note will either automatically become due and payable or can become due and payable at the holder’s option (based on the nature of the event of default). Upon such acceleration, all outstanding principal (with no penalty) and unpaid accrued interest will become payable. (e) Additional interest of 3% (or a total of 9%) upon an event of default. In addition to the above embedded features, the Company agreed that the holder of the 2018 Note would be the Company’s preferred supplier for certain components or products that the holder sells. See Note 15 for further details on this related party agreement. The Company assessed the embedded features within the 2018 Note and determined that the automatic conversion feature upon next equity financing and optional conversion feature upon change in control (share-settled redemption features) and the additional interest feature met the definition of a derivative and were not clearly and closely related to the host contract and required separate accounting. At issuance, the Company estimated the fair value of the automatic and optional conversion features to be approximately $1.8 million. The Company’s fair value measurements are more fully described in (Note 7). At issuance, the Company concluded the fair value of the additional interest feature was de minimis. Between February and July 2019, the Company issued a series of convertible notes payable in exchange for cash totaling $13.6 million (the “Initial 2019 Notes”). The Initial 2019 Notes bear interest at 6% per annum and mature two to five years after their respective issuance dates. The Initial 2019 Notes are only prepayable with the consent of the holders. One of the Initial 2019 Notes (totaling $1.8 million) is secured by substantially all of the assets of the Company, subordinate to the first priority, senior secured interest held by a note holder of a convertible note issued in January 2020. The holder of this note has first priority secured interest in these assets. The Initial 2019 Notes include the following embedded features: (a) Automatic or optional (for one of the Initial 2019 Notes) conversion upon the next equity financing of at least $15.0 million in proceeds (the “Next Equity Financing”). The conversion price is dependent upon the pre-money valuation of the Company in connection with the next equity financing, with the conversion price set at a 25% discount on the next equity financing price if the pre-money valuation is $100.0 million or less, or 25% multiplied by the quotient of $100.0 million divided by the pre-money valuation if it is greater than $100.0 million. (b) Optional conversion (for one of the Initial 2019 Notes) upon a subsequent equity financing if the holder did not elect to convert upon the Next Equity Financing, at the price that is set by the subsequent equity financing (no discount). (c) Optional conversion upon a change in control. In the event of a change in control, the holder can elect to convert the Initial 2019 Notes into shares of common stock at a conversion price equal to (i) the product of the change in control purchase price multiplied by 75%, divided by (ii) the total number of outstanding shares of capital stock of the Company (on a fully diluted basis). (d) Optional redemption upon a change in control. In the event of a change in control, the holder can elect to request payment of all outstanding principal (with no penalty) and unpaid accrued interest. (e) Automatic or optional redemption upon an event of default. Upon the occurrence of an event of default, the Initial 2019 Notes will either automatically become due and payable or can become due and payable at the holder’s option (based on the nature of the event of default). Upon such acceleration, all outstanding principal (with no penalty) and unpaid accrued interest will become payable. (f) Additional interest of 3% (or a total of 9%) upon an event of default. In addition, the Company has the right to modify one of the Initial 2019 Notes (totaling $1.8 million) in the event the holder does not convert upon next equity financing to adjust the interest rate to 4% per annum. The Company assessed the embedded features within the Initial 2019 Notes and determined that the automatic or optional conversion feature upon next equity financing and the optional conversion feature upon change in control (share-settled redemption features), the additional interest feature, and the interest rate adjustment feature met the definition of a derivative and were not clearly and closely related to the host contract and required separate accounting. At issuance, the Company estimated the fair value of the automatic and optional conversion features to be approximately $6.0 million. The Company’s fair value measurements are more fully described in (Note 7). At issuance, the Company concluded the fair value of the additional interest feature and the interest rate adjustment feature was de minimis. In December 2019, the Company issued a convertible note payable in exchange for cash totaling $3.2 million (the “December 2019 Note”). The December 2019 Note bears interest at 6% per annum and matures in December 2020 (one year subsequent to its issuance date). The December 2019 Note is only prepayable with the consent of the holder. The December 2019 Note is secured by substantially all of the assets of the Company, subordinate to the security interest held by one of the Initial 2019 Note holders. The December 2019 Note includes the following embedded features: (a) Automatic conversion upon the next equity financing of at least $35.0 million in proceeds. The conversion price will be based on the next equity financing per share price, with a 50% discount. (b) Optional conversion upon the next equity financing of at least $15.0 million in proceeds. The conversion price will be based on the next equity financing per share price, with a 50% discount. (c) Automatic conversion upon a subsequent equity financing of at least $35.0 million if the holder did not elect to convert upon any previous equity financing, at the price that is set by the subsequent equity financing (no discount). (d) Optional conversion upon a change in control. In the event of a change in control, the holder can elect to convert the December 2019 Note into shares of common stock at a conversion price equal to (i) the product of the change in control purchase price multiplied by 50%, divided by (ii) the total number of outstanding shares of capital stock of the Company (on a fully diluted basis). (e) Optional redemption upon a change in control. In the event of a change in control, the holder can elect to request payment of all outstanding principal (with no penalty) and unpaid accrued interest. (f) Automatic or optional redemption upon an event of default. Upon the occurrence of an event of default, the December 2019 Note will either automatically become due and payable or can become due and payable at the holder’s option (based on the nature of the event of default). Upon such acceleration, all outstanding principal (with no penalty) and unpaid accrued interest will become payable. (g) Additional interest of 3% (or a total of 9%) upon an event of default. In addition, in the event the holder does not convert upon an equity financing, the maturity date of the December 2019 Note will automatically extend by one year. In such situation, the holder also has the right to extend the maturity date for an additional two years beyond the modified maturity date. The Company assessed the embedded features within the December 2019 Note and determined that the automatic and optional conversion features upon next equity financing (share-settled redemption features), the additional interest feature and the term extension feature met the definition of a derivative and were not clearly and closely related to the host contract and required separate accounting. The Company also concluded that the conversion features did not represent beneficial conversion features. At issuance and at December 31, 2019, the Company estimated the fair value of the automatic and optional conversion features to be approximately $1.4 million. The Company’s fair value measurements are more fully described in (Note 7). At issuance, the Company concluded the fair value of the additional interest and term extension features was de minimis. During January 2020, the Company issued a convertible note payable in exchange for cash totaling $3.2 million (the “January 2020 Note”). The January 2020 Note bears interest at 6% per annum and matures in January 2025 (five years subsequent to its issuance date). The January 2020 Note is only prepayable with the consent of the holder. The January 2020 Note is secured by a first priority, senior secured interest in substantially all of the assets of the Company. The January 2020 Note includes the following embedded features: (a) Optional conversion upon the next equity financing of at least $15.0 million in proceeds. The conversion price will be based on the next equity financing per share price, with a 50% discount. (b) Optional conversion upon a subsequent equity financing of at least $15.0 million if the holder did not elect to convert upon the next equity financing, at the price that is set by the subsequent equity financing (no discount). (c) Optional conversion upon a change in control. In the event of a change in control, the holder can elect to convert the January 2020 Note into shares of common stock at a conversion price equal to (i) the product of the change in control purchase price multiplied by 50%, divided by (ii) the total number of outstanding shares of capital stock of the Company (on a fully diluted basis). (d) Optional redemption upon a change in control. In the event of a change in control, the holder can elect to request payment of all outstanding principal (with no penalty) and unpaid accrued interest. (e) Optional redemption upon the Company obtaining at least $10.0 million in commercial debt which would result in the January 2020 Note having the same priority or being treated as subordinate to the commercial debt. In such scenario, the holder can elect to request payment of all outstanding principal (with no penalty) and unpaid accrued interest. (f) Automatic or optional redemption upon an event of default. Upon the occurrence of an event of default, the January 2020 Note will either automatically become due and payable or can become due and payable at the holder’s option (based on the nature of the event of default). Upon such acceleration, all outstanding principal (with no penalty) and unpaid accrued interest will become payable. (g) Additional interest of 3% (or a total of 9%) upon an event of default. In addition, in the event the holder does not convert upon an equity financing or change in control event, the noteholder may extend the maturity date of the January 2020 Note by five years beyond the original maturity date. In addition, in the event the holder does not convert upon an equity financing, the interest rate on the January 2020 Note will automatically be adjusted to a rate of 4% per annum. The Company assessed the embedded features within the January 2020 Note and determined that the automatic and optional conversion features upon next equity financing (share-settled redemption features), the additional interest feature and the term extension feature met the definition of a derivative and were not clearly and closely related to the host contract and required separate accounting. The Company also concluded that the conversion features did not represent beneficial conversion features. At issuance, the Company estimated the fair value of the automatic and optional conversion features to be approximately $2.7 million. The Company’s fair value measurements are more fully described in (Note 7). At issuance, the Company has concluded the fair value of the additional interest and term extension features was de minimis. The terms of the convertible notes payable include certain restrictive covenants related to the Company’s ability to enter into certain transactions or agreements, pay dividends, or take other similar corporate actions. During June 2020, the holders of the convertible notes executed amendments (the “Note Amendments”) to their respective convertible notes clarifying the planned Business Combination would qualify as a next financing, as defined in the respective convertible notes. The convertible notes would either automatically convert or convert at the holder’s option (the election of which was evidenced by entering into the Note Amendments) in connection with such next financing (in this case the Business Combination). The convertible notes would convert into shares of common stock at a conversion price equal to (i) the valuation of the Company established in connection with such next financing, divided by (ii) the total number of shares of capital stock of the Company (on a fully diluted and as-converted basis), as established in the original respective convertible notes. This conversion price would then be discounted based on the negotiated conversion discounts that were established in the noteholders’ original convertible notes. The amended terms of the Note Amendments were determined to be clarifications of the existing terms and did not result in substantially different terms. Accordingly, the Note Amendments were accounted for as modifications. In connection with the reverse recapitalization discussed in Note 4, immediately prior to the closing of the Business Combination, the convertible notes, plus accrued paid-in-kind interest, totaling $26.8 million were converted into an aggregate of 2,336,235 shares of Legacy Hyliion common stock, which were then exchanged for an aggregate of 3,404,367 shares of the Company’s common stock on the Closing Date (see Note 4). In addition, the Company issued 1,000,000 shares of Legacy Hyliion common stock to a noteholder of the 2018 Note, Initial 2019 Notes, and January 2020 Note, with a grant date fair value of $10.00 per share in accordance with the Commercial Matters Agreement (see Note 15). In connection with this conversion of the convertible notes, the Company recorded a loss on extinguishment of $10.2 million included within other income (expense) on the accompanying consolidated statements of operations. Term Loan: Payroll Protection Program loan: Finance Lease Obligations: |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 6. Investments The amortized cost, unrealized gains and losses, and fair value of our investments at December 31, 2020 are summarized as follows: Fair Value Measurements as of Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Held-to-maturity investments Treasury securities $ 149,996 $ - $ (1 ) $ 149,995 Commercial paper 37,963 - (15 ) 37,948 Corporate bonds and notes 49,892 - (63 ) 49,829 Total held-to-maturity investments $ 237,851 $ - $ (79 ) $ 237,772 December 31, 2020 Amortized Cost Fair Value (in thousands) Due in one year or less $ 201,881 $ 201,864 Due after one year through five years 35,970 35,908 Total held-to-maturity securities $ 237,851 $ 237,772 The Company did not have any investments at December 31, 2019. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7. Fair Value Measurements – As Restated The convertible notes payable derivative liabilities are considered a Level III measurement due to the utilization of significant unobservable inputs in the valuation. The Company utilized a scenario-based with and without valuation model to estimate the fair value of the embedded derivative features requiring bifurcation associated with the convertible notes payable at issuance, as of the December 31, 2019 reporting date, and upon the settlement of the convertible notes payable derivative liabilities in connection with the extinguishment accounting applied to the convertible notes payable (see Note 5). This valuation model is designed to utilize the Company’s best estimates of the timing and likelihood of the settlement events that are related to the embedded derivative features in order to estimate the fair value of the respective convertible notes with these embedded derivative features. The fair value of the convertible notes with the derivative features is compared to the fair value of a plain vanilla note (excluding the derivative features), which is calculated based on the present value of the future cash flows. The difference between the two values represents the fair value of the bifurcated derivative features as of each respective valuation date. The key inputs to the valuation models that were utilized to estimate the fair value of the convertible debt derivative liabilities include: Input October 1, 2020 Issuance of January 2020 Note Issuance of December 2019 Note and December 31, 2019 Issuances of Initial 2019 Notes Issuances of Initial 2019 Notes Issuances of Initial 2019 Notes Probability-weighted conversion discount 2.5 - 50.0% 50.0% 23.9 - 50.0% 24.1% 24.4% 24.4% Remaining term (years) 0.0 - 4.3 5.0 0.7 - 4.5 5.0 2.0 2.0 Equity volatility NA NA 63.0 - 71.0% 74.0% 78.0% 75.0% Risk rate 1 19.6 - 57.7% 50.0% 27.2 - 50.0% 29.0% 26.6% 34.2% Probability of next financing event 1 100.0% 70.0% 70.0% 50.0% 50.0% 50.0% Timing of next financing event 1 10/1/2020 9/30/2020 9/30/2020 3/31/2020 3/31/2020 9/30/2019 Probability of default event 1 0.0% 30.0% 25.0 - 30.0% 50.0% 50.0% 50.0% Timing of default event 1 NA 9/30/2020 9/30/2020 3/31/2020 3/31/2020 9/30/2019 Probability of sale event 1 0.0% 0.0% 0.0 - 5.0% 0.0% 0.0% 0.0% Timing of sale event 1 NA NA 9/30/2020 NA NA NA Negotiation discount 1 2 0.0 - 0.1% 24.2% 21.7% 0.0% 0.0% 0.0% 1 Represents a Level III unobservable input 2 Based on the terms and provisions of the December 2019 and January 2020 Notes, the valuation model incorporated this additional assumption The key inputs to the valuation models are defined as follows: ● The probability-weighted conversion discount is based on the contractual terms of the convertible note agreement and the expectation of the pre-money valuation of the Company as of the estimated date that the next equity financing event occurs. ● The remaining term was determined based on the remaining time period to maturity of the related convertible note with embedded features subject to valuation (as of the respective valuation date). ● The Company’s equity volatility estimate was based on the re-levered historical equity volatility of a selection of the Company’s comparable guideline public companies, based on the remaining term of the respective convertible notes. ● The risk rate was the discount rate utilized in the valuation and was determined based on reference to market yields for debt instruments with similar credit ratings and terms. ● The probabilities and timing of the next financing event and default event are based on management’s best estimate of the future settlement of the respective convertible notes. ● The negotiation discount utilized was calculated in order to further discount the specified instruments in order to agree to the principal value of the convertible notes at issuance. The utilization of the negotiation discount reflects the fact that there was a significant need for new investment and limited availability of market participants who have interest in making investments in such companies. The presence of the additional discount reflects the higher rate of return that these investors would seek in making such investments. The convertible notes payable derivative liabilities were settled upon the conversion of the related convertible notes during the year ended December 31, 2020 (see Note 5). The following table shows the fair value measurements of the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2020 and 2019: Fair Value Measurements as of December 31, 2020 Level I Level II Level III Total Assets (in thousands) Cash and cash equivalents $ 389,705 $ - $ - $ 389,705 Held-to-maturity investments: Treasury securities - 149,995 - 149,995 Commercial paper - 37,948 - 37,948 Corporate bonds and notes - 49,829 - 49,829 Total Assets $ 389,705 $ 237,772 $ - $ 627,477 Fair Value Measurements as of December 31, 2019 Level I Level II Level III Total Liabilities (in thousands) Convertible notes payable derivative liabilities $ - $ - $ 8,351 $ 8,351 Total Liabilities $ - $ - $ 8,351 $ 8,351 The following is a rollforward of the Company’s Level III instruments (in thousands): Balance, December 31, 2018 $ 2,068 Issuance of convertible notes payable derivative liabilities 7,428 Fair value adjustments (1,145 ) Balance, December 31, 2019 8,351 Issuance of convertible note payable derivative liability 2,656 Fair value adjustments 1,358 Settlement of convertible notes payable derivative liabilities (12,365 ) Balance, December 31, 2020 $ - |
Capital Structure
Capital Structure | 12 Months Ended |
Dec. 31, 2020 | |
Partners' Capital Notes [Abstract] | |
Capital Structure | Note 8. Capital Structure As discussed in Note 1 and Note 4, on October 1, 2020, the Company consummated the Business Combination, which has been accounted for as a reverse recapitalization. Pursuant to the Certificate of Incorporation as amended on October 1, 2020 and as a result of the reverse recapitalization, the Company has retrospectively adjusted the Legacy Hyliion preferred shares and Legacy Hyliion common shares issued and outstanding prior to October 1, 2020 to give effect to the Exchange Ratio used to determine the number of shares of common stock of the combined entity into which they were converted. Preferred Stock: Common Stock: The following shares of common stock are reserved for future issuance: Stock options issued and outstanding 6,982,497 Authorized for future grant under 2020 Equity Incentive Plan 12,937,713 19,920,210 Warrants: Public Warrants: Private Placement Warrants: Forward Purchase Warrants: Because the Company’s Warrants contain provisions whereby the settlement amount varies depending upon the characteristics of the warrant holder, all warrants were determined to have liability classification at issuance, and as such, were recorded at fair value as a warrant liability in the Company’s consolidated balance sheet at the date of the merger. On November 30, 2020, the Company issued a notice of redemption of all its outstanding Public Warrants and Forward Purchase Warrants which was completed in December 2020. However, the Private Warrants held by the initial holders thereof or permitted transferees of the initial holders were not subject to this redemption. As of December 31, 2020, all outstanding Public Warrants and Forward Purchase Warrants were either exercised or redeemed by the holder. As of December 31, 2020, the Company’s transfer agent received gross proceeds of $140.8 million corresponding to the exercise of 15,786,127 warrants. However, due to the timing of the receipt of the warrant exercise and the cash, the Company’s transfer agent issued 15,414,592 shares of common stock as of December 31, 2020. The remaining 371,535 shares of common stock were issued in January 2021. Additionally, as of December 31, 2020, the Company’s transfer agent had not yet remitted $12.0 million of the gross proceeds associated with the shares of issued common stock to the Company and is included within prepaid expenses and other current assets on the accompanying consolidated balance sheets as of December 31, 2020. There were 281,065 warrants not exercised by the end of the redemption period that were redeemed for a price of $0.01 per warrant, and subsequently cancelled by the Company. The Company made the redemption payment on these cancelled warrants in January 2021. Certain holders of the warrants elected a cashless exercise, resulting in the forfeiture of 3,118,445 shares. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation | Note 9. Share-based Compensation 2016 Equity Incentive Plan For periods prior to the reverse recapitalization (See Note 4), the Hyliion Inc. 2016 Equity Incentive Plan (the “2016 Plan”), as amended in August 2017 and approved by the board of directors (the “Board”), permitted the granting of various awards including stock options (including both nonqualified options and incentive options), stock appreciation rights (“SARs”), stock awards, phantom stock units, performance awards, and other share-based awards to employees, outside directors and consultants and advisors of the Company. Only stock options have been awarded to employees, consultants and advisors under the 2016 Plan. Legacy Options converted into an option to purchase a number of shares of common stock equal to the product of the number of shares of Legacy Hyliion common stock and the Exchange Ratio at an exercise price per share equal to the exercise price of the Legacy Option divided by the Exchange Ratio. Each exchanged option is governed by the same terms and conditions applicable to the Legacy Option prior to the Business Combination. No further grants can be made under the 2016 Plan. The option exercise price for all grantees equals the stock’s estimated fair value on the date of the grant, after giving effect to the Exchange Ratio. The Board determined the fair value of common stock at the time of grant by considering a number of objective and subjective factors, including independent third-party valuations of the Company’s common stock, operating and financial performance, the lack of liquidity of capital stock, and general and industry-specific economic outlook, amongst other factors. The Company believes the fair value of the stock options granted to nonemployees is more readily determinable than the fair value of the services received. The fair value of each option is estimated on the date of the grant using the Black-Scholes option-pricing model in order to measure the compensation cost associated with the award. This model incorporates certain assumptions for inputs including an expected volatility in the market value of the underlying common stock, expected term, a risk-free interest rate, and the expected dividend yield of the underlying common stock. The following assumptions were used for options issued in the following periods: Years Ended December 31, 2020 2019 Expected volatility 70.0% 70.0% Expected term (in years) 6.1 6.1 - 10 Risk-free interest rate 1.7% 1.4 - 3.0% Expected dividend yield 0.0% 0.0% ● Expected volatility: ● Expected term: ● Risk-free interest rate: ● Expected dividend yield: Employee and nonemployee stock options generally vest over four years, with a maximum term of ten years from the date of grant. These awards become available to the recipient upon the satisfaction of a vesting condition based on a period of service, which may be accelerated at the discretion of the Board. Share-based compensation expense is recognized on a straight-line basis over the applicable vesting period. A summary of the status of the 2016 Plan at December 31, 2020 and 2019, and changes during the same periods is presented below: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Outstanding at December 31, 2018 5,508,031 $ 0.11 8.7 Granted 3,213,131 0.16 Exercised (418,033 ) 0.14 Cancelled or forfeited (1,715,847 ) 0.13 Outstanding at December 31, 2019 6,587,282 0.13 8.2 Granted 2,797,828 0.23 Exercised (1,112,960 ) 0.11 Cancelled or forfeited (1,289,653 ) 0.19 Outstanding at December 31, 2020 6,982,497 $ 0.16 7.8 Exercisable at December 31, 2019 2,482,987 $ 0.10 7.2 Exercisable at December 31, 2020 3,851,486 $ 0.13 7.1 As of December 31, 2020, the options outstanding and exercisable have an intrinsic value of $113.8 million and $62.8 million, respectively. There were no options with an exercise price greater than the market price on December 31, 2020 to exclude from the intrinsic value computation. The intrinsic value of options exercised during the years ended December 31, 2020 and 2019 was $18.4 million and less than $0.1 million, respectively. Share-based compensation expense for the years ended December 31, 2020 and 2019 was $0.3 million and $0.1 million, respectively. As of December 31, 2020, there was $0.4 million of unrecognized compensation cost related to share-based payments, which is expected to be recognized over the remaining vesting periods, with a weighted-average period of 2.6 years. 2020 Equity Incentive Plan On October 1, 2020, the Company’s shareholders approved a new long-term incentive award plan (the “2020 Plan”) in connection with the Business Combination. The 2020 Plan is administered by the Board and the compensation committee. The selection of participants, allotment of shares, determination of price and other conditions are approved by the Board and the compensation committee at its sole discretion in order to attract and retain personnel instrumental to the success of the Company. Under the 2020 Plan, the Company may grant an aggregate of 12,937,713 shares of common stock in the form of nonstatutory stock options, incentive stock options, SARs, restricted stock awards, performance awards, and other awards. No grants have been authorized to date by the Company’s Board and the compensation committee under the 2020 Plan. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 10. Leases The Company has operating and finance leases for its corporate office, temporary office, vehicles and equipment. In addition, the Company enters into arrangements whereby portions of the leased premises are subleased to third parties and are classified as operating leases. The following table provides a summary of the components of lease income, costs and rent, which are included within research and development and selling, general and administrative on the accompanying consolidated statements of operations: Years Ended December 31, 2020 2019 (in thousands) Operating lease costs: Operating lease cost $ 1,389 $ 1,908 Short-term lease cost 42 4 Variable lease cost (14 ) (140 ) Sublessor income (326 ) (421 ) Total operating lease costs $ 1,091 $ 1,351 Finance lease costs: Amortization of right-of-use assets $ 112 $ 112 Interest on lease liabilities 21 50 Total finance lease costs $ 133 $ 162 Finance lease ROU assets were $0.3 million and $0.7 million as of December 31, 2020 and 2019 and accumulated amortization was $0.1 million and $0.2 million as of December 31, 2020 and 2019, respectively. The following table provides the weighted-average lease terms and discount rates used for the Company’s operating and finance leases: December 31, Weighted-average remaining lease term (in years): Operating leases 5.0 Finance leases 0.3 Weighted-average discount rate: Operating leases 9.9 % Finance leases 14.2 % The following table provides a summary of lease liability maturities for the next five years and thereafter: Operating Finance Leases Leases (in thousands) 2021 $ 1,269 $ 49 2022 1,441 - 2023 1,484 - 2024 1,529 - 2025 1,575 - Thereafter 133 - Total lease payments 7,431 49 Less: Imputed interest (1,621 ) - Total lease obligations $ 5,810 $ 49 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Note 11. Property and Equipment, net Property and equipment, net consisted of the following at December 31, 2020 and 2019: December 31, 2020 2019 (in thousands) Production machinery and equipment $ 1,751 $ 1,751 Vehicles 712 727 Leasehold improvements 749 670 Demo fleet systems 263 263 Office furniture and fixtures 64 28 Computers and related equipment 195 24 3,734 3,463 Less accumulated depreciation (2,563 ) (1,828 ) Property and equipment, net $ 1,171 $ 1,635 Depreciation expense for the years ended December 31, 2020 and 2019 totaled approximately $0.8 million and $0.9 million, respectively. For the year ended December 31, 2020, less than $0.1 million and $0.7 million is included within selling, general and administrative expenses and research and development expenses on the accompanying consolidated statements of operations, respectively. For the year ended December 31, 2019, $0.1 million and $0.8 million is included within selling, general and administrative expenses and research and development expenses on the accompanying consolidated statements of operations, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets, net | Note 12. Intangible assets, net The gross carrying amount and accumulated amortization of separately identifiable intangible assets at December 31, 2020 and 2019 are as follows: December 31, 2020 Intangible Asset Useful Life Weighted Average Remaining Life Gross Carrying Value Accumulated Amortization Net (in thousands) Developed technology 6 years 3.4 years $ 578 $ (247 ) $ 331 Non-compete 3 years 0.4 years 5 (4 ) 1 $ 583 $ (251 ) $ 332 December 31, 2019 Intangible Asset Gross Carrying Value Accumulated Amortization Net (in thousands) Developed technology $ 578 $ (151 ) $ 427 Non-compete 5 (3 ) 2 $ 583 $ (154 ) $ 429 Total amortization expense was $0.1 million for each of the years ended December 31, 2020 and 2019 and is included within selling, general and administrative expenses on the accompanying consolidated statements of operations. Total future amortization expense for the finite-lived intangible assets is estimated as follows (in thousands): 2021 $ 97 2022 97 2023 97 2024 41 $ 332 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | Note 13. Accrued Expenses and Other Current Liabilities – As Restated Accrued expenses and other current liabilities consisted of the following at December 31, 2020 and 2019: December 31, 2020 as restated 2019 (in thousands) Accrued professional services $ 1,032 $ 120 Accrued compensation and related benefits 615 - Refundable grant 175 175 Accrued liability for warrants exercised but not settled 4,282 - Other accrued liabilities 160 205 $ 6,264 $ 500 The accrued liability totaling $4.3 million for warrants exercised but not settled represents all warrants that were exercised as of December 31, 2020 under broker protects resulting in cash collection and share issuance being delayed until January 4, 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14. Income Taxes – As Restated The income tax provision consists of the following: Years Ended December 31, 2020 2019 (in thousands) Current tax expense (benefit): Federal $ - $ - State - - Total current tax expense $ - $ - Deferred tax expense (benefit): Federal $ (8,952 ) $ (2,788 ) State (291 ) - Valuation allowance 9,243 2,788 Total deferred tax expense (benefit) $ - $ - The components of deferred taxes as of December 31, 2020 and 2019 are as follows: Years Ended December 31, 2020 2019 (in thousands) Deferred tax assets: Federal net operating loss carryforwards $ 17,265 $ 9,083 State net operating loss carryforwards 984 825 Operating lease obligation 1,009 1,209 R&D tax credit 481 - Other 224 - Property and equipment, net 29 - Total deferred tax assets 19,992 11,117 Deferred tax liabilities: Operating lease right of use asset, net 854 1,045 Intangible assets, net 70 90 Property and equipment, net - 18 Other - 139 Total deferred tax liabilities 924 1,292 Total net deferred tax assets (liabilities) 19,068 9,825 Less valuation allowance (19,068 ) (9,825 ) Net deferred tax assets (liabilities) $ - $ - The reconciliation of taxes at the federal statutory rate to the Company’s provision for income taxes for the years ended December 31, 2020, and 2019 was as follows: Years Ended December 31, 2020 as restated 2019 (in thousands) Provision at statutory rate of 21% $ 68,069 $ (2,964 ) Non-deductible convertible debt interest expense 227 152 Non-deductible gain related to warrant conversions (76,293 ) State tax expense (158 ) Stock options 54 15 Transaction costs (2,947 ) - Shares issued in connection with Commercial Matters Agreement (see Notes 4, 5, and 15) 2,100 - Other (102 ) 9 R&D tax credit (193 ) - Change in valuation allowance 9,243 2,788 $ - $ - The net change in the total valuation allowance for the year ended December 31, 2020, was an increase of $9.2 million, (compared to an increase of $2.8 million in 2019). In assessing the realizability of deferred tax assets, management considered whether it is more likely than not that some portion or 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 those temporary differences become deductible. Management considered the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences at December 31, 2020. The Company has federal net operating loss carryforwards of approximately $82.2 million and $43.3 million at December 31, 2020 and 2019, respectively. $10.5 million of this amount will begin to expire in 2036. The remaining $71.7 million has an indefinite carryforward period. The Company also has state net operating loss carryforwards of approximately $12.5 million and $10.5 million at December 31, 2020 and 2019. They will expire beginning in 2036. The Company also has R&D credits of $0.3 million that begin to expire in 2037. The Company’s ability to utilize a portion of its net operating loss carryforwards and credits to offset future taxable income, and tax, respectively, is subject to certain limitations under section 382 of the Internal Revenue Code upon changes in equity ownership of the Company. Due to such limitation, $2.0 million of the Company’s net operating loss and less than $0.1 million of the Company’s R&D credits will expire unused, regardless of taxable income in future years. The Company files a United States federal income tax return, as well as income tax returns in various states. The tax returns for years 2016 and thereafter remain open for examination. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15. Commitments and Contingencies Economic Incentive Agreement Should the Company fail to meet and maintain any performance requirements, all amounts received from the EDC are subject to refund. During 2018, the Company achieved the first performance requirement and received a payment of $0.2 million. During 2019, the Company continued maintaining the employment level of the first performance requirement but failed to meet the second performance requirement. As a result, the Company did not receive any additional grant funding in 2019, the agreement is subject to termination by the EDC and all amounts received are subject to refund. As the terms of the EDC grant agreement require the Company to meet and maintain all of the performance requirements throughout the term of the agreement, the Company has not substantially met all the conditions for the grant funding received. Accordingly, the grant funding of $0.2 million received in 2018 is recorded as part of accrued expenses and other current liabilities as of December 31, 2020 and 2019 and will continue to be reflected as a currently liability until all related performance requirements have been met through the end of the agreement on December 31, 2024. Under the agreement, the EDC has the right to file a security interest to all assets of the Company. This security interest is subordinate to the holders of the convertible notes payable with security interests. Preferred Sourcing Arrangement and Commercial Matters Agreement: Under the PSA, the Company is allowed to purchase competing products upon the request of any customer. In June 2020 and in conjunction with the Business Combination, the Company entered into a Commercial Matters Agreement with the PSA Partner pursuant to which, among other things, contingent and effective upon the execution of the Business Combination, the Company issued to the PSA Partner $10.0 million worth of Legacy Hyliion’s Common Stock, immediately prior to the effective time of the merger in consideration for the Note Amendments and for any future services to be provided pursuant to the terms of a services agreement to provide engineering or operational services to the Company that was entered into in June 2020. The terms of the services agreement are yet to, and may ultimately not, be negotiated and the PSA Partner is under no obligation to enter into such services agreement. As a result, immediately prior to the consummation of the Business Combination discussed in Note 4, the Company issued 1,000,000 shares of Legacy Hyliion common stock with a fair value of $10.00 per share in exchange for future services to the Company. Legal Proceedings: |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Note 16. Net Income (Loss) Per Share – As Restated As a result of the reverse recapitalization (see Note 4), the Company has retroactively adjusted the weighted average shares outstanding prior to October 1, 2020 to give effect to the Exchange Ratio used to determine the number of shares of common stock into which they were converted. The following table sets forth the computation of basic and diluted net income (loss) per share of common stock for the years ended December 31, 2020, and 2019: Years Ended December 31, 2020 as restated 2019 (in thousands, except share and per share data) Numerator: Net income (loss) attributable to common stockholders $ 324,117 $ (14,113 ) Denominator: Weighted average shares outstanding, basic 104,324,059 86,643,714 Weighted average shares outstanding, diluted 110,696,489 86,643,714 Net income (loss) per share, basic $ 3.11 $ (0.16 ) Net income (loss) per share, diluted $ 2.93 $ (0.16 ) The Company included the following weighted average potential common shares in the computation of diluted net income per share for the years ended December 31, 2020, but not for the years ended December 31, 2019 because including them would have had an anti-dilutive effect: Years Ended December 31, 2020 as restated 2019 Stock options, including incentive stock options and non-qualified 6,326,479 3,772,368 Common shares issuable from the exercise of warrants 45,955 - Total 6,372,434 3,772,368 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note 17. Supplemental Cash Flow Information The following table provides supplemental cash flow information for the years ended December 31, 2020 and 2019: Years Ended December 31, 2020 2019 (in thousands) Cash paid for interest $ (144 ) $ (53 ) Cash paid for taxes $ - $ - Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (1,446 ) $ (1,255 ) Operating cash flows from finance leases $ (29 ) $ (50 ) Right-of-use assets obtained in exchange for lease obligations $ 1,007 $ 21 The following table provides supplemental disclosures of noncash financing activities for the year ended December 31, 2020 and 2019: Years Ended December 31, 2020 2019 (in thousands) Warrants exercised where proceeds are included within prepaid expenses and other current assets $ 11,978 $ - Settlement of convertible notes payable and convertible note payable derivative liabilities $ 44,039 $ - Redemption of unexercised warrants included within prepaid expenses and other current assets $ (3 ) $ - |
Retirement Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Plan | Note 18. Retirement Plan The Company has adopted a 401(k) plan to provide all eligible employees a means to accumulate retirement savings on a tax-advantaged basis. The 401(k) plan requires participants to be at least 20 years old. Plan participants may make before tax elective contributions up to the maximum percentage of compensation and dollar amount allowed under the Internal Revenue Code and are always 100% vested in their elective contributions. The Company makes discretionary employer contributions at its election. Plan participants must be employed on the last day of the year to be eligible for the employer match. Participants may defer specified portions of their compensation. The Company did not provide a match of the employee’s contribution for the years ended December 31, 2020 and 2019. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Emerging Growth Company | Emerging Growth Company |
Use of estimates and uncertainty of the coronavirus pandemic | Use of estimates and uncertainty of the coronavirus pandemic On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 11, 2020, declared the coronavirus outbreak a pandemic. In mid-March 2020, U.S. State Governors, local officials and leaders outside of the U.S. began ordering various “shelter-in-place” orders, which have had various impacts on the U.S. and global economies. This has required greater use of estimates and assumptions in the preparation of the unaudited consolidated financial statements. As the coronavirus pandemic continues to evolve, the Company believes the extent of the impact to its businesses, operating results, cash flows, liquidity and financial condition will be primarily driven by the severity and duration of the coronavirus pandemic, the pandemic’s impact on the U.S. and global economies and the timing, scope and effectiveness of federal, state and local governmental responses to the pandemic. Those primary drivers are beyond the Company’s knowledge and control, and as a result, at this time the Company is unable to predict the cumulative impact, both in terms of severity and duration, that the coronavirus pandemic will have on its business, operating results, cash flows and financial condition, but it could be material if the current circumstances continue to exist for a prolonged period. Although the Company has made its best estimates based upon current information, actual results could materially differ from the estimates and assumptions developed by management. If so, the Company may be subject to future impairment charges as well as changes to recorded reserves and valuations. |
Segment information | Segment information: Segment Reporting |
Concentration of supplier risk | Concentration of supplier risk: |
Cash and cash equivalents | Cash and cash equivalents: The Company maintains cash in excess of federally insured limits at financial institutions. The Company makes such deposits with entities it believes are of high credit quality and has not incurred any losses related to these balances to date. Management believes its credit risk, with respect to the financial institutions to be minimal. |
Accounts receivable | Accounts receivable: |
Investments | Investments: The Company uses the specific identification method to determine the cost basis of securities sold. Investments are impaired when a decline in fair value is judged to be other-than-temporary. The Company evaluates an investment for impairment by considering the length of time and extent to which market value has been less than cost or amortized cost, the financial condition and near-term prospects of the issuer as well as specific events or circumstances that may influence the operations of the issuer and the Company’s intent to sell the security or the likelihood that it will be required to sell the security before recovery of the entire amortized cost. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income (expense) and a new costs basis in the investment is established. |
Fair value measurements | Fair value measurements: Fair Value Measurements Level I Level II Level III An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques noted in ASC 820: ● Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. ● Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost). ● Income approach: Techniques to convert future amounts to a single present value amount based upon market expectations (including present value techniques, option pricing and excess earnings models) The Company believes its valuation methods are appropriate and consistent with other market participants, however the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, investments, accounts payable, accrued expenses, contingent consideration liability, convertible notes payable derivative liability, warrant liabilities, and convertible notes payable. The carrying value of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximates fair value because of the short-term nature of those instruments. We estimate the fair value of our convertible notes payable using Level II and Level III inputs by discounting the future cash flows using current interest rates at which we could obtain similar borrowings in consideration of the estimated enterprise value of the Company. The fair value of corporate bonds, treasury securities and commercial paper are based on quoted prices for identical or similar instruments in markets that are not active. As a result, corporate bonds, treasury securities and commercial paper are classified within Level II of the fair value hierarchy. The fair value of the Company’s public warrant liabilities are based on Level I inputs, while the fair value of the private warrants is determined using the trading price of the public warrants, a Level II input. The Company’s assets and liabilities that are measured at fair value on a recurring basis include the Company’s contingent consideration liability, warrant liabilities, and convertible notes payable derivative liabilities (See Note 5). |
Prepaid expenses and other current assets | Prepaid expenses and other current assets: |
Property and equipment, net | Property and equipment, net: Production machinery and equipment 2 to 7 years Vehicles 3 to 7 years Leasehold improvements shorter of lease term or 7 years Demo fleet systems 2 to 3 years Furniture and fixtures 3 years Computers and related equipment 3 to 7 years Major renewals and improvements are capitalized, while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed as incurred. When property and equipment is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss on the disposition is recorded in the consolidated statement of operations as a component of other (expense) income. |
Intangible assets, net | Intangible assets, net: |
Impairment of long-lived assets | Impairment of long-lived assets Impairment or Disposal of Long-Lived Assets |
Revenue | Revenue: Revenue from Contracts with Customers ● Step 1: Identify the contract(s) with a customer ● Step 2: Identify the performance obligations in the contract ● Step 3: Determine the transaction price ● Step 4: Allocate the transaction price to the performance obligations in the contract ● Step 5: Recognize revenue when (or as) a performance obligation is satisfied The Company intends to generate revenue from the sale of its hybrid and electrified drive systems for the long haul “Class 8” semi-tractors. However, since the Company is still in the pre-commercialization stage, it has not generated revenue from the sale of the products. The Company did not enter into any agreement that meets the definition of a contract with a customer that would be accounted for under ASC 606 through December 31, 2020. |
Leases | Leases: Lessee: ROU assets represent the Company’s right to use underlying assets for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate the present value for lease payments is the Company’s incremental borrowing rate, which is determined based on information available at lease commencement and is equal to the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term in an amount equal to the lease payments in a similar economic environment. The Company uses the implicit rate when readily determinable. The Company has entered into operating leases for corporate offices having initial lease terms of one to eight years. The Company has entered into finance leases primarily for vehicles and equipment, having initial terms of three years. The Company’s real estate leases may include one or more options to renew, with the renewal extending the lease term for an additional one to five years. The exercise of lease renewal option is at the Company’s sole discretion. In general, the Company does not consider renewal option to be reasonably likely to be exercised, therefore renewal option are generally not recognized as part of the ROU assets and lease liabilities. Lease costs for lease payments are recognized on a straight-line basis over the lease term, unless there is a transfer of title or purchase option reasonably certain to be exercised. The Company does not record operating leases with an initial term of twelve months or less (“short-term leases”) in the consolidated balance sheets. The Company’s vehicle and equipment leases may include transfer rights or options to purchase at the end of the lease that the Company is reasonably certain to exercise. Interest expense is recognized using the effective interest rate method, and the ROU asset is amortized over the useful life of the underlying asset. Lessor: The Company has entered into various trial and evaluation agreements that contain an operating lease component that is within the scope of ASC 842, Leases The trial and evaluation agreements contain only variable payments not based on an index or rate as a result of refund provisions within those contracts. The Company records accounts receivable when the Company meets the criteria within the trial and evaluation agreements to invoice the lessee. In accordance with ASC 842, the Company recognizes variable lease payments as profit or loss in the period in which the changes in facts and circumstances on which the variable lease payments are based occur, which will generally be the end of the trial period when the customer refund rights lapse. During the years ended December 31, 2020 and 2019, the Company has not recognized any lease income related to these trial and evaluation agreements either because the Company has not received any consideration from the lease contracts, or the uncertainty related to the consideration received has not been resolved. Certain of the Company’s lessee and lessor lease agreements contain both lease and non-lease components, which are generally accounted for as a single lease component. Additionally, for certain vehicle leases, we apply a portfolio approach to effectively account for the finance lease ROU assets and liabilities. |
Income taxes | Income taxes: Income Taxes Due to the Company’s history of losses since inception, the net deferred tax assets have been fully offset by a valuation allowance as of December 31, 2020 and 2019. Uncertain tax positions taken or expected to be taken in a tax return are accounted for using the more likely than not threshold for financial statement recognition and measurement. For the years ended December 31, 2020 and 2019, there were no uncertain tax positions taken or expected to be taken in the Company’s tax returns. |
Share-based compensation | Share-based compensation: Compensation – Stock Compensation The Company utilizes the Black-Scholes model to determine the fair value of the stock option awards, which requires the input of subjective assumptions. These assumptions include estimating (a) the length of time grantees will retain their vested stock options before exercising them for employees and the contractual term of the option for nonemployees (“expected term”), (b) the volatility of the Company’s common stock price over the expected term, (c) expected dividends, and (d) the fair value of a share of common stock prior to the Business Combination. After the closing of the Business Combination, the Company’s board of directors determined the fair value of each share of common stock underlying stock-based awards based on the closing price of the Company’s common stock as reported by the NYSE on the date of grant. The Company has elected to recognize the adjustment to share-based compensation expense in the period in which forfeitures occur. The assumptions used in the Black-Scholes model are management’s best estimates, but the estimates involve inherent uncertainties and the application of management judgment (see Note 9). As a result, if other assumptions had been used, the recorded share-based compensation expense could have been materially different from that depicted in the financial statements. |
Research and development expense | Research and development expense: |
Net income (loss) per share | Net income (loss) per share: |
Recent accounting pronouncements issued, not yet adopted | Recent accounting pronouncements issued, not yet adopted: In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of the restatement on each financial statement | For the Year Ended December 31, 2020 As Reported Restatement Impact As Restated Consolidated Statement of Operations: Change in fair value of warrant liabilities $ — $ 363,299 $ 363,299 Net income (loss) $ (39,182 ) $ 363,299 $ 324,117 Earnings (loss) per share: Basic $ (0.38 ) $ 3.49 $ 3.11 Diluted $ (0.38 ) $ 3.31 $ 2.93 As of December 31, 2020 As Reported Restatement Impact As Restated Consolidated Balance Sheets: Prepaid expenses and other current assets $ 16,408 $ 4,282 $ 20,690 Total current assets $ 608,086 $ 4,282 $ 612,368 Total assets $ 650,807 $ 4,282 $ 655,089 Warrant liabilities $ — $ — $ — Accrued expenses and other current liabilities $ 1,982 $ 4,282 $ 6,264 Total current liabilities $ 4,655 $ 4,282 $ 8,937 Total liabilities $ 10,639 $ 4,282 $ 14,921 Common Stock $ 17 $ 2 $ 19 Additional paid-in-capital $ 728,299 $ (363,301 ) $ 364,998 Accumulated earnings $ (88,148 ) $ 363,299 $ 275,151 Total equity (deficit) $ 640,168 $ — $ 640,168 As of December 31, 2020 As Reported Restatement Impact As Restated Consolidated Statement of Stockholders’ Equity (Deficit): Common Stock Par Value $ 17 $ 2 $ 19 Additional paid-in-capital $ 728,299 $ (363,301 ) $ 364,998 Accumulated earnings $ (88,148 ) $ 363,299 $ 275,151 For the Year Ended December 31, 2020 As Reported Restatement Impact As Restated Consolidated Statement of Cash Flow: Net income (loss) $ (39,182 ) $ 363,299 $ 324,117 Change in fair value of warrant liability $ — $ (363,299 ) $ (363,299 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of property and equipment | Production machinery and equipment 2 to 7 years Vehicles 3 to 7 years Leasehold improvements shorter of lease term or 7 years Demo fleet systems 2 to 3 years Furniture and fixtures 3 years Computers and related equipment 3 to 7 years |
Reverse Recapitalization (Table
Reverse Recapitalization (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Reverse Recapitalization [Abstract] | |
Schedule of business combination to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’ equity (deficit) | Cash - TortoiseCorp’s trust and cash (net of redemption) $ 236,484 Cash - PIPE 307,500 Cash - forward purchase units 17,500 Less: transaction costs and advisory fees paid (45,030 ) Net Business Combination and PIPE financing $ 516,454 |
Schedule of shares of common stock issued immediately following the consummation of the Business Combination | Common stock, outstanding prior to Business Combination 23,300,917 Less: redemption of TortoiseCorp shares (3,308 ) Common stock of TortoiseCorp 23,297,609 TortoiseCorp founder shares 5,825,230 Shares issued in PIPE 30,750,000 Shares issued in connection with forward purchase agreement 1,750,000 Business Combination, PIPE, and forward purchase agreement financing shares 61,622,839 Legacy Hyliion shares (1) 92,278,990 Total shares of common stock immediately after Business Combination 153,901,829 Hyliion Holdings Corp. exercise of warrants 15,414,592 Total shares of common stock at December 31, 2020 169,316,421 |
Schedule of Legacy Hyliion shares | Legacy Hyliion Legacy Hyliion Balance at December 31, 2018 24,453,750 35,634,061 Recapitalization applied to Series A outstanding at December 31, 2018 34,799,813 50,710,369 Exercise of common stock options - 2019 286,874 418,033 Exercise of common stock options - 2020 (pre-Closing) 763,216 1,112,160 Conversion of convertible notes payable to common stock (2) 2,336,235 4,404,367 92,278,990 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of carrying value of debt | December 31, 2020 2019 (in thousands) Convertible notes payable, net of unamortized discount at December 31, 2020 and 2019 of $0 and $6,451, respectively $ - $ 16,113 Paycheck Protection Program loan 908 - Finance lease obligations 49 289 957 16,402 Less current portion 49 6,720 Debt, net of current portion $ 908 $ 9,682 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost, unrealized gains and losses, and fair value | Fair Value Measurements as of Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Held-to-maturity investments Treasury securities $ 149,996 $ - $ (1 ) $ 149,995 Commercial paper 37,963 - (15 ) 37,948 Corporate bonds and notes 49,892 - (63 ) 49,829 Total held-to-maturity investments $ 237,851 $ - $ (79 ) $ 237,772 |
Schedule of investment maturity | December 31, 2020 Amortized Cost Fair Value (in thousands) Due in one year or less $ 201,881 $ 201,864 Due after one year through five years 35,970 35,908 Total held-to-maturity securities $ 237,851 $ 237,772 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of derivative liabilities at fair value | Input October 1, 2020 Issuance of January 2020 Note Issuance of December 2019 Note and December 31, 2019 Issuances of Initial 2019 Notes Issuances of Initial 2019 Notes Issuances of Initial 2019 Notes Probability-weighted conversion discount 2.5 - 50.0% 50.0% 23.9 - 50.0% 24.1% 24.4% 24.4% Remaining term (years) 0.0 - 4.3 5.0 0.7 - 4.5 5.0 2.0 2.0 Equity volatility NA NA 63.0 - 71.0% 74.0% 78.0% 75.0% Risk rate 1 19.6 - 57.7% 50.0% 27.2 - 50.0% 29.0% 26.6% 34.2% Probability of next financing event 1 100.0% 70.0% 70.0% 50.0% 50.0% 50.0% Timing of next financing event 1 10/1/2020 9/30/2020 9/30/2020 3/31/2020 3/31/2020 9/30/2019 Probability of default event 1 0.0% 30.0% 25.0 - 30.0% 50.0% 50.0% 50.0% Timing of default event 1 NA 9/30/2020 9/30/2020 3/31/2020 3/31/2020 9/30/2019 Probability of sale event 1 0.0% 0.0% 0.0 - 5.0% 0.0% 0.0% 0.0% Timing of sale event 1 NA NA 9/30/2020 NA NA NA Negotiation discount 1 2 0.0 - 0.1% 24.2% 21.7% 0.0% 0.0% 0.0% 1 Represents a Level III unobservable input 2 Based on the terms and provisions of the December 2019 and January 2020 Notes, the valuation model incorporated this additional assumption |
Schedule of assets and liabilities that are measured at fair value on a recurring basis | Fair Value Measurements as of December 31, 2020 Level I Level II Level III Total Assets (in thousands) Cash and cash equivalents $ 389,705 $ - $ - $ 389,705 Held-to-maturity investments: Treasury securities - 149,995 - 149,995 Commercial paper - 37,948 - 37,948 Corporate bonds and notes - 49,829 - 49,829 Total Assets $ 389,705 $ 237,772 $ - $ 627,477 Fair Value Measurements as of December 31, 2019 Level I Level II Level III Total Liabilities (in thousands) Convertible notes payable derivative liabilities $ - $ - $ 8,351 $ 8,351 Total Liabilities $ - $ - $ 8,351 $ 8,351 |
Schedule of Level III instruments | Balance, December 31, 2018 $ 2,068 Issuance of convertible notes payable derivative liabilities 7,428 Fair value adjustments (1,145 ) Balance, December 31, 2019 8,351 Issuance of convertible note payable derivative liability 2,656 Fair value adjustments 1,358 Settlement of convertible notes payable derivative liabilities (12,365 ) Balance, December 31, 2020 $ - |
Capital Structure (Tables)
Capital Structure (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Partners' Capital Notes [Abstract] | |
Schedule of common stock reserved | Stock options issued and outstanding 6,982,497 Authorized for future grant under 2020 Equity Incentive Plan 12,937,713 19,920,210 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of assumptions were used for options issued | Years Ended December 31, 2020 2019 Expected volatility 70.0% 70.0% Expected term (in years) 6.1 6.1 - 10 Risk-free interest rate 1.7% 1.4 - 3.0% Expected dividend yield 0.0% 0.0% |
Schedule of summary of share option activity | Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Outstanding at December 31, 2018 5,508,031 $ 0.11 8.7 Granted 3,213,131 0.16 Exercised (418,033 ) 0.14 Cancelled or forfeited (1,715,847 ) 0.13 Outstanding at December 31, 2019 6,587,282 0.13 8.2 Granted 2,797,828 0.23 Exercised (1,112,960 ) 0.11 Cancelled or forfeited (1,289,653 ) 0.19 Outstanding at December 31, 2020 6,982,497 $ 0.16 7.8 Exercisable at December 31, 2019 2,482,987 $ 0.10 7.2 Exercisable at December 31, 2020 3,851,486 $ 0.13 7.1 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of operating lease costs and finance lease costs | Years Ended December 31, 2020 2019 (in thousands) Operating lease costs: Operating lease cost $ 1,389 $ 1,908 Short-term lease cost 42 4 Variable lease cost (14 ) (140 ) Sublessor income (326 ) (421 ) Total operating lease costs $ 1,091 $ 1,351 Finance lease costs: Amortization of right-of-use assets $ 112 $ 112 Interest on lease liabilities 21 50 Total finance lease costs $ 133 $ 162 |
Schedule of weighted-average lease terms and discount rates | December 31, Weighted-average remaining lease term (in years): Operating leases 5.0 Finance leases 0.3 Weighted-average discount rate: Operating leases 9.9 % Finance leases 14.2 % |
Schedule of lease liability maturities for the next five years | Operating Finance Leases Leases (in thousands) 2021 $ 1,269 $ 49 2022 1,441 - 2023 1,484 - 2024 1,529 - 2025 1,575 - Thereafter 133 - Total lease payments 7,431 49 Less: Imputed interest (1,621 ) - Total lease obligations $ 5,810 $ 49 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and equipment, net | December 31, 2020 2019 (in thousands) Production machinery and equipment $ 1,751 $ 1,751 Vehicles 712 727 Leasehold improvements 749 670 Demo fleet systems 263 263 Office furniture and fixtures 64 28 Computers and related equipment 195 24 3,734 3,463 Less accumulated depreciation (2,563 ) (1,828 ) Property and equipment, net $ 1,171 $ 1,635 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of identifiable intangible assets | December 31, 2020 Intangible Asset Useful Life Weighted Average Remaining Life Gross Carrying Value Accumulated Amortization Net (in thousands) Developed technology 6 years 3.4 years $ 578 $ (247 ) $ 331 Non-compete 3 years 0.4 years 5 (4 ) 1 $ 583 $ (251 ) $ 332 December 31, 2019 Intangible Asset Gross Carrying Value Accumulated Amortization Net (in thousands) Developed technology $ 578 $ (151 ) $ 427 Non-compete 5 (3 ) 2 $ 583 $ (154 ) $ 429 |
Schedule of future amortization expense | 2021 $ 97 2022 97 2023 97 2024 41 $ 332 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of accrued expenses and other current liabilities | December 31, 2020 as restated 2019 (in thousands) Accrued professional services $ 1,032 $ 120 Accrued compensation and related benefits 615 - Refundable grant 175 175 Accrued liability for warrants exercised but not settled 4,282 - Other accrued liabilities 160 205 $ 6,264 $ 500 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | Years Ended December 31, 2020 2019 (in thousands) Current tax expense (benefit): Federal $ - $ - State - - Total current tax expense $ - $ - Deferred tax expense (benefit): Federal $ (8,952 ) $ (2,788 ) State (291 ) - Valuation allowance 9,243 2,788 Total deferred tax expense (benefit) $ - $ - |
Schedule of deferred taxes | Years Ended December 31, 2020 2019 (in thousands) Deferred tax assets: Federal net operating loss carryforwards $ 17,265 $ 9,083 State net operating loss carryforwards 984 825 Operating lease obligation 1,009 1,209 R&D tax credit 481 - Other 224 - Property and equipment, net 29 - Total deferred tax assets 19,992 11,117 Deferred tax liabilities: Operating lease right of use asset, net 854 1,045 Intangible assets, net 70 90 Property and equipment, net - 18 Other - 139 Total deferred tax liabilities 924 1,292 Total net deferred tax assets (liabilities) 19,068 9,825 Less valuation allowance (19,068 ) (9,825 ) Net deferred tax assets (liabilities) $ - $ - |
Schedule of reconciliation of taxes at federal statutory rate to provision for income taxes | Years Ended December 31, 2020 as restated 2019 (in thousands) Provision at statutory rate of 21% $ 68,069 $ (2,964 ) Non-deductible convertible debt interest expense 227 152 Non-deductible gain related to warrant conversions (76,293 ) State tax expense (158 ) Stock options 54 15 Transaction costs (2,947 ) - Shares issued in connection with Commercial Matters Agreement (see Notes 4, 5, and 15) 2,100 - Other (102 ) 9 R&D tax credit (193 ) - Change in valuation allowance 9,243 2,788 $ - $ - |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted net loss per share | Years Ended December 31, 2020 as restated 2019 (in thousands, except share and per share data) Numerator: Net income (loss) attributable to common stockholders $ 324,117 $ (14,113 ) Denominator: Weighted average shares outstanding, basic 104,324,059 86,643,714 Weighted average shares outstanding, diluted 110,696,489 86,643,714 Net income (loss) per share, basic $ 3.11 $ (0.16 ) Net income (loss) per share, diluted $ 2.93 $ (0.16 ) |
Schedule of weighted average potential common shares | Years Ended December 31, 2020 as restated 2019 Stock options, including incentive stock options and non-qualified 6,326,479 3,772,368 Common shares issuable from the exercise of warrants 45,955 - Total 6,372,434 3,772,368 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of provides supplemental cash flow information | Years Ended December 31, 2020 2019 (in thousands) Cash paid for interest $ (144 ) $ (53 ) Cash paid for taxes $ - $ - Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (1,446 ) $ (1,255 ) Operating cash flows from finance leases $ (29 ) $ (50 ) Right-of-use assets obtained in exchange for lease obligations $ 1,007 $ 21 |
Schedule of provides supplemental disclosures of noncash financing activities | Years Ended December 31, 2020 2019 (in thousands) Warrants exercised where proceeds are included within prepaid expenses and other current assets $ 11,978 $ - Settlement of convertible notes payable and convertible note payable derivative liabilities $ 44,039 $ - Redemption of unexercised warrants included within prepaid expenses and other current assets $ (3 ) $ - |
Description of Business and B_2
Description of Business and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Oct. 01, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Net of transaction costs and expenses | $ 516.5 | ||
Gross proceeds | $ 140.8 | ||
Proceeds to be collected | 16.3 | ||
Cash and cash equivalents | 389.7 | ||
Amount of investment | $ 237.9 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)shares | |
Condensed Financial Information Disclosure [Abstract] | |
Share of warrants exercised | shares | 371,535 |
Accounts receivable due from investors | $ | $ 4.3 |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements (Details) - Schedule of the restatement on each financial statement $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / shares | |
As Reported [Member] | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Change in fair value of warrant liabilities | |
Net income (loss) | (39,182) |
Change in fair value of warrant liability | |
Earnings (loss) per share: | |
Basic (in Dollars per share) | $ / shares | $ (0.38) |
Diluted (in Dollars per share) | $ / shares | $ (0.38) |
Prepaid expenses and other current assets | $ 16,408 |
Total current assets | 608,086 |
Total assets | 650,807 |
Warrant liabilities | |
Accrued expenses and other current liabilities | 1,982 |
Total current liabilities | 4,655 |
Total liabilities | 10,639 |
Common Stock | 17 |
Additional paid-in-capital | 728,299 |
Accumulated earnings | (88,148) |
Total equity (deficit) | 640,168 |
Restatement Impact [Member] | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Change in fair value of warrant liabilities | 363,299 |
Net income (loss) | 363,299 |
Change in fair value of warrant liability | $ (363,299) |
Earnings (loss) per share: | |
Basic (in Dollars per share) | $ / shares | $ 3.49 |
Diluted (in Dollars per share) | $ / shares | $ 3.31 |
Prepaid expenses and other current assets | $ 4,282 |
Total current assets | 4,282 |
Total assets | 4,282 |
Warrant liabilities | |
Accrued expenses and other current liabilities | 4,282 |
Total current liabilities | 4,282 |
Total liabilities | 4,282 |
Common Stock | 2 |
Additional paid-in-capital | (363,301) |
Accumulated earnings | 363,299 |
Total equity (deficit) | |
As Restated [Member] | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Change in fair value of warrant liabilities | 363,299 |
Net income (loss) | 324,117 |
Change in fair value of warrant liability | $ (363,299) |
Earnings (loss) per share: | |
Basic (in Dollars per share) | $ / shares | $ 3.11 |
Diluted (in Dollars per share) | $ / shares | $ 2.93 |
Prepaid expenses and other current assets | $ 20,690 |
Total current assets | 612,368 |
Total assets | 655,089 |
Warrant liabilities | |
Accrued expenses and other current liabilities | 6,264 |
Total current liabilities | 8,937 |
Total liabilities | 14,921 |
Common Stock | 19 |
Additional paid-in-capital | 364,998 |
Accumulated earnings | 275,151 |
Total equity (deficit) | $ 640,168 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment | 12 Months Ended |
Dec. 31, 2020 | |
Production Machinery and Equipment [Member] | Minimum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 2 years |
Production Machinery and Equipment [Member] | Maximum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Vehicles [Member] | Minimum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Vehicles [Member] | Maximum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Leasehold Improvements [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Demo Fleet Systems [Member] | Minimum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 2 years |
Demo Fleet Systems [Member] | Maximum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Furniture and Fixtures [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Computers and Related Equipment [Member] | Minimum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Computers and Related Equipment [Member] | Maximum [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Reverse Recapitalization (Detai
Reverse Recapitalization (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 01, 2020 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Reverse Recapitalization (Details) [Line Items] | ||||
Business combination, description | Upon the closing of the Business Combination, TortoiseCorp’s certificate of incorporation was amended and restated to, among other things, increase the total number of authorized shares of capital stock to 260,000,000 shares, of which 250,000,000 shares were designated common stock, $.0001 par value per share, and of which 10,000,000 shares were designated preferred stock, $0.0001 par value per share | |||
Convertible redeemable preferred stock | 34,799,813 | |||
Aggregate number of convertible shares | 2,336,235 | |||
Cancellation of common stock exchange ratio, description | Upon the consummation of the Business Combination, each share of Legacy Hyliion common stock issued and outstanding was cancelled and converted into the right to receive 1.45720232 shares (the “Exchange Ratio”) of the Company’s common stock (the “Per Share Merger Consideration”). | |||
Redemption of common stock | 3,308 | |||
Gross redemption payments for common stock (in Dollars) | $ 0.1 | |||
Price per unit (in Dollars per share) | $ 10 | |||
Purchase agreement, description | ●an investor purchased 1,750,000 TortoiseCorp units (consisting of one share of common stock and one half of one warrant, the “Forward Purchase Units”), consisting of 1,750,000 shares of common stock (“Forward Purchase Shares”) and warrants to purchase 875,000 shares of common stock (“Forward Purchase Warrants”) for an aggregate purchase price of $17.5 million pursuant to a forward purchase agreement entered into effective February 6, 2019, as amended by the First Amendment to Amended and Restated Forward Purchase Agreement, dated June 18, 2020. | |||
Issuance of common shares | 169,316,421 | 86,762,463 | ||
Business combination transaction cost (in Dollars) | $ 45 | |||
Legacy Hyliion [Member] | ||||
Reverse Recapitalization (Details) [Line Items] | ||||
Shares issued | 1,000,000 | |||
Fair value per share (in Dollars per share) | $ 10 | |||
Issuance of common shares | 1,000,000 | |||
PIPE Shares [Member] | ||||
Reverse Recapitalization (Details) [Line Items] | ||||
Aggregate number of common stock purchase | 30,750,000 | |||
Price per unit (in Dollars per share) | $ 10 | |||
Gross proceeds (in Dollars) | $ 307.5 | |||
Warrant [Member] | ||||
Reverse Recapitalization (Details) [Line Items] | ||||
Business combination expiration period | 5 years |
Reverse Recapitalization (Det_2
Reverse Recapitalization (Details) - Schedule of business combination to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’ equity (deficit) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Schedule of business combination to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’ equity (deficit) [Abstract] | |
Cash - TortoiseCorp’s trust and cash (net of redemption) | $ 236,484 |
Cash - PIPE | 307,500 |
Cash - forward purchase units | 17,500 |
Less: transaction costs and advisory fees paid | (45,030) |
Net Business Combination and PIPE financing | $ 516,454 |
Reverse Recapitalization (Det_3
Reverse Recapitalization (Details) - Schedule of shares of common stock issued immediately following the consummation of the Business Combination | Dec. 31, 2020shares | |
Schedule of shares of common stock issued immediately following the consummation of the Business Combination [Abstract] | ||
Common stock, outstanding prior to Business Combination | 23,300,917 | |
Less: redemption of TortoiseCorp shares | (3,308) | |
Common stock of TortoiseCorp | 23,297,609 | |
TortoiseCorp founder shares | 5,825,230 | |
Shares issued in PIPE | 30,750,000 | |
Shares issued in connection with forward purchase agreement | 1,750,000 | |
Business Combination, PIPE, and forward purchase agreement financing shares | 61,622,839 | |
Legacy Hyliion shares | 92,278,990 | [1] |
Total shares of common stock immediately after Business Combination | 153,901,829 | |
Hyliion Holdings Corp. exercise of warrants | 15,414,592 | |
Total shares of common stock at December 31, 2020 | 169,316,421 | |
[1] | The number of Legacy Hyliion shares was determined as follows: |
Reverse Recapitalization (Det_4
Reverse Recapitalization (Details) - Schedule of Legacy Hyliion shares | Dec. 31, 2018shares | |
Legacy Hyliion shares [Member] | ||
Reverse Recapitalization (Details) - Schedule of Legacy Hyliion shares [Line Items] | ||
Balance at December 31, 2018 | 24,453,750 | |
Recapitalization applied to Series A outstanding at December 31, 2018 | 34,799,813 | |
Exercise of common stock options - 2019 | 286,874 | |
Exercise of common stock options - 2020 (pre-Closing) | 763,216 | |
Conversion of convertible notes payable to common stock | 2,336,235 | [1] |
Legacy Hyliion shares, effected for Exchange Ratio [Member] | ||
Reverse Recapitalization (Details) - Schedule of Legacy Hyliion shares [Line Items] | ||
Balance at December 31, 2018 | 35,634,061 | |
Recapitalization applied to Series A outstanding at December 31, 2018 | 50,710,369 | |
Exercise of common stock options - 2019 | 418,033 | |
Exercise of common stock options - 2020 (pre-Closing) | 1,112,160 | |
Conversion of convertible notes payable to common stock | 4,404,367 | [1] |
Legacy Hyliion shares | 92,278,990 | |
[1] | The number of shares issued for the conversion of convertible notes payable to common stock is calculated by applying the Exchange Ratio to the Legacy Hyliion shares issued at the time of conversion and adding 1,000,000 shares issued in connection with the Commercial Matters Agreement. All fractions were rounded down. |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2020 | May 31, 2020 | Jan. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 29, 2020 | |
Debt (Details) [Line Items] | |||||||
Convertible notes payable (in Dollars) | $ 3,200 | ||||||
Interest rate | 4.00% | ||||||
Equity financing (in Dollars) | $ 15,000 | $ 15,000 | |||||
Convertible notes payable, description | The Initial 2019 Notes bear interest at 6% per annum and mature two to five years after their respective issuance dates. The Initial 2019 Notes are only prepayable with the consent of the holders. One of the Initial 2019 Notes (totaling $1.8 million) is secured by substantially all of the assets of the Company, subordinate to the first priority, senior secured interest held by a note holder of a convertible note issued in January 2020. The holder of this note has first priority secured interest in these assets. | The conversion price is dependent upon the pre-money valuation of the Company in connection with the next equity financing, with the conversion price set at a 35% discount on the next equity financing price if the pre-money valuation is $100.0 million or less, or 35% multiplied by the quotient of $100.0 million divided by the pre-money valuation if it is greater than $100.0 million. | |||||
Additional interest | 3.00% | 3.00% | 3.00% | 3.00% | |||
Conversion features amount (in Dollars) | $ 2,700 | $ 6,000 | |||||
Equity financing per share price | 50.00% | 50.00% | |||||
Subsequent equity financing (in Dollars) | $ 15,000 | ||||||
Divided | 50.00% | 50.00% | |||||
Equity financing maturity date, description | the maturity date of the December 2019 Note will automatically extend by one year. In such situation, the holder also has the right to extend the maturity date for an additional two years beyond the modified maturity date. | ||||||
Conversion price (in Dollars) | $ 1,400 | ||||||
Commercial debt (in Dollars) | $ 10,000 | ||||||
Debt, description | In connection with the reverse recapitalization discussed in Note 4, immediately prior to the closing of the Business Combination, the convertible notes, plus accrued paid-in-kind interest, totaling $26.8 million were converted into an aggregate of 2,336,235 shares of Legacy Hyliion common stock, which were then exchanged for an aggregate of 3,404,367 shares of the Company’s common stock on the Closing Date (see Note 4). In addition, the Company issued 1,000,000 shares of Legacy Hyliion common stock to a noteholder of the 2018 Note, Initial 2019 Notes, and January 2020 Note, with a grant date fair value of $10.00 per share in accordance with the Commercial Matters Agreement (see Note 15). | ||||||
Loss on extinguishment (in Dollars) | $ 10,200 | $ (10,170) | |||||
Term loan, description | During August 2020, the Company issued a term loan (the “Term Loan”) with a principal balance totaling $10.1 million that matured on the earlier of (i) December 15, 2020, (ii) the termination of the Business Combination or, (iii) the consummation of the Business Combination as provided in the Business Combination. In connection with the Term Loan, the Company paid $0.5 million of financing costs. The Term Loan bore interest at a rate equal to 6.5% plus the greater of (a) the Federal Funds rate plus 0.5%, (b) LIBOR Rate for a one-month interest period plus 1.0%, and (c) Prime Rate in effect on such day. While outstanding in 2020, the Term Loan bore interest at 8.5% per annum. The Term Loan plus accrued interest was repaid in full in October 2020. | ||||||
Payroll protection program loan, description | During May 2020, the Company received loan proceeds in the amount of $0.9 million under the Payroll Protection Program (the “PPP”). The PPP was established as part of Coronavirus Aid, Relief, and Economic Security Act and provides for loans to qualifying businesses for amounts up to 2.5 times the average monthly payroll expenses of the business, subject to certain limitations. The loans and accrued interest are forgivable after eight weeks so long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and so long as the borrower maintains its pre-funding employment and wage levels. Although the Company used the PPP loan proceeds for purposes consistent with the provisions of the PPP and that such usage met the criteria established for forgiveness of the loan, the Company intends to repay the PPP loan plus accrued interest. The PPP loan matures in May 2022. | ||||||
2018 Note [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Convertible notes payable (in Dollars) | $ 5,000 | ||||||
Interest rate | 6.00% | ||||||
Equity financing (in Dollars) | $ 5,000 | ||||||
Percentage of price price | 65.00% | ||||||
Additional interest | 9.00% | ||||||
Conversion feature (in Dollars) | $ 1,800 | ||||||
2019 Note [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Convertible notes payable (in Dollars) | $ 13,600 | ||||||
Interest rate | 4.00% | 6.00% | |||||
Equity financing (in Dollars) | $ 15,000 | $ 35,000 | |||||
Percentage of price price | 75.00% | ||||||
Additional interest | 9.00% | 9.00% | |||||
Description of notes | The conversion price is dependent upon the pre-money valuation of the Company in connection with the next equity financing, with the conversion price set at a 25% discount on the next equity financing price if the pre-money valuation is $100.0 million or less, or 25% multiplied by the quotient of $100.0 million divided by the pre-money valuation if it is greater than $100.0 million. (b) Optional conversion (for one of the Initial 2019 Notes) upon a subsequent equity financing if the holder did not elect to convert upon the Next Equity Financing, at the price that is set by the subsequent equity financing (no discount). | ||||||
Debt total amount (in Dollars) | $ 1,800 | ||||||
Equity financing per share price | 50.00% | ||||||
Subsequent equity financing (in Dollars) | $ 35,000 | ||||||
December 2019 Note [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Convertible notes payable (in Dollars) | $ 3,200 | ||||||
January 2020 Note [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Additional interest | 9.00% | ||||||
Description of notes | The January 2020 Note bears interest at 6% per annum and matures in January 2025 (five years subsequent to its issuance date). | ||||||
Per annum rate | 5 years |
Debt (Details) - Schedule of ca
Debt (Details) - Schedule of carrying value of debt - Debt [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt (Details) - Schedule of carrying value of debt [Line Items] | ||
Convertible notes payable, net of unamortized discount at December 31, 2020 and 2019 of $0 and $6,451, respectively | $ 16,113 | |
Paycheck Protection Program loan | 908 | |
Finance lease obligations | 49 | 289 |
Total notes payable | 957 | 16,402 |
Less current portion | 49 | 6,720 |
Debt, net of current portion | $ 908 | $ 9,682 |
Debt (Details) - Schedule of _2
Debt (Details) - Schedule of carrying value of debt (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt [Member] | ||
Debt (Details) - Schedule of carrying value of debt (Parentheticals) [Line Items] | ||
Unamortized discount | $ 0 | $ 6,451 |
Investments (Details) - Schedul
Investments (Details) - Schedule of amortized cost, unrealized gains and losses, and fair value $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Total held-to-maturity investments [Member] | |
Held-to-maturity investments | |
Amortized Cost | $ 237,851 |
Unrealized Gains | |
Gross Unrealized Losses | (79) |
Fair Value | 237,772 |
Treasury securities [Member] | |
Held-to-maturity investments | |
Amortized Cost | 149,996 |
Unrealized Gains | |
Gross Unrealized Losses | (1) |
Fair Value | 149,995 |
Commercial Paper [Member] | |
Held-to-maturity investments | |
Amortized Cost | 37,963 |
Unrealized Gains | |
Gross Unrealized Losses | (15) |
Fair Value | 37,948 |
Corporate bonds and notes [Member] | |
Held-to-maturity investments | |
Amortized Cost | 49,892 |
Unrealized Gains | |
Gross Unrealized Losses | (63) |
Fair Value | $ 49,829 |
Investments (Details) - Sched_2
Investments (Details) - Schedule of investment maturity - Total held-to-maturity securities [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Investments (Details) - Schedule of investment maturity [Line Items] | |
Amortized Cost, Due in one year or less | $ 201,881 |
Fair Value, Due in one year or less | 201,864 |
Amortized Cost, Due after one year through five years | 35,970 |
Fair Value, Due after one year through five years | 35,908 |
Amortized Cost, Total held-to-maturity securities | 237,851 |
Fair Value, Total held-to-maturity securities | $ 237,772 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value | 12 Months Ended | |
Dec. 31, 2020 | ||
October 1, 2020 [Member] | ||
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items] | ||
Equity volatility | ||
Probability of next financing event | 100.00% | [1] |
Timing of next financing event | Oct. 1, 2020 | [1] |
Probability of default event | 0.00% | [1] |
Timing of default event | [1] | |
Probability of sale event | 0.00% | [1] |
Timing of sale event | [1] | |
Issuance of January 2020 Note (January 2020) [Member] | ||
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items] | ||
Probability-weighted conversion discount | 50.00% | |
Remaining term (years) | 5 years | |
Equity volatility | ||
Risk rate | 50.00% | |
Probability of next financing event | 70.00% | [1] |
Timing of next financing event | Sep. 30, 2020 | [1] |
Probability of default event | 30.00% | [1] |
Timing of default event | Sep. 30, 2020 | [1] |
Probability of sale event | 0.00% | [1] |
Timing of sale event | [1] | |
Negotiation discount | 24.20% | [1],[2] |
Issuance of December 2019 Note and December 31, 2019 [Member] | ||
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items] | ||
Probability of next financing event | 70.00% | [1] |
Timing of next financing event | Sep. 30, 2020 | [1] |
Timing of default event | Sep. 30, 2020 | [1] |
Timing of sale event | Sep. 30, 2020 | [1] |
Negotiation discount | 21.70% | [1],[2] |
Issuances of Initial 2019 Notes (July 2019) [Member] | ||
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items] | ||
Probability-weighted conversion discount | 24.10% | |
Remaining term (years) | 5 years | |
Equity volatility | 74.00% | |
Risk rate | 29.00% | |
Probability of next financing event | 50.00% | [1] |
Timing of next financing event | Mar. 31, 2020 | [1] |
Probability of default event | 50.00% | [1] |
Timing of default event | Mar. 31, 2020 | [1] |
Probability of sale event | 0.00% | [1] |
Timing of sale event | [1] | |
Negotiation discount | 0.00% | [1],[2] |
Issuances of Initial 2019 Notes (June 2019) [Member] | ||
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items] | ||
Probability-weighted conversion discount | 24.40% | |
Remaining term (years) | 2 years | |
Equity volatility | 78.00% | |
Risk rate | 26.60% | |
Probability of next financing event | 50.00% | [1] |
Timing of next financing event | Mar. 31, 2020 | [1] |
Probability of default event | 50.00% | [1] |
Timing of default event | Mar. 31, 2020 | [1] |
Probability of sale event | 0.00% | [1] |
Timing of sale event | [1] | |
Negotiation discount | 0.00% | [1],[2] |
Issuances of Initial 2019 Notes (February 2019) [Member] | ||
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items] | ||
Probability-weighted conversion discount | 24.40% | |
Remaining term (years) | 2 years | |
Equity volatility | 75.00% | |
Risk rate | 34.20% | |
Probability of next financing event | 50.00% | [1] |
Timing of next financing event | Sep. 30, 2019 | [1] |
Probability of default event | 50.00% | [1] |
Timing of default event | Sep. 30, 2019 | [1] |
Probability of sale event | 0.00% | [1] |
Timing of sale event | [1] | |
Negotiation discount | 0.00% | [1],[2] |
Minimum [Member] | October 1, 2020 [Member] | ||
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items] | ||
Probability-weighted conversion discount | 2.50% | |
Remaining term (years) | 0 years | |
Risk rate | 19.60% | |
Negotiation discount | 0.00% | [1],[2] |
Minimum [Member] | Issuance of December 2019 Note and December 31, 2019 [Member] | ||
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items] | ||
Probability-weighted conversion discount | 23.90% | |
Remaining term (years) | 255 days | |
Equity volatility | 63.00% | |
Risk rate | 27.20% | |
Probability of default event | 25.00% | [1] |
Probability of sale event | 0.00% | [1] |
Maximum [Member] | October 1, 2020 [Member] | ||
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items] | ||
Probability-weighted conversion discount | 50.00% | |
Remaining term (years) | 4 years 109 days | |
Risk rate | 57.70% | |
Negotiation discount | 0.10% | [1],[2] |
Maximum [Member] | Issuance of December 2019 Note and December 31, 2019 [Member] | ||
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items] | ||
Probability-weighted conversion discount | 50.00% | |
Remaining term (years) | 4 years 6 months | |
Equity volatility | 71.00% | |
Risk rate | 50.00% | |
Probability of default event | 30.00% | [1] |
Probability of sale event | 5.00% | [1] |
[1] | Represents a Level III unobservable input | |
[2] | Based on the terms and provisions of the December 2019 and January 2020 Notes, the valuation model incorporated this additional assumption |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of assets and liabilities that are measured at fair value on a recurring basis - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Measurements (Details) - Schedule of assets and liabilities that are measured at fair value on a recurring basis [Line Items] | |||
Cash and cash equivalents | $ 389,705 | $ 6,285 | $ 1,097 |
Held-to-maturity investments: | |||
Total Assets | 627,477 | ||
Convertible notes payable derivative liabilities | 8,351 | $ 2,068 | |
Total Liabilities | 8,351 | ||
Treasury securities [Member] | |||
Held-to-maturity investments: | |||
Held-to-maturity investments | 149,995 | ||
Commercial paper [Member] | |||
Held-to-maturity investments: | |||
Held-to-maturity investments | 37,948 | ||
Corporate bonds and notes [Member] | |||
Held-to-maturity investments: | |||
Held-to-maturity investments | 49,829 | ||
Level I [Member] | |||
Fair Value Measurements (Details) - Schedule of assets and liabilities that are measured at fair value on a recurring basis [Line Items] | |||
Cash and cash equivalents | 389,705 | ||
Held-to-maturity investments: | |||
Total Assets | 389,705 | ||
Convertible notes payable derivative liabilities | |||
Total Liabilities | |||
Level I [Member] | Treasury securities [Member] | |||
Held-to-maturity investments: | |||
Held-to-maturity investments | |||
Level I [Member] | Commercial paper [Member] | |||
Held-to-maturity investments: | |||
Held-to-maturity investments | |||
Level I [Member] | Corporate bonds and notes [Member] | |||
Held-to-maturity investments: | |||
Held-to-maturity investments | |||
Level II [Member] | |||
Fair Value Measurements (Details) - Schedule of assets and liabilities that are measured at fair value on a recurring basis [Line Items] | |||
Cash and cash equivalents | |||
Held-to-maturity investments: | |||
Total Assets | 237,772 | ||
Convertible notes payable derivative liabilities | |||
Total Liabilities | |||
Level II [Member] | Treasury securities [Member] | |||
Held-to-maturity investments: | |||
Held-to-maturity investments | 149,995 | ||
Level II [Member] | Commercial paper [Member] | |||
Held-to-maturity investments: | |||
Held-to-maturity investments | 37,948 | ||
Level II [Member] | Corporate bonds and notes [Member] | |||
Held-to-maturity investments: | |||
Held-to-maturity investments | 49,829 | ||
Level III [Member] | |||
Fair Value Measurements (Details) - Schedule of assets and liabilities that are measured at fair value on a recurring basis [Line Items] | |||
Cash and cash equivalents | |||
Held-to-maturity investments: | |||
Total Assets | |||
Convertible notes payable derivative liabilities | 8,351 | ||
Total Liabilities | $ 8,351 | ||
Level III [Member] | Treasury securities [Member] | |||
Held-to-maturity investments: | |||
Held-to-maturity investments | |||
Level III [Member] | Commercial paper [Member] | |||
Held-to-maturity investments: | |||
Held-to-maturity investments | |||
Level III [Member] | Corporate bonds and notes [Member] | |||
Held-to-maturity investments: | |||
Held-to-maturity investments |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details) - Schedule of Level III instruments - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Level III instruments [Abstract] | ||
Beginning balance | $ 8,351 | $ 2,068 |
Issuance of convertible note payable derivative liability | 2,656 | 7,428 |
Fair value adjustments | 1,358 | (1,145) |
Settlement of convertible notes payable derivative liabilities | (12,365) | |
Ending balance | $ 8,351 |
Capital Structure (Details)
Capital Structure (Details) - $ / shares | Oct. 31, 2020 | Mar. 04, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Capital Structure (Details) [Line Items] | ||||
Preferred stock, shares authorized | 10,000,000 | |||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | |||
Common stock, shares authorized | 250,000,000 | 250,000,000 | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | ||
Common stock, shares issued | 169,316,421 | 86,762,463 | ||
Common stock, shares outstanding | 169,316,421 | 86,762,463 | ||
Description of public warrants | TortoiseCorp completed an initial public offering that included warrants for shares of common stock (the “Public Warrants”). Each Public Warrant entitles the holder to the right to purchase one share of common stock at an exercise price of $11.50 per share. No fractional shares will be issued upon exercise of the Public Warrants. The Company may elect to redeem the Public Warrants, in whole and not in part, at a price of $0.01 per Public Warrant if (i) 30 days’ prior written notice of redemption is provided to the holders, and (ii) the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders. Upon issuance of a redemption notice by the Company, the warrant holders have a period of 30 days to exercise for cash, or on a cashless basis. On the Closing Date, there were 11,650,458 Public Warrants issued and outstanding. | |||
Warrants to purchase amount | 875,000 | |||
Description of warrants | As of December 31, 2020, the Company’s transfer agent received gross proceeds of $140.8 million corresponding to the exercise of 15,786,127 warrants. However, due to the timing of the receipt of the warrant exercise and the cash, the Company’s transfer agent issued 15,414,592 shares of common stock as of December 31, 2020. The remaining 371,535 shares of common stock were issued in January 2021. Additionally, as of December 31, 2020, the Company’s transfer agent had not yet remitted $12.0 million of the gross proceeds associated with the shares of issued common stock to the Company and is included within prepaid expenses and other current assets on the accompanying consolidated balance sheets as of December 31, 2020. There were 281,065 warrants not exercised by the end of the redemption period that were redeemed for a price of $0.01 per warrant, and subsequently cancelled by the Company. The Company made the redemption payment on these cancelled warrants in January 2021. Certain holders of the warrants elected a cashless exercise, resulting in the forfeiture of 3,118,445 shares. | |||
Private Placement Warrants [Member] | ||||
Capital Structure (Details) [Line Items] | ||||
Warrant, Exercise Price, Increase (in Dollars per share) | $ 1 | |||
Warrants issued and outstanding | 6,660,183 |
Capital Structure (Details) - S
Capital Structure (Details) - Schedule of common stock reserved | Dec. 31, 2020shares |
Schedule of common stock reserved [Abstract] | |
Stock options issued and outstanding | 6,982,497 |
Authorized for future grant under 2020 Equity Incentive Plan | 12,937,713 |
Total | 19,920,210 |
Share-based Compensation (Detai
Share-based Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation (Details) [Line Items] | ||
Options outstanding | $ 113.8 | |
Options exercisable | 62.8 | |
Intrinsic value of options exercised | 18.4 | $ 0.1 |
Share-based compensation expense | 0.3 | $ 0.1 |
Unrecognized compensation cost related to share-based payments | $ 0.4 | |
Weighted-average period | 7 years 36 days | 7 years 73 days |
Shares granted (in Shares) | 2,797,828 | 3,213,131 |
2016 Equity Incentive Plan [Member] | ||
Share-based Compensation (Details) [Line Items] | ||
Weighted-average period | 2 years 219 days | |
2020 Equity Incentive Plan [Member] | ||
Share-based Compensation (Details) [Line Items] | ||
Shares granted (in Shares) | 12,937,713 | |
Minimum [Member] | ||
Share-based Compensation (Details) [Line Items] | ||
Employee and nonemployee stock options vesting | 4 years | |
Maximum [Member] | ||
Share-based Compensation (Details) [Line Items] | ||
Employee and nonemployee stock options vesting | 10 years |
Share-based Compensation (Det_2
Share-based Compensation (Details) - Schedule of assumptions were used for options issued | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation (Details) - Schedule of assumptions were used for options issued [Line Items] | ||
Expected volatility | 70.00% | 70.00% |
Expected term (in years) | 6 years 36 days | |
Risk-free interest rate | 1.70% | |
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Share-based Compensation (Details) - Schedule of assumptions were used for options issued [Line Items] | ||
Expected term (in years) | 6 years 36 days | |
Risk-free interest rate | 1.40% | |
Maximum [Member] | ||
Share-based Compensation (Details) - Schedule of assumptions were used for options issued [Line Items] | ||
Expected term (in years) | 10 years | |
Risk-free interest rate | 3.00% |
Share-based Compensation (Det_3
Share-based Compensation (Details) - Schedule of summary of share option activity - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of summary of share option activity [Abstract] | ||
Shares, Outstanding beginning balance | 6,587,282 | 5,508,031 |
Weighted Average Exercise Price, Outstanding beginning balance | $ 0.13 | $ 0.11 |
Weighted Average Remaining Contractual Term, Outstanding beginning balance | 8 years 255 days | |
Shares, Granted | 2,797,828 | 3,213,131 |
Weighted Average Exercise Price, Granted | $ 0.23 | $ 0.16 |
Shares, Exercised | (1,112,960) | (418,033) |
Weighted Average Exercise Price, Exercised | $ 0.11 | $ 0.14 |
Shares, Cancelled or forfeited | (1,289,653) | (1,715,847) |
Weighted Average Exercise Price, Cancelled or forfeited | $ 0.19 | $ 0.13 |
Shares, Outstanding ending balance | 6,982,497 | 6,587,282 |
Weighted Average Exercise Price, Outstanding ending balance | $ 0.16 | $ 0.13 |
Weighted Average Remaining Contractual Term, Outstanding ending balance | 7 years 292 days | 8 years 73 days |
Shares, Exercisable | 3,851,486 | 2,482,987 |
Weighted Average Exercise Price, Exercisable | $ 0.13 | $ 0.10 |
Weighted Average Remaining Contractual Term, Exercisable | 7 years 36 days | 7 years 73 days |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Finance lease right-of-use assets | $ 0.3 | $ 0.7 |
Accumulated amortization | $ 0.1 | $ 0.2 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of operating lease costs and finance lease costs - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease costs: | ||
Operating lease cost | $ 1,389 | $ 1,908 |
Short-term lease cost | 42 | 4 |
Variable lease cost | (14) | (140) |
Sublessor income | (326) | (421) |
Total operating lease costs | 1,091 | 1,351 |
Finance lease costs: | ||
Amortization of right-of-use assets | 112 | 112 |
Interest on lease liabilities | 21 | 50 |
Total finance lease costs | $ 133 | $ 162 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of weighted-average lease terms and discount rates | Dec. 31, 2020 |
Weighted-average remaining lease term (in years): | |
Operating leases | 5 years |
Finance leases | 109 days |
Weighted-average discount rate: | |
Operating leases | 9.90% |
Finance leases | 14.20% |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of lease liability maturities for the next five years $ in Thousands | Mar. 27, 2008USD ($) |
Schedule of lease liability maturities for the next five years [Abstract] | |
Operating Leases, 2021 | $ 1,269 |
Finance Leases, 2021 | 49 |
Operating Leases, 2022 | 1,441 |
Finance Leases, 2022 | |
Operating Leases, 2023 | 1,484 |
Finance Leases, 2023 | |
Operating Leases, 2024 | 1,529 |
Finance Leases, 2024 | |
Operating Leases, 2025 | 1,575 |
Finance Leases, 2025 | |
Operating Leases, Thereafter | 133 |
Finance Leases, Thereafter | |
Operating Leases, Total lease payments | 7,431 |
Finance Leases, Total lease payments | 49 |
Operating Leases, Less: Imputed interest | (1,621) |
Finance Leases, Less: Imputed interest | |
Operating Leases, Total lease obligations | 5,810 |
Finance Leases, Total lease obligations | $ 49 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property and Equipment, Net (Details) [Line Items] | ||
Depreciation expense | $ 800 | $ 900 |
Research and development expenses | 12,598 | 9,269 |
Property, Plant and Equipment [Member] | ||
Property and Equipment, Net (Details) [Line Items] | ||
Selling, general and administrative expenses | 100 | 100 |
Research and development expenses | $ 700 | $ 800 |
Property and Equipment, Net (_2
Property and Equipment, Net (Details) - Schedule of property and equipment, net - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 3,734 | $ 3,463 |
Less accumulated depreciation | (2,563) | (1,828) |
Property and equipment, net | 1,171 | 1,635 |
Production machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,751 | 1,751 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 712 | 727 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 749 | 670 |
Demo fleet systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 263 | 263 |
Office furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 64 | 28 |
Computers and related equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 195 | $ 24 |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Total amortization expense | $ 0.1 | $ 0.1 |
Intangible Assets, Net (Detai_2
Intangible Assets, Net (Details) - Schedule of identifiable intangible assets - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 583 | $ 583 |
Accumulated Amortization | (251) | (154) |
Net | $ 332 | 429 |
Developed technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 6 years | |
Weighted Average Remaining Life | 3 years 146 days | |
Gross Carrying Value | $ 578 | 578 |
Accumulated Amortization | (247) | (151) |
Net | $ 331 | 427 |
Non-compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 3 years | |
Weighted Average Remaining Life | 146 days | |
Gross Carrying Value | $ 5 | 5 |
Accumulated Amortization | (4) | (3) |
Net | $ 1 | $ 2 |
Intangible Assets, Net (Detai_3
Intangible Assets, Net (Details) - Schedule of future amortization expenses $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Schedule of future amortization expenses [Abstract] | |
2021 | $ 97 |
2022 | 97 |
2023 | 97 |
2024 | 41 |
Total | $ 332 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) $ in Millions | Dec. 31, 2020USD ($) |
Disclosure Text Block Supplement [Abstract] | |
Accrued liability for warrants exercised | $ 4.3 |
Accrued Expenses and Other Cu_4
Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued professional services | $ 1,032 | $ 120 |
Accrued compensation and related benefits | 615 | |
Refundable grant | 175 | 175 |
Accrued liability for warrants exercised but not settled | 4,282 | |
Other accrued liabilities | 160 | 205 |
Total | $ 6,264 | $ 500 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes (Details) [Line Items] | ||
Net change in total valuation allowance | $ 9,243 | $ 2,788 |
Carryforward outstanding and expiry, description | $10.5 million of this amount will begin to expire in 2036. The remaining $71.7 million has an indefinite carryforward period. The Company also has state net operating loss carryforwards of approximately $12.5 million and $10.5 million at December 31, 2020 and 2019. They will expire beginning in 2036. The Company also has R&D credits of $0.3 million that begin to expire in 2037. The Company’s ability to utilize a portion of its net operating loss carryforwards and credits to offset future taxable income, and tax, respectively, is subject to certain limitations under section 382 of the Internal Revenue Code upon changes in equity ownership of the Company. Due to such limitation, $2.0 million of the Company’s net operating loss and less than $0.1 million of the Company’s R&D credits will expire unused, regardless of taxable income in future years. | |
Federal [Member] | ||
Income Taxes (Details) [Line Items] | ||
Net operating loss carryforwards | $ 82,200 | 43,300 |
State and Local Jurisdiction [Member] | ||
Income Taxes (Details) [Line Items] | ||
Net operating loss carryforwards | $ 12,500 | $ 10,500 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of provision for income taxes - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax expense (benefit): | ||
Federal | ||
State | ||
Total current tax expense | ||
Deferred tax expense (benefit): | ||
Federal | (8,952) | (2,788) |
State | (291) | |
Valuation allowance | 9,243 | 2,788 |
Total deferred tax expense (benefit) |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of deferred taxes - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Federal net operating loss carryforwards | $ 17,265 | $ 9,083 |
State net operating loss carryforwards | 984 | 825 |
Operating lease obligation | 1,009 | 1,209 |
R&D tax credit | 481 | |
Other | 224 | |
Property and equipment, net | 29 | |
Total deferred tax assets | 19,992 | 11,117 |
Deferred tax liabilities: | ||
Operating lease right of use asset, net | 854 | 1,045 |
Intangible assets, net | 70 | 90 |
Property and equipment, net | 18 | |
Other | 139 | |
Total deferred tax liabilities | 924 | 1,292 |
Total net deferred tax assets (liabilities) | 19,068 | 9,825 |
Less valuation allowance | (19,068) | (9,825) |
Net deferred tax assets (liabilities) |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of reconciliation of taxes at federal statutory rate to provision for income taxes - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of reconciliation of taxes at federal statutory rate to provision for income taxes [Abstract] | ||
Provision at statutory rate of 21% | $ 68,069 | $ (2,964) |
Non-deductible convertible debt interest expense | 227 | 152 |
Non-deductible gain related to warrant conversions | (76,293) | |
State tax expense | (158) | |
Stock options | 54 | 15 |
Transaction costs | (2,947) | |
Shares issued in connection with Commercial Matters Agreement (see Notes 4, 5, and 15) | 2,100 | |
Other | (102) | 9 |
R&D tax credit | (193) | |
Change in valuation allowance | 9,243 | 2,788 |
Total |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Received payments | $ 200 | |||
Grant funding received | $ 200 | |||
Issuance of common stock | $ 10,000 | $ 121 | $ 7 | |
Share of common stock issued (in Shares) | 1,000,000 | |||
Common stock fair value per share (in Dollars per share) | $ 10 |
Net Income (Loss) Per Share (D
Net Income (Loss) Per Share (Details) - Schedule of basic and diluted net loss per share - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of basic and diluted net loss per share [Abstract] | ||
Net income (loss) attributable to common stockholders | $ 324,117 | $ (14,113) |
Weighted average shares outstanding, basic | 104,324,059 | 86,643,714 |
Weighted average shares outstanding, diluted | 110,696,489 | 86,643,714 |
Net income (loss) per share, basic | $ 3.11 | $ (0.16) |
Net income (loss) per share, diluted | $ 2.93 | $ (0.16) |
Net Income (Loss) Per Share _2
Net Income (Loss) Per Share (Details) - Schedule of weighted average potential common shares - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of weighted average potential common shares [Abstract] | ||
Stock options, including incentive stock options and non-qualified | 6,326,479 | 3,772,368 |
Common shares issuable from the exercise of warrants | 45,955 | |
Total (in Dollars) | $ 6,372,434 | $ 3,772,368 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - Schedule of provides supplemental cash flow information - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of provides supplemental cash flow information [Abstract] | ||
Cash paid for interest | $ (144) | $ (53) |
Cash paid for taxes | ||
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | (1,446) | (1,255) |
Operating cash flows from finance leases | (29) | (50) |
Right-of-use assets obtained in exchange for lease obligations | $ 1,007 | $ 21 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Details) - Schedule of provides supplemental disclosures of noncash financing activities - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of provides supplemental disclosures of noncash financing activities [Abstract] | ||
Warrants exercised where proceeds are included within prepaid expenses and other current assets | $ 11,978 | |
Settlement of convertible notes payable and convertible note payable derivative liabilities | 44,039 | |
Redemption of unexercised warrants included within prepaid expenses and other current assets | $ (3) |
Retirement Plan (Details)
Retirement Plan (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement plan, description | The Company has adopted a 401(k) plan to provide all eligible employees a means to accumulate retirement savings on a tax-advantaged basis. The 401(k) plan requires participants to be at least 20 years old. Plan participants may make before tax elective contributions up to the maximum percentage of compensation and dollar amount allowed under the Internal Revenue Code and are always 100% vested in their elective contributions. |