Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | FAST RADIUS, INC. |
Entity Central Index Key | 0001832351 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Small Business | true |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | |||
Cash and cash equivalents | $ 37,864,000 | $ 8,701,895 | $ 18,494,248 |
Accounts receivable, net of allowances for doubtful accounts of $850 and $930, respectively | 7,753,000 | 7,015,278 | 5,046,497 |
Inventories | 555,000 | 448,771 | 274,311 |
Prepaid production costs | 965,000 | 987,000 | 283,553 |
Prepaid expenses and other current assets | 7,323,000 | 4,422,307 | 623,292 |
Total current assets | 54,460,000 | 21,574,749 | 24,721,901 |
Non-current assets | |||
Property and equipment, net | 11,523,000 | 9,528,427 | 2,664,366 |
Other non-current assets | 3,346,000 | 534,915 | 336,923 |
Total assets | 69,329,000 | 31,638,091 | 27,723,190 |
Current liabilities: | |||
Accounts payable | 6,292,000 | 3,987,129 | 1,528,790 |
Due to related party | 3,350,000 | 2,513,347 | 1,313,062 |
Accrued compensation | 2,833,000 | 3,096,556 | 1,350,539 |
Accrued and other liabilities | 12,614,000 | 11,610,233 | 167,384 |
Advances from customers | 175,000 | 258,089 | 25,012 |
Deferred revenue | 0 | 5,350 | |
Warrant liability | 0 | 2,968,435 | 199,408 |
Current portion of term loans | 23,071,000 | 13,265,588 | 413,930 |
Total current liabilities | 48,335,000 | 37,699,377 | 5,003,475 |
Warrant liability | 1,175,000 | ||
Other long-term liabilities | 53,000 | 396,258 | 0 |
Term loans - net of current portion and debt issuance costs | 5,649,000 | 16,775,836 | 314,389 |
Related party convertible notes and derivative liability | 0 | 16,856,558 | 0 |
Total liabilities | 55,212,000 | 71,728,029 | 5,317,864 |
Commitment and contingencies (Note 6) | |||
Stockholders' equity (deficit) | |||
Common Stock, Value | 8,000 | 3,991 | 3,865 |
Additional paid-in capital | 229,230,000 | 83,399,444 | 78,010,936 |
Accumulated deficit | (215,100,000) | (123,500,000) | (55,609,475) |
Accumulated deficit | (215,121,000) | (123,493,373) | |
Total stockholders' (deficit) equity | 14,117,000 | (40,089,938) | 22,405,326 |
Total liabilities and stockholders' (deficit) equity | $ 69,329,000 | 31,638,091 | 27,723,190 |
Previously Reported [Member] | |||
Current assets | |||
Prepaid production costs | 986,498 | ||
Stockholders' equity (deficit) | |||
Total stockholders' (deficit) equity | $ (114,380,000) | $ (51,884,924) |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 350,000,000 | 350,000,000 | |
Common stock, shares issued | 75,535,463 | 39,913,100 | 38,654,855 |
Common stock, shares outstanding | 75,535,463 | 39,913,100 | |
Allowances for doubtful accounts | $ 1,499,000 | $ 929,800 | $ 404,755 |
Common Stock [Member] | |||
Common stock, shares authorized | 350,000,000 | 350,000,000 | |
Common stock, shares issued | 39,656,951 | ||
Common stock, shares outstanding | 39,656,951 | 38,654,855 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Net Loss and Comprehensive Loss - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 7,275,000 | $ 4,867,000 | $ 13,537,000 | $ 8,663,000 | $ 20,012,064 | $ 13,966,251 |
Cost of revenues | 7,015,000 | 4,062,000 | 12,644,000 | 7,028,000 | 20,299,677 | 12,038,769 |
Gross profit | 260,000 | 805,000 | 893,000 | 1,635,000 | (287,613) | 1,927,482 |
Operating expenses | ||||||
Sales and marketing | 5,877,000 | 5,283,000 | 12,213,000 | 8,752,000 | 22,721,423 | 8,327,910 |
General and administrative | 14,717,000 | 8,783,000 | 52,942,000 | 16,495,000 | 32,974,231 | 12,043,879 |
Research and development | 1,897,000 | 1,541,000 | 5,229,000 | 2,687,000 | 5,035,963 | 2,959,330 |
Total operating expenses | 22,491,000 | 15,607,000 | 70,384,000 | 27,934,000 | 60,731,617 | 23,331,119 |
Loss from Operations | (22,231,000) | (14,802,000) | (69,491,000) | (26,299,000) | (61,019,230) | (21,403,637) |
Other Income (Expense): | ||||||
Change in fair value of warrants | 1,326,000 | 201,000 | 6,621,000 | (1,052,000) | (1,781,280) | (80,040) |
Change in fair value of derivatives | 30,000 | 6,000 | (208,000) | 0 | ||
Change in fair value of derivatives | 0 | 6,000 | 30,000 | 6,000 | ||
Interest income and other income (expense), net | 31,000 | (6,000) | 30,000 | 3,000 | 1,318 | 120,549 |
Interest expense, including amortization of debt issuance costs | (1,313,000) | (504,000) | (3,977,000) | (549,000) | (4,876,706) | (308,266) |
Loss before income taxes | (22,187,000) | (15,105,000) | (66,787,000) | (27,891,000) | (67,883,898) | (21,671,394) |
Provision for income taxes | 0 | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | $ (22,187,000) | $ (15,105,000) | $ (66,787,000) | $ (27,891,000) | $ (67,883,898) | $ (21,671,394) |
Net loss per share | ||||||
Earnings Per Share, Basic | $ (0.29) | $ (0.36) | $ (0.97) | $ (0.68) | $ (1.64) | $ (0.56) |
Earnings Per Share, Diluted | $ (0.29) | $ (0.36) | $ (0.97) | $ (0.68) | $ (1.64) | $ (0.56) |
Weighted Average Number of Shares Outstanding, Basic | 75,635,501 | 41,586,759 | 69,082,330 | 41,165,974 | 41,454,582 | 38,900,813 |
Weighted Average Number of Shares Outstanding, Diluted | 75,635,501 | 41,586,759 | 69,082,330 | 41,165,974 | 41,454,582 | 38,900,813 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Deficit Equity - USD ($) | Total | Scenario Previously Reported Member | Restatement Adjustment Member | Common Stock | Common Stock Scenario Previously Reported Member | Common Stock Restatement Adjustment Member | Preferred Stock Convertible Preferred Stock | Preferred Stock Convertible Preferred Stock Scenario Previously Reported Member | Preferred Stock Convertible Preferred Stock Restatement Adjustment Member | Additional Paid-In Capital | Additional Paid-In Capital Scenario Previously Reported Member | Additional Paid-In Capital Restatement Adjustment Member | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit) Scenario Previously Reported Member | Retained Earnings (Accumulated Deficit) Restatement Adjustment Member | Treasury Stock | Treasury Stock Scenario Previously Reported Member | Treasury Stock Restatement Adjustment Member |
Beginning balance at Dec. 31, 2019 | $ (31,412,734) | $ 119 | $ 66,290,289 | $ (66,290,289) | $ 2,525,228 | $ (33,717,081) | $ (221,000) | |||||||||||
Beginning balance, Shares at Dec. 31, 2019 | 1,194,163 | 15,430,205 | (15,430,205) | (650,000) | ||||||||||||||
Excess cash received over fair value of Private Placement Warrants | $ 200,373 | $ 200,373 | ||||||||||||||||
Net Income(loss) | (21,671,394) | $ (21,671,394) | ||||||||||||||||
Issuance of common stock pursuant to PIPE investment | 7,999,961 | $ 122 | 7,999,839 | |||||||||||||||
Issuance of common stock pursuant to PIPE investment, Shares | 1,219,281 | |||||||||||||||||
Exercise of stock options and release of notes' recourse provision | 6,751 | $ 459 | 6,292 | |||||||||||||||
Exercise of stock options and release of notes' recourse provision , Shares | 4,591,905 | |||||||||||||||||
Stock-based compensation | 992,080 | 992,080 | ||||||||||||||||
Ending balance at Dec. 31, 2020 | 22,405,326 | (51,884,924) | $ 3,865 | $ 343 | $ 0 | $ 74,290,250,000 | $ (74,290,250,000) | 78,010,000 | 3,724,208 | $ 78,010,936 | (55,609,475) | (55,388,475) | $ 0 | $ (221,000) | ||||
Ending balance, Shares at Dec. 31, 2020 | 38,654,855 | 3,427,555 | 35,227,000 | 0 | 16,023,234 | (16,023,234) | 0 | (650,000) | 650,000 | |||||||||
Beginning Balance, Shares at Dec. 31, 2019 | 32,843,669 | 31,649,506 | 650,000 | |||||||||||||||
Beginning balance at Dec. 31, 2019 | 34,877,555 | $ 66,290,289 | $ 3,284 | $ 3,165 | 68,812,352 | 66,287,124 | (33,938,081) | $ (221,000) | $ 221,000 | |||||||||
Net Income(loss) | (12,786,000) | (12,786,000) | ||||||||||||||||
Stock-based compensation | 254,000 | 254,000 | ||||||||||||||||
Ending balance at Mar. 31, 2021 | 9,882,000 | 74,290,000 | $ 4,000 | $ 4,000 | 78,273,000 | 74,286,000 | (68,395,000) | (221,000) | $ 221,000 | |||||||||
Ending balance, Shares at Mar. 31, 2021 | 39,657,000 | |||||||||||||||||
Beginning Balance, Shares at Dec. 31, 2020 | 38,654,855 | 35,227,300 | 16,023,000 | (16,023,000) | 650,000 | |||||||||||||
Beginning balance at Dec. 31, 2020 | 22,405,326 | 74,290,250 | $ 3,865 | $ 3,522 | $ 74,290,000 | $ (74,290,000) | 78,010,936 | 74,286,000 | (55,609,475) | (221,000) | $ 221,000 | |||||||
Exercise of stock options and release of notes' recourse provision, Shares | 1,002 | |||||||||||||||||
Exercise of stock options and release of notes' recourse provision | 9,000 | 9,000 | ||||||||||||||||
Beginning balance at Dec. 31, 2020 | 22,405,326 | (51,884,924) | $ 3,865 | $ 343 | $ 0 | $ 74,290,250,000 | $ (74,290,250,000) | 78,010,000 | 3,724,208 | 78,010,936 | (55,609,475) | (55,388,475) | $ 0 | $ (221,000) | ||||
Beginning balance, Shares at Dec. 31, 2020 | 38,654,855 | 3,427,555 | 35,227,000 | 0 | 16,023,234 | (16,023,234) | 0 | (650,000) | 650,000 | |||||||||
Net Income(loss) | (27,891,000) | |||||||||||||||||
Ending balance at Jun. 30, 2021 | (2,808,000) | $ 4,000 | 80,688,000 | (83,500,000) | ||||||||||||||
Ending balance, Shares at Jun. 30, 2021 | 39,704,000 | |||||||||||||||||
Beginning Balance, Shares at Dec. 31, 2020 | 38,654,855 | 35,227,300 | 16,023,000 | (16,023,000) | 650,000 | |||||||||||||
Beginning balance at Dec. 31, 2020 | 22,405,326 | 74,290,250 | $ 3,865 | $ 3,522 | $ 74,290,000 | $ (74,290,000) | 78,010,936 | 74,286,000 | (55,609,475) | (221,000) | $ 221,000 | |||||||
Beginning balance at Dec. 31, 2020 | 22,405,326 | (51,884,924) | $ 3,865 | $ 343 | $ 0 | $ 74,290,250,000 | $ (74,290,250,000) | 78,010,000 | 3,724,208 | 78,010,936 | (55,609,475) | (55,388,475) | $ 0 | $ (221,000) | ||||
Beginning balance, Shares at Dec. 31, 2020 | 38,654,855 | 3,427,555 | 35,227,000 | 0 | 16,023,234 | (16,023,234) | 0 | (650,000) | 650,000 | |||||||||
Excess cash received over fair value of Private Placement Warrants | 2,245,000 | 2,245,000 | ||||||||||||||||
Net Income(loss) | (67,883,898) | (67,883,898) | ||||||||||||||||
Exercise of stock options and release of notes' recourse provision | $ 87,580 | $ 126 | 87,454 | |||||||||||||||
Exercise of stock options and release of notes' recourse provision , Shares | 218,925 | 1,258,245 | ||||||||||||||||
Stock-based compensation | $ 855,396 | 855,396 | ||||||||||||||||
Issuance of equity warrants to related party | 2,200,658 | 2,200,658 | ||||||||||||||||
Ending balance at Dec. 31, 2021 | (40,089,938) | (114,380,000) | $ 3,991 | $ 0 | 83,399,444 | 9,113,000 | (123,493,373) | (123,272,000) | $ 0 | $ (221,000) | ||||||||
Ending balance, Shares at Dec. 31, 2021 | 39,913,100 | 4,040,000 | 35,873,000 | 0 | 0 | (650,000) | 650,000 | |||||||||||
Beginning Balance, Shares at Dec. 31, 2020 | 38,654,855 | 35,227,300 | 16,023,000 | (16,023,000) | 650,000 | |||||||||||||
Beginning balance at Dec. 31, 2020 | 22,405,326 | 74,290,250 | $ 3,865 | $ 3,522 | $ 74,290,000 | $ (74,290,000) | 78,010,936 | 74,286,000 | (55,609,475) | (221,000) | $ 221,000 | |||||||
Exercise of Legacy Fast Radius warrants, shares | (32,900,000) | |||||||||||||||||
Beginning balance at Mar. 31, 2021 | 9,882,000 | 74,290,000 | $ 4,000 | $ 4,000 | 78,273,000 | $ 74,286,000 | (68,395,000) | (221,000) | $ 221,000 | |||||||||
Beginning balance, Shares at Mar. 31, 2021 | 39,657,000 | |||||||||||||||||
Net Income(loss) | (15,105,000) | (15,105,000) | ||||||||||||||||
Stock-based compensation | 207,000 | 207,000 | ||||||||||||||||
Issuance of equity warrants to related party | 2,201,000 | 2,201,000 | ||||||||||||||||
Ending balance at Jun. 30, 2021 | (2,808,000) | $ 4,000 | 80,688,000 | (83,500,000) | ||||||||||||||
Ending balance, Shares at Jun. 30, 2021 | 39,704,000 | |||||||||||||||||
Exercise of stock options and release of notes' recourse provision, Shares | 47 | |||||||||||||||||
Exercise of stock options and release of notes' recourse provision | 7,000 | 7,000 | ||||||||||||||||
Beginning balance at Dec. 31, 2021 | (40,089,938) | (114,380,000) | $ 3,991 | $ 0 | 83,399,444 | 9,113,000 | (123,493,373) | (123,272,000) | $ 0 | $ (221,000) | ||||||||
Beginning balance, Shares at Dec. 31, 2021 | 39,913,100 | 4,040,000 | 35,873,000 | 0 | 0 | (650,000) | 650,000 | |||||||||||
Net Income(loss) | (44,600,000) | (44,600,000) | ||||||||||||||||
Issuance of common stock pursuant to PIPE investment | 75,000,000 | $ 1,000 | 74,999,000 | |||||||||||||||
Issuance of common stock pursuant to PIPE investment, Shares | 7,500,000 | |||||||||||||||||
Exercise of stock options and release of notes' recourse provision | 63,000 | 63,000 | ||||||||||||||||
Exercise of stock options and release of notes' recourse provision , Shares | 441,000 | |||||||||||||||||
Stock-based compensation | 20,368,000 | 20,368,000 | ||||||||||||||||
Ending balance at Mar. 31, 2022 | 32,446,000 | 74,290,000 | $ 7,000 | $ 4,000 | 225,373,000 | 74,286,000 | (192,934,000) | (221,000) | $ 221,000 | |||||||||
Ending balance, Shares at Mar. 31, 2022 | 73,041,000 | |||||||||||||||||
Beginning Balance, Shares at Dec. 31, 2021 | 16,023,000 | (16,023,000) | ||||||||||||||||
Beginning balance at Dec. 31, 2021 | $ 74,290,000 | $ (74,290,000) | ||||||||||||||||
Effect of Business Combination and recapitalization, net of redemptions and issuance costs, Shares | 11,737,000 | |||||||||||||||||
Effect of Business Combination and recapitalization, net of redemptions and issuance costs | 3,030,000 | $ 1,000 | 3,029,000 | |||||||||||||||
Issuance of common stock upon conversion of convertible notes, shares | 2,034,000 | |||||||||||||||||
Issuance of common stock upon conversion of convertible notes | 17,655,000 | 17,655,000 | ||||||||||||||||
Issuance of common stock for settlement of share-based awards, Shares | 9,176,000 | |||||||||||||||||
Issuance of common stock for settlement of share-based awards | 0 | $ 1,000 | (1,000) | |||||||||||||||
Exercise of Legacy Fast Radius warrants, shares | 2,240,000 | |||||||||||||||||
Company vesting shares granted to Fast Radius shareholders | 24,841,000 | (24,841,000) | ||||||||||||||||
Exercise of Legacy Fast Radius warrants | 1,020,000 | 1,020,000 | ||||||||||||||||
Beginning balance at Dec. 31, 2021 | (40,089,938) | $ (114,380,000) | $ 3,991 | $ 0 | 83,399,444 | 9,113,000 | (123,493,373) | $ (123,272,000) | $ 0 | $ (221,000) | ||||||||
Beginning balance, Shares at Dec. 31, 2021 | 39,913,100 | 4,040,000 | 35,873,000 | 0 | 0 | (650,000) | 650,000 | |||||||||||
Net Income(loss) | (66,787,000) | |||||||||||||||||
Ending balance at Jun. 30, 2022 | 14,117,000 | $ 8,000 | 229,230,000 | (215,121,000) | ||||||||||||||
Ending balance, Shares at Jun. 30, 2022 | 75,535,000 | |||||||||||||||||
Beginning Balance, Shares at Dec. 31, 2021 | 16,023,000 | (16,023,000) | ||||||||||||||||
Beginning balance at Dec. 31, 2021 | $ 74,290,000 | $ (74,290,000) | ||||||||||||||||
Beginning balance at Mar. 31, 2022 | 32,446,000 | $ 74,290,000 | $ 7,000 | $ 4,000 | 225,373,000 | $ 74,286,000 | (192,934,000) | $ (221,000) | $ 221,000 | |||||||||
Beginning balance, Shares at Mar. 31, 2022 | 73,041,000 | |||||||||||||||||
Net Income(loss) | (22,187,000) | (22,187,000) | ||||||||||||||||
Issuance of common stock for settlement of bonus liability, shares | 479 | |||||||||||||||||
Issuance of common stock for commitment shares | 696,000 | 696,000 | ||||||||||||||||
Issuance of common stock for settlement of bonus liability, shares | 728 | |||||||||||||||||
Issuance of common stock for commitment shares | 452,000 | 452,000 | ||||||||||||||||
Exercise of stock options and release of notes' recourse provision | 148,000 | 148,000 | ||||||||||||||||
Exercise of stock options and release of notes' recourse provision , Shares | 660,000 | |||||||||||||||||
Stock-based compensation | 2,562,000 | 2,562,000 | ||||||||||||||||
Ending balance at Jun. 30, 2022 | 14,117,000 | $ 8,000 | 229,230,000 | $ (215,121,000) | ||||||||||||||
Ending balance, Shares at Jun. 30, 2022 | 75,535,000 | |||||||||||||||||
Issuance of common stock for settlement of share-based awards, Shares | 627,000 | |||||||||||||||||
Issuance of common stock for settlement of share-based awards | $ 0 | $ 1,000 | $ (1,000) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Cash Flows - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows lost in from operating activities | ||||
Net loss | $ (66,787,000) | $ (27,891,000) | $ (67,883,898) | $ (21,671,394) |
Adjustments to reconcile net loss to net cash used in operating activities | ||||
Depreciation and amortization | 1,368,000 | 533,000 | 1,653,318 | 841,736 |
Amortization of deferred financing and convertible debt discount | 2,764,000 | 385,000 | 3,484,753 | 116,857 |
Provision for doubtful accounts | 569,000 | 288,000 | 641,357 | 710,882 |
Loss on disposal of assets | 228,000 | 227,800 | 0 | |
Stock-based compensation | 22,930,000 | 461,000 | 855,396 | 992,082 |
Issuance of commitment shares to Lincoln Park | 452,000 | |||
Income from settlement of bonus liability with RSUs | (554,000) | |||
Compensation expense related to equity classified warrants | 0 | 200,373 | ||
Change in fair value of warrants | (6,621,000) | 1,052,000 | 1,781,280 | 80,040 |
Change in fair value of derivative liability | (30,000) | (6,000) | 208,000 | 0 |
Non-cash restructuring expenses | 153,000 | |||
Changes in operating assets and liabilities | ||||
Accounts receivable | (1,307,000) | (825,000) | (2,610,138) | (1,840,412) |
Inventories | (106,000) | (250,000) | (174,460) | (12,676) |
Prepaid production costs | 22,000 | (493,000) | (702,945) | 96,734 |
Prepaid expenses and other current assets | (6,527,000) | (756,000) | (3,311,925) | (635,941) |
Accounts payable | 2,103,000 | 1,389,000 | 2,335,077 | (138,229) |
Accrued compensation and other liabilities | (5,588,000) | 4,553,000 | 14,785,409 | 550,733 |
Advances from customers | (83,000) | 59,000 | 233,077 | (85,466) |
Deferred revenue | (5,000) | (5,350) | (102,845) | |
Other | (287,872) | (6,250) | ||
Other non-current assets | (2,955,000) | 87,000 | ||
Net cash used in operating activities | (60,197,000) | (21,191,000) | (48,771,121) | (20,903,776) |
Cash Flows from Investing Activities: | ||||
Additions to property and equipment | (3,161,000) | (2,971,000) | (8,621,917) | (711,727) |
Net cash used in investing activities | (3,161,000) | (2,971,000) | (8,621,917) | (711,727) |
Cash Flows from Financing Activities: | ||||
Proceeds from term loans | 11,026,000 | 31,486,824 | 427,615 | |
Repayment of term loans | (3,826,000) | (571,000) | (948,928) | (3,140,783) |
Proceeds from convertible notes and warrants with related party | 0 | 7,600,000 | 17,600,000 | 0 |
Proceeds from equity contributions | 0 | 7,999,961 | ||
Debt issuance costs | (88,000) | (124,791) | 0 | |
Proceeds from exercise of stock options | 211,000 | 16,000 | 87,580 | 6,750 |
Payment of deferred financing costs | (500,000) | 0 | ||
Effect of merger, net of transaction costs paid | 22,517,000 | |||
Issuance of PIPE shares | 75,000,000 | |||
Payment of deferred underwriting fees | (1,382,000) | |||
Net cash generated from financing activities | 92,520,000 | 17,983,000 | 47,600,685 | 5,293,543 |
Net increase (decrease) in cash | 29,162,000 | (6,179,000) | (9,792,353) | (16,321,960) |
Cash, beginning of period | 8,701,895 | 18,494,248 | 18,494,248 | 34,816,208 |
Cash, end of period | 37,864,000 | 12,315,000 | 8,701,895 | 18,494,248 |
Supplemental disclosure of cash flow information | ||||
Issuance of liability classified warrants in connection with debt | 987,747 | 86,963 | ||
Issuance of equity classified warrants in connection with debt | 4,445,658 | 0 | ||
Capital expenditures not yet paid | $ 442,000 | 72,000 | 239,261 | 116,000 |
Interest paid | $ 854,078 | $ 110,420 | ||
Issuance of liability classified warrants | $ 988,000 |
Description of Organization and
Description of Organization and Business Operations | 12 Months Ended |
Dec. 31, 2021 | |
Description of Organization and Business Operations | Note 1 – Nature of Operations and Basis of Presentation Fast Radius Operations, Inc., which was incorporated in the United States in 2017 (“Fast Radius” or the “Company”), is a cloud manufacturing and digital supply chain company. The Fast Radius solution combines a proprietary software platform with physical infrastructure to enable accelerated product development and digital tools for product engineers. The Company is headquartered in Chicago, Illinois, with additional operating locations in Atlanta, Georgia; Louisville, Kentucky; and Singapore. The Company’s operations in Louisville, Kentucky are located within the Worldport facility of United Parcel Service, Inc. (“UPS”), enabling parts to be produced and shipped late into the evening for overnight distribution around the world. The Company has an operating subsidiary located in Singapore. On July 18, 2021, ECP Environmental Growth Opportunities Corp., a Delaware corporation (“ENNV”), and ENNV Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of ENNV (“Merger Sub”), entered into an Agreement and Plan of Merger (as it was amended, supplemented or otherwise modified from time to time in accordance with its terms, the “Merger Agreement”) with Fast Radius, pursuant to which Merger Sub will merge with and into Fast Radius, with Fast Radius surviving the merger as a wholly owned subsidiary of ENNV (the “Merger” and, together with the other transactions contemplated by the Merger Agreement, the “Business Combination”). On February 4, 2022, pursuant to the Merger Agreement, Fast Radius consummated the Business Combination. Subject to the terms of the Merger Agreement, all of the issued and outstanding shares of Fast Radius were converted into an aggregate of (i) 65,000,000 shares of Common Stock, par value $0.0001 per share, of ENNV at a deemed value of $10.00 per share (including 11,196,271 shares of Common Stock underlying exchanged options, vested RSUs and exchanged RSUs) and (ii) the contingent right to receive during the earnout period certain additional shares of the Company’s common stock as specified in the Merger Agreement (the “Merger Earnout Shares”), in two equal tranches of 5,000,000 shares of the Company’s Common Stock, upon the satisfaction of certain price targets set forth in the Merger Agreement. The transaction provided all holders of the Company’s Common Stock with shares of Common Stock of the continuing public company. Upon close of the Business Combination, ENNV changed its name to Fast Radius, Inc. and the Company changed its name to Fast Radius Operations, Inc. As of December 31, 2021, the Company capitalized $3.6 million in direct and incremental equity issuance-related transaction costs within prepaid expenses and other current assets on the consolidated balance sheet, of which $3.1 million was not yet paid as of December 31, 2021 and was presented within accrued and other liabilities on the consolidated balance sheet. The Merger will be accounted for as a reverse recapitalization (the “Reverse Recapitalization”) in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Under this method of accounting, ENNV is treated as the “acquired” company and Fast Radius is treated as the acquirer for financial reporting purposes. The Reverse Recapitalization was treated as the equivalent of Fast Radius issuing stock for the net assets of ENNV, accompanied by a recapitalization. The net assets of ENNV are stated at historical cost, with no goodwill or other intangible assets recorded. Fast Radius was determined to be the accounting acquirer based on the following predominant factors: • Fast Radius stockholders have the largest portion of voting rights in the post Business Combination Company; • Fast Radius stockholders have the ability to elect the majority of the directors to the post Business Combination Company’s board of directors (the “Board”); • Fast Radius’ management comprise the management of the post Business Combination Company; • Fast Radius’ operations comprise the ongoing operations of the post Business Combination Company; • Fast Radius is the larger entity based on historical revenues and business operations; and • The post Business Combination Company assumed Fast Radius’ name. The consolidated assets, liabilities and results of operations prior to the Reverse Recapitalization are those of Fast Radius. The shares and corresponding capital amounts and losses per share, prior to the Business Combination, have been retroactively restated based on shares reflecting the exchange ratio established in the Business Combination, unless otherwise noted. Activity within the Statements of Stockholders’ Equity (Deficit) for the issuance and repurchases of Fast Radius redeemable convertible preferred stock were also retroactively converted to Fast Radius common stock. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. No transactions have been recorded to accumulated other comprehensive income or loss through December 31, 2021. Principles of Consolidation The Company’s consolidated financial statements reflect its financial statements and those of its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. Risks and Uncertainties The Company is subject to a number of risks similar to those of other companies of similar size in its industry, including, but not limited to, the need for successful development of products, new customer acquisition, the need for additional funding, competition from substitute products and services from larger companies, protection of proprietary technology, dependence on key individuals, and risks associated with changes in information technology. The Company has financed its operations through issuances of debt and preferred stock since inception. The Company’s long-term success is dependent upon its ability to successfully market its products and services; grow revenue; control operating costs and expenses; meet its obligations; obtain additional capital when needed; and, ultimately, achieve profitable operations. COVID-19 In March 2020, the World Health Organization declared the outbreak of the new strain of the coronavirus (“COVID-19”) COVID-19 non-essential COVID-19 COVID-19 material adverse effect on the Company’s business, financial condition, results of operations, cash flows and prospects as a result of any of the risks described above and other risks that the Company is not able to predict. Going Concern Consideration The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Since inception, the Company has generated recurring losses which have resulted in an accumulated deficit of $123.5 million and $55.6 million as of December 31, 2021 and December 31, 2020, respectively, and expects to incur additional losses in the future. The Company is still in the growth stage of its business and expects to continue to make substantial investments in its business, including in the expansion of its product portfolio and research and development, sales and marketing teams, in addition to incurring additional costs as a result of being a public company. The Company believes the cash it obtained from the Business Combination and the private placement that occurred substantially concurrently with the consummation of the Business Combination (the “PIPE Investment”), are not sufficient to meet its working capital and capital expenditure requirements for a period of at least twelve months from the date of the issuance of these financial statements. As a result of the Company’s history of losses and negative cash flows from operations, and because its plans to obtain additional capital have not been completed at the time of the issuance of these consolidated financial statements, substantial doubt exists about the Company’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. The Company expects to generate additional cash to fund its growth through future debt or equity transactions; however, there can be no assurance that the Company will be able to obtain other debt or equity financing on terms acceptable to the Company, if at all. Failure to secure additional funding may require the Company to modify, delay, or abandon some of its planned future expansion or development, or to otherwise enact operating cost reductions available to management, which could have a material adverse effect on the Company’s business, operating results, financial condition, and ability to achieve its intended business objectives. The Company has concluded that management’s plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | Note 1. Nature of Operations and Basis of Presentation Fast Radius, Inc. (“Fast Radius” or the “Company”), f/k/a ECP Environmental Growth Opportunities Corp. (“ENNV”), was formed as a Delaware corporation on October 29, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses (“Business Combination”). Fast Radius is a cloud manufacturing and digital supply chain company. The Fast Radius solution combines a proprietary software platform with physical infrastructure to enable accelerated product development and digital tools for product engineers. Fast Radius is headquartered in Chicago, Illinois, with additional operating locations in Atlanta, Georgia; Louisville, Kentucky; and Singapore. Fast Radius’ operations in Louisville, Kentucky are located within the Worldport facility of United Parcel Service, Inc. (“UPS”), enabling parts to be produced and shipped late into the evening for overnight distribution around the world. Fast Radius is organized as a single Basis of Presentation On July 18, 2021, the Company entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) by and among the Company, ENNV Merger Sub, Inc., a wholly owned subsidiary of ENNV (“Merger Sub”), and Fast Radius Operations, Inc. (f/k/a Fast Radius, Inc.) (“Legacy Fast Radius”), pursuant to which Merger Sub agreed to merge with and into Legacy Fast Radius, with Legacy Fast Radius surviving such merger as a wholly owned subsidiary of the Company (the “Merger” and, together with the other transactions contemplated by the Merger Agreement, the “Business Combination”). At the closing of the Merger (the “Closing”), the Company was renamed “Fast Radius, Inc.” The Business Combination was completed on February 4, 2022 (“the Closing Date”). The Merger was accounted for as a reverse recapitalization (the “Reverse Recapitalization”) in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Under this method of accounting, ENNV is treated as the “acquired” company and Legacy Fast Radius is treated as the acquirer for financial reporting purposes. The Reverse Recapitalization was treated as the equivalent of Legacy Fast Radius issuing stock for the net assets of ENNV, accompanied by a recapitalization. The net assets of ENNV are stated at historical cost, with no goodwill or other intangible assets recorded. Legacy Fast Radius was determined to be the accounting acquirer based on the following predominant factors: • Legacy Fast Radius stockholders have the largest portion of voting rights in the Company; • Legacy Fast Radius stockholders have the ability to elect the majority of the directors to the Company’s board of directors (the “Board”); • Legacy Fast Radius’ management comprise the management of the Company; • Legacy Fast Radius’ operations comprise the ongoing operations of the Company; • Legacy Fast Radius is the larger entity based on historical revenues and business operations; and • The Company assumed Legacy Fast Radius’ name. The consolidated assets, liabilities and results of operations prior to the Reverse Recapitalization are those of Legacy Fast Radius. The shares and corresponding capital amounts and losses per share, prior to the Business Combination, have been retroactively restated based on shares reflecting the exchange ratio established in the Business Combination. Activity within the Condensed Statements of Stockholders’ Equity for the issuance and repurchases of Legacy Fast Radius redeemable convertible preferred stock were also retroactively converted to Legacy Fast Radius common stock. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial reporting and Securities and Exchange Commission (the “SEC”) regulations. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year ended December 31, 2022. A description of the Company’s significant accounting policies is included in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2021 included as Exhibit 99.1 to the Company’s Form 8-K/A The unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. Going Concern Consideration The accompanying consolidated financial statements are prepared in accordance with U.S. GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has generated recurring losses which have resulted in an accumulated deficit of $215.1 million and $123.5 million as of June 30, 2022 and December 31, 2021, respectively, and expects to incur additional losses in the future. The Company believes the cash it obtained from the Business Combination and the private placement that occurred substantially concurrently with the consummation of the Business Combination (the “PIPE Investment”), and potential proceeds available under the purchase agreement with Lincoln Park Capital Fund, LLC, if any, as discussed in Note 7, are not sufficient to meet its working capital, debt service and capital expenditure requirements for a period of at least twelve months from the date of the issuance of these financial statements. As a result of the Company’s history of losses and negative cash flows from operations, and because its plans to obtain additional capital have not been completed at the time of the issuance of these consolidated financial statements, substantial doubt exists about the Company’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. The Company intends to seek additional capital in 2022 to fund its operations and future growth; however, there can be no assurance that the Company will be able to obtain other debt or equity financing within the necessary timeframe or on terms acceptable to the Company, if at all. Failure to secure sufficient additional funding in a timely matter or at all will impact the Company’s liquidity, including its ability to service its debt and other liabilities, and may require the Company to modify, delay, or abandon some of its planned future expansion or development, or to otherwise enact additional operating cost reductions available to management, which could have a material adverse effect on the Company’s business, operating results, financial condition, and could force the Company to limit its business activities. The Company has concluded that management’s plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. COVID-19 In March 2020, the World Health Organization declared the outbreak of the new strain of the coronavirus (“COVID-19”) COVID-19 unpredictable impacts on global society, economies, financial markets, and business practices. Federal and state governments have implemented measures in an effort to contain the virus, including social distancing, travel restrictions, border closures, limitations on public gatherings, work from home, supply chain logistical changes, and closure of non-essential COVID-19 has COVID-19 COVID-19 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Use of Estimates in Condensed Consolidated Financial Statements The preparation of the consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, related disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses for the periods presented. The Company’s most significant estimates and judgements involve valuation of the Company’s debt and equity securities (prior to the Business Combination), including assumptions made in the fair value of warrants, derivatives, and stock-based compensation; the useful lives of fixed assets; and allowances for doubtful accounts. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from management’s estimates if these results differ from historical experience or other assumptions prove not to be substantially accurate, even if such assumptions are reasonable when made. Other than the below, there have been no material changes to the Company’s significant accounting policies from its audited consolidated financial statements included as Exhibit 99.1 to the Company’s Form 8-K/A Redeemable Convertible Preferred Stock Prior to the Business Combination, Legacy Fast Radius’ Series Seed, Seed-1, A-1, A-2, A-3, All Preferred Stock previously classified as temporary equity was retroactively adjusted and reclassified to permanent equity as a result of the Business Combination. As a result of the Business Combination, each share of Preferred Stock that was then issued and outstanding was automatically converted into Legacy Fast Radius common stock, such that each converted share of Preferred Stock was no longer outstanding and ceased to exist. Each share of Legacy Fast Radius common stock, including the Legacy Fast Radius common stock issued upon conversion of Legacy Fast Radius Preferred Stock, was converted into and exchanged for 2.056 (the “Exchange Ratio”) shares of the Company’s common stock. The Exchange Ratio was established pursuant to the terms of the Merger Agreement. Warrants At June 30, 2022, there were 15,516,639 warrants to purchase shares of common stock of the Company (“Common Stock”), consisting of 8,624,972 public warrants (the “Public Warrants”) and 6,891,667 private warrants held by the ENNV initial stockholders (the “Private Placement Warrants” and collectively with the Public Warrants, the “Warrants”). Each Warrant entitles the registered holder to purchase one share of Common Stock at a price of $11.50 per share. The Warrants expire on February 4, 2027, or earlier upon redemption or liquidation. The Private Placement Warrants are identical to the Public Warrants underlying the units sold in the Company’s initial public offering, except that the Private Placement Warrants and the shares of Common Stock issuable upon exercise of the Private Placement Warrants were not transferable, assignable, or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants are non-redeemable The Company may redeem the Public Warrants when the price per share of Common Stock equals or exceeds $18.00: • In whole and not in part; • At a price of $0.01 per Warrant; • Upon not less than 30 days’ prior written notice of redemption; • If, and only if, the reported last sale price of the shares of Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and • if, and only if, there is a current registration statement in effect with respect to the shares of Common Stock underlying the warrants. The Company may redeem the Public Warrants when the price per share of Common Stock equals or exceeds $10.00: • In whole and not in part; • Upon not less than 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares of Common Stock to be determined by reference to an agreed table based on the redemption date and the “fair market value” of shares of Common Stock; • If, and only if, the reported last sale price of the shares of Common Stock equals or exceeds $ 10.00 • if, and only if, the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. The Company accounts for the Public Warrants and Private Placement Warrants in accordance with the guidance contained in ASC 815-40. Significant Customers and Concentration of Credit Risks The Company is subject to credit risk primarily through its accounts receivable. Credit is generally extended to customers based on a credit review. The credit review considers each customer’s financial condition, including the customer’s established credit rating or the Company’s assessment of the customer’s creditworthiness based on their financial statements absent a credit rating, local industry practices, and business strategy. A credit limit and terms are established for each customer based on the outcome of this review. The Company performs on-going Significant customers are those that represent more than 10% of the Company’s total revenue or accounts receivable. For the three months ended June 30, 2022, one customer accounted for approximately 11% of the Company’s revenue. For the six months ended June 30, 2022 and the three and six months ended June 30, 2021, no single customer accounted for more than 10% of the Company’s revenue. As of June 30, 2022, one customer accounted for approximately 15% of the Company’s accounts receivable. As of December 31, 2021, no single customer accounted for more than 10% of the Company’s accounts receivable. | Note 2 – Summary of Significant Accounting Policies Emerging Growth Company As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act until such time the Company is no longer considered to be an EGC. The adoption dates discussed below reflect this election. Use of Estimates The preparation of the consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, related disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses for the periods presented. The Company’s most significant estimates and judgements involve valuation of the Company’s debt and equity securities, including assumptions made in the fair value of warrants, derivatives, and stock-based compensation; the useful lives of fixed assets; and allowances for doubtful accounts. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from Segment Information The Company operates and manages its business as one operating and reportable segment. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of evaluating financial performance and allocating resources. The Company’s long-lived assets and customers are all substantially located in the United States. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less, or with the ability to redeem amounts on demand, to be cash and cash equivalents. The carrying amount of cash equivalents are reported at cost, which approximates their fair value. Accounts Receivable In evaluating the collectability of accounts receivable, the Company assesses a number of factors, including specific customers’ abilities to meet their financial obligations, the length of time a receivable is past due, and historical collection experience. If circumstances related to specific customers change, or economic conditions deteriorate such that the Company’s past collection experience is no longer relevant, its estimate of the recoverability of accounts receivable could be further reduced from the levels provided for in the consolidated financial statements. All accounts or portions thereof considered uncollectible are written off to the allowance for doubtful accounts in the period this information becomes known. Recoveries of trade receivables previously written off are recorded when received. The components of accounts receivable are as follows: December 31, 2021 December 31, 2020 Trade receivables $ 7,945,078 $ 5,451,252 Allowance for doubtful accounts (929,800 ) (404,755 ) Total accounts receivable $ 7,015,278 $ 5,046,497 The following table summarizes activity in the allowance for doubtful accounts : December 31, 2021 December 31, 2020 Balance at beginning of period $ (404,755 ) $ (190,205 ) Provision for uncollectible accounts (641,357 ) (710,882 ) Uncollectible accounts written off 116,312 496,332 Balance at end of period $ (929,800 ) $ (404,755 ) Significant Customers and Concentration of Credit Risks The Company is subject to credit risk primarily through its accounts receivable. Credit is extended to customers based on a credit review. The credit review considers each customer’s financial condition, including the customer’s established credit rating or the Company’s assessment of the customer’s creditworthiness based on their financial statements absent a credit rating, local industry practices, and business strategy. A credit limit and terms are established for each customer based on the outcome of this review. The Company performs on- Significant customers are those that represent more than 10% of the Company’s total revenue or accounts receivable. For the customers identified, revenue as a percentage of total revenue and accounts receivable as a percentage of net accounts receivable are as follows: December 31, 2021 December 31, 2020 Revenue for the years ended Customer A <10 % 21.6 % December 31, 2021 December 31, 2020 Accounts receivable Customer A <10 % 24.2 % Customer B <10 % 13.3 % Inventories The Company’s inventories consist of raw materials, work-in-process, Inventories consisted of the following: December 31, 2021 December 31, 2020 Raw materials $ 432,461 $ 162,397 Work-in-process 16,310 107,770 Finished goods — 4,144 Total Inventories $ 448,771 $ 274,311 Cost is determined using the weighted-average method. The Company performs on-going Property and Equipment, net The Company’s property and equipment primarily consists of advanced manufacturing machinery, quality measurement equipment, other manufacturing infrastructure, office equipment and furniture, computer hardware, internally developed software, and networking equipment. Depreciation is computed using the straight-line method over the estimated useful life by asset category, or in the case of leasehold improvements, the shorter of the lease term including any renewal periods reasonably assured to be exercised at inception, or the estimated useful life of the asset category. Repairs and maintenance are expensed as incurred, while betterments and improvements that the Company determines extend the useful life or add functionality of property and equipment are capitalized. Property and equipment are depreciated over the estimated useful life of the asset categories as follows: Advanced Manufacturing Machinery & Quality Equipment 5 – 10 Years Computer & Office Hardware 5 Years Furniture & Fixtures 7 Years Internally Developed Software 3 – 5 years Leasehold Improvements Lesser of lease term The Company periodically reviews each asset category’s estimated useful life based upon actual experience and expected future utilization. A change in useful life is treated as a change in accounting estimate and is applied prospectively. The Company reviews the carrying amounts of property and equipment for potential impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In evaluating recoverability, the Company groups assets and liabilities at the lowest level such that the identifiable cash flows relating to the group are largely independent of the cash flows of other assets and liabilities, which are each determined to be an asset group. The Company then compares the carrying amount of each asset group to the estimated undiscounted future cash flows attributable to the asset group. If the estimated undiscounted future cash flows for the asset group are not at least equal to the carrying amount, the Company estimates the fair value of the asset group and an impairment charge is recorded at the amount by which the carrying amount of the asset or asset group exceeds the fair value, if applicable. In addition, the remaining depreciation period for the impaired asset or asset group would be reassessed and, if necessary, revised. For the years ended December 31, 2021 and December 31, 2020, the Company did not recognize any impairment of its property and equipment. Refer to Note 4 for further information regarding property and equipment. Software applications developed for internal use are capitalized as internally developed software. Costs are capitalized when: (i) the preliminary project stage is completed (i.e., the application development stage) and (ii) it is probable that the software will be completed and used for its intended function. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Costs incurred for maintenance, minor upgrades and enhancements are expensed as incurred within general and administrative expense in the consolidated statements of net loss and comprehensive loss. Debt and Deferred Financing Fees Debt discounts are presented on the balance sheet as a direct deduction from the carrying amount of that related debt. Refer to Note 5 for further information regarding debt. Costs incurred in connection with the Company’s debt instruments consist principally of debt issuance costs and have been deferred and are being amortized over the terms of the related debt agreements using the effective interest method. Deferred financing fees are presented on the consolidated balance sheets as direct reductions to debt balances. Research and Development Costs Management invests resources to advance the development of its products and services for its customers, including the development of the cloud manufacturing software platform. Research and development costs represent costs incurred to support the advancement of new product platforms, consumables, and activities to enhance manufacturing capabilities. Research and development costs are comprised of prototype parts, design expense, employee-related personnel expense, and an allocated portion of overhead costs. Research and development costs are expensed as incurred. Net Loss Per Share Basic net loss per share attributable to stockholders is computed by dividing net loss attributable to the Company’s stockholders by the weighted-average number of common shares outstanding during the period without consideration of potentially dilutive Common Stock. Diluted net loss per share attributable to the Company’s stockholders reflects the potential dilution that could occur if securities or other contracts to issue Common Stock were exercised or converted into Common Stock or resulted in the issuance of Common Stock that then shared in the earnings of the Company unless inclusion of such shares would be anti-dilutive. For periods in which the Company reports net losses, diluted net loss per common share attributable to the Company’s stockholders is the same as basic net loss per common share attributable to the Company’s stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Refer to Note 14 for further information regarding net loss per share. Advertising Costs Advertising costs are expensed as incurred. Advertising expenses consist primarily of media advertising costs, trade and customer marketing expenses, sales and marketing related personnel, and public relations expenses which aim to strengthen the leadership of the Company’s brand in key vertical markets. Advertising costs were approximately $7.9 million and $1.2 million for the years ended December 31, 2021 and 2020, respectively. All advertising expenses are recorded in Sales and marketing expense in the consolidated statements of net loss and comprehensive loss. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of net loss and comprehensive loss in the period that includes the enactment date. Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred income tax assets will not be realized. The Company does not have any uncertain tax positions. A valuation allowance is provided unless it is more likely than not that the deferred tax asset will be realized. Assessing whether deferred tax assets are realizable requires significant judgement. In the determination of the appropriate valuation allowance, the Company considers future reversals of existing taxable temporary differences, the most recent projections of future business results, prior earnings history, carry back and carry forward periods, and prudent tax strategies. Assessments for the realization of deferred tax assets made at a given balance sheet date are subject to change in the future. Refer to Note 6 for further information regarding income taxes. Stock-Based Compensation—Options, RSUs and Warrants The Company accounts for stock-based compensation awards in accordance with Financial Accounting Standards Board (“FASB”) ASC 718, Compensation—Stock Compensation The Company’s stock-based awards are subject to service and/or performance-based vesting conditions. The Company recognizes compensation expenses for awards with only a service condition over the explicit service period using the straight-line method. For awards subject to a service and performance condition, compensation cost is recognized over the longer of the explicit, implicit, or derived period using the accelerated attribution method for cost allocation, as long as the performance condition is probable of achievement. At each reporting period, the Company evaluates the probability that its performance-based stock options will be earned and adjusts its previously recognized compensation expense as necessary. If the achievement of the respective performance metrics is not probable or the respective performance goals are not met, the Company reverses its previously recognized compensation expense. In accordance with ASC 718, excess tax benefits realized from the exercise of stock-based awards are classified as cash flows from operating activities. All excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) are recognized as income tax expense or benefit in the consolidated statements of net loss and comprehensive loss. The Company accounts for stock-based compensation awards issued to nonemployees for services, as prescribed by ASC 718, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable using the measurement date guidelines enumerated in Accounting Standards Update (“ASU”) 2018-07, Improvements to Nonemployee Share-Based Payment Accounting 2018-07”). The Company has elected to account for forfeitures as they occur for both employee and nonemployee awards. Refer to Note 9 for further information regarding stock-based compensation. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The Company has determined the estimated fair value of its financial instruments including stock-based awards, derivatives, and certain warrants, which are accounted for as liabilities, based on appropriate valuation methodologies; however, considerable judgment is required to develop these estimates. Accordingly, these estimated fair values are not necessarily indicative of the amounts the Company could realize in a current market exchange. The estimated fair values can be materially affected by using different assumptions or methodologies. The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents represent cost, which approximates fair value. The carrying amounts reported in the consolidated balance sheets for accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short-term maturities. With th e exce r v Redeemable Convertible Preferred Stock Prior to the Business Combination, Fast Radius’ Series Seed, Seed-1, A-1, A-2, A-3, and B Convertible Preferred Stock (collectively the “Preferred Stock”) were classified in temporary equity as they contained terms that could force Fast Radius to redeem the shares for cash or other assets upon the occurrence of an event not solely within Fast Radius’ control. Fast Radius adjusted the carrying values of the Preferred Stock each reporting period to the redemption value inclusive of any declared and unpaid dividends. All Preferred Stock previously classified as temporary equity was retroactively adjusted and reclassified to permanent equity as a result of the Business Combination. As a result of the Business Combination, each share of Preferred Stock that was then issued and outstanding was automatically converted into Fast Radius common stock, such that each converted share of Preferred Stock was no longer outstanding and ceased to exist. Each share of Fast Radius common stock, including the Fast Radius common stock issued upon conversion of Fast Radius Preferred Stock, was converted into and exchanged for 2.056 (the “Exchange Ratio”) shares of the post Business Combination Company’s common stock. The Exchange Ratio was established pursuant to the terms of the Merger Agreement. Warrants The Company accounts for its warrants issued with other debt and equity instruments in accordance with ASC 480, Distinguishing Liabilities from Equity Treasury stock Fast Radius historically repurchased a portion of its previously issued common stock that was classified on the Consolidated Balance Sheet as Treasury Stock. Immediately prior to the completion of the Business Combination, all treasury shares of Fast Radius were retired. Revenue Recognition The Company determines revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contracts; and • Recognition of revenue when, or as, the Company satisfies a performance obligation The Company’s primary source of revenue is from product sales of manufactured parts. Fast Radius has contracts with customers where the transfer of control of the specified good varies from contract to contract, but predominantly occurs upon shipment. The Company does not act as an agent in any of its revenue arrangements. Fast Radius seldom offers assurance-type warranties in the ordinary course of business; however, when such warranties are included, they generally have a service life of four years beginning from the date of product purchase. In the event of a failure of products covered under the warranties, the Company may repair or replace the products at the customer’s discretion. As of December 31, 2021 and 2020, the Company has not incurred any warranty related costs related to products covered by this warranty. The Company also derives revenue from consulting agreements, in which the Company produces digital assets (CAD files) and physical assets (prototypes). For consulting contracts, the deliverables are combined to be one performance obligation within the context of the contract, and revenue is recognized over time or at a point-in- work-in- (cost-to-cost point-in-time Payments are generally due within a range of 30 to 90 days after the performance obligation has been satisfied. Revenue from consulting agreements is not material. The Company charges certain customers shipping and handling fees. These fees are recorded within revenue after transfer of control of the products to customers. Revenues related to shipping and handling were $0.8 million and $0.4 million in 2021 and 2020, respectively. When shipping and handling services are performed before transfer of control to customers, they are accounted for as a fulfillment cost and are included in cost of revenues as incurred. The Company will contract with third parties to produce certain components of a customer order. Costs paid in advance of production are recorded in current assets as prepaid production costs until control of the product is transferred to the customer. Under such outsourced manufacturing arrangements, the Company is the primary obligor to its customer. Contract liabilities consist of fees paid by the Company’s customers for which the associated performance obligations have not been satisfied and revenue has not been recognized based on the Company’s revenue recognition criteria described above. Contract assets are recorded when the Company has a right to consideration in exchange for goods or services that it has transferred to a customer but for which payment is conditional on more than just the passage of time. Given the nature of the Company’s contracts, the Company did not have any contract assets as of December 31, 2021 or 2020, respectively. Refer to Note 3 for further information regarding revenue. Leases The Company leases certain equipment , non-cancelable records deferred rent in other non-current o N Recently issued accounting pronouncements Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-15, Intangibles — Goodwill and Other — Internal-Use 350-40): internal-use internal-use In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Recently Issued Accounting Pronouncements not yet adopted as of December 31, 2021 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes Income Taxes In February 2016, the FASB issued ASU 2016-02, Leases right-of-use 2020-05, In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments expected credit loss (“CECL”) model in estimating allowances for doubtful accounts with respect to accounts receivable and notes receivable. Receivables from revenue transactions, or trade receivables, are recognized when the corresponding revenue is recognized under ASC 606. The CECL model requires that the Company estimate its lifetime expected credit loss with respect to these receivables and record allowances whic h a s A |
Business Combination
Business Combination | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Business Combination | Note 3. Business Combination As discussed in Note 1, on February 4, 2022, the Company completed the Business Combination with Legacy Fast Radius through the Merger, with Legacy Fast Radius surviving the Merger as a wholly-owned subsidiary of the Company. Upon the consummation of the Business Combination, each share of Legacy Fast Radius common stock issued and outstanding was canceled and converted into the right to receive 2.056 shares of Common Stock. Upon the closing of the Business Combination, the Company’s certificate of incorporation was amended and restated to, among other things, increase the total number of authorized shares of all classes of capital stock to 351,000,000 shares, of which 350,000,000 shares were designated Common Stock, $0.0001 par value per share, and 1,000,000 shares designated preferred stock, $0.0001 par value per share. Each option to purchase Legacy Fast Radius common stock that was outstanding immediately prior to the Business Combination, whether vested or unvested, was converted into an option to purchase a number of shares of Common Stock equal to the product (rounded down to the nearest whole number) of (i) the number of shares of Legacy Fast Radius common stock subject to such Legacy Fast Radius option and (ii) approximately 2.3, at an exercise price per share (rounded up to the nearest whole cent) equal to (A) the exercise price per share of such Legacy Fast Radius option, divided by (B) approximately 2.3. Each unvested restricted stock unit awarded by Legacy Fast Radius that was outstanding immediately prior to the Business Combination was converted into an award of restricted stock units to acquire a number shares of Common Stock equal to the product (rounded down to the nearest whole number) of (1) the number of shares of Legacy Fast Radius common stock subject to the Legacy Fast Radius restricted stock unit award and (2) approximately 2.3. The aggregate merger consideration also included an amount equal to 10,000,000 shares of common stock (the “Merger Earn Out Shares”) which are subject to the satisfaction of certain price targets set forth in the Merger Agreement during the earn out period, which price targets are based upon (i) the daily volume-weighted average sale price of shares of Common Stock quoted on NASDAQ, or the exchange on which the shares of Common Stock are then traded, for any 20 trading days within any 30 consecutive trading day period within the earn out period or (ii) the per share consideration received in connection with the occurrence of certain change of control events of the Company specified in the Merger Agreement (any such event, an “Acquiror Sale”). The Merger Earn Out Shares will be issuable in two equal tranches of 5,000,000 shares of Common Stock at the time that the Common Stock reaches a value, as calculated above, of $15.00 and $20.00, respectively. Furthermore, the Merger Agreement provides that 10% of the shares of Common Stock held by ENNV Holdings, LLC (the “Sponsor” and such shares, the “Sponsor Earn Out Shares”) are subject to vesting upon the satisfaction of certain price targets set forth in the Sponsor Support Agreement during the earn out period, which price targets will be based upon (i) the daily volume-weighted average sale price of shares of Common Stock quoted on NASDAQ, or the exchange on which the shares of Common Stock are then traded, for any 20 trading days within any 30 consecutive trading day period within the earn out period or (ii) the per share consideration received in connection with an Acquiror Sale. The Sponsor Earn Out Shares will vest in two equal tranches of 407,000 shares of Common Stock at the time that the Common Stock reaches a value, as calculated above, of $15.00 and $20.00, respectively. If, during the earn out period, there is an Acquiror Sale that will result in the holders of Common Stock receiving a per share price (based on the value of the cash, securities or in-kind in-kind As the Merger Earn Out Shares and Sponsor Earn Out Shares are not puttable by the holders thereof, the underlying shares are not redeemable outside of the Company’s control, and the Merger Earn Out Shares and Sponsor Earn Out Shares are settled through the issuance (in the case of the Merger Earn Out Shares) or through the vesting (in the case of the Sponsor Earn Out Shares) a fixed number of shares, the Merger Earn Out Shares and Sponsor Earn Out Shares are not a liability within the scope of ASC 480, Distinguishing Liabilities from Equity. Further, although the Merger Earn Out Shares and Sponsor Earn Out Shares meet the definition of a derivative, they qualify for the equity-scope exception to derivative accounting because they meet the criteria for equity indexation and equity classification under ASC 815-40, The Merger Earn Out Shares are reflected in the condensed consolidated financial statements similar to a dividend since this arrangement was entered into with all the common shareholders of Legacy Fast Radius, which is considered the acquirer for accounting purposes. In connection with the execution of the Merger Agreement, the Company entered into separate subscription agreements (the “Subscription Agreements”) with certain investors (each a “Subscriber”), pursuant to which the Subscribers agreed to purchase, and the Company agreed to sell to the Subscribers, an aggregate of 7,500,000 shares of Common Stock (the “PIPE Shares”), for a purchase price of $10.00 per share and an aggregate purchase price of $75 million in the PIPE investment. The PIPE investment closed concurrently with the closing of the Business Combination. Upon the closing of the Business Combination, ENNV had outstanding 8,624,972 Public Warrants and 6,891,667 Private Warrants . The Public Warrants were listed on the Nasdaq Capital Market under the symbol “ENNVW.” Upon the closing of the Business Combination, they became listed on the Nasdaq Global Select Market under the symbol “FSRDW.” The Warrants remain subject to the same terms and conditions as prior to the Business Combination. Also immediately prior to the closing of the Business Combination, the Legacy Fast Radius convertible notes (the “Convertible Notes”) and Legacy Fast Radius warrants (the “Legacy Fast Radius Warrants”) were converted into common shares of Legacy Fast Radius in accordance with their contractual terms. Upon completion of the Business Combination, the outstanding principal and unpaid accrued interest due on the Legacy Fast Radius Convertible Notes were converted into an aggregate of 2.0 million shares of Common Stock, and the converted notes were no longer outstanding, and ceased to exist. Upon completion of the Business Combination, the Legacy Fast Radius Warrants were converted into 2.2 million shares of Common Stock. Upon consummation of the Business Combination and the closing of the PIPE, the most significant change in Legacy Fast Radius’ financial position and results of operations was a total net increase in cash and cash equivalents of approximately $73 million, which reflected the gross proceeds received less repayments of certain indebtedness, transaction costs and other related fees and expenses such as directors & officers’ insurance and certain assumed liabilities from ENNV. The Business Combination is accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, ENNV was treated as the “acquired” company for financial reporting purposes. See Note 1 for further details. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Legacy Fast Radius issuing stock for the net assets of ENNV, accompanied by a recapitalization. The net assets of ENNV are stated at historical cost, with no goodwill or other intangible assets recorded. The following table reconciles the elements of the Business Combination to the unaudited condensed consolidated statements of stockholders’ equity (deficit) and cash flows for the six months ended June 30, 2022: (in thousands) Cash - ENNV trust and cash, net of redemptions $ 30,844 Cash - PIPE financing 75,000 Non-cash 17,655 Non-cash 1,020 Liabilities paid on behalf of or assumed from ENNV (10,361 ) Fair value of assumed common stock warrants (5,847 ) Transaction costs recorded in equity (11,606 ) Net impact on total stockholders’ equity 96,705 Transaction costs not yet paid or paid in the prior year 6,450 Non-cash (17,655 ) Non-cash (1,020 ) Liabilities paid on behalf of ENNV and classified as operating cash flows or assumed from ENNV and not yet paid 5,808 Non-cash 5,847 Net impact on net cash provided by financing activities $ 96,135 |
Supplemental Financial Informat
Supplemental Financial Information | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Note 4. Supplemental Financial Information Allowance for Doubtful Accounts The following table summarizes activity in the allowance for doubtful accounts for the three and six months ended June 30, 2022 and 2021 : (in thousands) Three months ended June 30, Six Months ended June 30, 2022 2021 2022 2021 Balance at beginning of period $ (850 ) $ (535 ) $ (930 ) $ (405 ) Uncollectible accounts (charged) credited to expense (649 ) (158 ) (569 ) (288 ) Uncollectible accounts written off (recovered) — (3 ) — (3 ) Balance at end of period $ (1,499 ) $ (696 ) $ (1,499 ) $ (696 ) Inventories (in thousands) June 30, 2022 December 31, 2021 Raw materials $ 534 $ 433 Work-in-process 21 16 Finished Goods — — Total Inventories $ 555 $ 449 Property and Equipment, Net (in thousands) June 30, 2022 December 31, 2021 Advanced manufacturing machinery & quality equipment $ 5,772 $ 5,705 Software 4,894 2,912 Computer & office hardware 1,226 1,149 Furniture and fixtures 235 39 Leasehold improvements 3,377 3,048 Construction in-progress 711 — Total property, plant and equipment 16,215 12,853 Accumulated depreciation and amortization (4,692 ) (3,325 ) Property, plant and equipment (net) $ 11,523 $ 9,528 Accrued and Other Liabilities Accrued and other liabilities as of June 30, 2022 and December 31, 2021 included costs associated with the Business Combination of approximately $10.5 million and $6.3 million, respectively. |
Revenue
Revenue | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue | Note 8. Revenues The Company charges certain customers shipping and handling fees. These fees are recorded within revenue when incurred after transfer of control of the products to customers. Revenues related to shipping and handling fees were $395 thousand and $784 thousand for the three and six months ended June 30, 2022 and $163 thousand and $220 thousand for the three and six months ended June 30, 2021, respectively. When shipping and handling services are performed before transfer of control to customers, they are accounted for as a fulfillment cost and are included in cost of revenues when incurred. The Company will contract with third parties to produce certain components of a customer order. Costs paid in advance of production are recorded in current assets as prepaid production costs until control of the product is transferred to the customer. Under such outsourced manufacturing arrangements, the Company is the primary obligor to its customer. Contract assets are recorded when the Company has a right to consideration in exchange for goods or services that it has transferred to a customer but for which payment is conditional on more than just the passage of time. Contract liabilities consist of fees paid by the Company’s customers for which the associated performance obligations have not been satisfied and revenue has not been recognized based on the Company’s revenue recognition criteria. The Company did not have any contract assets or liabilities as of June 30, 2022 or December 31, 2021, respectively. During the three and six months ended June 30, 2021, the amount of revenue recognized that was included in deferred revenue as of December 31, 2020 was not significant. Disaggregation of Revenues The Company’s primary sources of revenue are from one revenue stream, product sales of manufactured parts. The Company is also presenting a disaggregation of revenue by geographical region (based on the external customer’s location) for the three and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Revenues Americas $ 6,786 $ 4,669 $ 12,825 $ 8,170 Europe 383 67 553 138 Asia Pacific 106 131 159 355 Total $ 7,275 $ 4,867 $ 13,537 $ 8,663 | NOTE 3 - REVENUES The Company charges certain customers shipping and handling fees. These fees are recorded within revenue when incurred after transfer of control of the products to customers. Revenues related to shipping and handling fees were $0.8 million and $0.4 million for the years ended December 31, 2021 and 2020, respectively. When shipping and handling services are performed before transfer of control to customers, they are accounted for as a fulfillment cost and are included in cost of revenues when incurred. The Company will contract with third parties to produce certain components of a customer order. Costs paid in advance of production are recorded in current assets as prepaid production costs until control of the product is transferred to the customer. Under such outsourced manufacturing arrangements, the Company is the primary obligor to its customer. Contract assets are recorded when the Company has a right to consideration in exchange for goods or services that it has transferred to a customer but for which payment is conditional on more than just the passage of time. Contract liabilities consist of fees paid by the Company’s customers for which the associated performance obligations have not been satisfied and revenue has not been recognized based on the Company’s revenue recognition criteria. The Company did not have any contract assets as of December 31, 2021 or 2020, respectively. Deferred revenue (contract liabilities) is recognized when a customer pays consideration before the Company transfers goods or provide services and was $5 thousand as of December 31, 2020. There were no contract liabilities as of December 31, 2021. During the year ended December 31, 2021, the amount of revenue recognized that was included in deferred revenue as of December 31, 2020 was not significant. Disaggregation of Revenues The Company’s primary sources of revenue are from one revenue stream, product sales of manufactured parts. The Company is also presenting a disaggregation of revenue by geographical region (based on the external customer’s location) for the years ended December 31, 2021 and 2020: Years Ended December 31, 2021 2020 Revenues Americas $ 18,947,044 $ 12,946,158 Europe 499,294 476,087 Asia Pacific 565,726 544,006 Total $ 20,012,064 $ 13,966,251 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment, net, consisted of the following: December 31, 2021 December 31, 2020 Advanced manufacturing machinery & quality equipment $ 5,705,034 $ 3,016,377 Software 2,912,107 — Computer & office hardware 1,148,944 657,972 Furniture and fixtures 38,473 34,753 Leasehold improvements 3,048,419 699,278 Total property and equipment $ 12,852,977 $ 4,408,380 Less: accumulated depreciation and amortization (3,324,550 ) (1,744,014 ) Property and equipment (Net) $ 9,528,427 $ 2,664,366 Depreciation and amortization expense for the years ended December 31, 2021 and 2020, was $1.7 million and $0.8 million, respectively. |
Debt
Debt | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | ||
Debt | Note 5. Debt The following is a summary of short- and long-term debt: (in thousands) June 30, 2022 December 31, 2021 2020 MFS Loan $ 278 $ 314 Manufacturers Capital Promissory Notes 845 968 Related Party - Energize Convertible Debt — 7,600 2020 SVB Loan 8,558 10,225 2021 SVB Loan 20,868 20,800 Related Party - Drive Capital Convertible Debt — 3,000 Related Party - ECP Holdings Convertible Debt — 7,000 Total Outstanding Principal 30,549 49,907 Less: Discounts and deferred financing fees (1,829 ) (7,403 ) Total Outstanding Debt 28,720 42,504 Fair Value of Derivatives — 4,395 Total Debt and Derivative Liabilities $ 28,720 $ 46,899 The following is the summary of future principal repayments of debt: (in thousands) June 30, 2022 Remainder of 2022 $ 11,233 2023 15,160 2024 3,949 2025 207 Total $ 30,549 2021 SVB Loan On February 4, 2022, the 2021 Silicon Valley Bank (“SVB”) Loan was amended to extend the maturity date from the Closing Date to April 3, 2023 and required payment of $2.0 million of the $20.0 million outstanding principal balance upon consummation of the Business Combination. This amendment also added the original $0.8 million fee due at the Closing Date to the amended loan’s outstanding principal balance, deferring its repayment until maturity. In exchange for the extension of the loan, Fast Radius will pay an additional fee of $2.1 million due at maturity. The Company will make six interest-only payments beginning March 1, 2022 and will begin paying $2.4 million in principal beginning September 1, 2022. The interest rate on the term loan is the prime rate + 6.0%. Related Party Convertible Notes – Energize Ventures Fund On March 12, 2021, Legacy Fast Radius entered into a note purchase agreement with Energize Ventures Fund LP, Energize Growth Fund I LP, EV FR SPV and Ironspring Venture Fund I-FR, derivative had a fair value of $2.5 million as of December 31, 2021 and was recorded in Related party convertible notes and derivative liability on the condensed consolidated balance sheet. For the six months ended June 30, 2022, the Company recognized a mark to market gain associated with the derivative of $47 thousand. The following provides a summary of the interest expense of the Company’s Related Party Convertible Notes I and Related Party Derivative Liability with Energize Ventures: (in thousands) Three Months Ended Six Months Ended 2022 2021 2022 2021 Contractual interest expense $ — $ 97 $ 44 $ 97 Amortization of deferred financing costs and convertible debt discount — 283 184 283 Total Interest Expense $ — $ 380 $ 228 $ 380 Effective interest rate 0.0 % 58.3 % 58.3 % 58.3 % The following provides a summary of the convertible notes and derivatives: (in thousands) As of Unamortized deferred issuance costs, derivative, and warrants $ 3,534 Net carrying amount of convertible note 4,066 Principal value of convertible note $ 7,600 Fair value of convertible note and derivative liability $ 9,936 Fair value of convertible note excluding derivative liability $ 7,446 Fair value Level Level 3 For further information on fair value measurements, refer to Note 12. Related Party Convertible Notes – Drive Capital Fund On August 23, 2021, Legacy Fast Radius entered into a Note Purchase Agreement with Drive Capital Fund II LP and Drive Capital Ignition Fund II LP (existing stockholders of Legacy Fast Radius) for convertible promissory notes (collectively the “Related Party Convertible Notes II”). Legacy Fast Radius received funding of $3.0 million on August 24, 2021 at closing. The Notes had a stated interest rate of 6%, with all accrued interest and principal due at maturity, which was scheduled to be August 23, 2023. These Related Party Convertible Notes II contained a share settlement redemption feature that qualified as a derivative liability and required bifurcation. The derivative had a fair value of $0.6 million as of December 31, 2021 and was recorded in Related party convertible notes and derivative liability on the consolidated balance sheet. For the six months ended June 30, 2022, the Company recognized a mark to market loss associated with the derivative of $5 thousand. The following provides a summary of interest expense on the Company’s Related Party Convertible Notes II and Related Party Derivative Liability with Drive Capital: (in thousands) Three Monhs Ended Six Months Ended Contractual interest expense $ — $ 17 Amortization of deferred financing costs and convertible debt discount — 24 Total Interest Expense $ — $ 41 Effective interest rate 0.0 % 17.1 % The following provides a summary of the convertible notes and derivatives: (in thousands) As of Unamortized deferred issuance costs, derivative, and warrants $ 474 Net carrying amount of convertible note 2,526 Principal value of convertible note $ 3,000 Fair value of convertible note and derivative liability $ 3,390 Fair value of convertible note excluding derivative liability $ 2,830 Fair value Level Level 3 Related Party Convertible Notes – Energy Capital Partners Holdings On October 26, 2021, Legacy Fast Radius entered into a Note Purchase Agreement with Energy Capital Partners Holdings, LP for convertible promissory notes (collectively the “Related Party Convertible Notes III”). Legacy Fast Radius received funding of $7.0 million on October 26, 2021 at closing. The Notes had a stated interest rate of 6%, with all accrued interest and principal due at maturity, which was scheduled to be October 26, 2023. These Related Party Convertible Notes III contained a share settlement redemption feature that qualified as a derivative liability and required bifurcation. The derivative had a value of $1.3 million as of December 31, 2021 and was recorded in Related party convertible notes and derivative liability on the consolidated balance sheet. For the six months ended June 30, 2022, the Company recognized a mark to market loss associated with the derivative of $12 thousand. The following provides a summary of the interest expense of the Company’s Related Party Convertible Notes III and Related Party Derivative Liability with Energy Capital Partners Holdings: (in thousands) Three Months Ended Six Months Ended Contractual interest expense $ — $ 40 Amortization of deferred financing costs and convertible debt discount — 52 Total Interest Expense $ — $ 92 Effective interest rate 0.0 % 16.3 % The following provides a summary of the convertible notes and derivatives: (in thousands) As of Unamortized deferred issuance costs, derivative, and warrants $ 1,130 Net carrying amount of convertible note 5,870 Principal value of convertible note $ 7,000 Fair value of convertible note and derivative liability $ 7,829 Fair value of convertible note excluding derivative liability $ 6,484 Fair value Level Level 3 Immediately prior to the completion of the Business Combination, the Related Party Convertible Notes I, II and III, along with unpaid and accrued interest, were converted into 990 thousand shares of common stock of Legacy Fast Radius (2.0 million shares of Common Stock post Business Combination). | NOTE 5 –DEBT The following is a summary of short- and long-term debt: December 31, 2021 December 31, 2020 2018 ATEL Loan $ — $ 359,594 2020 MFS Loan 314,637 384,604 Manufacturers Capital Promissory Notes 967,710 — Related Party - Energize Convertible Debt 7,600,000 — 2020 SVB Loan 10,225,000 — 2021 SVB Loan 20,800,000 — Related Party - Drive Capital Convertible Debt 3,000,000 — Related Party - ECP Holdings Convertible Debt 7,000,000 — Total Outstanding Principal $ 49,907,347 $ 744,198 Less: Discounts (6,816,026 ) — Less: Deferred financing fees (588,339 ) (15,879 ) Total Outstanding debt $ 42,502,982 $ 728,319 Fair value of derivatives 4,395,000 — Total Debt and derivative liabilities $ 46,897,982 $ 728,319 The following is the summary of future principal repayments of debt: Amounts 2022 $ 15,059,584 2023 30,690,676 2024 3,949,970 2025 207,117 Total $ 49,907,347 2018 ATEL Loan On October 4, 2018, the Company entered into a credit agreement with ATEL Ventures (“ATEL”) with a principal amount up to $3.0 million to finance equipment purchases (hereafter referred to as the “ATEL Loan”). All advances under the agreement are collateralized by the specific equipment financed in accordance with the agreement terms. On December 31, 2018, the Company financed the acquisition of advanced manufacturing equipment and machinery in the amount of $1.1 million. The loan required 36 monthly payments of principal and interest, with a maturity date of November 1, 2021. The loan did not have a stated interest rate; therefore, the Company calculated the imputed interest rate using the Yield-to-Maturity A-3 one-third one- 2018 SVB Loan On October 12, 2018, the Company entered into a term loan agreement with Silicon Valley Bank (“SVB”) for $3.0 million (hereafter referred to as the “2018 SVB loan”). The term loan required monthly payments of principal and interest, with all remaining principal and interest due on September 1, 2022. The term loan had an interest rate of prime rate + 1.25%. The loan was substantially collateralized by personal property and equity, as guaranteed by the Company. The term loan agreement did not contain financial covenants. In conjunction with the term loan, the Company issued warrants for the purchase of up to 46,636 shares of Common Stock at an exercise price of $0.45 per share. The warrants were recorded as a discount to the term note. Refer to Note 8 for information regarding redeemable warrants. On February 19, 2020, the Company extinguished the 2018 SVB loan by repaying the outstanding interest and principal balance. The Company also expensed the remainder of the deferred financing fees associated with the loan. 2020 MFS Loan On November 4, 2020, the Company entered into a secured loan agreement with Manufacturers Financing Services (“MFS”) for $0.4 million to finance the purchase of printing equipment. The loan required a 10% down payment at the time of origination, with 60 monthly payments of $7 thousand inclusive of principal and interest to be paid through December 1, 2025. The imputed interest rate for the periods ended December 31, 2021 and 2020 was approximately 3.4% and 4.1%, respectively. The loan agreement does not contain any financial covenants. The loan is substantially secured by the equipment serving as collateral. The outstanding balance of the loan was $315 thousand as of December 31, 2021. 2020 SVB Loan On December 29, 2020, the Company entered into a term loan credit agreement with SVB with a maximum credit extension of $6.5 million (“2020 SVB loan”). On March 12, 2021, the agreement was amended to increase the maximum credit extension to $10.0 million. The credit agreement defines two tranches of “availability” for advances. The first tranche must be drawn by May 31, 2021 and the second tranche must be drawn by September 30, 2021. The agreement requires monthly interest payments of 4.9% on the outstanding principal and monthly principal payments of $277.8 thousand beginning January 1, 2022. The term of the loan is the earlier to occur of the 36th month after the last tranche of funding and no later than December 1, 2024. The interest rate on the term loan is the greater of (a) the prime rate + 1.0%, or (b) 2.25%. In connection with acquiring the financing from the 2020 SVB loan, the Company issued warrants for the purchase of 26,115 shares of Common Stock at an exercise price of $1.81 per share. On March 12, 2021, the Company issued 26,115 additional warrants for the purchase of common shares at an exercise price of $13.49 per share. On May 25, 2021, the Company issued 26,115 additional warrants for the purchase of common shares at an exercise price of $13.49 per share. The warrants were determined to be liability classified and were recorded at their issuance date fair value as a discount to the loan. See Note 8 for further discussion on redeemable warrants. On May 25, 2021, the Company drew the full availability of the loan. The outstanding balance of the loan as of December 31, 2021 was $10.0 million. 2021 SVB Loan On September 10, 2021, the Company entered into a term loan credit agreement with SVB with a maximum credit extension of $20.0 million. The first $10.0 million of the loan can be drawn upon immediately, and the remaining $10.0 million can only be drawn upon to the amount of other additional financing that the Company receives. The company will make interest-only payments until the term loan’s maturity date, which is the earlier of a merger with a special purpose acquisition company (“SPAC”) or March 10, 2022. The interest rate on the term loan is the prime rate + 6.0%. On September 10, 2021, the Company drew the initial $10.0 million and an additional $3.0 million when the Drive Capital convertible debt was issued. The Company subsequently drew the remaining $7.0 million on October 26, 2021 when the ECP convertible debt was issued. As of November 8, 2021, the full $20 million has been drawn on the loan. On February 4, 2022, the 2021 SVB Loan was amended to extend the maturity date from March 10, 2022 to April 3, 2023. Refer to Note 15 for further information regarding the extension. Manufacturers Capital Promissory Notes On January 15, 2021, the Company entered into a note agreement with Manufacturers Capital to finance the purchase of machinery and equipment. The Company received proceeds of $299 thousand which required down payment of 10% at the time of origination. The agreement calls for 48 monthly payments of $5 thousand, inclusive of principal and interest to be paid through January 15, 2025. The imputed interest rate for the year ended December 31, 2021 was 2.8%. The loan agreement does not contain any financial covenants and is substantially secured by the equipment serving as collateral. The outstanding balance of the loan was $168 thousand as of December 31, 2021. On March 24, 2021, the Company entered into a note agreement with Manufacturers Capital to finance the purchase of equipment. The Company received proceeds of $680 thousand which required down payment of 10% at the time of origination. The agreement calls for 48 monthly payments of $11.7 thousand, inclusive of principal and interest to be paid through March 24, 2025. The imputed interest rate for the year ended December 31, 2021 was 3.0%. The loan agreement does not contain any financial covenants and is substantially secured by the equipment serving as collateral. The outstanding balance of the loan was $389 thousand as of December 31, 2021. On July 13, 2021, the Company entered into a note agreement with Manufacturers Capital to finance the purchase of equipment. The Company received proceeds of $253 thousand which required down payment of 10% at the time of origination. The agreement calls for 48 monthly payments of $5.7 thousand, inclusive of principal and interest to be paid through July 13, 2025. The imputed interest rate for the year ended December 31, 2021 was 2.4%. The loan agreement does not contain any financial covenants and is substantially secured by the equipment serving as collateral. The outstanding balance of the loan was $203 thousand as of December 31, 2021. On August 16, 2021, the Company entered into a note agreement with Manufacturers Capital to finance the purchase of equipment. The Company received proceeds of $253 thousand which required down payment of 10% at the time of origination. The agreement calls for 48 monthly payments of $5.7 thousand, inclusive of principal and interest to be paid through August 16, 2025. The imputed interest rate for the year ended December 31, 2021 was 2.0%. The loan agreement does not contain any financial covenants and is substantially secured by the equipment serving as collateral. The outstanding balance of the loan was $207 thousand as of December 31, 2021. Related Party Convertible Notes – Energize Ventures Fund On March 12, 2021, the Company entered into a note purchase agreement with Energize Ventures Fund LP, Energize Growth Fund I LP, EV FR SPV and Ironspring Venture Fund I-FR, The following provides a summary of the interest expense of the Company’s Related Party Convertible Notes I and Related Party Derivative Liability with Energize Ventures: Year ended December 31, (in thousands) 2021 Contractual interest expense $ 327 Amortization of deferred financing costs and convertible debt discount 1,102 Total Interest Expense $ 1,429 Effective interest rate 58.3 % The following provides a summary of the convertible notes and derivatives: As of (in thousands) December 31, 2021 Unamortized deferred issuance costs, derivative, and warrants $ 3,534 Net carrying amount of convertible note 4,066 Principal value of convertible note $ 7,600 Fair value of convertible note and derivative liability 9,936 Fair value of convertible note excluding the derivative liability $ 7,446 Fair value level Level 3 For further information on fair value measurements, refer to Note 10. Related Party Convertible Notes – Drive Capital Fund On August 23, 2021, the Company entered into a Note Purchase Agreement with Drive Capital Fund II LP and Drive Capital Ignition Fund II LP (existing stockholders) for convertible promissory notes (collectively the “Related Party Convertible Notes II”). The Company received funding of $3.0 million on August 24, 2021 at closing. The Notes have a stated interest rate of 6%, with all accrued interest and principal due at maturity, which is August 23, 2023. These Related Party Convertible Notes II contain a share settlement redemption feature that qualifies as a derivative liability and requires bifurcation. The derivative had a fair value of $0.6 million as of December 31, 2021 and was recorded in Related party convertible notes and derivative liability on the consolidated balance sheet. For the year ended December 31, 2021, the Company recognized a mark to market loss associated with the derivative of $11 thousand. The following provides a summary of interest expense on the Company’s Related Party Convertible Notes II and Related Party Derivative Liability with Drive Capital: Year ended December 31, (in thousands) 2021 Contractual interest expense $ 63 Amortization of deferred financing costs and convertible debt discount 86 Total Interest Expense $ 149 Effective interest rate 17.1 % The following provides a summary of the convertible notes and derivatives: As of (in thousands) December 31, 2021 Unamortized deferred issuance costs, derivative, and warrants $ 474 Net carrying amount of convertible note 2,526 Principal value of convertible note $ 3,000 Fair value of convertible note and derivative liability 3,390 Fair value of convertible note excluding the derivative liability $ 2,830 Fair value level Level 3 Related Party Convertible Notes – Energy Capital Partners Holdings On October 26, 2021, the Company entered into a Note Purchase Agreement with Energy Capital Partners Holdings, LP for convertible promissory notes (collectively the “Related Party Convertible Notes III”). The Company received funding of $7.0 million on October 26, 2021 at closing. The Notes have a stated interest rate of 6%, with all accrued interest and principal due at maturity, which is October 26, 2023. These Related Party Convertible Notes III contain a share settlement redemption feature that qualifies as a derivative liability and requires bifurcation. The derivative had a value of $1.3 million as of December 31, 2021 and was recorded in Related party convertible notes and derivative liability on the consolidated balance sheet. For the year ended December 31, 2021, the Company recognized a mark to market loss associated with the derivative of $122 thousand. The following provides a summary of the interest expense of the Company’s Related Party Convertible Notes III and Related Party Derivative Liability with Energy Capital Partners Holdings: Year ended December 31, (in thousands) 2021 Contractual interest expense $ 76 Amortization of deferred financing costs and convertible debt discount 95 Total Interest Expense $ 171 Effective interest rate 16.3 % The following provides a summary of the convertible notes and derivatives: (in thousands) As of December 31, 2021 Unamortized deferred issuance costs, derivative, and warrants $ 1,130 Net carrying amount of convertible note 5,870 Principal value of convertible note $ 7,000 Fair value of convertible note and derivative liability 7,829 Fair value of convertible note excluding the derivative liability $ 6,484 Fair value level Level 3 The Related Party Convertible Notes I, II, and III are convertible |
Income Taxes
Income Taxes | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Income Taxes | Note 11. Taxes The Company’s provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items arising in that period. The Company’s effective tax rate differs from the U.S. statutory tax rate primarily due to valuation allowances on its deferred tax assets as it is more likely than not that some, or all, of the Company’s deferred tax assets will not be realized. There was no income tax benefit for the three and six months ended June 30, 2022 and 2021, respectively. Deferred tax assets and liabilities are determined based upon the differences between the unaudited condensed consolidated financial statements carrying amounts and the tax bases of existing assets and liabilities and for loss and credit carryforwards, using enacted tax rates expected to be in effect in the years in which the differences are expected to reverse. The Company has provided a full valuation allowance against the net deferred tax assets as the Company has determined that it was more likely than not that the Company would not realize the benefits of federal and state net deferred tax assets. | NOTE 6 – INCOME TAXES The components of the Company’s loss before income taxes are as follows: Years Ended December 31, 2021 2020 United States $ (67,883,898 ) $ (21,671,394 ) Foreign — — Total $ (67,883,898 ) $ (21,671,394 ) The Company did not record any current or deferred federal, state or foreign income taxes for the years ended December 31, 2021 and 2020, respectively. The reconciliation of the Federal statutory income tax provision to the Company’s effective income tax provision is as follows: Years Ended December 31, 2021 2020 Federal statutory income tax rate 21 % 21 % Federal income tax at statutory rates $ (14,255,619 ) $ (4,550,993 ) Valuation Allowance 13,982,549 4,435,667 Other, permanent difference 273,070 115,326 Total income tax provision $ — $ — Effective income tax rate 0 % 0 % Deferred income taxes reflect the net tax effects of loss and credit carry forwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred income tax assets and liabilities at December 31, 2021 and 2020 were comprised of the following: Years Ended December 31, 2021 2020 Deferred Tax Assets: Allowance for doubtful accounts $ 273,692 $ 110,381 Accruals and reserves 4,448,488 733,051 Disallowed interest carryforwards 1,332,346 — Net operating loss and other carryforwards 24,171,779 12,418,254 Stock based compensation 505,580 377,514 Other, net 40,507 16,364 Years Ended December 31, 2021 2020 Deferred tax assets before valuation allowance $ 30,772,392 $ 13,655,564 Valuation Allowance (30,739,829 ) (13,591,637 ) Total Deferred Tax Assets, net of valuation allowance 32,563 63,927 Deferred Tax Liabilities: Depreciation 32,563 63,927 Total Deferred Tax Liabilities 32,563 $ 63,927 Net Deferred Tax Assets (Liabilities) $ — $ — A valuation allowance is required to be established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. A full review of all positive and negative evidence needs to be considered, including the Company’s current and past performance, the market environments in which the Company operates, the utilization of past tax credits, length of carry back and carry forward periods, as well as tax planning strategies that might be implemented. Management believes that, based on a number of factors, it is more likely than not, that all of the deferred tax assets may not be realized; and accordingly, as of December 31, 2021 and 2020, the Company has provided a full valuation allowance against its net deferred tax assets. On a gross basis, the Company has Federal net operating loss carry forwards of $89.8 million and $43.9 million as of December 31, 2021 and December 31, 2020, respectively, of which $1.0 million will expire in 2027 and the remainder of which may be carried forward indefinitely. The Company also has State gross net operating loss carry forwards of $79.3 million and $50.1 million as of December 31, 2021 and December 31, 2020, respectively, in various state jurisdictions which begin to expire in 2030. A full valuation allowance has been established for these net operating loss carry forwards as of December 31, 2021 and December 31, 2020. The increase in the valuation allowance in 2021 was due to an increase in the Federal valuation allowance of $14.0 million and an increase to State valuation allowances of $3.2 million. The following is a rollforward of the Company’s valuation allowances for the years ended December 31, 2021 and 2020, respectively: Valuation allowance as of January 1, 2020 $ 7,831,390 Adjustments to the valuation allowance 5,760,247 Valuation allowances as of December 31, 2020 13,591,637 Adjustments to the valuation allowance 17,148,192 Valuation allowance as of December 31, 2021 $ 30,739,829 The Company has no unrecognized tax benefits as of December 31, 2021 and December 31, 2020. The Company is subject to U.S. Federal income tax and various state income taxes. The Company is subject to examination in these jurisdictions for the 2017 year and beyond. |
Taxes
Taxes | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Taxes | Note 11. Taxes The Company’s provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items arising in that period. The Company’s effective tax rate differs from the U.S. statutory tax rate primarily due to valuation allowances on its deferred tax assets as it is more likely than not that some, or all, of the Company’s deferred tax assets will not be realized. There was no income tax benefit for the three and six months ended June 30, 2022 and 2021, respectively. Deferred tax assets and liabilities are determined based upon the differences between the unaudited condensed consolidated financial statements carrying amounts and the tax bases of existing assets and liabilities and for loss and credit carryforwards, using enacted tax rates expected to be in effect in the years in which the differences are expected to reverse. The Company has provided a full valuation allowance against the net deferred tax assets as the Company has determined that it was more likely than not that the Company would not realize the benefits of federal and state net deferred tax assets. | NOTE 6 – INCOME TAXES The components of the Company’s loss before income taxes are as follows: Years Ended December 31, 2021 2020 United States $ (67,883,898 ) $ (21,671,394 ) Foreign — — Total $ (67,883,898 ) $ (21,671,394 ) The Company did not record any current or deferred federal, state or foreign income taxes for the years ended December 31, 2021 and 2020, respectively. The reconciliation of the Federal statutory income tax provision to the Company’s effective income tax provision is as follows: Years Ended December 31, 2021 2020 Federal statutory income tax rate 21 % 21 % Federal income tax at statutory rates $ (14,255,619 ) $ (4,550,993 ) Valuation Allowance 13,982,549 4,435,667 Other, permanent difference 273,070 115,326 Total income tax provision $ — $ — Effective income tax rate 0 % 0 % Deferred income taxes reflect the net tax effects of loss and credit carry forwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred income tax assets and liabilities at December 31, 2021 and 2020 were comprised of the following: Years Ended December 31, 2021 2020 Deferred Tax Assets: Allowance for doubtful accounts $ 273,692 $ 110,381 Accruals and reserves 4,448,488 733,051 Disallowed interest carryforwards 1,332,346 — Net operating loss and other carryforwards 24,171,779 12,418,254 Stock based compensation 505,580 377,514 Other, net 40,507 16,364 Years Ended December 31, 2021 2020 Deferred tax assets before valuation allowance $ 30,772,392 $ 13,655,564 Valuation Allowance (30,739,829 ) (13,591,637 ) Total Deferred Tax Assets, net of valuation allowance 32,563 63,927 Deferred Tax Liabilities: Depreciation 32,563 63,927 Total Deferred Tax Liabilities 32,563 $ 63,927 Net Deferred Tax Assets (Liabilities) $ — $ — A valuation allowance is required to be established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. A full review of all positive and negative evidence needs to be considered, including the Company’s current and past performance, the market environments in which the Company operates, the utilization of past tax credits, length of carry back and carry forward periods, as well as tax planning strategies that might be implemented. Management believes that, based on a number of factors, it is more likely than not, that all of the deferred tax assets may not be realized; and accordingly, as of December 31, 2021 and 2020, the Company has provided a full valuation allowance against its net deferred tax assets. On a gross basis, the Company has Federal net operating loss carry forwards of $89.8 million and $43.9 million as of December 31, 2021 and December 31, 2020, respectively, of which $1.0 million will expire in 2027 and the remainder of which may be carried forward indefinitely. The Company also has State gross net operating loss carry forwards of $79.3 million and $50.1 million as of December 31, 2021 and December 31, 2020, respectively, in various state jurisdictions which begin to expire in 2030. A full valuation allowance has been established for these net operating loss carry forwards as of December 31, 2021 and December 31, 2020. The increase in the valuation allowance in 2021 was due to an increase in the Federal valuation allowance of $14.0 million and an increase to State valuation allowances of $3.2 million. The following is a rollforward of the Company’s valuation allowances for the years ended December 31, 2021 and 2020, respectively: Valuation allowance as of January 1, 2020 $ 7,831,390 Adjustments to the valuation allowance 5,760,247 Valuation allowances as of December 31, 2020 13,591,637 Adjustments to the valuation allowance 17,148,192 Valuation allowance as of December 31, 2021 $ 30,739,829 The Company has no unrecognized tax benefits as of December 31, 2021 and December 31, 2020. The Company is subject to U.S. Federal income tax and various state income taxes. The Company is subject to examination in these jurisdictions for the 2017 year and beyond. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2021 | |
Warrants [Abstract] | |
Warrants | NOTE 8 – WARRANTS Warrants issued to purchase Common Stock On December 29, 2020, in connection with the 2020 SVB Loan, the Company issued warrants for the purchase of 53,693 shares of Common Stock at an exercise price of $0.88 per share. On March 12, 2021, the Company amended the December 29, 2020 warrant agreement such that there would be issuances of warrants upon execution of the amendment and on the draw date of the debt. On the date of the amendment, the Company issued 53,693 warrants at an exercise price of $6.56 per share with an expiration date of March 12, 2033. When the draw occurred on May 25, 2021, the Company issued warrants for the purchase of an additional 53,693 shares of Common Stock to SVB at an exercise price of $6.56 per share with an expiration date of March 12, 2033. As of December 31, 2021, the full amount of the debt has been drawn and 161,079 warrants were issued and outstanding associated with the amended agreement, comprised of 53,693 and 107,386 warrants issued in 2020 and 2021, respectively. The SVB warrants are classified as a derivative liability pursuant to ASC 815-40, 815-40”) On February 2, 2020, for UPS’s role in assisting to lead and secure the Series B Preferred Stock financing round, the Company issued UPS warrants to purchase up to 209,564 shares of the Company’s Common Stock. The exercise price for the warrants issued to UPS is $0.00005 per share. The warrants are classified as equity and were recorded at fair value upon issuance. On April 13, 2021, the Company issued warrants for the purchase of 287,843 shares of Common Stock to holders of the Related Party Convertible Notes I, as further discussed in Note 5. The warrants have an exercise price of $0.005 per share with an expiration date of April 13, 2031. The warrants are classified as equity and were recorded at fair value upon issuance with a corresponding discount to the Related Party Convertible Notes I. On September 10, 2021, the Company issued warrants for the purchase of 218,494 shares of Common Stock to SVB at an exercise price of $10.17 per share with an expiration date of September 10, 2033. These warrants were granted in conjunction with a term loan of up to $20.0 million. As of December 31, 2021, $20.0 million of the debt has been drawn. The SVB warrants are classified as equity and were recorded at fair value upon issuance with a corresponding discount to the notes. Refer to Note 5 for further information regarding this loan. A summary of the Common Stock warrant activity for the years ended December 31, 2021 and 2020 is as follows: Number of Weighted Weighted Weighted Outstanding at January 1, 2020 1,663,325 $ 0.41 $ 0.82 Granted 263,257 0.18 1.09 Exercised — — — Outstanding at December 31, 2020 1,926,582 $ 0.38 $ 0.85 4.06 Exercisable 1,926,582 Number of warrants Weighted average exercise price Weighted average grant date fair value Weighted average remaining contractual term (years) Outstanding at January 1, 2021 1,926,582 $ 0.38 $ 0.85 Granted 613,723 4.77 8.85 Exercised — — — Outstanding at December 31, 2021 2,540,305 $ 1.44 $ 2.79 4.84 Exercisable 2,540,305 As of December 31, 2021 and 2020, there are warrants allowing for the purchase of up to 2,540,305 and 1,926,582 shares of Common Stock, respectively. Warrants are exercisable at any time, at the option of the holder, into Common Stock at a rate of 1 to 1 initially, subject to adjustments for dilution. Other than warrants accounted for under ASC 718, the Company evaluated the warrants for liability or equity classification in accordance with the provisions of ASC 480 and ASC 815-40. Warrants issued to purchase Series A-3 On October 4, 2018, in connection with obtaining a $3.0 million loan from ATEL to finance equipment purchases, the Company issued a warrant to purchase up to 188,650 Series A-3 A-3 The Company evaluated the Series A-3 815-40. A-3 A-3 The Company recognized expense of $2.2 million and $83 thousand related to liability classified warrants during the years ended December 31, 2021 and 2020, respectively, which included changes in fair value and interest expense associated with the amortization of discounts allocated to the related debt liabilities. The Company recognized $1.8 million and $0.3 million of expense related to equity classified warrants (under ASC 718) during the years ended December 31, 2021 and 2020, respectively, which included the costs recognized upon issuance and interest expense associated with the amortization of discounts allocated to the related debt liabilities. The number and kind of securities purchasable upon the exercise of these warrants and their exercise price shall be subject to adjustment from time to time upon the occurrence of certain events which may impact the exercise price and number of shares issued, including (a) stock dividends or splits, etc. (b) reclassification, exchange, combinations or substitution or (c) adjustments to conversion price. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | NOTE 12 – EMPLOYEE BENEFIT PLAN The Company sponsors a defined contribution plan for its employees in the United States. This plan is qualified under Section 401(k) of the U.S. tax code. Currently, the Company does not match any employee contributions and no expense was recorded in the consolidated statements of net loss and comprehensive loss for the years ended December 31, 2021 and 2020, respectively. |
Related Party Transactions
Related Party Transactions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Related Party Transactions | Note 14. Related Party Transactions United Parcel Service Since Legacy Fast Radius’ inception, UPS has contributed significant amounts of capital in the form of equity and debt to Legacy Fast Radius. UPS currently has investments in Common Stock. The Company has multiple agreements with UPS, which are summarized below. Legacy Fast Radius entered into a Discount Agreement in 2016 with UPS, which was amended in March 2017 and March 2019. Under the agreement, UPS performs advertising and brand marketing services for the Company. In exchange for the services, the Company has agreed to compensate UPS in the form of equity royalties which are determined based on 6% of the Company’s gross revenues. The Company determined this arrangement qualifies as a nonmonetary transaction within ASC 718. As of June 30, 2022 and December 31, 2021, the Company recognized $3.4 million and $2.5 million as a related party accrued liability on the condensed consolidated balance sheets. The Company recognized $462 thousand and $837 thousand, respectively, during the three and six months ended June 30, 2022 and $292 thousand and $519 thousand, respectively, during the three and six months ended June 30, 2021 in sales and marketing expense on its condensed consolidated statements of net loss and comprehensive loss. Legacy Fast Radius entered into a warehouse rental agreement with UPS in January 2015. The Company leases space in a warehouse in Louisville, KY that is used for printing equipment, supplies, packages and shipping space. The Company paid $18 thousand and $35 thousand, respectively, in lease payments to UPS for the three and six months ended June 30, 2022 and $16 thousand and $33 thousand, respectively, for the three and six months ended June 30, 2021, respectively. Legacy Fast Radius entered into a shipping service agreement with UPS in 2016 (as amended in both 2017 and 2019) for which the Company receives pickup and delivery services. The Company paid $246 thousand and $697 thousand, respectively, for the three and six months ended June 30, 2022 and $265 thousand and $413 thousand, respectively, for the three and six months ended June 30, 2021 in fees to UPS for shipping services. Legacy Fast Radius entered into a sub-lease sub-leases Energize Venture Fund & Ironspring Venture Fund Energize Venture Fund LP (“Energize”) and Ironspring Venture Fund I, LP (“Ironspring”) have investments in the Company’s Common Stock. On March 12, 2021, Legacy Fast Radius signed a convertible note agreement with Energize and Ironspring, which was funded on April 13, 2021. The Company received $7.6 million in proceeds related to these notes. The notes had a stated interest rate of 6% and an effective interest rate of 58%, with all principal and interest due at maturity. Interest expense recorded on the notes during the six months ended June 30, 2022 was $228 thousand. The notes, including accrued and unpaid interest, were converted into Common Stock upon close of the Business Combination. Legacy Fast Radius also issued warrants to purchase 140,000 shares of Legacy Fast Radius common stock to holders of Energize that were converted into Common Stock upon the close of the Business Combination. Drive Capital Drive Capital has an investment in the Company’s Common Stock. On August 24, 2021, Legacy Fast Radius signed a convertible note agreement with Drive Capital, which was funded on August 24, 2021. Legacy Fast Radius received $3.0 million in proceeds related to these notes. The notes had a stated interest rate of 6% and an effective interest rate of 17%, with all principal and interest due at maturity. Interest expense recorded on the notes during the six months ended June 30, 2022 was $41 thousand. The notes, including accrued and unpaid interest, were converted into Common Stock upon close of the Business Combination. ECP Holdings On October 26, 2021, Legacy Fast Radius signed a convertible note agreement with Energy Capital Partners Holdings LP (“ECP Holdings”), an affiliate of ENNV, which was funded on October 26, 2021. Legacy Fast Radius received $7.0 million in proceeds related to these notes. The notes have a stated interest rate of 6% and an effective interest rate of 16%, with all principal and interest due at maturity. Interest expense recorded on the notes during the six months ended June 30, 2022 was $92 thousand. The notes, including accrued and unpaid interest, were converted into Common Stock upon close of the Business Combination. Palantir Concurrently with the execution of the Merger Agreement in 2021, ENNV entered into subscription agreements with the PIPE Investors, including Palantir, pursuant to which the PIPE Investors agreed to subscribe for and purchase, and ENNV agreed to issue and sell, to the PIPE Investors the PIPE Shares for a purchase price of $10.00 per share, or an aggregate purchase price of $75.0 million, in the PIPE Investment. The PIPE Investment closed concurrently with the Business Combination on February 4, 2022. In May 2021, Legacy Fast Radius entered into a master subscription agreement with Palantir in which Legacy Fast Radius committed to utilize software and services from Palantir over the next six years for a total of $45.0 million. The software and services are related to the Company’s future plan to provide automated intelligence solutions as a service following commercialization of the Company’s Cloud Manufacturing Platform. Upon close of the Merger in February 2022, the Company made a payment to Palantir of $9.4 million and the remaining non-cancellable | NOTE 13 – RELATED PARTY TRANSACTIONS United Parcel Service Since the Company’s inception, UPS has contributed significant amounts of capital in the form of equity and debt to the Company. UPS currently has investments in Common Stock with a balances of $38.4 million as of December 31, 2021 and 2020, respectively. The Company has multiple agreements with UPS, which are summarized below. The Company entered into a Discount Agreement in 2016 with UPS, which was amended in March 2017 and March 2019. Under the agreement, UPS performs advertising and brand marketing services for the Company. In exchange for the services, the Company has agreed to compensate UPS in the form of equity royalties which are determined based on 6% of the Company’s gross revenues. The Company determined this arrangement qualifies as a nonmonetary transaction within ASC 718. In 2019, the Company issued 30,684 shares of Common Stock for these services. As of December 31, 2021 and 2020, the Company recognized $2.5 million and $1.3 million as a related party accrued liability on the consolidated balance sheets. During the years ended December 31, 2021 and 2020, the Company recognized $1.2 million and $0.8 million, respectively, in sales and marketing expense on its consolidated statements of net loss and comprehensive loss. The Company entered into a warehouse rental agreement with UPS in January 2015. The Company leases space in a warehouse in Louisville, KY that is used for printing equipment, supplies, packages and shipping space. The Company paid $66.7 thousand and $65.7 thousand in lease payments to UPS for the years ended December 31, 2021 and 2020, respectively. The Company entered into a shipping service agreement with UPS in 2016 (as amended in both 2017 and 2019) for which the Company receives pickup and delivery services. The Company paid $1.0 and $0.5 million in fees to UPS for shipping services for the years ended December 31, 2021 and 2020, respectively. The Company entered into a sub-lease sub-leases Energize Venture Fund & Ironspring Venture Fund On February 3, 2020, Energize Venture Fund LP (“Energize”) purchased 3,734,151 shares of common stock with a balance of $10.8 million as of December 31, 2021 and 2020, respectively. On February 3, 2020, Ironspring Venture Fund I, LP (“Ironspring”) purchased 304,818 shares of common stock with a balance of $2 million as of December 31, 2021 and 2020, respectively. On March 12, 2021, the Company signed a convertible note agreement with Energize and Ironspring, which was funded on April 13, 2021. The Company received $7.6 million in proceeds related to these notes. The notes have a stated interest rate of 6% and an effective interest rate of 58%, with all principal and interest due at maturity. As of December 31, 2021, the Company recognized $1.4 million in interest expense related to these notes and has recorded a derivative liability with a fair market value of $2.5 million as of December 31, 2021. Please refer to Note 5 for further details. The Company also issued warrants to purchase 287,843 shares of Common Stock to holders of Energize, as further discussed in Note 8. Drive Capital On November 13, 2017, Drive Capital purchased 8,212,671 shares of common stock for $4.0 million. Drive Capital made additional purchases of 3,773,006 shares of common stock on June 12, 2018 and of 1,524,107 shares of common stock on March 21, 2019 for $3.0 million and $10.0 million, respectively. All shares purchased by Drive Capital remain outstanding as of December 31, 2021 and 2020, respectively. On August 24, 2021, the Company signed a convertible note agreement with Drive Capital, which was funded on August 24, 2021. The Company received $3.0 million in proceeds related to these notes. The notes have a stated interest rate of 6% and an effective interest rate of 17%, with all principal and interest due at maturity. As of December 31, 2021, the Company recognized $0.1 million in interest expense related to these notes and has recorded a derivative liability with a fair market value of $0.6 million as of December 31, 2021. Please refer to Note 5 for further details. ECP Holdings On October 26, 2021, the Company signed a convertible note agreement with Energy Capital Partners Holdings LP (“ECP Holdings”), an affiliate of ENNV, which was funded on October 26, 2021. The Company received $7.0 million in proceeds related to these notes. The notes have a stated interest rate of 6% and an effective interest rate of 16%, with all principal and interest due at maturity. As of December 31, 2021, the Company recognized $0.2 million in interest expense related to these notes and has recorded a derivative liability with a fair market value of $1.3 million as of December 31, 2021. Please refer to Note 5 for further details. Palantir Concurrently with the execution of the Merger Agreement, ENNV entered into subscription agreements with certain third-party investors, including, among others, UPS, Palantir and ENNV (the “PIPE Investors”), pursuant to which the PIPE Investors agreed to subscribe for and purchase, and ENNV agreed to issue and sell, to the PIPE Investors an aggregate of 7,500,000 shares of Common Stock (the “PIPE Shares”) for a purchase price of $10.00 per share, or an aggregate purchase price of $75.0 million, in a private placement (the “PIPE Investment”). The Pipe Investment closed concurrently with the Business Combination on February 4, 2022. In May 2021, the Company entered into a master subscription agreement with Palantir in which the Company would commit to utilize software and services from Palantir over the next six years for a total of $45.0 million. The software and services are an integral part of the Company’s plan to provide automated intelligence solutions as a service upon commercialization of the Company’s Cloud Manufacturing Platform. The agreement is structured such that the Company committed to spend $50 thousand per month through the earlier of the closing of the Merger or December 31, 2021. Should the Merger not have been consummated, the Company had the option of terminating the agreement and no further commitments would have been required. Upon close of the Merger in February 2022, the Company made a payment to Palantir of $9.4 million and the remaining non-cancellable |
Commitments & Contingencies
Commitments & Contingencies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Commitments & Contingencies | Note 6. Commitments and Contingencies The Company accounts for loss contingencies in accordance with ASC 450-20, Loss Contingencies Commitments In May 2021, Legacy Fast Radius entered into a master subscription agreement with Palantir Technologies Inc. (“Palantir”) in which Legacy Fast Radius would commit to utilize software and services from Palantir over the next six years for a total of $45.0 million. The software and services are related to the Company’s future plan to provide automated intelligence solutions as a service following commercialization of the Company’s Cloud Manufacturing Platform. Upon close of the Merger in February 2022, the Company made a payment to Palantir of $9.4 million and the remaining non-cancellable Contingencies In October 2021, based on an internal review, Legacy Fast Radius became aware of certain additional duties likely owed to the United States Customs and Border Protection (“CBP”). Legacy Fast Radius initiated a voluntary disclosure to CBP in late 2021 of certain possible errors in the declaration of imported products relating to value, classification, and other matters. As part of the disclosure, the Company conducted a comprehensive review of its import practices and in March 2022 made a further submission to CBP providing details regarding the possible errors. The Company’s comprehensive review of import practices and communication with CBP is ongoing. As a result, related to additional duties primarily from 2021, Legacy Fast Radius recognized a $1.0 million charge within Cost of revenues in the consolidated statement of net loss and comprehensive loss for the year ended December 31, 2021. The information submitted by the Company will be reviewed by CBP and the Company may be liable to CBP for additional unpaid duties and interest. The resolution of this prior disclosure could be material to the Company’s cash flows in a future period and to its results of operations for any period. | NOTE 11 – COMMITMENTS AND CONTINGENCIES The Company accounts for loss contingencies in accordance with ASC 450-20, Loss Contingencies Commitments In May 2021, the Company entered into a master subscription agreement with Palantir Technologies Inc. (“Palantir”) in which the Company would commit to utilize software and services from Palantir over the next six years for a total of $45.0 million. The software and services are an integral part of the Company’s plan to provide automated intelligence solutions as a service upon commercialization of the Company’s Cloud Manufacturing Platform. The agreement is structured such that the Company committed to spend $50.0 thousand per month through the earlier of the closing of the Merger or December 31, 2021. Should the Merger not have been consummated, the Company had the option of terminating the agreement and no further commitments would have been required. Upon close of the Merger in February 2022, the Company made a payment to Palantir of $9.4 million and the remaining non-cancellable Contingencies In October 2021, based on an internal review, the Company became aware of certain additional duties likely owed to the United States Customs and Border Protection (“CBP”). The Company initiated a voluntary prior disclosure to CBP in late 2021 of certain possible errors in the declaration of imported products relating to value, classification, and other matters. The Company’s comprehensive review of import practices and communication with CBP is ongoing to accurately complete the analysis and quantify the liability. As a result, related to additional duties primarily from 2021, the Company recognized a $1.0 million charge within Cost of revenues in the consolidated statement of net loss and comprehensive loss for the year ended December 31, 2021. The Company made a further submission to CBP in March 2022 providing details regarding the possible errors and is working diligently to resolve the matter. The resolution of this prior disclosure could be material to the Company’s cash flows in a future period and to its results of operations for any period. Operating Leases The Company leases certain equipment (3D printers), office space and its corporate headquarters under non-cancelable Future minimum non-cancelable Amounts 2022 2,895,231 2023 2,191,339 2024 779,456 2025 803,073 2026 67,087 Total $ 6,736,187 |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Stock Based Compensation | Note 9. Stock-Based Compensation Equity Incentive Plan On February 2, 2022, the Company’ stockholders approved the Fast Radius, Inc. 2022 Equity Incentive Plan (the “Equity Incentive Plan”), which became effective immediately upon the Closing, replacing the Legacy Fast Radius 2017 Equity Incentive Plan, as amended (the “2017 Equity Incentive Plan”). Each outstanding vested or unvested stock award under the 2017 Plan was converted to the 2022 Plan, multiplied by the applicable exchange ratio as described in Note 3, with the same key terms and vesting requirements. All stock option activity prior to the closing of the Business Combination on February 4, 2022 has been retroactively restated to reflect the Exchange Ratio. Pursuant to the Equity Incentive Plan, the Board may grant stock awards, including stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards, to officers, key employees, and directors. The Equity Incentive Plan allows for non-employee Standard employee RSUs contain both service and performance conditions wherein vesting is generally subject to a requisite four one-year Lock-Up SPAC probability 95 % Remain private probability 5 % SPAC Market Value $ 736 million Conversion Ratio 2.056 Expected annual dividend yield 0.00 % Expected volatility 84 % Risk-free rate of return 0.71 % Expected option term (years) 1.4 years Vesting of the RSUs issued under the 2017 Equity Incentive Plan was dependent on a liquidity event, of which the Business Combination qualified under the 2017 Equity Incentive Plan as a liquidity event, which occurred on February 4, 2022. Accordingly, the Company recognized stock-based compensation expense of $18.7 million as of that date to recognize the vested portion of the awards. CEO Award Pursuant to the terms of his amended and restated employment agreement, Mr. Rassey, the Company’s Chief Executive Officer, was granted a RSU award of 6 million shares under the Equity Incentive Plan for accounting purposes concurrent with the closing of the Business Combination. The award is eligible to vest in installments contingent upon Mr. Rassey’s continued employment as Chief Executive Officer through the date of attainment of ten common stock share price performance goals (“Price Hurdles”), 10% of the total number of shares subject to the award are eligible to vest upon attainment of each separate identified Price Hurdle. Once any portion of the award vests based on achievement of a specific Price Hurdle, no additional portion of the award may vest based on any subsequent attainment of the same Price Hurdle on any later date during the term of the award. The fair value is determined by using the Monte Carlo Simulation valuation model and the assumptions below. The valuation model incorporated the following key assumptions on the date of grant: Stock price $ 7.63 Expected volatility 30.1 % Expected term (years) 10.0 Risk-free rate 1.92 % Discount for lack of marketability 6.9 % The aggregate grant date fair value of the award is $11.6 million. The derived service period under the Monte Carlo Simulation model for the equity-classified award was determined based on the median vesting time for the simulations that achieved the vesting hurdle. Stock-based compensation expense associated with each tranche under the award is recognized over the longer of the (i) derived service period of the tranche and (ii) expected service period, using the accelerated expense recognition method. It is estimated that the stock-based compensation expense for the award will be recognized over 8 years. Stock-based compensation expense was $2.6 million and $22.9 million for the three and six months ended June 30, 2022 and was $0.2 million and $0.5 million for the three and six months ended June 30, 2021, respectively. No income tax benefit was recognized in the condensed consolidated statements of net loss and comprehensive loss and an immaterial amount of compensation was capitalized. Stock-based compensation expense was recorded in the following financial statement lines within the condensed consolidated statements of net loss and comprehensive loss: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Cost of Revenues $ 27 $ 3 $ 142 $ 7 General and Administrative $ 1,834 $ 151 $ 19,379 $ 370 Selling & Marketing $ 196 $ 37 $ 1,379 $ 37 Research & Development $ 505 $ 16 $ 2,030 $ 47 As of June 30, 2022, the Company had approximately 12 million granted but unvested RSUs with unrecognized stock-based compensation expense of $28.8 million remaining to be recognized over a weighted-average period of 2.0 years. Employee Stock Purchase Plan On February 2, 2022, the Company’s stockholders approved the 2022 Employee Stock Purchase Plan, (the “ESPP”). The ESPP provides eligible employees with a means of acquiring equity in the Company at a discounted price using their own accumulated payroll deductions. Under the terms of the ESPP, employees can elect to have amounts of their annual compensation withheld, up to a maximum set by the Board, to purchase shares of Common Stock for a purchase price equal to 85% of the lower of the fair market value per share (at closing) of Common Stock on (i) the first trading day of the offering period or (ii) the last trading day of the offering period. There are 2,150,000 shares of Common Stock reserved for issuance under the ESPP. During the three and six months ended June 30, 2022, there were no shares purchased under the ESPP. | NOTE 9 – STOCK BASED COMPENSATION Stock Options On December 4, 2017, the Company’s Board of Directors adopted its 2017 Incentive Plan which subsequently was amended and restated on July 29, 2020 (the “Plan”). The Plan was entered into with the objective of attracting and retaining key personnel, providing for additional performance incentives, and promoting the success of the Company by increasing the efforts of participants. The Plan seeks to achieve this purpose by providing for awards in the form of stock options (“options”) and RSUs to officers, employees, consultants, and directors of the Company. Pursuant to the Plan, the Company has issued the following stock-based payment awards to employees and nonemployees in exchange for services provided to the Company, (i) options to the Company’s founders, including options early exercised through a promissory note, (ii) stock options and RSUs to various employees and former employees, and (iii) options and warrants issued to various nonemployee consultants (collectively, the “Awards”). The underlying Awards pursuant to the Plan are administered by the Compensation and Management Development Committee of the Board of Directors. 28 million shares are reserved and available for grant and issuance pursuant to the Plan as of the date of adoption of the amended Plan. Stock-based compensation expense during the years ended December 31, 2021 and 2020, was $0.9 million and $1.0 million respectively. No income tax benefit was recognized in the consolidated statements of net loss and comprehensive loss and an immaterial amount of compensation was capitalized during 2021. Stock-based compensation expense was recorded in the following financial statement lines within the consolidated statements of net loss and comprehensive loss: December 31, 2021 December 31, 2020 Cost of Revenues $ 13,402 $ 14,383 General and Administrative $ 680,609 $ 825,664 Selling and Marketing $ 79,695 $ 104,985 Research & Development $ 81,690 $ 47,048 In 2018, founders early exercised approximately 16 million stock options through execution of partial-recourse promissory notes. The options had an exercise price of $0.14 per share. The options contain various service and performance-based vesting conditions. Specifically, a portion of the options vest solely based on a graded four pre-money During fiscal year 2020, the Company issued approximately 2 million stock options to its employees and consultants collectively at exercise prices ranging between $0.70 and $0.88. Stock options granted to employees were subject to graded service-based vesting over the period of four years (primarily), subject, in each case, to the individual’s continued service through the applicable vesting date. In 2019, the Company issued 136,152 stock options to nonemployees in connection with their respective advisory services to the Company at exercise prices of $0.70. There were no stock options issued to nonemployees during the years ended December 31, 2021 and 2020. Stock options granted to one of the nonemployees are subject to both performance and service-based conditions wherein vesting is contingent upon meeting certain business development goals per year and subject to continued services as senior advisor to the Company. Whereas stock options granted to another nonemployee is subject to a standard four-year time-based vesting schedule with 1/16 January 11, 2020 The following table summarizes activity in relation to the Company’s stock options issued to employees, founders and consultants: Number of Weighted Weighted Date Fair Value Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (years) Balance at January 1, 2021 7,354,441 $ 0.60 $ 0.33 8.59 $ 8,636,744 Granted — — — — Exercised 218,925 0.47 0.26 2,882,631 Forfeited 524,578 0.62 0.33 5,965,765 Expired 59,953 0.72 0.39 675,649 Number of Weighted Weighted Date Fair Value Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (years) Balance at December 31, 2021 6,550,985 $ 0.61 $ 0.33 7.60 $ 75,296,955 Exercisable at December 31, 2021 3,197,157 0.50 0.27 7.31 37,456,625 Expected to vest at December 31, 2021 3,353,828 0.71 0.36 7.87 37,840,330 As of December 31, 2021, there was approximately $0.9 million of unrecognized compensation cost related to options under the Plan which is expected to be recognized over a weighted average period of 1.1 years. The Company recognizes compensation expense for the options equal to the fair value of the equity-based compensation awards over the vesting period of such awards. The fair values associated with the options are estimated on the date of grant using the Black-Scholes option-pricing model using the following assumptions: 2020 Expected annual dividend yield 0.00 % Expected volatility 51.78 % Risk-free rate of return 0.75 % Expected option term (years) 5.98 The Black-Scholes option pricing model requires the input of certain subjective assumptions, including (a) the expected stock price volatility, (b) the calculation of expected term of the award, (c) the risk-free interest rate and (d) expected dividends. Due to the lack of company-specific historical and implied volatility data for trading the Company’s stock in the public market, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. The computation of expected volatility is based on the historical volatility of a representative group of companies with similar characteristics to the Company, including stage of product development and digital manufacturing industry focus. The Company is a technology and services platform positioned as a supply chain solution and the representative group of companies has certain similar characteristics to the Company. The Company believes the group selected has sufficient similar economic and industry characteristics and includes companies that are most representative of the Company. The expected term is applied to the stock option grant group as a whole, as the Company does not expect substantially different exercise or post-vesting termination behavior among its employee population. For options granted to nonemployees, the Company utilizes the contractual term of the arrangement as the basis for the expected term assumption. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the options. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its Common Stock, which is similar to the Company’s peer group. Restricted Stock Units As of December 31, 2021 and 2020, the Company has issued 4,936,522 and 530,548, respectively, of RSUs with a weighted average grant date fair value of $7.56 and $0.87 per RSU, respectively. Of the 4,936,522 RSUs issued as of December 31, 2021, 2,799,795 are standard RSUs and 2,136,726 are founder RSUs. Standard employee RSUs contain both service and performance conditions wherein vesting is generally subject to a requisite four year service period, whereby the award vests one-year Commencement Date (as defined in the Company’s Stock Purchase Agreement) then ratably over 36 monthly installments, subject to continuous service by the individual and achievement of the performance target, as stipulated in the notice of grant (“Liquidity Event” as defined in the underlying agreements). Due to the nature of the performance condition, recognition of compensation cost has been deferred until the occurrence of a Liquidity Event. As of December 31, 2021, unrecognized compensation costs associated with outstanding RSUs was approximately $35.8 million. Founder RSUs include a portion that vests upon the closing of a SPAC transaction or the first IPO to occur following February 1, 2021, and a portion that will vest on the first day following the lapse of the Lock-up See below for a summary of RSU activity for the year ended December 31, 2021: Number of units Weighted average Non-vested 493,358 $ 0.87 Granted 4,405,974 8.37 Vested — — Forfeited (257,372 ) 5.83 Non-vested 4,641,960 $ 7.72 The stock-based compensation expense associated with RSUs will not be recognized until the completion of a Liquidity Event, at which time RSUs whose service conditions have been met will vest and the associated compensation costs will be recognized as stock-based compensation expense. As of December 31, 2021, the service conditions for 342,945 of the outstanding 2,505,234 standard employee RSUs have been achieved. The remaining outstanding employee RSUs are expected to achieve their service conditions over a weighted average period of approximately 1.4 years. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Note 10. Restructuring In June 2022, the Board of Directors of the Company approved a cost optimization initiative that includes a workforce reduction of approximately 20% (including the elimination of open roles). The purpose of the workforce reduction is to streamline the Company’s operational structure, reducing its operating expenses and managing its cash flows. The Company has commenced workforce reductions and expects to complete these actions by the end of the third quarter of 2022. The Company is also conducting a facility rationalization assessment and assessing other operational savings measures. Through June 30, 2022, the Company has incurred costs of $598 thousand related to these actions, of which approximately $153 thousand were related to non-cash Restructuring expenses, which are comprised primarily of employee termination costs and non-cash Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Cost of Revenues $ 160 $ — $ 160 $ — General and Administrative $ 276 $ — $ 276 $ — Selling & Marketing $ 143 $ — $ 143 $ — Research & Development $ 19 $ — $ 19 $ — The following table summarizes activity in the liability related to the Company’s workforce reduction employee termination costs (in thousands): Liability balance at December 31, 2021 $ — Charges 445 Payments — Liability balance at June 30, 2022 $ 445 All of the Company’s restructuring liabilities as of June 30, 2022 relate to employee termination costs and all cash payments for those liabilities are expected to be disbursed by the end of 2022. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Stockholders' Equity (Deficit) | Note 7. Equity The condensed consolidated statements of changes in stockholders’ equity (deficit) reflects the Business Combination as defined in Note 1 as of February 4, 2022. As Legacy Fast Radius was deemed the accounting acquirer in the Business Combination with ENNV, all periods prior to the consummation date reflect the balances and activity of Legacy Fast Radius. The balances as of January 1, 2022 and 2021 are from the consolidated financial statements of Legacy Fast Radius as of that date, share activity (convertible preferred stock, common stock, treasury stock, additional paid in capital and accumulated deficit) and per share amounts were retroactively adjusted, where applicable, using the recapitalization conversion ratio of 2.056. Common Stock Upon closing of the Business Combination, pursuant to the terms of the Company’s Second Amended and Restated Certificate of Incorporation, the Company authorized 350,000,000 shares of Common Stock with a par value $0.0001. The holders of Common Stock are entitled to one vote per share on all matters submitted to the stockholders for their vote or approval and are entitled to receive dividends, as and if declared by the Board out of legally available funds. The Company had 75,535,463 million issued and outstanding shares of Common Stock as of June 30, 2022. Not reflected in the shares issued and outstanding as of June 30, 2022 is approximately 1.8 million shares related to RSUs that vested in 2022 but have not yet been settled and issued. Additionally, the Company will be required to issue the Merger Earn Out Shares in two equal tranches of 5,000,000 shares of Common Stock if the Company’s Common Stock reaches values of $15.00 and $20.00, respectively, as discussed in Note 3. Preferred Stock Upon closing of the Business Combination, pursuant to the terms of the Company’s Second Amended and Restated Certificate of Incorporation, the Company authorized 1,000,000 shares of Preferred Stock with a par value $0.0001. There was no Preferred Stock outstanding as of June 30, 2022. Legacy Fast Radius Warrants Immediately prior to the completion of the Business Combination, all outstanding Legacy Fast Radius Warrants were exercised into an aggregate of 1.1 million shares of Legacy Fast Radius common stock (2.2 million shares of Common Stock post Business Combination). Legacy Fast Radius Convertible Preferred Stock Immediately prior to the completion of the Business Combination, all outstanding shares of Legacy Fast Radius preferred stock converted into an aggregate of 16.0 million shares of Legacy Fast Radius common stock (32.9 million shares of Common Stock post Business Combination). Legacy Fast Radius Treasury Stock Immediately prior to the completion of the Business Combination, all treasury shares of Legacy Fast Radius were retired. Warrants Prior to the Business Combination, there were 15,516,667 warrants to purchase Common Stock outstanding, consisting of 8,625,000 Public Warrants and 6,891,667 Private Placement Warrants held by the ENNV initial stockholders. Following the Business Combination, there were 15,516,639 warrants to purchase Common Stock outstanding, consisting of 8,624,972 Public Warrants and 6,891,667 Private Placement Warrants held by the ENNV initial stockholders, with the reduction in Public Warrants resulting from rounding for fractional interests. Each warrant entitles the registered holder to purchase one share of Common Stock at a price of $11.50 per share. The warrants expire on February 4, 2027, or earlier upon redemption or liquidation. Refer to Note 2 for additional information. Equity Purchase Agreement On May 11, 2022, the Company entered into a purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC, an Illinois limited liability company (“Lincoln Park”), pursuant to which Lincoln Park has committed to purchase up to $30.0 million worth of Common Stock. Concurrently with entering into the Purchase Agreement, the Company also entered into a registration rights agreement (the “Registration Rights Agreement”) with Lincoln Park, pursuant to which it agreed to register the offer and sale of shares of Common Stock available for issuance under the Purchase Agreement under the Securities Act of 1933, as amended (the “Securities Act”). Beginning on the Commencement Date (as defined below) and thereafter, the Company has the right, but not the obligation, to deliver to Lincoln Park a purchase notice (a “Regular Purchase Notice”), directing Lincoln Park to purchase up to 100,000 shares of Common Stock (the “Regular Purchase Amount”) provided that the closing sale price of Common Stock on the purchase date is not below a threshold price set forth in the Purchase Agreement (a “Regular Purchase”). The Regular Purchase Amount may be increased to various limits, up to 400,000 shares, if the closing sale price of Common Stock on the applicable purchase date equals or exceeds certain higher threshold prices set forth in the Purchase Agreement, provided that Lincoln Park’s maximum committed purchase obligation under any single Regular Purchase may not exceed $2.0 million. The above-referenced share amount limitations and closing sale price thresholds are subject to adjustment for any reorganization, recapitalization, non-cash If the Company directs Lincoln Park to purchase the maximum number of shares of Common Stock that the Company may sell in a Regular Purchase, then in addition to such Regular Purchase, and subject to certain conditions and limitations in the Purchase Agreement, the Company may direct Lincoln Park to purchase additional shares of Common Stock in accelerated purchases (each, an “Accelerated Purchase”) up to the lower of: (i) three times the number of shares of Common Stock purchased pursuant to the corresponding Regular Purchase or (ii) 30% of the trading volume on the date of each such accelerated purchase or such shorter period as provided under the Purchase Agreement. The purchase price for the additional shares is 97% of the lesser of: • the closing sale price for the Common Stock on the date of sale; or • the accelerated purchase date’s volume weighted average price of the Common Stock on the date of sale. The aggregate number of shares of Common Stock that the Company can sell to Lincoln Park under the Purchase Agreement may in no case exceed 14,643,920 shares (subject to adjustment as described above) of Common Stock (which is equal to approximately 19.99% of the shares of Common Stock outstanding immediately prior to the execution of the Purchase Agreement) (the “Exchange Cap”), unless (i) Company stockholder approval is obtained to issue Purchase Shares above the Exchange Cap, in which case the Exchange Cap will no longer apply, or (ii) the average price of all applicable sales of Common Stock to Lincoln Park under the Purchase Agreement equals or exceeds $0.62 per share of Common Stock (which represents the lower of (A) the Nasdaq official closing price of the Common Stock on the trading day immediately preceding the date of the Purchase Agreement or (B) the average Nasdaq official closing price of the Common Stock for the five consecutive trading days ending on the trading day immediately preceding the date of the Purchase Agreement, adjusted such that the transactions contemplated by the Purchase Agreement are exempt from the Exchange Cap limitation under applicable Nasdaq rules). In all cases, the Purchase Agreement also prohibits the Company from directing Lincoln Park to purchase any shares of Common Stock if those shares, when aggregated with all other shares of Common Stock then beneficially owned by Lincoln Park (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 13d-3 As consideration for Lincoln Park’s commitment to purchase shares of Common Stock under the Purchase Agreement, the Company issued 728,385 shares of Common Stock to Lincoln Park as a commitment fee. The $452 thousand fair value of the commitment fee shares was recorded to General and administrative expense upon execution of the agreement in the second quarter of 2022. Upon the date of the first Regular Purchase, the Company will be required to issue 182,096 shares as an additional commitment fee. The Company has not sold any Common Stock to Lincoln Park under the Purchase Agreement as of June 30, 2022. The Purchase Agreement contains customary representations, warranties, covenants, closing conditions and indemnification provisions. Sales under the Purchase Agreement may commence only after certain conditions have been satisfied (the date on which all requisite conditions have been satisfied, the “Commencement Date”), which conditions include the effectiveness of a registration statement covering the resale of the shares of Common Stock issued or sold by the Company to Lincoln Park under the Purchase Agreement, the filing with The Nasdaq Stock Market of a Listing of Additional Shares notification with respect to the shares of Common Stock issued or sold by the Company to Lincoln Park under the Purchase Agreement and Nasdaq having raised no objection to the consummation of transactions contemplated under the Purchase Agreement, and the receipt by Lincoln Park of a customary opinion of counsel and other certificates and closing documents. The Purchase Agreement may be terminated by the Company at any time for any reason or for no reason, without any cost or penalty, by giving one business day notice to Lincoln Park. Lincoln Park has covenanted not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of the Common Stock. Although the Company has agreed to reimburse Lincoln Park for a limited portion of the fees it incurred in connection with the Purchase Agreement, the Company has not and will not pay any additional amounts to reimburse or otherwise compensate Lincoln Park in connection with the transaction, other than the issuance of the shares of Common Stock being issued as a commitment fee. There are no limitations on use of proceeds, financial or business covenants, restrictions on future financings (other than restrictions on the Company’s ability to enter into variable rate transactions described in the Purchase Agreement), rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement. The Company may deliver Purchase Notices under the Purchase Agreement, subject to market conditions, and in light of its capital needs from time to time and under the limitations contained in the Purchase Agreement. Any proceeds that the Company receives under the Purchase Agreement are expected to be used to advance its growth strategy and for general corporate purposes. | NOTE 7 – STOCKHOLDERS’ EQUITY (DEFICIT) The consolidated statements of changes in stockholders’ equity (deficit) reflects the Business Combination as defined in Note 1. As Fast Radius was deemed the accounting acquirer in the Business Combination with ENNV, all periods prior to the consummation date reflect the balances and activity of Fast Radius. The balances as of January 1, 2021 and 2020 are from the consolidated financial statements of Fast Radius as of that date, share activity (convertible preferred stock, common stock, treasury stock, additional paid in capital and accumulated deficit) and per share amounts were retroactively adjusted, where applicable, using the recapitalization conversion ratio of 2.056. Common Equity Upon closing of the Business Combination, pursuant to the terms of the Company’s Second Amended and Restated Certificate of Incorporation, the Company authorized 350,000,000 shares of Common Stock with a par value $0.0001. The holders of Common Stock are entitled to one vote per share on all matters submitted to the stockholders for their vote or approval and are entitled to receive dividends, as and if declared by the Board out of legally available funds. The Company has issued and outstanding 39,913,100 and 38,654,855 shares of Common Stock as of December 31, 2021 and 2020, respectively, based on the Exchange Ratio. Preferred Equity Upon closing of the Business Combination, pursuant to the terms of the Company’s Second Amended and Restated Certificate of Incorporation, the Company authorized 1,000,000 shares of Preferred Stock with a par value $0.0001. No shares of Preferred Stock are outstanding subsequent to the Business Combination. Immediately prior to the completion of the Business Combination, all outstanding shares of Fast Radius Preferred Stock converted into an aggregate of 16.0 million shares of Fast Radius common stock (32.9 million shares of Common Stock post Business Combination). |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value Measurements | Note 13. Fair Value Measurements The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 by level within the fair value hierarchy are as follows: June 30, 2022 (in thousands) Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Cash sweep accounts $ 37,864 $ — $ — Public warrants $ 653 $ — $ — Private placement warrants $ — $ 522 $ — December 31, 2021 (in thousands) Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Cash sweep and money market accounts $ 8,702 $ — $ — Related party derivative liability $ — $ — $ 4,395 Legacy Fast Radius warrant liability $ — $ — $ 2,968 There were no transfers between Level 1, 2 or 3 during the three and six months ended June 30, 2022. Fair Value of warrants issued to purchase Legacy Fast Radius Common Stock The following table includes a summary of the changes in fair value of the liability classified warrants issued to purchase Legacy Fast Radius common stock measured at fair value using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Beginning balance $ — $ 1,153 $ 2,014 $ 87 Additions — 481 — 988 Change in fair value — (184 ) (1,475 ) 375 Converted to common stock — (539 ) — Ending balance $ — $ 1,450 $ — $ 1,450 A summary of the weighted average significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liability for common share warrants categorized within Level 3 of the fair value hierarchy as of February 4, 2022 (the conversion date) and December 31, 2021 is as follows: February 4, 2022 December 31, 2021 Legacy Fast Radius stock price $ 15.69 $ 28.28 Term (Years) N/A 10.71 Volatility N/A 84.40 % Risk-free rate of return N/A 1.52 % Dividend yield 0.00 % 0.00 % Fair Value of warrants issued to purchase Legacy Fast Radius series A-3 The following table includes a summary of changes in fair value of the liability classified warrants issued to purchase Legacy Fast Radius series A-3 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Beginning balance $ — $ 806 $ 954 $ 112 Additions — — — — Change in fair value — (17 ) (473 ) 677 Converted to common stock — (481 ) — Ending balance $ — $ 789 $ — $ 789 A summary of the weighted average significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liability for preferred share warrants is categorized within Level 3 of the fair value hierarchy as of February 4, 2022 (the conversion date) and December 31, 2021 is as follows: February 4, 2022 December 31, 2021 Legacy Fast Radius stock price 15.69 $ 30.19 Term (Years) N/A 11.26 Volatility N/A 83.10 % Risk-free rate of return N/A 1.54 % Dividend yield 0.00 % 0.00 % Related Party Derivative Liability The following table includes a summary of changes in fair value of the Company’s Related party derivative liabilities related to the convertible notes measured at fair value using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Beginning balance $ — $ — $ 4,395 $ — Additions — 2,415 — 2,415 Change in fair value — (6 ) (30 ) (6 ) Converted to common stock — — (4,365 ) — Ending balance $ — $ 2,409 $ — $ 2,409 A summary of the weighted average significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability categorized within Level 3 of the fair value hierarchy as of February 4, 2022 (the conversion date) and December 31, 2021 is as follows: Energize February 4, 2022 December 31, 2021 Cost of debt 11.0 % 11.0 % Term (Years) 0.0 0.08 - 0.25 Present value factor 1 0.98 - 0.99 Drive Capital February 4, 2022 December 31, 2021 Cost of debt 11.0 % 11.0 % Term (Years) 0.0 0.08 - 0.25 Present value factor 1 0.98 - 0.99 ECP Holdings February 4, 2022 December 31, 2021 Cost of debt 11.0 % 11.0 % Term (Years) 0.0 0.08 - 0.25 Present value factor 1 0.98 - 0.99 Other The carrying amounts reported in the condensed consolidated balance sheets for accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short-term maturities. With the exception of the Company’s Related Party Convertible Notes, the fair value of the Company’s debt approximates their carrying values based on the variable nature of interest rates and current market rates available. The Company considered its debt at December 31, 2021 to be a Level 3 measurement in the fair value hierarchy as significant judgment was involved to determine the fair value of embedded conversion features. Refer to Note 5 for further information regarding the fair value of the Company’s Related Party Convertible Notes. | Note 10 – Fair Value Measurements The Company measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Each level of input has different levels of subjectivity and difficulty involved in determining fair value. Level 1 - Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date. Therefore, determining fair value for Level 1 investments generally does not require significant judgment, and the estimation is not difficult. Level 2 - Pricing is provided by third-party sources of market information obtained through investment advisors. The Company does not adjust for or apply any additional assumptions or estimates to the pricing information received from its advisors. Level 3 - Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The determination of fair value for Level 3 instruments involves the most management judgment and subjectivity. The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2021 and 2020 by level within the fair value hierarchy are as follows: December 31, 2021 Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Cash sweep and money market accounts $ 8,701,895 $ $ Related party derivative liabilities $ — $ — $ 4,395,000 Warrant liability $ — $ — $ 2,968,435 December 31, 2020 Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Cash sweep and money market accounts $ 17,562,823 $ — $ — Warrant liability $ — $ — $ 199,408 There were no transfers between Level 1, 2 or 3 during the periods ended December 31, 2021 and December 31, 2020. Fair Value of warrants issued to purchase Common Stock The following table includes a summary of the changes in fair value of the Company’s liability classified warrants issued to purchase Common Stock measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Beginning balance $ 86,963 $ — Additions 987,747 86,963 Change in fair value recorded in earnings 939,454 — Ending balance $ 2,014,164 $ 86,963 A summary of the weighted average significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liability for common share warrants, including the estimated common stock price of Fast Radius Operations, Inc. prior to the recapitalization, categorized within Level 3 of the fair value hierarchy as of December 31, 2021 and 2020 is as follows: December 31, 2021 December 31, 2020 Stock Price $ 28.28 $ 4.11 Term (Years) 10.71 12.00 Volatility 84.40 % 120.13 % Risk-free rate of return 1.52 % 0.13 % Dividend Yield 0.00 % 0.00 % Fair Value of warrants issued to purchase series A-3 The following table includes a summary of changes in fair value of the Company’s liability classified warrants issued to purchase series A-3 December 31, 2021 December 31, 2020 Beginning balance $ 112,445 $ 32,405 Additions — — Change in fair value recorded in earnings 841,826 80,040 Ending balance $ 954,271 $ 112,445 A summary of the weighted average significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liability for A-3 December 31, 2021 December 31, 2020 Stock Price $ 30.19 $ 4.23 Term (Years) 11.26 12.50 Volatility 83.10 % 118.63 % Risk-free rate of return 1.54 % 0.13 % Dividend Yield 0.00 % 0.00 % Related Party Derivative Liability The following table includes a summary of changes in fair value of the Company’s Related party derivative liabilities related to the convertible notes measured at fair value using significant unobservable inputs (Level 3) for the year ended December 31, 2021: December 31, 2021 Beginning balance $ — Additions 4,187,000 Change in fair value recorded in earnings 208,000 Ending balance $ 4,395,000 A summary of the weighted average significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability categorized within Level 3 of the fair value hierarchy as of December 31, 2021 and their inception dates are as follows: Energize Ventures December 31, 2021 April 13, 2021 Cost of debt 11.0 % 11.0 % Term (Years) 0.08 – 0.25 0.25 – 0.50 Present value factor 0.98 – 0.99 0.95 – 0.97 Drive Capital December 31, 2021 August 24, 2021 Cost of debt 11.0 % 11.0 % Term (Years) 0.08 – 0.25 0.31 – 0.60 Present value factor 0.98 – 0.99 0.94 – 0.97 ECP Holdings December 31, 2021 October 26, 2021 Cost of debt 11.0 % 10.0 % Term (Years) 0.08 – 0.25 0.27 – 0.43 Present value factor 0.98 – 0.99 0.96 – 0.98 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net Loss Per Share | Note 12. Net Loss Per Share The Company computes basic loss per share using net loss attributable to stockholders and the weighted-average number of Common Stock shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive. The Company’s potentially dilutive securities, which include stock options, unvested restricted stock awards/units, earnout awards, convertible notes, redeemable convertible preferred stock and warrants to purchase shares of stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to the Company’s stockholders’ is the same. The reconciliation of the numerator and denominator for the basic and diluted earnings calculations for the three and six months ended June 30, 2022 and 2021 is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share data) 2022 2021 2022 2021 Income (loss) available to common stockholders per share: Net loss $ (22,187 ) $ (15,105 ) $ (66,787 ) $ (27,891 ) Weighted average common shares outstanding: Basic and Diluted 75,635,501 41,586,759 69,082,330 41,165,974 Net loss per share - Basic and Diluted $ (0.29 ) $ (0.36 ) $ (0.97 ) $ (0.68 ) The computation of diluted net loss per share excluded approximately 44 million and 11 million securities in 2022 and 2021, respectively, because their inclusion would have had an anti-dilutive effect on net loss per share | NOTE 14 – NET LOSS PER SHARE The Company computes basic loss per share using net loss attributable to Common Stockholders and the weighted-average number of Common Stock shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive. The Company’s potentially dilutive securities, which include stock options, unvested restricted stock awards/units, convertible notes, redeemable convertible preferred stock and warrants to purchase shares of redeemable convertible preferred stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to the Company’s stockholders’ is the same. Presented in the table below is a reconciliation of the numerator and denominator for the basic and diluted earnings calculations for the years ended December 31, 2021 and 2020 is as follows: December 31, 2021 December 31, 2020 Income (loss) available to Common Stockholders per share: Net loss $ (67,883,898 ) $ (21,671,394 ) Weighted average common shares outstanding: Basic and Diluted 41,454,582 38,900,813 Net loss per share – Basic and Diluted $ (1.64 ) $ (0.56 ) The computation of diluted net loss per share excluded approximately 16 million and 8 million shares in 2021 and 2020, respectively, because their inclusion would have had an anti-dilutive effect on net loss per share |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events | NOTE 15 – SUBSEQUENT EVENTS In connection with the preparation of the consolidated annual financial statements for the year ended December 31, 2021, management has evaluated events through March 30, 2022 which is the date the financial statements were issued, to determine whether any events required recognition or disclosure in the consolidated financial statements. The following subsequent events were identified through the date of these consolidated financial statements: On February 4, 2022, Fast Radius consummated the Business Combination. The aggregate merger consideration issued by ENNV (such company, following the Business Combination, the “ Combined Company • Each issued and outstanding share of Fast Radius capital stock was converted into and exchanged for 65,000,000 shares of the Combined Company’s Common Stock. • Outstanding principal on the mandatorily redeemable Fast Radius convertible notes were converted into 989,539 shares of Fast Radius Common Stock (2,034,513 shares of the Combined Company’s Common Stock). • 1,267,948 warrants were exercised and converted into 1,089,378 shares of the Combined Company’s Common Stock. • 803,227 RSUs and 25,306 options vested upon the closing of the Business Combination. Compensation expense associated with these awards will be recognized in the first quarter of 2022. • $3.6 million in transaction bonuses to certain founders and employees of the Company upon consummation of the Business Combination became due. Upon the completion of the Business Combination, Lou Rassey, Chief Executive Officer, was granted a restricted stock unit award (“Closing RSU Award”) under the Plan. The Closing RSU Award will be in respect to the number of shares of Combined Company Common Stock equal to 5% of the sum of: (i) the total number of shares of Combined Company Common Stock as determined on a fully diluted basis as of the Closing, plus (ii) total number of Earn Out Shares. The Closing RSU Award is eligible to vest in installments contingent upon Mr. Rassey’s continued employment as Chief Executive Officer through the date of attainment of each of the Combined Company common stock share price performance goals. The aggregate estimated grant date fair value of the closing RSU award will be determined using a Monte Carlo Simulation model during the first quarter of 2022. On February 4, 2022, the 2021 SVB Loan was amended to extend the maturity date from the Closing to April 3, 2023 and required payment of $2.0 million of the $20.0 million outstanding principal balance upon consummation of the Business Combination. This amendment also added the original $0.8 million fee due at the SPAC closing to the amended loan’s outstanding principal balance, deferring its repayment until maturity. In exchange for the extension of the loan, Fast Radius will pay an additional fee of $2.1 million due at maturity. The Company will make six interest-only payments beginning March 1, 2022 and will begin paying $2.4 million in principal beginning September 1, 2022. The interest rate on the term loan is the prime rate + 6.0%. In conjunction with the close of the Business Combination, the Company paid approximately $9.4 million to Palantir related to services provided under the agreement as of the Closing. Please refer to Note 11 for further details. The Company is not aware of any additional subsequent events, other than those described above, that would require recognition or disclosure in the consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Emerging Growth Company | Emerging Growth Company As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act until such time the Company is no longer considered to be an EGC. The adoption dates discussed below reflect this election. | |
Use of Estimates in Condensed Consolidated Financial Statements | Use of Estimates in Condensed Consolidated Financial Statements The preparation of the consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, related disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses for the periods presented. The Company’s most significant estimates and judgements involve valuation of the Company’s debt and equity securities (prior to the Business Combination), including assumptions made in the fair value of warrants, derivatives, and stock-based compensation; the useful lives of fixed assets; and allowances for doubtful accounts. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from management’s estimates if these results differ from historical experience or other assumptions prove not to be substantially accurate, even if such assumptions are reasonable when made. Other than the below, there have been no material changes to the Company’s significant accounting policies from its audited consolidated financial statements included as Exhibit 99.1 to the Company’s Form 8-K/A | Use of Estimates The preparation of the consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, related disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses for the periods presented. The Company’s most significant estimates and judgements involve valuation of the Company’s debt and equity securities, including assumptions made in the fair value of warrants, derivatives, and stock-based compensation; the useful lives of fixed assets; and allowances for doubtful accounts. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less, or with the ability to redeem amounts on demand, to be cash and cash equivalents. The carrying amount of cash equivalents are reported at cost, which approximates their fair value. | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The Company has determined the estimated fair value of its financial instruments including stock-based awards, derivatives, and certain warrants, which are accounted for as liabilities, based on appropriate valuation methodologies; however, considerable judgment is required to develop these estimates. Accordingly, these estimated fair values are not necessarily indicative of the amounts the Company could realize in a current market exchange. The estimated fair values can be materially affected by using different assumptions or methodologies. The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents represent cost, which approximates fair value. The carrying amounts reported in the consolidated balance sheets for accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short-term maturities. With th e exce r v | |
Net Loss Per Share | Net Loss Per Share Basic net loss per share attributable to stockholders is computed by dividing net loss attributable to the Company’s stockholders by the weighted-average number of common shares outstanding during the period without consideration of potentially dilutive Common Stock. Diluted net loss per share attributable to the Company’s stockholders reflects the potential dilution that could occur if securities or other contracts to issue Common Stock were exercised or converted into Common Stock or resulted in the issuance of Common Stock that then shared in the earnings of the Company unless inclusion of such shares would be anti-dilutive. For periods in which the Company reports net losses, diluted net loss per common share attributable to the Company’s stockholders is the same as basic net loss per common share attributable to the Company’s stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Refer to Note 14 for further information regarding net loss per share. | |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of net loss and comprehensive loss in the period that includes the enactment date. Deferred income tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred income tax assets will not be realized. The Company does not have any uncertain tax positions. A valuation allowance is provided unless it is more likely than not that the deferred tax asset will be realized. Assessing whether deferred tax assets are realizable requires significant judgement. In the determination of the appropriate valuation allowance, the Company considers future reversals of existing taxable temporary differences, the most recent projections of future business results, prior earnings history, carry back and carry forward periods, and prudent tax strategies. Assessments for the realization of deferred tax assets made at a given balance sheet date are subject to change in the future. Refer to Note 6 for further information regarding income taxes. | |
Segment Information | Segment Information The Company operates and manages its business as one operating and reportable segment. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of evaluating financial performance and allocating resources. The Company’s long-lived assets and customers are all substantially located in the United States. | |
Accounts Receivable | Accounts Receivable In evaluating the collectability of accounts receivable, the Company assesses a number of factors, including specific customers’ abilities to meet their financial obligations, the length of time a receivable is past due, and historical collection experience. If circumstances related to specific customers change, or economic conditions deteriorate such that the Company’s past collection experience is no longer relevant, its estimate of the recoverability of accounts receivable could be further reduced from the levels provided for in the consolidated financial statements. All accounts or portions thereof considered uncollectible are written off to the allowance for doubtful accounts in the period this information becomes known. Recoveries of trade receivables previously written off are recorded when received. The components of accounts receivable are as follows: December 31, 2021 December 31, 2020 Trade receivables $ 7,945,078 $ 5,451,252 Allowance for doubtful accounts (929,800 ) (404,755 ) Total accounts receivable $ 7,015,278 $ 5,046,497 The following table summarizes activity in the allowance for doubtful accounts : December 31, 2021 December 31, 2020 Balance at beginning of period $ (404,755 ) $ (190,205 ) Provision for uncollectible accounts (641,357 ) (710,882 ) Uncollectible accounts written off 116,312 496,332 Balance at end of period $ (929,800 ) $ (404,755 ) | |
Inventories | Inventories The Company’s inventories consist of raw materials, work-in-process, Inventories consisted of the following: December 31, 2021 December 31, 2020 Raw materials $ 432,461 $ 162,397 Work-in-process 16,310 107,770 Finished goods — 4,144 Total Inventories $ 448,771 $ 274,311 Cost is determined using the weighted-average method. The Company performs on-going | |
Property and Equipment, net | Property and Equipment, net The Company’s property and equipment primarily consists of advanced manufacturing machinery, quality measurement equipment, other manufacturing infrastructure, office equipment and furniture, computer hardware, internally developed software, and networking equipment. Depreciation is computed using the straight-line method over the estimated useful life by asset category, or in the case of leasehold improvements, the shorter of the lease term including any renewal periods reasonably assured to be exercised at inception, or the estimated useful life of the asset category. Repairs and maintenance are expensed as incurred, while betterments and improvements that the Company determines extend the useful life or add functionality of property and equipment are capitalized. Property and equipment are depreciated over the estimated useful life of the asset categories as follows: Advanced Manufacturing Machinery & Quality Equipment 5 – 10 Years Computer & Office Hardware 5 Years Furniture & Fixtures 7 Years Internally Developed Software 3 – 5 years Leasehold Improvements Lesser of lease term The Company periodically reviews each asset category’s estimated useful life based upon actual experience and expected future utilization. A change in useful life is treated as a change in accounting estimate and is applied prospectively. The Company reviews the carrying amounts of property and equipment for potential impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In evaluating recoverability, the Company groups assets and liabilities at the lowest level such that the identifiable cash flows relating to the group are largely independent of the cash flows of other assets and liabilities, which are each determined to be an asset group. The Company then compares the carrying amount of each asset group to the estimated undiscounted future cash flows attributable to the asset group. If the estimated undiscounted future cash flows for the asset group are not at least equal to the carrying amount, the Company estimates the fair value of the asset group and an impairment charge is recorded at the amount by which the carrying amount of the asset or asset group exceeds the fair value, if applicable. In addition, the remaining depreciation period for the impaired asset or asset group would be reassessed and, if necessary, revised. For the years ended December 31, 2021 and December 31, 2020, the Company did not recognize any impairment of its property and equipment. Refer to Note 4 for further information regarding property and equipment. Software applications developed for internal use are capitalized as internally developed software. Costs are capitalized when: (i) the preliminary project stage is completed (i.e., the application development stage) and (ii) it is probable that the software will be completed and used for its intended function. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Costs incurred for maintenance, minor upgrades and enhancements are expensed as incurred within general and administrative expense in the consolidated statements of net loss and comprehensive loss. | |
Debt and Deferred Financing Fees | Debt and Deferred Financing Fees Debt discounts are presented on the balance sheet as a direct deduction from the carrying amount of that related debt. Refer to Note 5 for further information regarding debt. Costs incurred in connection with the Company’s debt instruments consist principally of debt issuance costs and have been deferred and are being amortized over the terms of the related debt agreements using the effective interest method. Deferred financing fees are presented on the consolidated balance sheets as direct reductions to debt balances. | |
Research and Development Costs | Research and Development Costs Management invests resources to advance the development of its products and services for its customers, including the development of the cloud manufacturing software platform. Research and development costs represent costs incurred to support the advancement of new product platforms, consumables, and activities to enhance manufacturing capabilities. Research and development costs are comprised of prototype parts, design expense, employee-related personnel expense, and an allocated portion of overhead costs. Research and development costs are expensed as incurred. | |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising expenses consist primarily of media advertising costs, trade and customer marketing expenses, sales and marketing related personnel, and public relations expenses which aim to strengthen the leadership of the Company’s brand in key vertical markets. Advertising costs were approximately $7.9 million and $1.2 million for the years ended December 31, 2021 and 2020, respectively. All advertising expenses are recorded in Sales and marketing expense in the consolidated statements of net loss and comprehensive loss. | |
Stock-Based Compensation—Options, RSUs and Warrants | Stock-Based Compensation—Options, RSUs and Warrants The Company accounts for stock-based compensation awards in accordance with Financial Accounting Standards Board (“FASB”) ASC 718, Compensation—Stock Compensation The Company’s stock-based awards are subject to service and/or performance-based vesting conditions. The Company recognizes compensation expenses for awards with only a service condition over the explicit service period using the straight-line method. For awards subject to a service and performance condition, compensation cost is recognized over the longer of the explicit, implicit, or derived period using the accelerated attribution method for cost allocation, as long as the performance condition is probable of achievement. At each reporting period, the Company evaluates the probability that its performance-based stock options will be earned and adjusts its previously recognized compensation expense as necessary. If the achievement of the respective performance metrics is not probable or the respective performance goals are not met, the Company reverses its previously recognized compensation expense. In accordance with ASC 718, excess tax benefits realized from the exercise of stock-based awards are classified as cash flows from operating activities. All excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) are recognized as income tax expense or benefit in the consolidated statements of net loss and comprehensive loss. The Company accounts for stock-based compensation awards issued to nonemployees for services, as prescribed by ASC 718, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable using the measurement date guidelines enumerated in Accounting Standards Update (“ASU”) 2018-07, Improvements to Nonemployee Share-Based Payment Accounting 2018-07”). The Company has elected to account for forfeitures as they occur for both employee and nonemployee awards. Refer to Note 9 for further information regarding stock-based compensation. | |
Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred Stock Prior to the Business Combination, Legacy Fast Radius’ Series Seed, Seed-1, A-1, A-2, A-3, All Preferred Stock previously classified as temporary equity was retroactively adjusted and reclassified to permanent equity as a result of the Business Combination. As a result of the Business Combination, each share of Preferred Stock that was then issued and outstanding was automatically converted into Legacy Fast Radius common stock, such that each converted share of Preferred Stock was no longer outstanding and ceased to exist. Each share of Legacy Fast Radius common stock, including the Legacy Fast Radius common stock issued upon conversion of Legacy Fast Radius Preferred Stock, was converted into and exchanged for 2.056 (the “Exchange Ratio”) shares of the Company’s common stock. The Exchange Ratio was established pursuant to the terms of the Merger Agreement. | Redeemable Convertible Preferred Stock Prior to the Business Combination, Fast Radius’ Series Seed, Seed-1, A-1, A-2, A-3, and B Convertible Preferred Stock (collectively the “Preferred Stock”) were classified in temporary equity as they contained terms that could force Fast Radius to redeem the shares for cash or other assets upon the occurrence of an event not solely within Fast Radius’ control. Fast Radius adjusted the carrying values of the Preferred Stock each reporting period to the redemption value inclusive of any declared and unpaid dividends. All Preferred Stock previously classified as temporary equity was retroactively adjusted and reclassified to permanent equity as a result of the Business Combination. As a result of the Business Combination, each share of Preferred Stock that was then issued and outstanding was automatically converted into Fast Radius common stock, such that each converted share of Preferred Stock was no longer outstanding and ceased to exist. Each share of Fast Radius common stock, including the Fast Radius common stock issued upon conversion of Fast Radius Preferred Stock, was converted into and exchanged for 2.056 (the “Exchange Ratio”) shares of the post Business Combination Company’s common stock. The Exchange Ratio was established pursuant to the terms of the Merger Agreement. |
Warrants | Warrants At June 30, 2022, there were 15,516,639 warrants to purchase shares of common stock of the Company (“Common Stock”), consisting of 8,624,972 public warrants (the “Public Warrants”) and 6,891,667 private warrants held by the ENNV initial stockholders (the “Private Placement Warrants” and collectively with the Public Warrants, the “Warrants”). Each Warrant entitles the registered holder to purchase one share of Common Stock at a price of $11.50 per share. The Warrants expire on February 4, 2027, or earlier upon redemption or liquidation. The Private Placement Warrants are identical to the Public Warrants underlying the units sold in the Company’s initial public offering, except that the Private Placement Warrants and the shares of Common Stock issuable upon exercise of the Private Placement Warrants were not transferable, assignable, or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants are non-redeemable The Company may redeem the Public Warrants when the price per share of Common Stock equals or exceeds $18.00: • In whole and not in part; • At a price of $0.01 per Warrant; • Upon not less than 30 days’ prior written notice of redemption; • If, and only if, the reported last sale price of the shares of Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and • if, and only if, there is a current registration statement in effect with respect to the shares of Common Stock underlying the warrants. The Company may redeem the Public Warrants when the price per share of Common Stock equals or exceeds $10.00: • In whole and not in part; • Upon not less than 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares of Common Stock to be determined by reference to an agreed table based on the redemption date and the “fair market value” of shares of Common Stock; • If, and only if, the reported last sale price of the shares of Common Stock equals or exceeds $ 10.00 • if, and only if, the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. The Company accounts for the Public Warrants and Private Placement Warrants in accordance with the guidance contained in ASC 815-40. | Warrants The Company accounts for its warrants issued with other debt and equity instruments in accordance with ASC 480, Distinguishing Liabilities from Equity |
Treasury stock | Treasury stock Fast Radius historically repurchased a portion of its previously issued common stock that was classified on the Consolidated Balance Sheet as Treasury Stock. Immediately prior to the completion of the Business Combination, all treasury shares of Fast Radius were retired. | |
Revenue Recognition | Revenue Recognition The Company determines revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contracts; and • Recognition of revenue when, or as, the Company satisfies a performance obligation The Company’s primary source of revenue is from product sales of manufactured parts. Fast Radius has contracts with customers where the transfer of control of the specified good varies from contract to contract, but predominantly occurs upon shipment. The Company does not act as an agent in any of its revenue arrangements. Fast Radius seldom offers assurance-type warranties in the ordinary course of business; however, when such warranties are included, they generally have a service life of four years beginning from the date of product purchase. In the event of a failure of products covered under the warranties, the Company may repair or replace the products at the customer’s discretion. As of December 31, 2021 and 2020, the Company has not incurred any warranty related costs related to products covered by this warranty. The Company also derives revenue from consulting agreements, in which the Company produces digital assets (CAD files) and physical assets (prototypes). For consulting contracts, the deliverables are combined to be one performance obligation within the context of the contract, and revenue is recognized over time or at a point-in- work-in- (cost-to-cost point-in-time Payments are generally due within a range of 30 to 90 days after the performance obligation has been satisfied. Revenue from consulting agreements is not material. The Company charges certain customers shipping and handling fees. These fees are recorded within revenue after transfer of control of the products to customers. Revenues related to shipping and handling were $0.8 million and $0.4 million in 2021 and 2020, respectively. When shipping and handling services are performed before transfer of control to customers, they are accounted for as a fulfillment cost and are included in cost of revenues as incurred. The Company will contract with third parties to produce certain components of a customer order. Costs paid in advance of production are recorded in current assets as prepaid production costs until control of the product is transferred to the customer. Under such outsourced manufacturing arrangements, the Company is the primary obligor to its customer. Contract liabilities consist of fees paid by the Company’s customers for which the associated performance obligations have not been satisfied and revenue has not been recognized based on the Company’s revenue recognition criteria described above. Contract assets are recorded when the Company has a right to consideration in exchange for goods or services that it has transferred to a customer but for which payment is conditional on more than just the passage of time. Given the nature of the Company’s contracts, the Company did not have any contract assets as of December 31, 2021 or 2020, respectively. Refer to Note 3 for further information regarding revenue. | |
Leases | Leases The Company leases certain equipment , non-cancelable records deferred rent in other non-current o N | |
Recent Accounting Pronouncements | Recently issued accounting pronouncements Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-15, Intangibles — Goodwill and Other — Internal-Use 350-40): internal-use internal-use In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470- 20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Recently Issued Accounting Pronouncements not yet adopted as of December 31, 2021 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes Income Taxes In February 2016, the FASB issued ASU 2016-02, Leases right-of-use 2020-05, In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments expected credit loss (“CECL”) model in estimating allowances for doubtful accounts with respect to accounts receivable and notes receivable. Receivables from revenue transactions, or trade receivables, are recognized when the corresponding revenue is recognized under ASC 606. The CECL model requires that the Company estimate its lifetime expected credit loss with respect to these receivables and record allowances whic h a s A |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Summary of components of accounts receivable and activity in the allowance for doubtful accounts | The components of accounts receivable are as follows: December 31, 2021 December 31, 2020 Trade receivables $ 7,945,078 $ 5,451,252 Allowance for doubtful accounts (929,800 ) (404,755 ) Total accounts receivable $ 7,015,278 $ 5,046,497 The following table summarizes activity in the allowance for doubtful accounts : December 31, 2021 December 31, 2020 Balance at beginning of period $ (404,755 ) $ (190,205 ) Provision for uncollectible accounts (641,357 ) (710,882 ) Uncollectible accounts written off 116,312 496,332 Balance at end of period $ (929,800 ) $ (404,755 ) | |
Summary of total revenue and accounts receivable | For the customers identified, revenue as a percentage of total revenue and accounts receivable as a percentage of net accounts receivable are as follows: December 31, 2021 December 31, 2020 Revenue for the years ended Customer A <10 % 21.6 % December 31, 2021 December 31, 2020 Accounts receivable Customer A <10 % 24.2 % Customer B <10 % 13.3 % | |
Summary of Inventories | (in thousands) June 30, 2022 December 31, 2021 Raw materials $ 534 $ 433 Work-in-process 21 16 Finished Goods — — Total Inventories $ 555 $ 449 | Inventories consisted of the following: December 31, 2021 December 31, 2020 Raw materials $ 432,461 $ 162,397 Work-in-process 16,310 107,770 Finished goods — 4,144 Total Inventories $ 448,771 $ 274,311 |
Summary of Property and equipment are depreciated over the estimated useful life of the asset | Property and equipment are depreciated over the estimated useful life of the asset categories as follows: Advanced Manufacturing Machinery & Quality Equipment 5 – 10 Years Computer & Office Hardware 5 Years Furniture & Fixtures 7 Years Internally Developed Software 3 – 5 years Leasehold Improvements Lesser of lease term |
Business Combination (Tables)
Business Combination (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Schedule of Reconciliation of Elements of Business Combination to Unaudited Condensed Consolidated Statements of Stockholders' Equity (Deficit) and Cash Flows | The following table reconciles the elements of the Business Combination to the unaudited condensed consolidated statements of stockholders’ equity (deficit) and cash flows for the six months ended June 30, 2022: (in thousands) Cash - ENNV trust and cash, net of redemptions $ 30,844 Cash - PIPE financing 75,000 Non-cash 17,655 Non-cash 1,020 Liabilities paid on behalf of or assumed from ENNV (10,361 ) Fair value of assumed common stock warrants (5,847 ) Transaction costs recorded in equity (11,606 ) Net impact on total stockholders’ equity 96,705 Transaction costs not yet paid or paid in the prior year 6,450 Non-cash (17,655 ) Non-cash (1,020 ) Liabilities paid on behalf of ENNV and classified as operating cash flows or assumed from ENNV and not yet paid 5,808 Non-cash 5,847 Net impact on net cash provided by financing activities $ 96,135 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Supplemental Financial Information [Abstract] | ||
Summary of Activity in Allowance for Doubtful Accounts | The following table summarizes activity in the allowance for doubtful accounts for the three and six months ended June 30, 2022 and 2021 : (in thousands) Three months ended June 30, Six Months ended June 30, 2022 2021 2022 2021 Balance at beginning of period $ (850 ) $ (535 ) $ (930 ) $ (405 ) Uncollectible accounts (charged) credited to expense (649 ) (158 ) (569 ) (288 ) Uncollectible accounts written off (recovered) — (3 ) — (3 ) Balance at end of period $ (1,499 ) $ (696 ) $ (1,499 ) $ (696 ) | |
Summary of Inventories | (in thousands) June 30, 2022 December 31, 2021 Raw materials $ 534 $ 433 Work-in-process 21 16 Finished Goods — — Total Inventories $ 555 $ 449 | Inventories consisted of the following: December 31, 2021 December 31, 2020 Raw materials $ 432,461 $ 162,397 Work-in-process 16,310 107,770 Finished goods — 4,144 Total Inventories $ 448,771 $ 274,311 |
Summary of Property and Equipment, Net | (in thousands) June 30, 2022 December 31, 2021 Advanced manufacturing machinery & quality equipment $ 5,772 $ 5,705 Software 4,894 2,912 Computer & office hardware 1,226 1,149 Furniture and fixtures 235 39 Leasehold improvements 3,377 3,048 Construction in-progress 711 — Total property, plant and equipment 16,215 12,853 Accumulated depreciation and amortization (4,692 ) (3,325 ) Property, plant and equipment (net) $ 11,523 $ 9,528 | Property and equipment, net, consisted of the following: December 31, 2021 December 31, 2020 Advanced manufacturing machinery & quality equipment $ 5,705,034 $ 3,016,377 Software 2,912,107 — Computer & office hardware 1,148,944 657,972 Furniture and fixtures 38,473 34,753 Leasehold improvements 3,048,419 699,278 Total property and equipment $ 12,852,977 $ 4,408,380 Less: accumulated depreciation and amortization (3,324,550 ) (1,744,014 ) Property and equipment (Net) $ 9,528,427 $ 2,664,366 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Summary of Revenue by Geographic Location | Disaggregation of Revenues The Company’s primary sources of revenue are from one revenue stream, product sales of manufactured parts. The Company is also presenting a disaggregation of revenue by geographical region (based on the external customer’s location) for the three and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Revenues Americas $ 6,786 $ 4,669 $ 12,825 $ 8,170 Europe 383 67 553 138 Asia Pacific 106 131 159 355 Total $ 7,275 $ 4,867 $ 13,537 $ 8,663 | The Company’s primary sources of revenue are from one revenue stream, product sales of manufactured parts. The Company is also presenting a disaggregation of revenue by geographical region (based on the external customer’s location) for the years ended December 31, 2021 and 2020: Years Ended December 31, 2021 2020 Revenues Americas $ 18,947,044 $ 12,946,158 Europe 499,294 476,087 Asia Pacific 565,726 544,006 Total $ 20,012,064 $ 13,966,251 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Summary of Property and Equipment | (in thousands) June 30, 2022 December 31, 2021 Advanced manufacturing machinery & quality equipment $ 5,772 $ 5,705 Software 4,894 2,912 Computer & office hardware 1,226 1,149 Furniture and fixtures 235 39 Leasehold improvements 3,377 3,048 Construction in-progress 711 — Total property, plant and equipment 16,215 12,853 Accumulated depreciation and amortization (4,692 ) (3,325 ) Property, plant and equipment (net) $ 11,523 $ 9,528 | Property and equipment, net, consisted of the following: December 31, 2021 December 31, 2020 Advanced manufacturing machinery & quality equipment $ 5,705,034 $ 3,016,377 Software 2,912,107 — Computer & office hardware 1,148,944 657,972 Furniture and fixtures 38,473 34,753 Leasehold improvements 3,048,419 699,278 Total property and equipment $ 12,852,977 $ 4,408,380 Less: accumulated depreciation and amortization (3,324,550 ) (1,744,014 ) Property and equipment (Net) $ 9,528,427 $ 2,664,366 |
Debt (Tables)
Debt (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Summary of short and long-term debt | The following is a summary of short- and long-term debt: (in thousands) June 30, 2022 December 31, 2021 2020 MFS Loan $ 278 $ 314 Manufacturers Capital Promissory Notes 845 968 Related Party - Energize Convertible Debt — 7,600 2020 SVB Loan 8,558 10,225 2021 SVB Loan 20,868 20,800 Related Party - Drive Capital Convertible Debt — 3,000 Related Party - ECP Holdings Convertible Debt — 7,000 Total Outstanding Principal 30,549 49,907 Less: Discounts and deferred financing fees (1,829 ) (7,403 ) Total Outstanding Debt 28,720 42,504 Fair Value of Derivatives — 4,395 Total Debt and Derivative Liabilities $ 28,720 $ 46,899 | The following is a summary of short- and long-term debt: December 31, 2021 December 31, 2020 2018 ATEL Loan $ — $ 359,594 2020 MFS Loan 314,637 384,604 Manufacturers Capital Promissory Notes 967,710 — Related Party - Energize Convertible Debt 7,600,000 — 2020 SVB Loan 10,225,000 — 2021 SVB Loan 20,800,000 — Related Party - Drive Capital Convertible Debt 3,000,000 — Related Party - ECP Holdings Convertible Debt 7,000,000 — Total Outstanding Principal $ 49,907,347 $ 744,198 Less: Discounts (6,816,026 ) — Less: Deferred financing fees (588,339 ) (15,879 ) Total Outstanding debt $ 42,502,982 $ 728,319 Fair value of derivatives 4,395,000 — Total Debt and derivative liabilities $ 46,897,982 $ 728,319 |
Summary of future principal repayments of debt | The following is the summary of future principal repayments of debt: (in thousands) June 30, 2022 Remainder of 2022 $ 11,233 2023 15,160 2024 3,949 2025 207 Total $ 30,549 | The following is the summary of future principal repayments of debt: Amounts 2022 $ 15,059,584 2023 30,690,676 2024 3,949,970 2025 207,117 Total $ 49,907,347 |
Summary of interest expense | The following provides a summary of the interest expense of the Company’s Related Party Convertible Notes I and Related Party Derivative Liability with Energize Ventures: Year ended December 31, (in thousands) 2021 Contractual interest expense $ 327 Amortization of deferred financing costs and convertible debt discount 1,102 Total Interest Expense $ 1,429 Effective interest rate 58.3 % | |
Convertible Debt | Energize Ventures Fund [Member] | Related Party Convertible Notes III | ||
Debt Instrument [Line Items] | ||
Summary of convertible notes and derivatives | The following provides a summary of the convertible notes and derivatives: As of (in thousands) December 31, 2021 Unamortized deferred issuance costs, derivative, and warrants $ 474 Net carrying amount of convertible note 2,526 Principal value of convertible note $ 3,000 Fair value of convertible note and derivative liability 3,390 Fair value of convertible note excluding the derivative liability $ 2,830 Fair value level Level 3 | |
Convertible Debt | Drive Capital Fund [Member] | Related Party Convertible Notes II | ||
Debt Instrument [Line Items] | ||
Summary of interest expense | The following provides a summary of interest expense on the Company’s Related Party Convertible Notes II and Related Party Derivative Liability with Drive Capital: (in thousands) Three Monhs Ended Six Months Ended Contractual interest expense $ — $ 17 Amortization of deferred financing costs and convertible debt discount — 24 Total Interest Expense $ — $ 41 Effective interest rate 0.0 % 17.1 % | The following provides a summary of interest expense on the Company’s Related Party Convertible Notes II and Related Party Derivative Liability with Drive Capital: Year ended December 31, (in thousands) 2021 Contractual interest expense $ 63 Amortization of deferred financing costs and convertible debt discount 86 Total Interest Expense $ 149 Effective interest rate 17.1 % |
Summary of convertible notes and derivatives | The following provides a summary of the convertible notes and derivatives: (in thousands) As of Unamortized deferred issuance costs, derivative, and warrants $ 474 Net carrying amount of convertible note 2,526 Principal value of convertible note $ 3,000 Fair value of convertible note and derivative liability $ 3,390 Fair value of convertible note excluding derivative liability $ 2,830 Fair value Level Level 3 | |
Convertible Debt | Energy Capital Partners Holdings [Member] | Related Party Convertible Notes III | ||
Debt Instrument [Line Items] | ||
Summary of interest expense | The following provides a summary of the interest expense of the Company’s Related Party Convertible Notes III and Related Party Derivative Liability with Energy Capital Partners Holdings: (in thousands) Three Months Ended Six Months Ended Contractual interest expense $ — $ 40 Amortization of deferred financing costs and convertible debt discount — 52 Total Interest Expense $ — $ 92 Effective interest rate 0.0 % 16.3 % | The following provides a summary of the interest expense of the Company’s Related Party Convertible Notes III and Related Party Derivative Liability with Energy Capital Partners Holdings: Year ended December 31, (in thousands) 2021 Contractual interest expense $ 76 Amortization of deferred financing costs and convertible debt discount 95 Total Interest Expense $ 171 Effective interest rate 16.3 % |
Summary of convertible notes and derivatives | The following provides a summary of the convertible notes and derivatives: (in thousands) As of Unamortized deferred issuance costs, derivative, and warrants $ 1,130 Net carrying amount of convertible note 5,870 Principal value of convertible note $ 7,000 Fair value of convertible note and derivative liability $ 7,829 Fair value of convertible note excluding derivative liability $ 6,484 Fair value Level Level 3 | The following provides a summary of the convertible notes and derivatives: (in thousands) As of December 31, 2021 Unamortized deferred issuance costs, derivative, and warrants $ 1,130 Net carrying amount of convertible note 5,870 Principal value of convertible note $ 7,000 Fair value of convertible note and derivative liability 7,829 Fair value of convertible note excluding the derivative liability $ 6,484 Fair value level Level 3 |
Related Party Energize Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
Summary of convertible notes and derivatives | The following provides a summary of the convertible notes and derivatives: (in thousands) As of Unamortized deferred issuance costs, derivative, and warrants $ 3,534 Net carrying amount of convertible note 4,066 Principal value of convertible note $ 7,600 Fair value of convertible note and derivative liability $ 9,936 Fair value of convertible note excluding derivative liability $ 7,446 Fair value Level Level 3 | |
Related Party Energize Convertible Debt [Member] | Energize Ventures Fund [Member] | Related Party Convertible Notes I | ||
Debt Instrument [Line Items] | ||
Summary of interest expense | The following provides a summary of the interest expense of the Company’s Related Party Convertible Notes I and Related Party Derivative Liability with Energize Ventures: (in thousands) Three Months Ended Six Months Ended 2022 2021 2022 2021 Contractual interest expense $ — $ 97 $ 44 $ 97 Amortization of deferred financing costs and convertible debt discount — 283 184 283 Total Interest Expense $ — $ 380 $ 228 $ 380 Effective interest rate 0.0 % 58.3 % 58.3 % 58.3 % | |
Summary of convertible notes and derivatives | The following provides a summary of the convertible notes and derivatives: As of (in thousands) December 31, 2021 Unamortized deferred issuance costs, derivative, and warrants $ 3,534 Net carrying amount of convertible note 4,066 Principal value of convertible note $ 7,600 Fair value of convertible note and derivative liability 9,936 Fair value of convertible note excluding the derivative liability $ 7,446 Fair value level Level 3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Components of Company's Loss Before Income Taxes | The components of the Company’s loss before income taxes are as follows: Years Ended December 31, 2021 2020 United States $ (67,883,898 ) $ (21,671,394 ) Foreign — — Total $ (67,883,898 ) $ (21,671,394 ) |
Summary of Reconciliation of Federal Statutory Income Tax Provision | The Company did not record any current or deferred federal, state or foreign income taxes for the years ended December 31, 2021 and 2020, respectively. The reconciliation of the Federal statutory income tax provision to the Company’s effective income tax provision is as follows: Years Ended December 31, 2021 2020 Federal statutory income tax rate 21 % 21 % Federal income tax at statutory rates $ (14,255,619 ) $ (4,550,993 ) Valuation Allowance 13,982,549 4,435,667 Other, permanent difference 273,070 115,326 Total income tax provision $ — $ — Effective income tax rate 0 % 0 % |
Summary of Deferred Income Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of loss and credit carry forwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred income tax assets and liabilities at December 31, 2021 and 2020 were comprised of the following: Years Ended December 31, 2021 2020 Deferred Tax Assets: Allowance for doubtful accounts $ 273,692 $ 110,381 Accruals and reserves 4,448,488 733,051 Disallowed interest carryforwards 1,332,346 — Net operating loss and other carryforwards 24,171,779 12,418,254 Stock based compensation 505,580 377,514 Other, net 40,507 16,364 |
Summary of Valuation Allowance | Years Ended December 31, 2021 2020 Deferred tax assets before valuation allowance $ 30,772,392 $ 13,655,564 Valuation Allowance (30,739,829 ) (13,591,637 ) Total Deferred Tax Assets, net of valuation allowance 32,563 63,927 Deferred Tax Liabilities: Depreciation 32,563 63,927 Total Deferred Tax Liabilities 32,563 $ 63,927 Net Deferred Tax Assets (Liabilities) $ — $ — |
Summary of Income Tax Provision (Benefit) | Valuation allowance as of January 1, 2020 $ 7,831,390 Adjustments to the valuation allowance 5,760,247 Valuation allowances as of December 31, 2020 13,591,637 Adjustments to the valuation allowance 17,148,192 Valuation allowance as of December 31, 2021 $ 30,739,829 |
Commitments & Contingencies (Ta
Commitments & Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Schedule of Future Minimum Non-Cancelable Lease Payments Under the Operating Leases | Future minimum non-cancelable Amounts 2022 2,895,231 2023 2,191,339 2024 779,456 2025 803,073 2026 67,087 Total $ 6,736,187 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Warrants [Abstract] | |
Schedule of Stock Warrant Activity | A summary of the Common Stock warrant activity for the years ended December 31, 2021 and 2020 is as follows: Number of Weighted Weighted Weighted Outstanding at January 1, 2020 1,663,325 $ 0.41 $ 0.82 Granted 263,257 0.18 1.09 Exercised — — — Outstanding at December 31, 2020 1,926,582 $ 0.38 $ 0.85 4.06 Exercisable 1,926,582 Number of warrants Weighted average exercise price Weighted average grant date fair value Weighted average remaining contractual term (years) Outstanding at January 1, 2021 1,926,582 $ 0.38 $ 0.85 Granted 613,723 4.77 8.85 Exercised — — — Outstanding at December 31, 2021 2,540,305 $ 1.44 $ 2.79 4.84 Exercisable 2,540,305 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Summary of Stock-based compensation expense | Stock-based compensation expense was recorded in the following financial statement lines within the condensed consolidated statements of net loss and comprehensive loss: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Cost of Revenues $ 27 $ 3 $ 142 $ 7 General and Administrative $ 1,834 $ 151 $ 19,379 $ 370 Selling & Marketing $ 196 $ 37 $ 1,379 $ 37 Research & Development $ 505 $ 16 $ 2,030 $ 47 | Stock-based compensation expense was recorded in the following financial statement lines within the consolidated statements of net loss and comprehensive loss: December 31, 2021 December 31, 2020 Cost of Revenues $ 13,402 $ 14,383 General and Administrative $ 680,609 $ 825,664 Selling and Marketing $ 79,695 $ 104,985 Research & Development $ 81,690 $ 47,048 |
Summary of Company's stock options issued to employees, founders and consultants | The following table summarizes activity in relation to the Company’s stock options issued to employees, founders and consultants: Number of Weighted Weighted Date Fair Value Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (years) Balance at January 1, 2021 7,354,441 $ 0.60 $ 0.33 8.59 $ 8,636,744 Granted — — — — Exercised 218,925 0.47 0.26 2,882,631 Forfeited 524,578 0.62 0.33 5,965,765 Expired 59,953 0.72 0.39 675,649 Number of Weighted Weighted Date Fair Value Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (years) Balance at December 31, 2021 6,550,985 $ 0.61 $ 0.33 7.60 $ 75,296,955 Exercisable at December 31, 2021 3,197,157 0.50 0.27 7.31 37,456,625 Expected to vest at December 31, 2021 3,353,828 0.71 0.36 7.87 37,840,330 | |
Summary of Black-Scholes option-pricing model | The key assumptions used in this valuation are as follows. SPAC probability 95 % Remain private probability 5 % SPAC Market Value $ 736 million Conversion Ratio 2.056 Expected annual dividend yield 0.00 % Expected volatility 84 % Risk-free rate of return 0.71 % Expected option term (years) 1.4 years | The fair values associated with the options are estimated on the date of grant using the Black-Scholes option-pricing model using the following assumptions: 2020 Expected annual dividend yield 0.00 % Expected volatility 51.78 % Risk-free rate of return 0.75 % Expected option term (years) 5.98 |
Summary of RSU Activity | See below for a summary of RSU activity for the year ended December 31, 2021: Number of units Weighted average Non-vested 493,358 $ 0.87 Granted 4,405,974 8.37 Vested — — Forfeited (257,372 ) 5.83 Non-vested 4,641,960 $ 7.72 | |
Monte Carlo Simulation Valuation Model [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Summary of Black-Scholes option-pricing model | The valuation model incorporated the following key assumptions on the date of grant: Stock price $ 7.63 Expected volatility 30.1 % Expected term (years) 10.0 Risk-free rate 1.92 % Discount for lack of marketability 6.9 % |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Expenses | Restructuring expenses, which are comprised primarily of employee termination costs and non-cash Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Cost of Revenues $ 160 $ — $ 160 $ — General and Administrative $ 276 $ — $ 276 $ — Selling & Marketing $ 143 $ — $ 143 $ — Research & Development $ 19 $ — $ 19 $ — |
Summary of Activity in Liability Related to Workforce Reduction Employee Termination Costs | The following table summarizes activity in the liability related to the Company’s workforce reduction employee termination costs (in thousands): Liability balance at December 31, 2021 $ — Charges 445 Payments — Liability balance at June 30, 2022 $ 445 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Summary of Changes in Fair Value of Derivative Liabilities | The following table includes a summary of the changes in fair value of the liability classified warrants issued to purchase Legacy Fast Radius common stock measured at fair value using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Beginning balance $ — $ 1,153 $ 2,014 $ 87 Additions — 481 — 988 Change in fair value — (184 ) (1,475 ) 375 Converted to common stock — (539 ) — Ending balance $ — $ 1,450 $ — $ 1,450 | The following table includes a summary of the changes in fair value of the Company’s liability classified warrants issued to purchase Common Stock measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Beginning balance $ 86,963 $ — Additions 987,747 86,963 Change in fair value recorded in earnings 939,454 — Ending balance $ 2,014,164 $ 86,963 |
Summary Of Fair Value Of Assets And Liabilities That Are Measured At Fair Value ON A Recurring Basis | The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 by level within the fair value hierarchy are as follows: June 30, 2022 (in thousands) Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Cash sweep accounts $ 37,864 $ — $ — Public warrants $ 653 $ — $ — Private placement warrants $ — $ 522 $ — December 31, 2021 (in thousands) Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Cash sweep and money market accounts $ 8,702 $ — $ — Related party derivative liability $ — $ — $ 4,395 Legacy Fast Radius warrant liability $ — $ — $ 2,968 | The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2021 and 2020 by level within the fair value hierarchy are as follows: December 31, 2021 Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Cash sweep and money market accounts $ 8,701,895 $ $ Related party derivative liabilities $ — $ — $ 4,395,000 Warrant liability $ — $ — $ 2,968,435 December 31, 2020 Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Cash sweep and money market accounts $ 17,562,823 $ — $ — Warrant liability $ — $ — $ 199,408 |
Summary of Weighted Average Significant Unobservable Inputs used in The Measuring The Derivative Liability | A summary of the weighted average significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability categorized within Level 3 of the fair value hierarchy as of February 4, 2022 (the conversion date) and December 31, 2021 is as follows: Energize February 4, 2022 December 31, 2021 Cost of debt 11.0 % 11.0 % Term (Years) 0.0 0.08 - 0.25 Present value factor 1 0.98 - 0.99 Drive Capital February 4, 2022 December 31, 2021 Cost of debt 11.0 % 11.0 % Term (Years) 0.0 0.08 - 0.25 Present value factor 1 0.98 - 0.99 ECP Holdings February 4, 2022 December 31, 2021 Cost of debt 11.0 % 11.0 % Term (Years) 0.0 0.08 - 0.25 Present value factor 1 0.98 - 0.99 | A summary of the weighted average significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability categorized within Level 3 of the fair value hierarchy as of December 31, 2021 and their inception dates are as follows: Energize Ventures December 31, 2021 April 13, 2021 Cost of debt 11.0 % 11.0 % Term (Years) 0.08 – 0.25 0.25 – 0.50 Present value factor 0.98 – 0.99 0.95 – 0.97 Drive Capital December 31, 2021 August 24, 2021 Cost of debt 11.0 % 11.0 % Term (Years) 0.08 – 0.25 0.31 – 0.60 Present value factor 0.98 – 0.99 0.94 – 0.97 ECP Holdings December 31, 2021 October 26, 2021 Cost of debt 11.0 % 10.0 % Term (Years) 0.08 – 0.25 0.27 – 0.43 Present value factor 0.98 – 0.99 0.96 – 0.98 |
Related Party Convertible Notes [Member] | ||
Summary Of Changes in Fair value of Related party derivative Liabilities related to convertible notes | The following table includes a summary of changes in fair value of the Company’s Related party derivative liabilities related to the convertible notes measured at fair value using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Beginning balance $ — $ — $ 4,395 $ — Additions — 2,415 — 2,415 Change in fair value — (6 ) (30 ) (6 ) Converted to common stock — — (4,365 ) — Ending balance $ — $ 2,409 $ — $ 2,409 | The following table includes a summary of changes in fair value of the Company’s Related party derivative liabilities related to the convertible notes measured at fair value using significant unobservable inputs (Level 3) for the year ended December 31, 2021: December 31, 2021 Beginning balance $ — Additions 4,187,000 Change in fair value recorded in earnings 208,000 Ending balance $ 4,395,000 |
Common Share Warrants [Member] | Warrants [Member] | ||
Summary of Quantitative Information Regarding Fair Value Measurements Inputs | A summary of the weighted average significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liability for common share warrants categorized within Level 3 of the fair value hierarchy as of February 4, 2022 (the conversion date) and December 31, 2021 is as follows: February 4, 2022 December 31, 2021 Legacy Fast Radius stock price $ 15.69 $ 28.28 Term (Years) N/A 10.71 Volatility N/A 84.40 % Risk-free rate of return N/A 1.52 % Dividend yield 0.00 % 0.00 % | A summary of the weighted average significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liability for common share warrants, including the estimated common stock price of Fast Radius Operations, Inc. prior to the recapitalization, categorized within Level 3 of the fair value hierarchy as of December 31, 2021 and 2020 is as follows: December 31, 2021 December 31, 2020 Stock Price $ 28.28 $ 4.11 Term (Years) 10.71 12.00 Volatility 84.40 % 120.13 % Risk-free rate of return 1.52 % 0.13 % Dividend Yield 0.00 % 0.00 % |
Series A Three Preferred Stock [Member] | Warrants [Member] | ||
Summary of Changes in Fair Value of Derivative Liabilities | The following table includes a summary of changes in fair value of the liability classified warrants issued to purchase Legacy Fast Radius series A-3 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Beginning balance $ — $ 806 $ 954 $ 112 Additions — — — — Change in fair value — (17 ) (473 ) 677 Converted to common stock — (481 ) — Ending balance $ — $ 789 $ — $ 789 | The following table includes a summary of changes in fair value of the Company’s liability classified warrants issued to purchase series A-3 December 31, 2021 December 31, 2020 Beginning balance $ 112,445 $ 32,405 Additions — — Change in fair value recorded in earnings 841,826 80,040 Ending balance $ 954,271 $ 112,445 |
Series A Three Preferred Share Warrants [Member] | Warrants [Member] | ||
Summary of Quantitative Information Regarding Fair Value Measurements Inputs | A summary of the weighted average significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liability for preferred share warrants is categorized within Level 3 of the fair value hierarchy as of February 4, 2022 (the conversion date) and December 31, 2021 is as follows: February 4, 2022 December 31, 2021 Legacy Fast Radius stock price 15.69 $ 30.19 Term (Years) N/A 11.26 Volatility N/A 83.10 % Risk-free rate of return N/A 1.54 % Dividend yield 0.00 % 0.00 % | A summary of the weighted average significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liability for A-3 December 31, 2021 December 31, 2020 Stock Price $ 30.19 $ 4.23 Term (Years) 11.26 12.50 Volatility 83.10 % 118.63 % Risk-free rate of return 1.54 % 0.13 % Dividend Yield 0.00 % 0.00 % |
Net Loss Per Share (Table)
Net Loss Per Share (Table) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Schedule of Reconciliation of the Numerator and Denominator for the Basic and Diluted Earnings | The reconciliation of the numerator and denominator for the basic and diluted earnings calculations for the three and six months ended June 30, 2022 and 2021 is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share data) 2022 2021 2022 2021 Income (loss) available to common stockholders per share: Net loss $ (22,187 ) $ (15,105 ) $ (66,787 ) $ (27,891 ) Weighted average common shares outstanding: Basic and Diluted 75,635,501 41,586,759 69,082,330 41,165,974 Net loss per share - Basic and Diluted $ (0.29 ) $ (0.36 ) $ (0.97 ) $ (0.68 ) | Presented in the table below is a reconciliation of the numerator and denominator for the basic and diluted earnings calculations for the years ended December 31, 2021 and 2020 is as follows: December 31, 2021 December 31, 2020 Income (loss) available to Common Stockholders per share: Net loss $ (67,883,898 ) $ (21,671,394 ) Weighted average common shares outstanding: Basic and Diluted 41,454,582 38,900,813 Net loss per share – Basic and Diluted $ (1.64 ) $ (0.56 ) |
Description of Organization a_2
Description of Organization and Business Operations - Additional Information (Details) - USD ($) | Feb. 04, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Organization And Basis Of Operations [Line Items] | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Accumulated deficit | $ 215,100,000 | $ 123,500,000 | $ 55,609,475 | |
Merger Agreement [Member] | ||||
Organization And Basis Of Operations [Line Items] | ||||
Capitalized equity issuance related transaction costs | 3,600,000 | |||
Equity issuance related transaction costs payable | $ 3,100,000 | |||
Subsequent Event | Merger Agreement [Member] | ||||
Organization And Basis Of Operations [Line Items] | ||||
Common stock, par value | $ 0.0001 | |||
Common stock conversion price | $ 10 | |||
Earn out shares issuable per tranche | 5,000,000 | |||
Subsequent Event | Merger Agreement [Member] | Conversion Of Common Stock [Member] | ||||
Organization And Basis Of Operations [Line Items] | ||||
Conversion of stock, shares issued | 65,000,000 | |||
Subsequent Event | Merger Agreement [Member] | Conversion Of Common Stock Reserved For Stock Options Vested And Exchanged RSUs. [Member] | ||||
Organization And Basis Of Operations [Line Items] | ||||
Conversion of stock, shares issued | 11,196,271 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation - Additional Information (Detail) | 6 Months Ended | ||
Jun. 30, 2022 USD ($) Segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of operating segments | Segment | 1 | ||
Accumulated deficit | $ | $ 215,100,000 | $ 123,500,000 | $ 55,609,475 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 USD ($) Customer $ / shares shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Customer $ / shares shares | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) Customer | Dec. 31, 2020 USD ($) | Feb. 04, 2022 shares | Feb. 03, 2022 shares | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Concentration of risk customer benchmark | 10% | |||||||
Impairment long lived asset held for use | $ | $ 0 | $ 0 | ||||||
Advertising costs | $ | 7.9 | 1.2 | ||||||
Product Warranty Expense | $ | 0 | 0 | ||||||
Revenues | $ | $ 7,275,000 | $ 4,867,000 | $ 13,537,000 | $ 8,663,000 | 20,012,064 | 13,966,251 | ||
Contract assets | $ | $ 0 | $ 0 | $ 0 | 0 | ||||
Warrants to purchase shares of common stock | shares | 15,516,639 | 15,516,639 | 15,516,639 | 15,516,667 | ||||
Each warrant entitles to purchase number of shares | shares | 1 | 1 | ||||||
Purchase price of warrants | $ / shares | $ 11.5 | $ 11.5 | ||||||
Warrants expiration date | Feb. 04, 2027 | |||||||
Number of significant customers | Customer | 1 | 0 | ||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Concentration risk percentage | 11% | |||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | No Single Customer [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Concentration risk percentage | 10% | |||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of significant customers | Customer | 1 | 0 | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Concentration risk percentage | 15% | |||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | No Single Customer [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Concentration risk percentage | 10% | |||||||
Shipping and Handling | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Revenues | $ | $ 395,000 | $ 163,000 | $ 784,000 | $ 220,000 | $ 800,000 | $ 400,000 | ||
Public Warrants [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Warrants to purchase shares of common stock | shares | 8,624,972 | 8,624,972 | 8,624,972 | 8,625,000 | ||||
Private Warrants [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Warrants to purchase shares of common stock | shares | 6,891,667 | 6,891,667 | 6,891,667 | 6,891,667 | ||||
Legacy Fast Radius Preferred And Common Stock Conversion [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Share conversion ratio | 2.056 | 2.056 | 2.056 | |||||
ECP Environmental Growth Opportunities Corp | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Warrants will not be transferable, assignable or saleable, number of days after completion of business combination | 30 days | |||||||
ECP Environmental Growth Opportunities Corp | Common Stock [Member] | Redemption Of Warrants When Price Per Share Equals Or Exceeds Eighteen [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Redemption of warrants price per share | $ / shares | $ 18 | $ 18 | ||||||
Redemption price per warrant | $ / shares | 0.01 | $ 0.01 | ||||||
Minimum period of prior written notice of redemption of warrants | 30 days | |||||||
Minimum price per share required for redemption of warrants | $ / shares | 18 | $ 18 | ||||||
Warrants redemption covenant, threshold trading days | 20 days | |||||||
Warrants redemption covenant threshold consecutive trading days | 30 days | |||||||
ECP Environmental Growth Opportunities Corp | Common Stock [Member] | Redemption Of Warrants When Price Per Share Equals Or Exceeds Ten [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Redemption of warrants price per share | $ / shares | $ 10 | $ 10 | ||||||
Minimum period of prior written notice of redemption of warrants | 30 days | |||||||
Adjusted last reported sale price per share on trading day | $ / shares | $ 10 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary Of Property And Equipment Are Depreciated Over The Estimated Useful Life Of The Asset (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Advanced manufacturing machinery & quality equipment | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Advanced manufacturing machinery & quality equipment | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Computer & office hardware | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Internally Developed Software | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Internally Developed Software | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Lesser of lease term or estimated useful life |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary Of Inventories (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 432,461 | $ 162,397 | |
Work-in-process | 16,310 | 107,770 | |
Finished goods | 0 | 4,144 | |
Total Inventories | $ 555,000 | $ 448,771 | $ 274,311 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary Of Total Revenue And Accounts Receivable (Details) - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Benchmark [Member] | Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10% | 21.60% |
Accounts Receivable [Member] | Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10% | 24.20% |
Accounts Receivable [Member] | Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10% | 13.30% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary Of Components Of Accounts Receivable And Activity In The Allowance For Doubtful Accounts (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||||||
Trade receivables | $ 7,945,078 | $ 5,451,252 | ||||
Allowance for doubtful accounts | (929,800) | (404,755) | ||||
Total accounts receivable | 7,015,278 | 5,046,497 | ||||
Balance at beginning of period | $ (929,800) | $ (404,755) | (404,755) | (190,205) | ||
Provision for uncollectible accounts | $ (649,000) | $ (158,000) | $ (569,000) | $ (288,000) | (641,357) | (710,882) |
Uncollectible accounts written off | 116,312 | 496,332 | ||||
Balance at end of period | $ (929,800) | $ (404,755) |
Business Combination - Addition
Business Combination - Additional Information (Details) $ / shares in Units, $ in Millions | 6 Months Ended | ||||
Feb. 04, 2022 USD ($) $ / shares shares | Jun. 30, 2022 $ / shares shares | Feb. 03, 2022 shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 $ / shares | |
Business Acquisition [Line Items] | |||||
Common stock, shares authorized | 350,000,000 | 350,000,000 | |||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | |||
Warrants outstanding | 15,516,639 | 15,516,639 | 15,516,667 | ||
Share-based Payment Arrangement, Tranche Two [Member] | |||||
Business Acquisition [Line Items] | |||||
Merger Earn Out Shares to be issued in future | 5,000,000 | 5,000,000 | |||
ECP Environmental Growth Opportunities Corp [Member] | |||||
Business Acquisition [Line Items] | |||||
Share conversion ratio | 2.056 | ||||
Share authorized | 351,000,000 | ||||
Common stock, shares authorized | 350,000,000 | ||||
Common stock, par value | $ / shares | $ 0.0001 | ||||
Preferred stock, shares authorized | 1,000,000 | ||||
Preferred stock, par value | $ / shares | $ 0.0001 | ||||
Exercise price | $ / shares | $ 2.3 | ||||
Merger Earn Out Shares to be issued in future | 10,000,000 | ||||
Net increase in cash and cash equivalents | $ | $ 73 | ||||
ECP Environmental Growth Opportunities Corp [Member] | Legacy Fast Radius Convertible Notes [Member] | |||||
Business Acquisition [Line Items] | |||||
Conversion of convertible notes to shares of common stock | 2,000,000 | ||||
ECP Environmental Growth Opportunities Corp [Member] | Legacy Fast Radius Warrants [Member] | |||||
Business Acquisition [Line Items] | |||||
Class of warrants or rights number of securities covered by the warrants or rights | 2,200,000 | ||||
ECP Environmental Growth Opportunities Corp [Member] | Private Investment in Public Equity Shares [Member] | |||||
Business Acquisition [Line Items] | |||||
Share issued in acquisition | 7,500,000 | ||||
Share issued in acquisition per share | $ / shares | $ 10 | ||||
Share issued in acquisition | $ | $ 75 | ||||
ECP Environmental Growth Opportunities Corp [Member] | Private Warrants [Member] | |||||
Business Acquisition [Line Items] | |||||
Warrants outstanding | 6,891,667 | ||||
ECP Environmental Growth Opportunities Corp [Member] | Public Warrants [Member] | |||||
Business Acquisition [Line Items] | |||||
Warrants outstanding | 8,624,972 | ||||
ECP Environmental Growth Opportunities Corp [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||
Business Acquisition [Line Items] | |||||
Sponsor Earn Out Shares | 407,000 | ||||
Sponsor Earn Out Share Hurdle Price | 20 | ||||
ECP Environmental Growth Opportunities Corp [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Business Acquisition [Line Items] | |||||
Sponsor Earn Out Share Hurdle Price | 15 | ||||
ECP Environmental Growth Opportunities Corp [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Business Acquisition [Line Items] | |||||
Exercise price | $ / shares | $ 2.3 | ||||
ECP Environmental Growth Opportunities Corp [Member] | Merger Earn Out Shares [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||
Business Acquisition [Line Items] | |||||
Share issued in acquisition per share | $ / shares | 20 | ||||
ECP Environmental Growth Opportunities Corp [Member] | Merger Earn Out Shares [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Business Acquisition [Line Items] | |||||
Share issued in acquisition per share | $ / shares | $ 15 | ||||
ECP Environmental Growth Opportunities Corp [Member] | Sponsor Earn Out Shares [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of shares of common stock held by Sponsor | 10% |
Business Combinations - Schedul
Business Combinations - Schedule of Reconciliation of Elements of Business Combination to Unaudited Condensed Consolidated Statements of Stockholders' Equity (Deficit) and Cash Flows (Details) - EcpEnvironmentalGrowthOpportunitiesCorp [Member] | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | |
Non-cash Convertible Note conversion | $ 17,655 |
Liabilities paid on behalf of or assumed from ENNV | (10,361) |
Fair value of assumed common stock warrants | (5,847) |
Transaction costs recorded in equity | (11,606) |
Net impact on total stockholders' equity | 96,705 |
Transaction costs not yet paid or paid in the prior year | 6,450 |
Non-cash Convertible Note conversion | (17,655) |
Liabilities paid on behalf of ENNV and classified as operating cash flows or assumed from ENNV and not yet paid | 5,808 |
Non-cash fair value of assumed common stock warrants | 5,847 |
Net impact on net cash provided by financing activities. | 96,135 |
Ennv Trust And Cash Net Of Redemptions [Member] | |
Business Acquisition [Line Items] | |
Cash | 30,844 |
Pipe Financing [Member] | |
Business Acquisition [Line Items] | |
Cash | 75,000 |
Legacy Fast Radius Warrant Conversion [Member] | |
Business Acquisition [Line Items] | |
Non-cash Legacy Fast Radius warrant conversion | 1,020 |
Non-cash Legacy Fast Radius warrant conversion | $ (1,020) |
Supplemental Financial Inform_3
Supplemental Financial Information - Summary of Activity in Allowance for Doubtful Accounts (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Financial Information [Abstract] | ||||||
Balance at beginning of period | $ (850,000) | $ (535,000) | $ (930,000) | $ (405,000) | $ (405,000) | |
Uncollectible accounts (charged) credited to expense | (649,000) | (158,000) | (569,000) | (288,000) | (641,357) | $ (710,882) |
Uncollectible accounts written off (recovered) | (3) | 0 | (3,000) | |||
Balance at end of period | $ (1,499,000) | $ (696,000) | $ (1,499,000) | $ (696,000) | $ 930,000 | $ 405,000 |
Supplemental Financial Inform_4
Supplemental Financial Information - Summary of Inventories (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory, Net [Abstract] | |||
Raw materials | $ 534,000 | $ 433,000 | |
Work-in-process | 21,000 | 16,000 | |
Total Inventories | $ 555,000 | $ 448,771 | $ 274,311 |
Supplemental Financial Inform_5
Supplemental Financial Information - Summary of Property and Equipment, Net (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 16,215,000 | $ 12,852,977 | $ 4,408,380 |
Accumulated depreciation and amortization | (4,692,000) | (3,324,550) | (1,744,014) |
Property, plant and equipment (net) | 11,523,000 | 9,528,427 | 2,664,366 |
Advanced Manufacturing Machinery & Quality Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 5,772,000 | 5,705,034 | 3,016,377 |
Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 4,894,000 | 2,912,000 | |
Computer & Office Hardware [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,226,000 | 1,149,000 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 235,000 | 39 | 34,753 |
Furniture and Fixtures [Member] | Revision of Prior Period, Adjustment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 39,000 | ||
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 3,377,000 | 3,048,419 | $ 699,278 |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 711,000 | $ 0 |
Supplemental Financial Inform_6
Supplemental Financial Information - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Accrued And Other Liabilities Current [Member] | ||
Concentration Risk [Line Items] | ||
Cost associated with Business Combination | $ | $ 10.5 | $ 6.3 |
Revenue - Summary of Revenue by
Revenue - Summary of Revenue by Geographic Location (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||||
Revenues | $ 7,275,000 | $ 4,867,000 | $ 13,537,000 | $ 8,663,000 | $ 20,012,064 | $ 13,966,251 |
Americas [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 6,786,000 | 4,669,000 | 12,825 | 8,170 | 18,947,044 | 12,946,158 |
Europe [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 383,000 | 67,000 | 553 | 138 | 499,294 | 476,087 |
Asia Pacific [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | $ 106,000 | $ 131,000 | $ 159 | $ 355 | $ 565,726 | $ 544,006 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue From Contract With Customer [Line Items] | ||||||
Revenues | $ 7,275,000 | $ 4,867,000 | $ 13,537,000 | $ 8,663,000 | $ 20,012,064 | $ 13,966,251 |
Contract assets | 0 | 0 | 0 | 0 | ||
Contract liabilities | 0 | 0 | 0 | 5,000 | ||
Shipping and Handling Fees [Member] | ||||||
Revenue From Contract With Customer [Line Items] | ||||||
Revenues | $ 395,000 | $ 163,000 | $ 784,000 | $ 220,000 | $ 800,000 | $ 400,000 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 16,215,000 | $ 12,852,977 | $ 4,408,380 |
Less: accumulated depreciation and amortization | (4,692,000) | (3,324,550) | (1,744,014) |
Property and equipment, net | 11,523,000 | 9,528,427 | 2,664,366 |
Advanced manufacturing machinery & quality equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 5,772,000 | 5,705,034 | 3,016,377 |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 2,912,107 | 0 | |
Computer & office hardware | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,148,944 | 657,972 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 235,000 | 39 | 34,753 |
Furniture and fixtures | Previously Reported [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 38,473 | ||
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 3,377,000 | $ 3,048,419 | $ 699,278 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization expense | $ 1.7 | $ 0.8 |
Debt - Summary of Short and Lon
Debt - Summary of Short and Long-Term Debt (Details) - USD ($) | Jun. 30, 2022 | Feb. 04, 2022 | Dec. 31, 2021 | May 25, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||
Outstanding Principal | $ 30,549,000 | $ 49,907,347 | $ 744,198 | ||
Less: Discounts | (6,816,026) | 0 | |||
Less: Deferred financing fees | (588,339) | (15,879) | |||
Discounts and deferred financing fees | (1,829,000) | (7,403,000) | |||
Total Outstanding debt | 28,720,000 | 42,502,982 | 728,319 | ||
Fair value of derivatives | 0 | 4,395,000 | 0 | ||
Total Debt and derivative liabilities | 28,720,000 | 46,897,982 | 728,319 | ||
Related Party Energize Convertible Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Outstanding Principal | 0 | 7,600,000 | |||
Related Party Drive Capital Convertible Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Outstanding Principal | 0 | 3,000,000 | |||
Related Party Ecp Holdings Convertible Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Outstanding Principal | 0 | 7,000,000 | |||
2018 ATEL Loan | Machinery and Equipment [Member] | |||||
Debt Instrument [Line Items] | |||||
Outstanding Principal | 0 | 359,594 | |||
2020 MFS Loan | |||||
Debt Instrument [Line Items] | |||||
Outstanding Principal | 278,000 | 314,000 | |||
2020 MFS Loan | Equipment [Member] | |||||
Debt Instrument [Line Items] | |||||
Outstanding Principal | 314,637 | 384,604 | |||
Manufacturers Capital Promissory Notes | |||||
Debt Instrument [Line Items] | |||||
Outstanding Principal | 845,000 | 967,710 | 0 | ||
Convertible Debt | Energize Ventures Fund [Member] | Related Party Convertible Notes I | |||||
Debt Instrument [Line Items] | |||||
Outstanding Principal | 7,600,000 | 0 | |||
Fair value of derivatives | 2,500,000 | ||||
Convertible Debt | Drive Capital Fund [Member] | Related Party Convertible Notes II | |||||
Debt Instrument [Line Items] | |||||
Outstanding Principal | 3,000,000 | 0 | |||
Fair value of derivatives | 600,000 | ||||
Convertible Debt | Energy Capital Partners Holdings [Member] | Related Party Convertible Notes III | |||||
Debt Instrument [Line Items] | |||||
Outstanding Principal | 7,000,000 | 0 | |||
Total Outstanding debt | 5,870 | ||||
Fair value of derivatives | 1,300,000 | ||||
2020 SVB Loan | |||||
Debt Instrument [Line Items] | |||||
Outstanding Principal | 8,558,000 | 10,225,000 | $ 10,000,000 | 0 | |
2021 SVB Loan | |||||
Debt Instrument [Line Items] | |||||
Outstanding Principal | $ 20,868,000 | $ 20,000,000 | $ 20,800,000 | $ 0 |
Debt - Summary of Future Princi
Debt - Summary of Future Principal Repayments of Debt (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
2022 | $ 11,233,000 | $ 15,059,584 | |
2023 | 15,160,000 | 30,690,676 | |
2024 | 3,949,000 | 3,949,970 | |
2025 | 207,000 | 207,117 | |
Total | $ 30,549,000 | $ 49,907,347 | $ 744,198 |
Debt - Summary of Interest Expe
Debt - Summary of Interest Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||||
Amortization of deferred financing fees and convertible debt discount | $ 2,764,000 | $ 385,000 | $ 3,484,753 | $ 116,857 | ||
Total Interest Expense | $ 1,313,000 | $ 504,000 | 3,977,000 | 549,000 | 4,876,706 | $ 308,266 |
Convertible Debt | Energize Ventures Fund [Member] | Related Party Convertible Notes I | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest expense | 0 | 97 | 44 | 97 | 327 | |
Amortization of deferred financing fees and convertible debt discount | 0 | 283 | 184 | 283 | 1,102 | |
Total Interest Expense | $ 0 | $ 380 | $ 228 | $ 380 | $ 1,429 | |
Effective interest rate | 0% | 58.30% | 58.30% | 58.30% | 58.30% | |
Convertible Debt | Drive Capital Fund [Member] | Related Party Convertible Notes II | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest expense | $ 0 | $ 17 | $ 63 | |||
Amortization of deferred financing fees and convertible debt discount | 0 | 24 | 86 | |||
Total Interest Expense | $ 0 | $ 41 | $ 149 | |||
Effective interest rate | 0% | 17.10% | 17.10% | |||
Convertible Debt | Energy Capital Partners Holdings [Member] | Related Party Convertible Notes III | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest expense | $ 0 | $ 40 | $ 76 | |||
Amortization of deferred financing fees and convertible debt discount | 0 | 52 | 95 | |||
Total Interest Expense | $ 0 | $ 92 | $ 171 | |||
Effective interest rate | 0% | 16.30% | 16.30% |
Debt - Summary of Convertible N
Debt - Summary of Convertible Notes and Derivatives (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Net carrying amount of convertible note | $ 28,720,000 | $ 42,502,982 | $ 728,319 |
Principal value of convertible note | $ 30,549,000 | 49,907,347 | 744,198 |
Convertible Debt | Energize Ventures Fund [Member] | Related Party Convertible Notes I | |||
Debt Instrument [Line Items] | |||
Principal value of convertible note | 7,600,000 | 0 | |
Convertible Debt | Energize Ventures Fund [Member] | Related Party Convertible Notes I | Level 3 | |||
Debt Instrument [Line Items] | |||
Unamortized deferred issuance costs, derivative, and warrants | 3,534 | ||
Net carrying amount of convertible note | 4,066 | ||
Principal value of convertible note | 7,600 | ||
Fair value of convertible note and derivative liability | 9,936 | ||
Fair value of convertible note excluding the derivative liability | 7,446 | ||
Convertible Debt | Drive Capital Fund [Member] | Related Party Convertible Notes II | |||
Debt Instrument [Line Items] | |||
Principal value of convertible note | 3,000,000 | 0 | |
Convertible Debt | Drive Capital Fund [Member] | Related Party Convertible Notes II | Level 3 | |||
Debt Instrument [Line Items] | |||
Unamortized deferred issuance costs, derivative, and warrants | 474 | ||
Net carrying amount of convertible note | 2,526 | ||
Principal value of convertible note | 3,000 | ||
Fair value of convertible note and derivative liability | 3,390 | ||
Fair value of convertible note excluding the derivative liability | 2,830 | ||
Convertible Debt | Energy Capital Partners Holdings [Member] | Related Party Convertible Notes III | |||
Debt Instrument [Line Items] | |||
Unamortized deferred issuance costs, derivative, and warrants | 1,130 | ||
Net carrying amount of convertible note | 5,870 | ||
Principal value of convertible note | 7,000,000 | $ 0 | |
Fair value of convertible note and derivative liability | 7,829 | ||
Fair value of convertible note excluding the derivative liability | 6,484 | ||
Convertible Debt | Energy Capital Partners Holdings [Member] | Related Party Convertible Notes III | Level 3 | |||
Debt Instrument [Line Items] | |||
Unamortized deferred issuance costs, derivative, and warrants | 1,130 | ||
Net carrying amount of convertible note | 5,870 | ||
Principal value of convertible note | 7,000 | ||
Fair value of convertible note and derivative liability | 7,829 | ||
Fair value of convertible note excluding the derivative liability | $ 6,484 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Feb. 04, 2022 | Feb. 03, 2022 | Feb. 02, 2022 | Oct. 26, 2021 | Sep. 10, 2021 | Aug. 24, 2021 | Aug. 23, 2021 | Aug. 16, 2021 | Jul. 13, 2021 | May 25, 2021 | Apr. 13, 2021 | Mar. 24, 2021 | Mar. 12, 2021 | Jan. 15, 2021 | Dec. 31, 2020 | Nov. 11, 2020 | Oct. 04, 2018 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Nov. 08, 2021 | Dec. 29, 2020 | Oct. 12, 2018 | |
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Class of warrants or rights outstanding | 15,516,639 | 15,516,667 | 15,516,639 | 15,516,639 | |||||||||||||||||||||||
Class of warrants or rights exercise price per share | $ 11.5 | $ 11.5 | |||||||||||||||||||||||||
Debt instrument periodic payment | $ 5,700 | $ 5,700 | $ 11,700 | $ 5,000 | |||||||||||||||||||||||
Long term debt gross | $ 744,198 | $ 30,549,000 | $ 30,549,000 | $ 49,907,347 | $ 744,198 | ||||||||||||||||||||||
Proceeds from convertible debt | $ 7,000,000 | ||||||||||||||||||||||||||
Embedded derivative derivative fair value | $ 0 | 0 | 0 | 4,395,000 | 0 | ||||||||||||||||||||||
Repayments of Long-term Debt | 3,826,000 | $ 571,000 | $ 948,928 | $ 3,140,783 | |||||||||||||||||||||||
Fast Radius [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt instrument Maturity term | Aug. 23, 2023 | ||||||||||||||||||||||||||
Energize Ventures Fund [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Class of warrants or rights exercise price per share | $ 0.005 | ||||||||||||||||||||||||||
Energize Ventures Fund [Member] | Common Stock [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Class of warrants or rights number of securities covered by the warrants or rights | 287,843 | ||||||||||||||||||||||||||
Energy Capital Partners Holdings [Member] | Related Party Convertible Notes Three [Member] | Common Stock [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Conversion of shares into predecessor company | 990,000 | ||||||||||||||||||||||||||
Energy Capital Partners Holdings Lp [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt instrument face value | $ 7,000,000 | ||||||||||||||||||||||||||
Debt instrument stated percentage | 6% | ||||||||||||||||||||||||||
Energy Capital Partners Holdings Lp [Member] | Related Party Convertible Notes Three [Member] | Common Stock [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Conversion of stock, shares converted | (2,000,000) | ||||||||||||||||||||||||||
Two Thousand And Eighteen ATEL Loan [Member] | Machinery and Equipment [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt instrument face value | $ 3,000,000 | ||||||||||||||||||||||||||
Proceeds from issuance of secured debt | $ 1,100,000 | ||||||||||||||||||||||||||
Long term debt term | 36 months | ||||||||||||||||||||||||||
Long term debt date of maturity | Nov. 01, 2021 | Nov. 01, 2021 | Nov. 01, 2021 | ||||||||||||||||||||||||
Debt instrument effective interest rate during the period | 5.80% | 5.60% | |||||||||||||||||||||||||
Long term debt gross | $ 359,594 | $ 0 | $ 359,594 | ||||||||||||||||||||||||
Two Thousand And Eighteen ATEL Loan [Member] | Machinery and Equipment [Member] | Warrants To Purchase Series A Three Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Class of warrants or rights or issued during the period warrants | 32,405 | ||||||||||||||||||||||||||
Class of warrants or rights outstanding | 32,405 | ||||||||||||||||||||||||||
Two Thousand And Eighteen Silicon Valley Bank Loan [Member] | Personal Property And Equity [Member] | Prime Rate [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt instrument face value | $ 3,000,000 | ||||||||||||||||||||||||||
Debt instrument variable interest rate spread | 1.25% | ||||||||||||||||||||||||||
Two Thousand And Eighteen Silicon Valley Bank Loan [Member] | Personal Property And Equity [Member] | Warrants To Purchase Common Stock [Member] | Prime Rate [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Class of warrants or rights or issued during the period warrants | 46,636 | ||||||||||||||||||||||||||
Class of warrants or rights number of securities covered by the warrants or rights | 46,636 | ||||||||||||||||||||||||||
Class of warrants or rights exercise price per share | $ 0.45 | ||||||||||||||||||||||||||
Two Thousand And Twenty One Manufacturing Financing Services Secured Term Loan [Member] | Equipment [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt instrument face value | $ 400,000 | ||||||||||||||||||||||||||
Long term debt term | 60 months | 60 months | |||||||||||||||||||||||||
Long term debt date of maturity | Dec. 01, 2025 | Dec. 01, 2025 | Dec. 01, 2025 | ||||||||||||||||||||||||
Class of warrants or rights or issued during the period warrants | 3.4 | 4.1 | |||||||||||||||||||||||||
Long term debt percentage of down payment | 10% | ||||||||||||||||||||||||||
Debt instrument periodic payment | $ 7,000 | ||||||||||||||||||||||||||
Long term debt gross | $ 315,000 | ||||||||||||||||||||||||||
Two Thousand And Twenty Silicon Valley Bank [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt instrument face value | $ 10,000,000 | $ 6,500,000 | |||||||||||||||||||||||||
Debt instrument variable interest rate spread | 1% | 1% | |||||||||||||||||||||||||
Long term debt gross | $ 10,000,000 | $ 0 | 8,558,000 | 8,558,000 | $ 10,225,000 | $ 0 | |||||||||||||||||||||
Long term debt variable interest rate percentage | 2.25% | 2.25% | |||||||||||||||||||||||||
Debt instrument principal as a percentage of outstanding amount | 4.90% | ||||||||||||||||||||||||||
Long term debt maturity start date | Dec. 01, 2024 | Jan. 01, 2022 | |||||||||||||||||||||||||
Debt instrument Maturity term | Dec. 01, 2024 | ||||||||||||||||||||||||||
Debt instrument periodic payment of principal | $ 277,800 | ||||||||||||||||||||||||||
Two Thousand And Twenty Silicon Valley Bank [Member] | Prime Rate [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Long term debt date of maturity | Mar. 10, 2022 | ||||||||||||||||||||||||||
Two Thousand And Twenty Silicon Valley Bank [Member] | Two Thousand And Twenty Warrants To Purchase Common Stock [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Class of warrants or rights or issued during the period units | 26,115 | ||||||||||||||||||||||||||
Two Thousand And Twenty Silicon Valley Bank [Member] | Two Thousand And Twenty One Warrants To Purchase Common Stock [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Class of warrants or rights number of securities covered by the warrants or rights | 26,115 | 26,115 | |||||||||||||||||||||||||
Class of warrants or rights exercise price per share | $ 1.81 | ||||||||||||||||||||||||||
Two Thousand And Twenty Silicon Valley Bank [Member] | Two Thousand And Twenty One Warrants To Purchase Common Stock [Member] | Tranche One [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Class of warrants or rights outstanding | 26,115 | ||||||||||||||||||||||||||
Class of warrants or rights exercise price per share | $ 13.49 | ||||||||||||||||||||||||||
Class of warrants or rights or issued during the period units | 26,115 | ||||||||||||||||||||||||||
Two Thousand And Twenty Silicon Valley Bank [Member] | Two Thousand And Twenty One Warrants To Purchase Common Stock [Member] | Tranche Two [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Class of warrants or rights outstanding | 26,115 | ||||||||||||||||||||||||||
Class of warrants or rights exercise price per share | $ 13.49 | ||||||||||||||||||||||||||
Class of warrants or rights or issued during the period units | 26,115 | ||||||||||||||||||||||||||
Two Thousand And Twenty One Silicon Valley Bank [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Long term debt gross | $ 20,000,000 | $ 0 | 20,868,000 | 20,868,000 | $ 20,800,000 | $ 0 | |||||||||||||||||||||
Debt instrument Maturity term | Apr. 03, 2023 | ||||||||||||||||||||||||||
Repayments of Long-term Debt | $ 2,000,000 | ||||||||||||||||||||||||||
Debt instrument, fee amount | $ 800,000 | 2,100,000 | 2,100,000 | ||||||||||||||||||||||||
Monthly principal payment beginning September 1, 2021 | 2,400,000 | 2,400,000 | |||||||||||||||||||||||||
Two Thousand And Twenty One Silicon Valley Bank [Member] | Prime Rate [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt instrument face value | $ 20,000,000 | ||||||||||||||||||||||||||
Debt instrument variable interest rate spread | 6% | 6% | |||||||||||||||||||||||||
Cumulative amount drawn long term debt | $ 20,000,000 | ||||||||||||||||||||||||||
Two Thousand And Twenty One Silicon Valley Bank [Member] | Prime Rate [Member] | Extension Of Due Date [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Long term debt date of maturity | Apr. 03, 2023 | ||||||||||||||||||||||||||
Two Thousand And Twenty One Silicon Valley Bank [Member] | Prime Rate [Member] | Tranche One [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt instrument face value | $ 10,000,000 | ||||||||||||||||||||||||||
Proceeds from other long term debt | 10,000,000 | ||||||||||||||||||||||||||
Two Thousand And Twenty One Silicon Valley Bank [Member] | Prime Rate [Member] | Tranche Two [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt instrument face value | 10,000,000 | ||||||||||||||||||||||||||
Proceeds from other long term debt | $ 7,000,000 | $ 3,000,000 | |||||||||||||||||||||||||
Manufacturers Capital Promissory Notes [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Long term debt gross | 0 | $ 845,000 | $ 845,000 | $ 967,710 | 0 | ||||||||||||||||||||||
Manufacturers Capital Promissory Notes [Member] | Equipment [Member] | Fifteenth Of January Two Thousand And Twenty One [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Proceeds from issuance of secured debt | $ 299,000 | ||||||||||||||||||||||||||
Long term debt term | 48 months | ||||||||||||||||||||||||||
Long term debt date of maturity | Jan. 15, 2025 | ||||||||||||||||||||||||||
Debt instrument effective interest rate during the period | 2.80% | ||||||||||||||||||||||||||
Long term debt gross | $ 168,000 | ||||||||||||||||||||||||||
Debt instrument principal as a percentage of outstanding amount | 10% | ||||||||||||||||||||||||||
Manufacturers Capital Promissory Notes [Member] | Equipment [Member] | March Twenty Fourth Two Thousand And Twenty One [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Proceeds from issuance of secured debt | $ 680,000 | ||||||||||||||||||||||||||
Long term debt term | 48 months | ||||||||||||||||||||||||||
Long term debt date of maturity | Mar. 24, 2025 | ||||||||||||||||||||||||||
Debt instrument effective interest rate during the period | 3% | ||||||||||||||||||||||||||
Long term debt gross | $ 389,000 | ||||||||||||||||||||||||||
Debt instrument principal as a percentage of outstanding amount | 10% | ||||||||||||||||||||||||||
Manufacturers Capital Promissory Notes [Member] | Equipment [Member] | July Thirteenth Two Thousand And Twenty One [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Proceeds from issuance of secured debt | $ 253,000 | ||||||||||||||||||||||||||
Long term debt term | 48 months | ||||||||||||||||||||||||||
Long term debt date of maturity | Jul. 13, 2025 | ||||||||||||||||||||||||||
Debt instrument effective interest rate during the period | 2.40% | ||||||||||||||||||||||||||
Long term debt gross | $ 203,000 | ||||||||||||||||||||||||||
Debt instrument principal as a percentage of outstanding amount | 10% | ||||||||||||||||||||||||||
Manufacturers Capital Promissory Notes [Member] | Equipment [Member] | August Sixteenth Two Thousand And Twenty One [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Proceeds from issuance of secured debt | $ 253,000 | ||||||||||||||||||||||||||
Long term debt term | 48 months | ||||||||||||||||||||||||||
Long term debt date of maturity | Aug. 16, 2025 | ||||||||||||||||||||||||||
Debt instrument effective interest rate during the period | 2% | ||||||||||||||||||||||||||
Long term debt gross | $ 207,000 | ||||||||||||||||||||||||||
Debt instrument principal as a percentage of outstanding amount | 10% | ||||||||||||||||||||||||||
Convertible Debt [Member] | Energize Ventures Fund [Member] | Related Party Convertible Notes One [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Long term debt date of maturity | Apr. 13, 2021 | ||||||||||||||||||||||||||
Debt instrument effective interest rate during the period | 0% | 58.30% | 58.30% | 58.30% | 58.30% | ||||||||||||||||||||||
Class of warrants or rights number of securities covered by the warrants or rights | 140,000 | ||||||||||||||||||||||||||
Class of warrants or rights exercise price per share | $ 0.01 | ||||||||||||||||||||||||||
Long term debt gross | 0 | $ 7,600,000 | 0 | ||||||||||||||||||||||||
Proceeds from convertible debt | $ 7,600,000 | ||||||||||||||||||||||||||
Related party transaction rate of interest | 6% | ||||||||||||||||||||||||||
Embedded derivative derivative fair value | 2,500,000 | ||||||||||||||||||||||||||
Gain loss on embedded derivative liability net | $ 75,000 | ||||||||||||||||||||||||||
Convertible Debt [Member] | Drive Capital Fund [Member] | Related Party Convertible Notes Two [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Long term debt date of maturity | Aug. 23, 2023 | ||||||||||||||||||||||||||
Debt instrument effective interest rate during the period | 0% | 17.10% | 17.10% | ||||||||||||||||||||||||
Long term debt gross | 0 | $ 3,000,000 | 0 | ||||||||||||||||||||||||
Proceeds from convertible debt | $ 3,000,000 | ||||||||||||||||||||||||||
Related party transaction rate of interest | 6% | ||||||||||||||||||||||||||
Embedded derivative derivative fair value | 600,000 | ||||||||||||||||||||||||||
Gain loss on embedded derivative liability net | $ 11,000 | ||||||||||||||||||||||||||
Debt instrument conversion price percentage | 80% | ||||||||||||||||||||||||||
Debt instrument conversion period from the date of maturity | 90 days | ||||||||||||||||||||||||||
Convertible Debt [Member] | Energy Capital Partners Holdings [Member] | Related Party Convertible Notes Three [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Long term debt date of maturity | Oct. 26, 2023 | ||||||||||||||||||||||||||
Debt instrument effective interest rate during the period | 0% | 16.30% | 16.30% | ||||||||||||||||||||||||
Long term debt gross | $ 0 | $ 7,000,000 | $ 0 | ||||||||||||||||||||||||
Proceeds from convertible debt | $ 7 | ||||||||||||||||||||||||||
Related party transaction rate of interest | 6% | ||||||||||||||||||||||||||
Embedded derivative derivative fair value | 1,300,000 | ||||||||||||||||||||||||||
Gain loss on embedded derivative liability net | 122,000 | ||||||||||||||||||||||||||
Convertible Debt [Member] | Energy Capital Partners Holdings Lp [Member] | Related Party Convertible Notes Three [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Long term debt date of maturity | Oct. 26, 2023 | ||||||||||||||||||||||||||
Related party transaction rate of interest | 6% | ||||||||||||||||||||||||||
Gain loss on embedded derivative liability net | $ 12,000 | ||||||||||||||||||||||||||
Related Party Energize Convertible Debt [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 2,500,000 | ||||||||||||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | $ 47,000 | ||||||||||||||||||||||||||
Related Party Energize Convertible Debt [Member] | Fast Radius [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt instrument face value | $ 7,600,000 | ||||||||||||||||||||||||||
Class of warrants or rights exercise price per share | $ 0.01 | ||||||||||||||||||||||||||
Debt instrument Maturity term | Apr. 13, 2023 | ||||||||||||||||||||||||||
Debt instrument stated percentage | 6% | ||||||||||||||||||||||||||
Related Party Energize Convertible Debt [Member] | Fast Radius [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Class of warrants or rights number of securities covered by the warrants or rights | 140,000 | ||||||||||||||||||||||||||
Related Party Energize Convertible Debt [Member] | Energy Capital Partners Holdings Lp [Member] | Related Party Convertible Notes Three [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Embedded derivative derivative fair value | $ 1,300,000 | 1,300,000 | |||||||||||||||||||||||||
Related Party Drive Capital Convertible Debt [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | $ 600,000 | ||||||||||||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | $ 5,000 | ||||||||||||||||||||||||||
Related Party Drive Capital Convertible Debt [Member] | Fast Radius [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt instrument face value | $ 3,000,000 | ||||||||||||||||||||||||||
Debt instrument stated percentage | 6% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||
Adjustments to the valuation allowance | $ 17,148,192 | $ 5,760,247 |
Unrecognized tax benefits | $ 0 | 0 |
Income tax examination, description | 2017 year and beyond | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | $ 89,800,000 | 43,900,000 |
Adjustments to the valuation allowance | 14,000,000 | |
Domestic Tax Authority [Member] | Tax Year 2027 Expiration | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | $ 1,000,000 | |
Operating loss carryforwards expiration year | 2027 years | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Adjustments to the valuation allowance | $ 3,200,000 | |
State and Local Jurisdiction [Member] | Tax Year 2030 Expiration | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forwards | $ 79,300,000 | $ 50,100,000 |
Operating loss carryforwards expiration year | 2030 years |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Company's Loss Before Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||||
United States | $ (67,883,898) | $ (21,671,394) | ||||
Foreign | 0 | 0 | ||||
Loss before income taxes | $ (22,187,000) | $ (15,105,000) | $ (66,787,000) | $ (27,891,000) | $ (67,883,898) | $ (21,671,394) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Federal Statutory Income Tax Provision (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||||
Federal statutory income tax rate | 21% | 21% | ||||
Federal income tax at statutory rates | $ (14,255,619) | $ (4,550,993) | ||||
Valuation Allowance | 13,982,549 | 4,435,667 | ||||
Other, permanent difference | 273,070 | 115,326 | ||||
Total income tax provision | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Effective income tax rate | 0% | 0% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets: | |||
Allowance for doubtful accounts | $ 273,692 | $ 110,381 | |
Accruals and reserves | 4,448,488 | 733,051 | |
Disallowed interest carryforwards | 1,332,346 | 0 | |
Net operating loss and other carryforwards | 24,171,779 | 12,418,254 | |
Stock based compensation | 505,580 | 377,514 | |
Other, net | 40,507 | 16,364 | |
Total deferred tax asset | 30,772,392 | 13,655,564 | |
Valuation allowance | (30,739,829) | (13,591,637) | $ (7,831,390) |
Deferred tax asset, net of allowance | 32,563 | 63,927 | |
Deferred Tax Liabilities: | |||
Depreciation | 32,563 | 63,927 | |
Total Deferred Tax Liabilities | 32,563 | 63,927 | |
Net Deferred Tax Assets (Liabilities) | $ 0 | $ 0 |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowances (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation Allowance [Abstract] | ||
Valuation allowance as of January 1 | $ 13,591,637 | $ 7,831,390 |
Adjustments to the valuation allowance | 17,148,192 | 5,760,247 |
Valuation allowance as of December 31 | $ 30,739,829 | $ 13,591,637 |
Taxes - Additional Information
Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||||
Income tax benefit | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Feb. 04, 2022 | Mar. 12, 2021 | Feb. 28, 2022 | May 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 26, 2021 | Aug. 24, 2021 | Feb. 03, 2020 | Dec. 31, 2019 | Mar. 21, 2019 | Nov. 13, 2017 | |
Related Party Transaction [Line Items] | ||||||||||||||||
Accrued liabilities - related parties | $ 3,350,000 | $ 3,350,000 | $ 2,513,347 | $ 1,313,062 | ||||||||||||
Sales and marketing | 5,877,000 | $ 5,283,000 | 12,213,000 | $ 8,752,000 | 22,721,423 | 8,327,910 | ||||||||||
Common Stock, Value, Issued | 8,000 | 8,000 | 3,991 | 3,865 | ||||||||||||
Change in fair value of derivative liability | (30,000) | (6,000) | 208,000 | 0 | ||||||||||||
Private Investment in Public Equity Shares [Member] | ECP Environmental Growth Opportunities Corp [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Share issued in acquisition per share | $ 10 | |||||||||||||||
Aggregate purchase price of shares | $ 75,000,000 | |||||||||||||||
United Parcel Service [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Accrued liabilities - related parties | $ 3,400,000 | 3,400,000 | 2,500,000 | 1,300,000 | ||||||||||||
Sales and marketing | $ 462,000 | 837,000 | $ 1,200,000 | 800,000 | ||||||||||||
United Parcel Service [Member] | Revenue Benchmark [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Percentage of equity royalties allotted for the service provided | 6% | 6% | 6% | |||||||||||||
United Parcel Service [Member] | Warehouse Rental Agreement [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Operating lease, payments | $ 18,000 | 16,000 | $ 35,000 | 33,000 | $ 66,700 | 65,700 | ||||||||||
United Parcel Service [Member] | Shipping Service Agreement [Member] | Shipping and Handling [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related party costs | 246,000 | 265,000 | 697,000 | 413,000 | 1,000,000 | 500,000 | ||||||||||
United Parcel Service [Member] | Sub Lease Agreement [Member] | Office Space [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Operating lease, payments | $ 1,000 | $ 2,000 | 4,000 | $ 4,000 | 7,300 | 6,700 | ||||||||||
Energize Venture Fund Iron Spring Venture Fund [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Principal amount | $ 7,000,000 | |||||||||||||||
Debt instrument stated percentage | 6% | |||||||||||||||
Preferred Stock, Value, Issued | $ 4,000,000 | |||||||||||||||
Common Stock, Value, Issued | $ 10,800,000 | |||||||||||||||
Debt instrument, interest rate, effective percentage | 16% | |||||||||||||||
Interest Expense, Debt | 200,000 | |||||||||||||||
Change in fair value of derivative liability | 1,300,000 | |||||||||||||||
Warrants issued | 287,843 | |||||||||||||||
Energize Venture Fund Iron Spring Venture Fund [Member] | Convertible Notes Payable [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Principal amount | $ 7,600,000 | $ 3,000,000 | ||||||||||||||
Debt instrument stated percentage | 6% | 6% | ||||||||||||||
Debt instrument, interest rate, effective percentage | 58% | 17% | ||||||||||||||
Interest Expense, Debt | $ 1,400,000 | $ 228,000 | 100,000 | |||||||||||||
Change in fair value of derivative liability | $ 2,500,000 | 600,000 | ||||||||||||||
Energize Venture Fund Iron Spring Venture Fund [Member] | Minimum [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Warrants issued | 140,000 | |||||||||||||||
Palantir [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Operating leases, future minimum payments due | $ 10,100,000 | |||||||||||||||
Operating lease, payments | 9,400,000 | |||||||||||||||
Related party transaction, amounts of transaction | $ 50,000 | |||||||||||||||
Software commitment fee paid | 9,400,000 | |||||||||||||||
Future software commitment fees | $ 10,100,000 | |||||||||||||||
Palantir [Member] | Master Subscription Agreement [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Operating Lease, Right-of-Use Asset | 45,000,000 | |||||||||||||||
Palantir [Member] | Private Placement [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Proceeds from the issuance of warrants | $ 75,000,000 | |||||||||||||||
Class of warrants or rights warrants issued issue price per warrant | $ 10 | |||||||||||||||
Class of warrants or rights warrants issued during the period units | 7,500,000 | |||||||||||||||
Palantir [Member] | Private Placement [Member] | Private Investment in Public Equity Shares [Member] | ECP Environmental Growth Opportunities Corp [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Share issued in acquisition per share | $ 10 | |||||||||||||||
Aggregate purchase price of shares | $ 75,000,000 | |||||||||||||||
Palantir [Member] | Master Subscription Agreement [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Total potential fee under software arrangement | $ 45,000,000 | |||||||||||||||
Drive Capital [Member] | Convertible Notes Payable [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Principal amount | $ 3,000,000 | |||||||||||||||
Debt instrument stated percentage | 6% | |||||||||||||||
Debt instrument, interest rate, effective percentage | 17% | |||||||||||||||
Interest Expense, Debt | 41,000 | |||||||||||||||
Energy Capital Partners Holdings Lp [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Principal amount | $ 7,000,000 | |||||||||||||||
Debt instrument stated percentage | 6% | |||||||||||||||
Debt instrument, interest rate, effective percentage | 16% | |||||||||||||||
Interest Expense, Debt | $ 92,000 | |||||||||||||||
Series B Preferred Stock | United Parcel Service [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Preferred Stock, Value, Issued | $ 38,400,000 | 38,400,000 | ||||||||||||||
Preferred stock, shares issued | 30,684 | |||||||||||||||
Series B Preferred Stock | Energize Venture Fund Iron Spring Venture Fund [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Preferred Stock, Value, Issued | $ 10,000,000 | |||||||||||||||
Preferred stock, shares issued | 3,734,151 | 1,524,107 | ||||||||||||||
Series B Preferred Stock | Ironspring Venture Fund I, LP ("Ironspring") [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Preferred Stock, Value, Issued | $ 2,000,000 | $ 2,000,000 | ||||||||||||||
Preferred stock, shares issued | 304,818 | |||||||||||||||
Series A 1 Preferred Stock | Energize Venture Fund Iron Spring Venture Fund [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Preferred stock, shares issued | 8,212,671 | |||||||||||||||
Series A 3 Preferred Stock | Energize Venture Fund Iron Spring Venture Fund [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Preferred Stock, Value, Issued | $ 3,000,000 | |||||||||||||||
Preferred stock, shares issued | 3,773,006 |
Temporary Equity and Stockholde
Temporary Equity and Stockholders' Deficit - Additional Information (Details) - shares | Jun. 30, 2022 | Dec. 31, 2021 |
Temporary Equity And Stockholders Deficit [Line Items] | ||
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Commitments & Contingencies - A
Commitments & Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2022 | May 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments And Contingencies [Line Items] | ||||
Rent expense | $ 3,100,000 | $ 1,700,000 | ||
Cost of Sales [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Charge amount recognized | 1,000,000 | |||
Master Subscription Agreement [Member] | Palantir [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Subscription agreement,commitment amount for utilization of software and services with related party | $ 45,000,000 | |||
Subscription agreement,commitment amount per month to related party | $ 50,000 | |||
Payment made to related party upon close of the merger | $ 9,400,000 | |||
Commitment amount remaining non cancellable future minimum payments due on the firm purchase agreement With Related Party. | $ 10,100,000 | |||
Master subscription agreement period | 6 years |
Commitments & Contingencies - S
Commitments & Contingencies - Schedule of Future Minimum Non-Cancelable Lease Payments Under the Operating Leases (Details) | Dec. 31, 2021 USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2022 | $ 2,895,231 |
2023 | 2,191,339 |
2024 | 779,456 |
2025 | 803,073 |
2026 | 67,087 |
Total | $ 6,736,187 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) - Additional Information (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
May 11, 2022 USD ($) $ / shares shares | Feb. 04, 2022 shares | Feb. 03, 2022 shares | Mar. 31, 2022 shares | Jun. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 $ / shares shares | |
Class Of Stock [Line Items] | |||||||
Shares authorized to sell | 350,000,000 | 350,000,000 | |||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Common stock, voting rights | one vote per share | ||||||
Common stock, shares issued | 75,535,463 | 39,913,100 | 38,654,855 | ||||
Common stock, shares outstanding | 75,535,463 | 39,913,100 | |||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | |||||
Preferred stock, shares outstanding | 0 | ||||||
Purchase price of warrants | $ / shares | $ 11.5 | ||||||
RSUs vested not yet been settled and issued | 1,800,000 | ||||||
Conversion of outstanding preferred stock to shares of common stock | 32,900,000 | ||||||
Warrants outstanding | 15,516,639 | 15,516,667 | 15,516,639 | ||||
Each warrant entitles to purchase number of shares | 1 | ||||||
Warrants expiration date | Feb. 04, 2027 | ||||||
Tranche Two | |||||||
Class Of Stock [Line Items] | |||||||
Merger Earn Out Shares to be issued in future | 5,000,000 | 5,000,000 | |||||
Lincoln Park Capital Fund, LLC [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Equity line of credit arrangement | the Company may direct Lincoln Park to purchase additional shares of Common Stock in accelerated purchases (each, an “Accelerated Purchase”) up to the lower of: (i) three times the number of shares of Common Stock purchased pursuant to the corresponding Regular Purchase or (ii) 30% of the trading volume on the date of each such accelerated purchase or such shorter period as provided under the Purchase Agreement. The purchase price for the additional shares is 97% of the lesser of:•the closing sale price for the Common Stock on the date of sale; or•the accelerated purchase date's volume weighted average price of the Common Stock on the date of sale. | ||||||
Maximum [Member] | Lincoln Park Capital Fund, LLC [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Value of common stock obligated to purchase | $ | $ 30,000,000 | ||||||
Purchase Agreement [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Common stock, shares issued | 728,385 | ||||||
Additional shares issued as commitment fee | 182,096 | ||||||
Purchase Agreement [Member] | Lincoln Park Capital Fund, LLC [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Shares authorized to sell | 14,643,920 | ||||||
Percentage of shares outstanding upon conversion | 19.99% | ||||||
Percentage of common stock beneficially owing | 9.99% | ||||||
Upper limits on the price per share | $ / shares | $ 0 | ||||||
Sale of stock, description of transaction | The purchase price per share for each Regular Purchase will be the lower of: (i) the lowest sale price of Common Stock during the purchase date, or (ii) the average of the three lowest closing sale prices of Common Stock in the ten business days prior to the purchase date. There are no upper limits on the price per share that Lincoln Park must pay for shares of Common Stock under the Purchase Agreement. | ||||||
Maximum committed purchase obligation | $ | $ 2,000,000 | ||||||
Average price of common stock | $ / shares | $ 0.62 | ||||||
Fair value of commitment fee | $ | $ 452,000 | ||||||
Purchase Agreement [Member] | Maximum [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Sale of stock, number of shares issued in transaction | 100,000 | ||||||
Purchase Agreement [Member] | Maximum [Member] | Lincoln Park Capital Fund, LLC [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Sale of stock, increased number of shares issued in transaction | $ | $ 400,000 | ||||||
ECP Environmental Growth Opportunities Corp [Member] | Tranche One | Merger Earn Out Shares [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Share issued in acquisition per share | $ / shares | $ 15 | ||||||
ECP Environmental Growth Opportunities Corp [Member] | Tranche Two | Merger Earn Out Shares [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Share issued in acquisition per share | $ / shares | $ 20 | ||||||
Common Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Exercise of Legacy Fast Radius warrants, shares | 2,200,000 | 2,240,000 | (32,900,000) | ||||
Common Stock [Member] | Legacy Fast Radius Warrants Member | |||||||
Class Of Stock [Line Items] | |||||||
Exercise of Legacy Fast Radius warrants, shares | 1,100,000 | 16,000,000 | |||||
Public Warrants [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Warrants outstanding | 8,624,972 | 8,625,000 | 8,624,972 | ||||
Private Warrants [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Warrants outstanding | 6,891,667 | 6,891,667 | 6,891,667 | ||||
Legacy Fast Radius Preferred and Common Stock Conversion [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Share conversion ratio | 2.056 | 2.056 | |||||
Conversion of outstanding preferred stock to shares of common stock | 16,000,000 |
Warrants - Schedule of Stock Wa
Warrants - Schedule of Stock Warrant Activity (Details) - $ / shares | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2022 | Feb. 04, 2022 | Feb. 03, 2022 | Jan. 01, 2021 | Jan. 01, 2020 | |
Class of Warrant or Right [Line Items] | |||||||
Opening balance (Warrants) | 15,516,639 | 15,516,639 | 15,516,667 | ||||
Closing Balances (Warrants) | 15,516,639 | 15,516,639 | 15,516,667 | ||||
Opening balance (Exercise price) | $ 11.5 | ||||||
Closing balance (Exercise price) | $ 11.5 | ||||||
Common Stock Warrant [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Opening balance (Warrants) | 2,540,305 | 1,926,582 | 1,926,582 | 1,663,325 | |||
Granted (Warrants) | 613,723 | 263,257 | |||||
Exercised (Warrants) | 0 | 0 | |||||
Closing Balances (Warrants) | 2,540,305 | 1,926,582 | 1,926,582 | 1,663,325 | |||
Exercisable (Warrants) | 2,540,305 | 1,926,582 | |||||
Granted (Exercise price) | 4.77 | 0.18 | |||||
Exercised (Exercise price) | 0 | 0 | |||||
Opening balance (Grant date) | $ 2.79 | $ 0.85 | $ 0.85 | $ 0.82 | |||
Granted (Grant date) | $ 8.85 | $ 1.09 | |||||
Exercised (Grant date) | 0 | 0 | |||||
Closing balance (Grant date) | $ 2.79 | $ 0.85 | 0.85 | 0.82 | |||
Closing balance (Contractual term) | 4 days 20 hours | 4 days 1 hour | |||||
Common Stock Warrant [Member] | Weighted Average [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Opening balance (Exercise price) | $ 1.44 | $ 0.38 | 0.38 | 0.41 | |||
Closing balance (Exercise price) | $ 1.44 | $ 0.38 | $ 0.38 | $ 0.41 |
Warrants - Additional Informati
Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||||||||||
Mar. 12, 2021 | Oct. 04, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2022 | Feb. 04, 2022 | Feb. 03, 2022 | Sep. 10, 2021 | May 25, 2021 | Apr. 13, 2021 | Jan. 01, 2021 | Dec. 29, 2020 | Feb. 02, 2020 | Jan. 01, 2020 | |
Class of warrant or right, Exercise price of warrants or rights | $ 11.5 | |||||||||||||
Class of warrant or right, Outstanding | 15,516,639 | 15,516,639 | 15,516,667 | |||||||||||
Class of warrant or right, Number of securities called by each warrant or right | 1 | |||||||||||||
Expenses from liability classified warrants | $ 2.2 | $ 83 | ||||||||||||
Expenses from equity classified warrants | 1.8 | $ 0.3 | ||||||||||||
Term Loan [Member] | ||||||||||||||
Debt instrument, Face amount | $ 20 | |||||||||||||
Proceeds from issuance of debt | $ 20 | |||||||||||||
Energize Ventures Fund [Member] | ||||||||||||||
Class of warrant or right, Exercise price of warrants or rights | $ 0.005 | |||||||||||||
Warrants and rights outstanding, Maturity date | Apr. 13, 2031 | |||||||||||||
ATEL [Member] | ||||||||||||||
Line of credit maximum borrowing capacity | $ 3 | |||||||||||||
ATEL [Member] | Series A Three Redeemable Convertible Preferred Stock [Member] | ||||||||||||||
Class of warrant or right, Number of securities called by each warrant or right | 188,650 | |||||||||||||
SVB Warrants [Member] | ||||||||||||||
Class of warrant or right, Exercise price of warrants or rights | $ 6.56 | |||||||||||||
Class of warrant or right, Warrants issued during period | 53,693 | |||||||||||||
Warrants and rights outstanding, Maturity date | Mar. 12, 2033 | |||||||||||||
Class of warrant or right, Outstanding | 161,079 | |||||||||||||
Class of warrant or right, Issued | 107,386 | 53,693 | ||||||||||||
SVB Warrants [Member] | Term Loan [Member] | ||||||||||||||
Class of warrant or right, Exercise price of warrants or rights | $ 10,170,000 | |||||||||||||
Warrants and rights outstanding, Maturity date | Sep. 10, 2033 | |||||||||||||
SVB Warrants [Member] | SVB [Member] | ||||||||||||||
Class of warrant or right, Exercise price of warrants or rights | $ 6.56 | |||||||||||||
Warrants and rights outstanding, Maturity date | Mar. 12, 2033 | |||||||||||||
SVB Warrants [Member] | Two Thousand And Twenty SVB Loan [Member] | ||||||||||||||
Class of warrant or right, Exercise price of warrants or rights | $ 0.88 | |||||||||||||
UPS Warrants [Member] | Series B Preferred Stock Financing [Member] | ||||||||||||||
Class of warrant or right, Exercise price of warrants or rights | $ 0.00005 | |||||||||||||
Common Stock Warrant [Member] | ||||||||||||||
Class of warrant or right, Number of securities called by warrants or rights | 2,540,305 | 1,926,582 | ||||||||||||
Class of warrant or right, Outstanding | 2,540,305 | 1,926,582 | 1,926,582 | 1,663,325 | ||||||||||
Class of warrant or right, Number of securities called by each warrant or right | 1 | |||||||||||||
ATEL Series A Three Warrants [Member] | ||||||||||||||
Class of warrant or right, Warrants issued during period | 66,625 | |||||||||||||
Warrants and rights outstanding, Maturity date | Oct. 04, 2033 | |||||||||||||
ATEL Series A Three Warrants [Member] | IPO [Member] | ||||||||||||||
Warrants and rights outstanding, Term | 5 years | |||||||||||||
ATEL Series A Three Warrants [Member] | ATEL [Member] | ||||||||||||||
Class of warrant or right, Exercise price of warrants or rights | $ 0.79 | |||||||||||||
Series A Three Warrants [Member] | ||||||||||||||
Class of warrant or right, Number of securities called by each warrant or right | 66,625 | 66,625 | ||||||||||||
Common Stock [Member] | Term Loan [Member] | ||||||||||||||
Class of warrant or right, Number of securities called by warrants or rights | 218,494 | |||||||||||||
Common Stock [Member] | Energize Ventures Fund [Member] | ||||||||||||||
Class of warrant or right, Number of securities called by warrants or rights | 287,843 | |||||||||||||
Common Stock [Member] | Series B Preferred Stock Financing [Member] | ||||||||||||||
Class of warrant or right, Number of securities called by warrants or rights | 209,564 | |||||||||||||
Common Stock [Member] | SVB [Member] | ||||||||||||||
Class of warrant or right, Number of securities called by warrants or rights | 53,693 | |||||||||||||
Common Stock [Member] | Two Thousand And Twenty SVB Loan [Member] | ||||||||||||||
Class of warrant or right, Number of securities called by warrants or rights | 53,693 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary Of Stock-Based Compensation Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Share-based Payment Arrangement, Expense | $ 2,600,000 | $ 200,000 | $ 22,900,000 | $ 500,000 | $ 900,000 | $ 1,000,000 |
Cost of Revenues | ||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Share-based Payment Arrangement, Expense | 27,000 | 3,000 | 142,000 | 7,000 | 13,402 | 14,383 |
General and Administrative | ||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Share-based Payment Arrangement, Expense | 1,834,000 | 151,000 | 19,379,000 | 370,000 | 680,609 | 825,664 |
Selling and Marketing | ||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Share-based Payment Arrangement, Expense | 196,000 | 37,000 | 1,379,000 | 37,000 | 79,695 | 104,985 |
Research & Development | ||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Share-based Payment Arrangement, Expense | $ 505,000 | $ 16,000 | $ 2,030,000 | $ 47,000 | $ 81,690 | $ 47,048 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary Of Black-Scholes Option-Pricing Model (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
SPAC probability | 95% | |
Remain private probability | 5% | |
SPAC Market Value | $ 736 | |
Conversion Ratio | 2.056% | |
Expected annual dividend yield | 0% | 0% |
Expected volatility | 84% | 51.78% |
Risk-free rate of return | 0.71% | 0.75% |
Expected option term (years) | 1 year 4 months 24 days | 5 years 11 months 23 days |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Feb. 04, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 02, 2022 | Jul. 29, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common stock, Capital shares reserved for future issuance | 28,000,000 | ||||||||||
Share based payment arrangement, Expense | $ 2,600,000 | $ 200,000 | $ 22,900,000 | $ 500,000 | $ 900,000 | $ 1,000,000 | |||||
Share based payment arrangement, Expense, Tax benefit | 0 | $ 0 | |||||||||
Share based compensation arrangement by share based payment award, Options, Exercises in period | 218,925 | 16,000,000 | |||||||||
Share based compensation arrangements by share based payment award, Options, Exercises in period, Weighted average exercise price | $ 0.47 | ||||||||||
Share based compensation arrangement by share based payment award, Options, Outstanding, Number | 6,550,985 | 7,354,441 | |||||||||
Share based compensation arrangement by share based payment award, Options, Grants in period, Gross | 0 | ||||||||||
Share based compensation arrangements by share based payment award, Options, Grants in period, Weighted average exercise price | $ 0 | ||||||||||
Minimum net worth required for compliance | $ 1,500,000,000 | ||||||||||
Business combination valuation trigger amount | $ 1,500,000,000 | ||||||||||
2022 Employee Stock Purchase Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock based compensation, plan description | Under the terms of the ESPP, employees can elect to have amounts of their annual compensation withheld, up to a maximum set by the Board, to purchase shares of Common Stock for a purchase price equal to 85% of the lower of the fair market value per share (at closing) of Common Stock on (i) the first trading day of the offering period or (ii) the last trading day of the offering period. | ||||||||||
Purchase price of common stock as a percentage of fair value | 85% | ||||||||||
Common Stock reserved for issuance | 2,150,000 | ||||||||||
Shares purchased under ESPP | 0 | ||||||||||
CEO Mr. Rassey [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based payment arrangement, Nonvested award, Cost not yet recognized, Period for recognition | 8 years | ||||||||||
Grant date fair value | $ 11,600,000 | ||||||||||
2022 Equity Incentive Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common stock, Capital shares reserved for future issuance | 11,000,000 | 11,000,000 | |||||||||
Earnout shares per share | $ 15 | $ 15 | |||||||||
Earnout shares per share | $ 20 | $ 20 | |||||||||
2017 Equity Incentive Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based payment arrangement, Expense | $ 18,700,000 | ||||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Expiration period | 10 years | ||||||||||
Share based payment arrangement, Nonvested award, Option, Cost not yet recognized, Amount | $ 900,000 | ||||||||||
Share based payment arrangement, Nonvested award, Cost not yet recognized, Period for recognition | 1 year 1 month 6 days | ||||||||||
Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Award graded service condition period | 4 years | ||||||||||
Share based compensation arrangement by share based payment award, Award vesting rights | Specifically, a portion of the options vest solely based on a graded four- year service condition | ||||||||||
Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Award graded service condition period | 4 years | ||||||||||
Share based compensation arrangement by share based payment award, Award vesting rights | a portion vests based on both achievement of a performance condition as well as completion of a graded four-year service condition | ||||||||||
Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Award graded service condition period | 5 years | ||||||||||
Share based compensation arrangement by share based payment award, Award vesting rights | and the remaining vest on achieving certain pre-money valuation in a financing event as well as completion of a graded five-year service condition. | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based payment arrangement, Nonvested award, Cost not yet recognized, Period for recognition | 2 years | ||||||||||
Share based compensation arrangement by share based payment award, Equity instruments other than options, Grants in period | 4,405,974 | ||||||||||
Share based compensation arrangement by share based payment award, Equity instruments other than options, Grants in period, Weighted average grant date fair value | $ 8.37 | ||||||||||
Share based payment arrangement, Nonvested award, Excluding option, Cost not yet recognized, Amount | $ 35,800,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 4,641,960 | 493,358 | |||||||||
Shares granted for issuance | $ 12,000,000 | ||||||||||
Unrecognized stock-based compensation expense | $ 28,800,000 | $ 28,800,000 | |||||||||
Restricted Stock Units (RSUs) [Member] | CEO Mr. Rassey [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Award vesting rights, Percentage | 10% | ||||||||||
Share based compensation arrangement by share based payment award, Equity instruments other than options, Grants in period | 6,000,000 | ||||||||||
Restricted Stock Units (RSUs) [Member] | 2022 Equity Incentive Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Options, Grants in period, Gross | 3,100,000 | 10,300,000 | |||||||||
Restricted Stock Units (RSUs) [Member] | Standard And Founder Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Equity instruments other than options, Grants in period | 4,936,522 | 530,548 | |||||||||
Share based compensation arrangement by share based payment award, Equity instruments other than options, Grants in period, Weighted average grant date fair value | $ 7.56 | $ 0.87 | |||||||||
Restricted Stock Units (RSUs) [Member] | Standard Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Award vesting rights | whereby the award vests 25% on the one-year anniversary of the vesting commencement date | whereby the award vests 25% on the one-year anniversary of the Vesting Commencement Date | |||||||||
Share based compensation arrangement by share based payment award, Award vesting period | 36 months | 36 months | |||||||||
Share based compensation arrangement by share based payment award, Award vesting rights, Percentage | 25% | 25% | |||||||||
Share based compensation arrangement by share based payment award, Equity instruments other than options, Grants in period | 2,799,795 | ||||||||||
Share based compensation arrangement by share based payment award, Award requisite service period | 4 years | 4 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,505,234 | ||||||||||
Restricted Stock Units (RSUs) [Member] | Founder Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Award vesting rights | Founder RSUs include a portion that vested upon the closing of the Business Combination, and a portion that will vest on the first day following the lapse of the Lock-Up Period, the first 180 days from the consummation of the Business Combination, on which the Company Valuation equals or exceeds $1.5 billion | ||||||||||
Share based compensation arrangement by share based payment award, Equity instruments other than options, Grants in period | 2,136,726 | ||||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | Founder Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Award vesting rights | Founder RSUs include a portion that vests upon the closing of a SPAC transaction or the first IPO to occur following February 1, 2021 | ||||||||||
Share based compensation arrangement by share based payment award, Equity instruments other than options, Grants in period | 1,228,330 | ||||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Founder Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Award vesting rights | a portion that will vest on the first day following the lapse of the Lock-up Period, the first 180 days from the consummation of a SPAC transaction or IPO, on which the Company Valuation equals or exceeds $1.5 billion. | ||||||||||
Share based compensation arrangement by share based payment award, Award vesting period | 180 days | ||||||||||
Share based compensation arrangement by share based payment award, Equity instruments other than options, Grants in period | 908,397 | ||||||||||
Minimum net worth required for compliance | $ 1,500,000,000 | ||||||||||
Share-based Payment Arrangement, Employee [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Options, Grants in period, Gross | 2,000,000 | ||||||||||
Share based payment arrangement, Option, Exercise price range, Lower range limit | 0.7 | ||||||||||
Share based payment arrangement, Option, Exercise price range, Upper range limit | $ 0.88 | ||||||||||
Share-based Payment Arrangement, Employee [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Award vesting period | 4 years | ||||||||||
Share-based Payment Arrangement, Nonemployee [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Options, Grants in period, Gross | 0 | 0 | 136,152 | ||||||||
Share based compensation arrangements by share based payment award, Options, Grants in period, Weighted average exercise price | $ 0.7 | ||||||||||
Share-based Payment Arrangement, Nonemployee [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Shares to be expired next year | 786,512 | ||||||||||
Share based compensation arrangement by share based payment award, Expiration date | Jan. 11, 2020 | ||||||||||
Share Based Payment Arrangement Another Non Employee [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Award vesting rights | 1/16 of the shares to vest each quarter subject to acceleration upon an initial public offering or a change of control event. | ||||||||||
Share based compensation arrangement by share based payment award, Award vesting period | 4 years | ||||||||||
Share Based Payment Arrangement Another Non Employee [Member] | Share-based Payment Arrangement, Option [Member] | Each Quarter [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangement by share based payment award, Award vesting rights, Percentage | 0.0625% | ||||||||||
Early Exercise [Member] | Founders [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based compensation arrangements by share based payment award, Options, Exercises in period, Weighted average exercise price | $ 0.14 | ||||||||||
Share based compensation arrangement by share based payment award, Options, Outstanding, Number | 1,039,320 | 4,561,065 | |||||||||
Service Conditions Achieved [Member] | Restricted Stock Units (RSUs) [Member] | Standard Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 342,945 | ||||||||||
Service Conditions Not Achieved [Member] | Restricted Stock Units (RSUs) [Member] | Standard Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share based payment arrangement, Equity instruments other than options, Outstanding, Weighted average expected time to achieve service conditions | 1 year 4 months 24 days |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Company's stock options issued to employees, founders and consultants (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Number of Shares/Units Balance Beginning | 7,354,441 | ||
Number of Shares/Units Granted | 0 | ||
Number of Shares/Units Exercised | 218,925 | 16,000,000 | |
Number of Shares/Units Forfeited | 524,578 | ||
Number of Shares/Units Expired | 59,953 | ||
Number of Shares/Units Balance Ending | 6,550,985 | 7,354,441 | |
Number of Shares/Units Exercisable | 3,197,157 | ||
Number of Shares/Units Expected to vest | 3,353,828 | ||
Weighted Average Exercise Price Balance Beginning | $ 0.6 | ||
Weighted Average Exercise Price Granted | 0 | ||
Weighted Average Exercise Price Exercised | 0.47 | ||
Weighted Average Exercise Price Forfeited | 0.62 | ||
Weighted Average Exercise Price Expired | 0.72 | ||
Weighted Average Exercise Price Balance Ending | 0.61 | $ 0.6 | |
Weighted Average Exercise Price Exercisable | 0.5 | ||
Weighted Average Exercise Price Expected to vest | 0.71 | ||
Weighted Average Grant Date Fair Value Balance Beginning | 0.33 | ||
Weighted Average Grant Date Fair Value Granted | 0 | ||
Weighted Average Grant Date Fair Value Exercised | 0.26 | ||
Weighted Average Grant Date Fair Value Forfeited | 0.33 | ||
Weighted Average Grant Date Fair Value Expired | 0.39 | ||
Weighted Average Grant Date Fair Value Balance Ending | 0.33 | $ 0.33 | |
Weighted Average Grant Date Fair Value Exercisable | 0.27 | ||
Weighted Average Grant Date Fair Value Expected to vest | $ 0.36 | ||
Weighted Average Remaining Contractual Life Ending | 7 years 7 months 6 days | 8 years 7 months 2 days | |
Weighted Average Remaining Contractual Life Exercisable | 7 years 3 months 21 days | ||
Weighted Average Remaining Contractual Life Expected to vest | 7 years 10 months 13 days | ||
Aggregate Intrinsic Value Balance Beginning | $ 8,636,744 | ||
Aggregate Intrinsic Value Granted | 0 | ||
Aggregate Intrinsic Value Exercised | 2,882,631 | ||
Aggregate Intrinsic Value Forfeited | 5,965,765 | ||
Aggregate Intrinsic Value Expired | 675,649 | ||
Aggregate Intrinsic Value Balance Ending | 75,296,955 | $ 8,636,744 | |
Aggregate Intrinsic Value Exercisable | 37,456,625 | ||
Aggregate Intrinsic Value Expected to vest | $ 37,840,330 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2021 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of units Non-vested Beginning Balance | shares | 493,358 |
Number of units Granted | shares | 4,405,974 |
Number of units Vested | shares | 0 |
Number of units Forfeited | shares | (257,372) |
Number of units Non-vested Ending Balance | shares | 4,641,960 |
Weighted average grant date fair value Beginning Balance | $ / shares | $ 0.87 |
Weighted average grant date fair value Granted | $ / shares | 8.37 |
Weighted average grant date fair value Vested | $ / shares | 0 |
Weighted average grant date fair value Forfeited | $ / shares | 5.83 |
Weighted average grant date fair value Ending Balance | $ / shares | $ 7.72 |
Stock Based Compensation - Su_5
Stock Based Compensation - Summary of Valuation Model Incorporated Following Key Assumptions on Date of Grant (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 84% | 51.78% |
Expected term (years) | 1 year 4 months 24 days | 5 years 11 months 23 days |
Risk-free rate of return | 0.71% | 0.75% |
Monte Carlo Simulation Valuation Model [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price | $ 7.63 | |
Expected volatility | 30.10% | |
Expected term (years) | 10 years | |
Risk-free rate of return | 1.92% | |
Discount for lack of marketability | 6.90% |
Restructuring -Schedule of Rest
Restructuring -Schedule of Restructuring Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring costs | $ 598 | ||
Cost of Revenues | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring costs | $ 160 | $ 160 | |
General and Administrative | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring costs | 276 | 276 | |
Selling and Marketing | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring costs | 143 | 143 | |
Research & Development | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring costs | $ 19 | $ 19 |
Restructuring - Summary of Acti
Restructuring - Summary of Activity in Liability Related to Workforce Reduction Employee Termination Costs (Details) - Employee Severance Member $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Charges | $ 445 |
Liability balance at June 30, 2022 | $ 445 |
Restructuring- Additional Infor
Restructuring- Additional Information (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Incurred costs | $ 598 |
Board of Directors Chairman [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Percentage of workforce reduction | 20% |
Non Cash Asset Impairments | |
Restructuring Cost and Reserve [Line Items] | |
Incurred costs | $ 153 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Fair value transfers between Levels | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Quantitative Information Regarding Fair Value Measurements Inputs (Details) - Level 3 - Warrants [Member] | Feb. 04, 2022 | Dec. 31, 2021 yr | Dec. 31, 2020 yr |
Stock Price | Common Share Warrants [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 15.69 | 28.28 | 4.11 |
Stock Price | Series A Three Preferred Share Warrants [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 15.69 | 30.19 | 4.23 |
Volatility | Common Share Warrants [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 84.4 | 120.13 | |
Volatility | Series A Three Preferred Share Warrants [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 83.1 | 118.63 | |
Term (Years) | Common Share Warrants [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 10.71 | 12 | |
Term (Years) | Series A Three Preferred Share Warrants [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 11.26 | 12.5 | |
Risk-free rate of return | Common Share Warrants [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 1.52 | 0.13 | |
Risk-free rate of return | Series A Three Preferred Share Warrants [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 1.54 | 0.13 | |
Dividend Yield | Common Share Warrants [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 | 0 |
Dividend Yield | Series A Three Preferred Share Warrants [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 | 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Changes in Fair Value of Warrants (Details) - Warrant [Member] - Level 3 [Member] - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Share Warrants [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value of liability, beginning balance | $ 1,153,000 | $ 2,014,164 | $ 86,963 | $ 86,963 | $ 0 |
Additions | 481,000 | 988,000 | 987,747 | 86,963 | |
Change in fair value | (184,000) | (1,475,000) | 375,000 | 939,454 | 0 |
Converted to common stock | (539,000) | ||||
Fair value of liability, ending balance | 1,450,000 | 1,450,000 | 2,014,164 | 86,963 | |
Series A Three Preferred Share Warrants [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value of liability, beginning balance | 806,000 | 954,271 | 112,445 | 112,445 | 32,405 |
Change in fair value | (17,000) | (473) | 677 | 841,826 | 80,040 |
Converted to common stock | $ (481) | ||||
Fair value of liability, ending balance | $ 789,000 | $ 789,000 | $ 954,271 | $ 112,445 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash sweep accounts | $ 37,864,000 | ||
Cash sweep and money market accounts | $ 8,702,000 | ||
Public warrants | 653,000 | ||
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Private placement warrants | $ 522,000 | ||
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Related party derivative liabilities | 4,395,000 | ||
Legacy Fast Radius warrant liability | 2,968,000 | ||
Fair Value, Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash sweep accounts | 8,701,895 | ||
Cash sweep and money market accounts | $ 17,562,823 | ||
Fair Value, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Related party derivative liabilities | 4,395,000 | ||
Warrant liability | $ 2,968,435 | $ 199,408 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary Of Changes In Fair Value Of Related Party Derivative Liabilities Related To Convertible Notes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Change in fair value recorded in earnings | $ 0 | $ 6,000 | $ 30,000 | $ 6,000 | |
Related Party Convertible Notes [Member] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | 4,395,000 | 0 | $ 0 | ||
Additions | 2,415,000 | 2,415,000 | 4,187,000 | ||
Change in fair value recorded in earnings | (6,000) | (30,000) | (6,000) | 208,000 | |
Converted to common stock | $ (4,365,000) | ||||
Ending balance | $ 2,409,000 | $ 2,409,000 | $ 4,395,000 |
Fair Value Measurements - Sum_5
Fair Value Measurements - Summary Of Weighted Average Significant Unobservable Inputs Used In The Measuring The Derivative Liability (Details) - Level 3 [Member] | Feb. 04, 2022 yr | Dec. 31, 2021 yr | Oct. 26, 2021 yr | Aug. 24, 2021 yr | Apr. 13, 2021 yr |
Energize Ventures Fund [Member] | Cost of debt | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 11 | 11 | 11 | ||
Energize Ventures Fund [Member] | Term (Years) | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0 | ||||
Energize Ventures Fund [Member] | Term (Years) | Minimum [Member] | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0.08 | 0.25 | |||
Energize Ventures Fund [Member] | Term (Years) | Maximum [Member] | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0.25 | 0.5 | |||
Energize Ventures Fund [Member] | Present value factor | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 1 | ||||
Energize Ventures Fund [Member] | Present value factor | Minimum [Member] | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0.98 | 0.95 | |||
Energize Ventures Fund [Member] | Present value factor | Maximum [Member] | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0.99 | 0.97 | |||
Drive Capital Fund [Member] | Cost of debt | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 11 | 11 | 11 | ||
Drive Capital Fund [Member] | Term (Years) | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0 | ||||
Drive Capital Fund [Member] | Term (Years) | Minimum [Member] | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0.08 | 0.31 | |||
Drive Capital Fund [Member] | Term (Years) | Maximum [Member] | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0.25 | 0.6 | |||
Drive Capital Fund [Member] | Present value factor | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 1 | ||||
Drive Capital Fund [Member] | Present value factor | Minimum [Member] | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0.98 | 0.94 | |||
Drive Capital Fund [Member] | Present value factor | Maximum [Member] | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0.99 | 0.97 | |||
Energy Capital Partners Holdings [Member] | Cost of debt | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 11 | 11 | 10 | ||
Energy Capital Partners Holdings [Member] | Term (Years) | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0 | ||||
Energy Capital Partners Holdings [Member] | Term (Years) | Minimum [Member] | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0.08 | 0.27 | |||
Energy Capital Partners Holdings [Member] | Term (Years) | Maximum [Member] | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0.25 | 0.43 | |||
Energy Capital Partners Holdings [Member] | Present value factor | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 1 | ||||
Energy Capital Partners Holdings [Member] | Present value factor | Minimum [Member] | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0.98 | 0.96 | |||
Energy Capital Partners Holdings [Member] | Present value factor | Maximum [Member] | |||||
Fair Value Of Net Derivative Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||
Related Party Derivative Liability Measurement Input | 0.99 | 0.98 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Reconciliation of the Numerator and Denominator for the Basic and Diluted Earnings (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income (loss) available to Common Stockholders per share: | ||||||||
Net loss | $ (22,187,000) | $ (44,600,000) | $ (15,105,000) | $ (12,786,000) | $ (66,787,000) | $ (27,891,000) | $ (67,883,898) | $ (21,671,394) |
Weighted average common shares outstanding: | ||||||||
Weighted Average Number of Shares Outstanding, basic | 75,635,501 | 41,586,759 | 69,082,330 | 41,165,974 | 41,454,582 | 38,900,813 | ||
Weighted average number of shares outstanding, diluted | 75,635,501 | 41,586,759 | 69,082,330 | 41,165,974 | 41,454,582 | 38,900,813 | ||
Earnings Per Share, Basic | $ (0.29) | $ (0.36) | $ (0.97) | $ (0.68) | $ (1.64) | $ (0.56) | ||
Earnings Per Share, Diluted | $ (0.29) | $ (0.36) | $ (0.97) | $ (0.68) | $ (1.64) | $ (0.56) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) - shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||||
Weighted average number of shares outstanding, diluted | 16 | 8 | ||
Anti-dilutive securities | 44,000,000 | 11,000,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Fast Radius [Member] - USD ($) | 12 Months Ended | |||
Sep. 01, 2022 | Mar. 01, 2022 | Feb. 04, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||||
Related party transaction, amounts of transaction | $ 9,400,000 | |||
Percentage of restricted stock units award outstanding | 5% | |||
Number of options vested | 25,306 | |||
Business combination, consideration transferred | $ 750,000,000 | |||
Founders and Employees [Member] | ||||
Subsequent Event [Line Items] | ||||
Amount of transaction bonuses allotted | 3,600,000 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Subsequent Event [Line Items] | ||||
Equity instruments other than options, vested | 803,227 | |||
SVB Loan [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument principal amount | $ 20,000,000 | |||
Debt instrument maturity date | Apr. 03, 2023 | |||
Debt instrument, payment terms | six interest-only payments | |||
Debt instrument, periodic payment, interest | $ 2,400,000 | $ 2,000,000 | ||
Debt instrument, additional fee amount | 2,100,000 | |||
Debt instrument, fee amount | $ 800,000 | |||
SVB Loan [Member] | Prime Rate [Member] | ||||
Subsequent Event [Line Items] | ||||
Interest rate | 6% | |||
Common Stock [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||||
Subsequent Event [Line Items] | ||||
Business acquisition, equity interest issued or issuable, number of shares | 65,000,000 | |||
Common Stock [Member] | Redeemable Convertible Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Conversion of stock, shares converted | 989,539 | |||
Common Stock [Member] | Redeemable Convertible Preferred Stock [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||||
Subsequent Event [Line Items] | ||||
Business acquisition, equity interest issued or issuable, number of shares | 2,034,513 | |||
Common Stock [Member] | Warrant [Member] | ||||
Subsequent Event [Line Items] | ||||
Conversion of stock, shares converted | 1,267,948 | |||
Common Stock [Member] | Warrant [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||||
Subsequent Event [Line Items] | ||||
Business acquisition, equity interest issued or issuable, number of shares | 1,089,378 |