Local Bounti (LOCL) S-1 17 Jun 22 IPO registration Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2022
Document Information [Line Items]
Document Type	S-1
Amendment Flag	false
Entity Registrant Name	Local Bounti Corporation/DE
Entity Central Index Key	0001840780
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 71,974	$ 96,661	$ 45
Restricted cash and cash equivalents	4,416	4,416	0
Accounts receivable, net of allowance	73	110	11
Accounts receivable - related party	1	8	322
Inventory, net of allowance	1,263	922	243
Prepaid expenses and other current assets	3,584	3,391	7
Total current assets	81,311	105,508	628
Property and equipment, net	43,994	37,350
Property and equipment, net		37,405	8,423
Operating Lease, Right-of-Use Asset	269	55
Other assets	905	1,017	51
Total assets	126,479	143,930	9,102
Current liabilities
Accounts payable	7,431	1,912	176
Accrued liabilities	6,721	16,020
Accrued liabilities		16,048	1,294
Accrued liabilities - related party	26	8	833
Share settlement note		0	50
Operating lease liabilities	111	28
Total current liabilities	14,289	17,968	2,353
Long-term debt, net of deferred financing costs	11,110	11,199	104
Financing obligation	13,982	13,070	9,216
Operating lease liabilities, noncurrent	145	10
Other liabilities		10	0
Total liabilities	39,526	42,247	11,673
Commitments and contingencies (Note 15)
Stockholders' equity (deficit)
Common stock	9	9	1
Additional paid-in capital	180,958	169,916	9,577
Accumulated deficit	(94,014)	(68,242)	(12,149)
Total stockholders' equity (deficit)	86,953	101,683	(2,571)
Total liabilities and stockholders' equity (deficit)	$ 126,479	$ 143,930	$ 9,102

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	400,000,000	400,000,000	400,000,000
Common stock, shares issued (in shares)	86,465,757	86,344,881	58,076,019
Common stock, shares outstanding (in shares)	86,465,757	86,344,881	58,076,019

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Sales	$ 282	$ 57	$ 638	$ 82
Cost of goods sold	234	45	432	91
Gross profit (loss)	48	12	206	(9)
Operating expenses:
Research and development	1,948	432	3,425	1,079
Selling, general and administrative	22,259	8,294	41,498	6,834
Total operating expenses	24,207	8,726	44,923	7,913
Loss from operations	(24,159)	(8,714)	(44,717)	(7,922)
Other income (expense):
Management fee income	30	20	79	35
Convertible Notes fair value adjustment	0	(299)	(5,067)	0
Debt extinguishment expense			(1,485)	0
Interest expense, net	(1,643)	(405)	(5,133)	(522)
Other income and expense			230	0
Loss before income taxes			(56,093)	(8,409)
Income tax expense	0	0	0	0
Net loss	$ (25,772)	$ (9,398)	$ (56,093)	$ (8,409)
Net loss applicable to common stockholders per basic common share:
Basic (in dollars per share)	$ (0.32)	$ (0.19)	$ (1.06)	$ (0.17)
Diluted (in dollars per share)	$ (0.32)	$ (0.19)	$ (1.06)	$ (0.17)
Weighted average common shares outstanding:
Basic (in shares)	81,009,268	49,131,554	52,888,268,000	49,676,523,000
Diluted (in shares)	81,009,268	49,131,554	52,888,268,000	49,676,523,000

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock [Member]Nonvoting Common Stock [Member]	Common Stock [Member]Voting Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance (in shares) at Dec. 31, 2019			10,291,688
Beginning balance at Dec. 31, 2019	$ 2,554		$ 1	$ 6,293	$ (3,740)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			1,799,811
Retroactive conversion of shares due to Business Combination			47,999,249
Share redemption (in shares)			(2,014,729)
Share redemption	(11)			(11)
Stock-based compensation	3,295		$ 0	3,295	0
Net loss	(8,409)				(8,409)
Ending balance (in shares) at Dec. 31, 2020		8,944,465	58,076,019
Ending balance at Dec. 31, 2020	(2,571)	$ 0	$ 1	9,577	(12,149)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		2,086,829
Stock-based compensation	4,942			4,942
Net loss	(9,398)				(9,398)
Ending balance (in shares) at Mar. 31, 2021		11,031,294	58,076,019
Ending balance at Mar. 31, 2021	(7,027)	$ 0	$ 1	14,519	(21,547)
Beginning balance (in shares) at Dec. 31, 2020		8,944,465	58,076,019
Beginning balance at Dec. 31, 2020	(2,571)	$ 0	$ 1	9,577	(12,149)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			1,182,129
Merger recapitalization, net of issuance costs (in shares)			23,817,279
Merger recapitalization, net of issuance costs $30,422	137,531		$ 8	137,523	0
Vesting of restricted stock units, net (in shares)			45,386
Cash distribution to Legacy Local Bounti shareholders	(27,320)			(27,320)
Conversion of Convertible Notes to common stock (in shares)			3,224,068
Conversion of Convertible Notes to common stock	32,241		$ 0	32,241	0
Stock-based compensation	17,895			17,895
Net loss	(56,093)				(56,093)
Ending balance (in shares) at Dec. 31, 2021		0	86,344,881
Ending balance at Dec. 31, 2021	101,683	$ 0	$ 9	169,916	(68,242)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units, net (in shares)			120,876
Stock-based compensation	11,042			11,042
Net loss	(25,772)				(25,772)
Ending balance (in shares) at Mar. 31, 2022		0	86,465,757
Ending balance at Mar. 31, 2022	$ 86,953	$ 0	$ 9	$ 180,958	$ (94,014)

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	Nov. 19, 2021	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Adjustments to additional paid in capital, reverse recapitalization transaction	$ 30,422	$ 30,422

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (25,772)	$ (9,398)	$ (56,093)	$ (8,409)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	541	124	684	287
Reduction of right-of-use assets from operating leases	28	0
Stock-based compensation expense	11,013	4,942	17,895	3,295
Bad debt and other allowances	2	(8)	19	0
Inventory allowance	0	(25)	(26)	0
Loss on disposal of property and equipment	196	0
Change in fair value - Convertible Notes	0	299	5,067	0
Change in fair value - Warrant			10	0
Gain on Convertible Notes			(240)	0
Loss on debt extinguishment			939	0
Amortization of debt issuance costs	191	0	782	0
Interest expense on Convertible Notes			1,364	0
Changes in assets and liabilities:
Accounts receivable	37	(33)	(120)	(11)
Accounts receivable - related party	7	307	313	(322)
Inventory	(341)	(166)	(652)	(243)
Prepaid expenses and other current assets	(193)	(816)	(3,384)	1
Other assets	112	5	(966)	(51)
Accounts payable	2,619	955	1,737	29
Operating lease liabilities	(25)	0
Other long-term liabilities			10	0
Warrant liabilities			(1,425)	0
Accrued liabilities	1,482	1,424	14,795	1,095
Accrued liabilities - related party	18	(833)	(817)	491
Net cash used in operating activities	(10,085)	(3,223)	(20,108)	(3,838)
Cash flows from investing activities
Purchases of property and equipment	(14,673)	(1,070)	(29,666)	(3,422)
Net cash used in investing activities	(14,673)	(1,070)	(29,666)	(3,422)
Cash flows from financing activities
Proceeds from recapitalization, net of issuance costs $30,422			137,532	0
Proceeds from issuance of Convertible Notes, net	0	10,700	26,000	0
Proceeds from financing obligations	71	1,066	3,854	7,675
Proceeds from issuance of debt	0	10,388	26,793	453
Cash distribution to Legacy Local Bounti shareholders			(27,320)	0
Payment of debt issuance costs			(5,399)	0
Repayment of debt	0	(550)	(10,654)	(2,880)
Redemption of common stock			0	(80)
Net cash provided by financing activities	71	21,604	150,806	5,168
Net increase (decrease) in cash and cash equivalents and restricted cash	(24,687)	17,311	101,032	(2,092)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	101,077	45	45	2,137
Cash and cash equivalents and restricted cash and cash equivalents at end of period	76,390	17,356	101,077	45
Supplemental disclosures of cash flow information
Cash paid for interest			2,981	49
Non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued liabilities	8,161	0	12,441	1,541
Stock-based compensation capitalized to property and equipment, net	29	0
Non-cash financing obligation activity	840	0
Non-cash redemption of common stock			0	11
Non-cash proceeds from issuance of Convertible Notes for services provided			50	0
Non-cash proceeds from issuance of Share Settlement Note			$ 0	$ 80
Non-cash proceeds from issuance of Convertible Notes for services provided	$ 0	$ 50

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Nov. 19, 2021	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Cash Flows [Abstract]
Adjustments to additional paid in capital, reverse recapitalization transaction	$ 30,422	$ 30,422
As included in the Consolidated Balance Sheets:
Cash and cash equivalents		96,661	$ 71,974	$ 17,356	$ 45
Restricted cash and cash equivalents		4,416	4,416	0	0
Total cash and cash equivalents and restricted cash and cash equivalents as shown in the Consolidated Statements of Cash Flows		$ 101,077	$ 76,390	$ 17,356	$ 45	$ 2,137

Business Description

Business Description	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	1. Business Description Description of the Business Local Bounti Corporation (“Local Bounti” or “the Company”) is redefining indoor farming with an innovative method—its proprietary Stack & Flow Technology ™ 3-5 On March 14, 2022, the Company entered into definitive purchase agreements to acquire California-based complementary indoor farming company Hollandia Produce Group, Inc., which operates under the name Pete’s ® Pete’s is a California-based indoor farming company with three greenhouse growing facilities, including two operating facilities in California and one under construction in Georgia which is scheduled to begin operations in the second quarter of 2022. Pete’s has distribution to approximately 10,000 retail locations across 35 U.S. states and Canadian provinces, primarily through direct relationships with blue-chip retail customers, including Albertsons, Kroger, Target, Walmart, as well as Whole Foods and AmazonFresh. Pete’s primary products include living butter lettuce – where it is a leading provider with an approximate 80 percent share of the controlled environment agriculture (“CEA”) market within the Western U.S. – as well as packaged salad and cress.	1. Business Description Description of the Business Local Bounti is a premier CEA company redefining conversion efficiency and ESG standards for indoor agriculture. Local Bounti operates an advanced indoor growing facility in Hamilton, Montana, within a few hours’ drive of its retail and food service partners. Reaching retail shelves in record time post-harvest, Local Bounti produce is superior in taste and quality compared to traditional field-grown greens. Local Bounti’s GAP Plus+ and non-GMO On November 19, 2021 (the “Closing Date”), the Company (at such time named Leo Holdings III Corp) consummated the Business Combination pursuant to the Agreement and Plan of Merger, dated June 17, 2021 with Legacy Local Bounti. In connection with the consummation of the Business Combination, the Company changed its name from Leo Holdings III Corp to Local Bounti Corporation. The Company’s common stock is listed on the NYSE under the symbol “LOCL.” On March 14, 2022, we entered into a definitive agreement to acquire California-based complementary indoor farming company Pete’s, for total consideration of $122.5 million, subject to customary adjustments. Local Bounti expects to close the acquisition of Pete’s in the second quarter of 2022. See Note 17, Subsequent Events Unless the context otherwise requires, the “Company” refers to the combined company and its subsidiary following the Business Combination. “Leo” refers to the Company prior to the Business Combination and “Legacy Local Bounti” refers to Local Bounti prior to the Business Combination. “New Local Bounti” refers to Local Bounti subsequent to the Business Combination. For further discussion of the Business Combination, refer to Note 3, Business Combination and Recapitalization

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation Management of Local Bounti is responsible for the Unaudited Condensed Consolidated Financial Statements included in this document. The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the Unaudited Condensed Consolidated Financial Statements herein. The Unaudited Condensed Consolidated Financial Statements do not include all of the disclosures required by GAAP for annual financial statements and should be read in conjunction with the audited Consolidated Financial Statements of the Company for the year ended December 31, 2021 (the “Annual Financial Statements”), which have been prepared in accordance with GAAP. In the opinion of the Company, the accompanying Unaudited Condensed Financial Statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2022, and its results of operations for the three months ended March 31, 2022 and 2021, and cash flows for the three months ended March 31, 2022 and 2021. Results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. The Condensed Consolidated Balance Sheet at December 31, 2021, was derived from the Annual Financial Statements but does not contain all of the footnote disclosures from the Annual Financial Statements. There have been no material changes or updates to the Company’s significant accounting policies from those described in the Annual Financial Statements except for the updates noted below. Reclassification The Company reclassified depreciation in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 to conform to the presentation for the three months ended March 31, 2022. Depreciation is no longer stated as a separate financial statement line item on the Condensed Consolidated Statements of Operations but it has instead been allocated to cost of goods sold, research and development, and selling, general and administrative expense on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021. This reclassification had no impact on loss from operations or net loss. The Company believes this reclassification is preferable because it enhances the comparability of its Unaudited Condensed Consolidated Financial Statements with those of many of its industry peers and aligns with how the Company internally manages and reviews costs and margin. The Company reclassified property and equipment, net for the balance that related to its operating lease right-of-use Recently Adopted Accounting Pronouncements In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40); Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, 2021-04 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, ASU 2019-12 2019-12 Recently Issued Accounting Pronouncements 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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, the if-converted method periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of this standard on its Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), 2016-13	2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the Consolidated Financial Statements herein. Reclassification The Company reclassified depreciation in the Consolidated Statements of Operations for the year ended December 31, 2020 to conform to the presentation for the year ended December 31, 2021. Depreciation is no longer stated as a separate financial statement line item on the Consolidated Statements of Operations but it has instead been allocated to cost of goods sold, research and development, and selling, general and administrative expense on the Consolidated Statements of Operations for the years ended December 31, 2021 and 2020. This reclassification had no impact on loss from operations or net loss. The Company believes this reclassification is preferable because it enhances the comparability of its Consolidated Financial Statements with those of many of its industry peers and aligns with how the Company internally manages and reviews costs and margin. Stock Split On November 19, 2021, the Company effected a 1-to-4.969669 paid-in Use of Estimates The preparation of the Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. On an ongoing basis, the Company evaluates its estimates, including those related to the valuation of instruments issued for stock-based compensation, inventory valuation reserve, warrant liabilities, and income taxes, among others. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates. Significant Risks and Uncertainties The Company is subject to those risks common in the consumer products and agriculture industries and those risks common to early stage development companies, including, but not limited to, the possibility of not being able to successfully develop or market its products, competition, dependence on key personnel and key external alliances, the ability to maintain and establish relationships with current and future vendors and suppliers, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed. Cash and Cash Equivalents The Company considers all highly liquid, short-term investments with an original maturity date of three months or less to be cash equivalents. The Company deposits its cash and cash equivalents in a commercial bank. From time to time, cash balances in these accounts exceed the Federal Deposit Insurance Corporation insured limits. The Company mitigates exposure to credit risk by placing cash and cash equivalents with highly rated financial institutions. To date, the Company has not experienced any losses in such accounts, and believes it is not exposed to any significant credit risk on its cash and cash equivalents. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents are restricted through legal contracts or regulations. On September 3, 2021, the Company entered into Credit Agreements with Cargill Financial, including the Subordinated Facility to borrow up to $50,000 thousand and the Senior Facility to borrow up to $150,000 thousand. For further detail, see Note 7, Debt. As part of the Subordinated Facility, the Company is required to establish an “Interest Reserve Account,” which is a deposit account, that contains minimum funds in an amount equal to or greater than the Minimum Interest Amount (as set forth in the Subordinated Facility agreement). The Company has drawn a total of $16,293 thousand on the Subordinated Facility as of December 31, 2021. Out of the total outstanding balance, $4,416 thousand was to fund the Interest Reserve Account and is included in “Restricted cash and cash equivalents” on the Consolidated Balance Sheet. The long-term portion of the Subordinated Facility is included in “Long-term debt” on the Consolidated Balance Sheets. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable includes billed receivables and is presented net of an allowance for doubtful accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. In establishing the required allowance, management considers historical losses, current market conditions, customers’ financial condition, the age of the receivables, and current payment patterns. Account balances are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The allowance for doubtful accounts was not material at December 31, 2021 and 2020. Fair Value Measurements The Company measures fair value based on the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs used in valuation techniques are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: • Level 1— • Level 2— • Level 3— A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Inventory Inventory is carried at the lower of cost or net realizable value using the first-in, first-out The assessment of recoverability of inventories and the amounts of any write-downs are based on currently available information and assumptions about future demand and market conditions. Demand for produce may fluctuate significantly over time, and actual demand and market conditions may be more or less favorable than the Company’s projections. If actual demand is lower than originally projected, additional inventory write- downs may be required. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Expenditures for additions or renewals and improvements are capitalized; expenditures for maintenance and repairs that neither materially add to the value of the property nor appreciably prolong its economic life are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are as follows: Asset Class Estimated Useful Life Greenhouse Facility 30 years Production Equipment 5 years Office Equipment 3 years Leasehold Improvements Shorter of lease term or useful life of asset Intangible Assets​​​​​​​ Finite-lived intangible assets consist of software. These assets are being amortized over their estimated useful lives. Finite-lived intangible assets are tested for impairment only when management has determined that potential impairment indicators are present. Intangible assets is included in “Other assets” on the Consolidated Balance Sheet. COVID-19 and On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) the COVID-19 outbreak Debt. Leases The Consolidated Financial Statements reflect the Company’s adoption of ASU No. 2016-02, Leases (“ASC 842”) The right-of-use The Company utilizes certain practical expedients and policy elections available under ASC 842. The Company does recognize right-of-use non-lease Operating lease expenses for fixed lease payments are recognized on a straight-line basis over the lease term. Variable lease payments to the lessor such as maintenance, utilities, insurance, and real estate taxes are expensed as incurred. For further discussion, see Note 9, Leases Revenue Recognition The Consolidated Financial Statements reflect the Company’s adoption of ASU 2014-09, Sale of produce: The Company’s principal business is the production and sale of sustainably grown fresh greens and herbs through CEA facilities. Revenue is recognized at a point in time when the product control is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. In general, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms. Customer contracts generally do not include more than one performance obligation. Sale of intellectual property: Revenue is generated from the sale of intellectual property that the Company has developed. For each licensing agreement for intellectual property, the promise to deliver a license that grants the customer the right to use the intellectual property is considered to be a distinct performance obligation. Revenue from intellectual property is recognized at a point in time upon delivery of documentation of the Company’s intellectual property to the licensee. Intellectual property sold in 2021 consisted of intellectual property for salad kits, including the licensed know-how Revenue by major product or service type is as follows: Year Ended 2021 2020 (in thousands) Revenue from sale of produce $ 551 $ 82 Revenue from sale of intellectual property 87 — Total Revenue $ 638 $ 82 The Company does not have unbilled receivable balances arising from transactions with customers. Payment terms are generally between 10 to 20 days. The Company does not capitalize contract inception costs, as contracts (which are in the form of purchase orders from customers) are one year or less and the Company does not incur significant fulfillment costs requiring capitalization. The Company has made the accounting policy election to exclude any sales and similar taxes from the transaction price. As a result, revenue is presented net of these taxes. Research and Development Research and development expenses consist primarily of compensation to employees engaged in research and development activities, including salaries, and related benefits, in addition to related overhead (including depreciation, utilities and other related allocated expenses) as well as supplies and services related to the development of the Company’s growing process. Local Bounti’s research and development efforts are focused on development of the Company’s process utilizing its CEA facility. Stock-Based Compensation The Company measures and recognizes compensation expense for all equity-based awards made to employees, directors, and non-employees, Stock-Based Compensation tranche-by-tranche Advertising Advertising expenses are expensed as incurred. The Company incurred advertising expenses of $703 thousand for the year ended December 31, 2021. Advertising expenses for the year ended December 31, 2020 were not material. Advertising expenses are included in “Selling, general and administrative” expense in the Consolidated Statements of Operations. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Consolidated Financial Statements. Under this method, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the carrying amounts of assets and liabilities for income tax purposes and operating losses carried forward, measured by applying tax rates based on currently enacted tax laws. Valuation allowances are calculated, when necessary, to reduce the net deferred tax assets to an amount that is more likely than not to be realized. Changes in the valuation allowances occurring in subsequent periods are included in the Consolidated Statements of Operations. The Company recognizes uncertain tax positions based upon its estimate of whether, and the extent to which, additional taxes will be due when such estimates are more likely than not to be sustained. Uncertain income tax positions are not recognized if there is less than a 50% likelihood of being sustained. Concentrations of Risk and Significant Customers Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents accounts with financial institutions which management believes to be of high-credit quality. The Company is exposed to risk in the event of default by these financial institutions or the issuers of these securities to the extent the balances are in excess of amounts that are insured by the Federal Deposit Insurance Corporation. The Company’s receivables are derived from revenue earned from customers located in the United States. The Company provides credit to its customers in the normal course of business and requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts related to estimated credit losses. Contingencies Loss contingencies (other than income tax-related Segment Reporting The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Co-Chief Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The Company qualifies as an emerging growth company, as defined in the JOBS Act, and therefore intends to take advantage of certain exemptions from various public company reporting requirements, including delaying adoption of new or revised accounting standards until those standards apply to private companies. The effective dates shown below reflect the election to use the extended transition period. Recently Issued Accounting Pronouncements In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), 815-40); In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) 815-40): if-converted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, ASU 2019-12 In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), 2016-13

Business Combination and Recapi

Business Combination and Recapitalization	12 Months Ended
	Dec. 31, 2021
Reverse Recapitalization [Abstract]
Business Combination and Recapitalization	3. Business Combination and Recapitalization On November 19, 2021, the Company consummated the Business Combination pursuant to that certain Agreement and Plan of Merger, dated June 17, 2021, by and among Leo, and Legacy Local Bounti. In connection with the consummation of the Business Combination (the “Closing”), the registrant changed its name from Leo Holdings III Corp to Local Bounti Corporation. The Business Combination was accounted for as a reverse recapitalization in accordance with GAAP as Legacy Local Bounti has been determined to be the accounting acquirer, based on the following predominant factors: • Legacy Local Bounti stockholders have the largest portion of voting rights in the Company; • the Board and Management are primarily composed of individuals associated with Legacy Local Bounti; and • Legacy Local Bounti was the larger entity based on historical operating activity and Legacy Local Bounti had the larger employee base at the time of the Business Combination. Under this method of accounting, while Leo was the legal acquirer, it has been treated as the “acquired” company for financial reporting purposes. Accordingly, the Business Combination was treated as the equivalent of Local Bounti issuing stock for the net assets of Leo, accompanied by a recapitalization. The net assets of Leo were stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination are those of Legacy Local Bounti. Reported shares and earnings per share available to holders of the Company’s common stock, prior to the business combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination (approximately 4.969669 Local Bounti shares to every share of Leo). In connection with the Business Combination, Leo entered into subscription agreements with certain investors (the “PIPE Investors”), whereby it issued 15,000,000 shares of common stock at $10.00 per share (the “PIPE Shares”) for an aggregate purchase price of $150,000 thousand (the “PIPE Financing”), which closed simultaneously with the consummation of the Business Combination. Upon the closing of the Business Combination, the PIPE Investors were issued shares of the Company’s common stock. The aggregate consideration for the Business Combination and proceeds from the PIPE Financing was approximately $150,000 thousand, consisting of shares of common stock valued at $10.00 per share. Including the PIPE financing, the aggregate common stock consideration consists of 83,514,977 shares of Legacy Local Bounti common stock, including shares issuable in respect of vested equity awards of the Legacy Local Bounti. paid-in

Inventory

Inventory	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventory	3. Inventory Inventory consisted of the following: March 31, December 31, 2022 2021 (in thousands) Raw materials $ 399 $ 145 Work-in-process 173 173 Finished goods 104 69 Packaging 682 467 Consignment — 163 Inventory allowance (95 ) (95 ) Total inventory, net $ 1,263 $ 922	4. Inventory Inventories consisted of the following: December 31, 2021 2020 (in thousands) Raw materials $ 145 $ 21 Work-in-process 173 83 Finished goods 69 5 Packaging 467 182 Consignment 163 21 Inventory allowance (95 ) (69 ) Total inventory, net $ 922 $ 243

Property and Equipment

Property and Equipment	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	4. Property and Equipment Property and equipment consisted of the following: March 31, December 31, 2022 2021 (in thousands) Greenhouse facility $ 11,033 $ 10,194 Equipment 4,986 3,683 Land 3,991 4,122 Leasehold improvements 3,947 3,947 Construction-in-progress 21,549 16,375 Less: Accumulated depreciation (1,512 ) (971 ) Property and equipment, net $ 43,994 $ 37,350 Depreciation expense related to property and equipment was $541 thousand and $124 thousand for the three months ended March 31, 2022 and 2021, respectively.	5. Property and Equipment Property and equipment consisted of the following: December 31, 2021 2020 (in thousands) Greenhouse facility $ 10,194 $ 5,203 Equipment 3,683 1,621 Land 4,122 345 Leasehold improvements 3,947 — Construction-in-progress 16,375 1,541 Right-of-use 55 — Less: Accumulated depreciation (971 ) (287 ) Property and equipment, net $ 37,405 $ 8,423 Depreciation expense related to property and equipment was $684 thousand and $287 thousand for the years ended December 31, 2021 and 2020, respectively.

Accrued Liabilities

Accrued Liabilities	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued Liabilities	5. Accrued Liabilities Accrued liabilities consisted of the following: March 31, December 31, 2022 2021 (in thousands) Accrued construction expenses $ 135 $ 11,192 Accrued insurance 1,825 2,582 Accrued payroll 273 792 Accrued agriculture expenses 294 461 Accrued legal fees 3,448 273 Accrued other 746 720 Total accrued liabilities $ 6,721 $ 16,020	6. Accrued Liabilities Accrued liabilities consisted of the following: December 31, 2021 2020 (in thousands) Accrued construction expenses $ 11,192 $ — Accrued insurance 2,582 — Accrued payroll 792 1,125 Accrued agriculture expenses 461 — Accrued legal fees 273 — Accrued other 748 169 Total accrued liabilities $ 16,048 $ 1,294

Debt

Debt	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	6. Debt Debt consisted of the following: March 31, December 31, 2022 2021 (in thousands) Subordinated Facility $ 16,293 $ 16,293 Unamortized deferred financing costs, Cargill Credit Agreements (5,183 ) (5,094 ) Total debt $ 11,110 $ 11,199 Agreements with Cargill Financial In September 2021, the Company and Cargill Financial entered into (a) a credit agreement (the “Original Senior Credit Agreement”) for an up to $150,000 thousand multiple-advance term loan (the “Senior Facility”) and (b) a subordinated credit agreement (the “Original Subordinated Credit Agreement” and, together with the Original Senior Credit Agreement, the “Original Credit Agreements”) for an up to $50,000 thousand multiple-advance subordinated term loan (the “Subordinated Facility” and, together with the Senior Facility, the “Original Facilities”). On March 14, 2022, the Company and Cargill Financial amended the Original Credit Agreements and the Original Facilities, as described in Note 13, Subsequent Events The interest rate on the Subordinated Facility is 10.5% per annum, with accrued interest on the agreement paid quarterly in arrears on the last business day of each calendar quarter, commencing the last business day of the calendar quarter ending December 31, 2022, and on the maturity date September 3, 2028. A total of $16,293 thousand was outstanding on the Subordinated Facility as of March 31, 2022 and December 31, 2021. The interest rate on the Senior Facility is equal to LIBOR plus the Applicable Margin (which varies between 5.5% to 6.5% depending on the Senior Facility net leverage ratio). The maturity date of the Senior Facility will be on September 3, 2028. There were no amounts outstanding on this loan as of March 31, 2022 and December 31, 2021. As part of the Original Credit Agreements, the Company is required to have an Interest Reserve Account. The Original Credit Agreements also require the Company to be in compliance with certain financial covenants, including specified debt coverage, net leverage, and interest coverage ratios. Additional covenants and other restrictions exist that limit the Company’s ability, among other things, to undergo a merger or consolidation, sell certain assets, create liens, guarantee certain obligations of third parties, make certain investments or acquisitions, and declare dividends or make distributions. In accordance with the Original Credit Agreements, budgets and timelines for CEA facilities also have to be approved by Cargill Financial and the Company is required to report ongoing CEA facility construction costs. The credit facility is secured with a first-priority lien against substantially all of the assets of the Company, including its intellectual property. The Original Credit Agreements have an unused revolving line commitment fee in an amount of 125 The Company was in compliance with all applicable covenants as of March 31, 2022.	7. Debt Debt consisted of the following: December 31, 2021 2020 (in thousands) PPP loan $ — $ 104 Share settlement note — 50 Subordinated Facility 16,293 — Unamortized deferred financing costs, Cargill Credit Agreements (5,094 ) — Total debt 11,199 154 Share settlement note—short term — (50 ) Long-term debt, less current portion and Convertible Notes $ 11,199 $ 104 Share Settlement Note In April 2020, the Company entered into a promissory note with a former shareholder for a principal amount of $80 thousand in connection with the share settlement as discussed in Note 11, Stockholders’ Equity (Deficit) Short-Term Loan In January 2021, the Company entered into a short-term loan agreement with First Interstate Bank to finance the general working capital for the Company. The loan had a principal balance of $500 thousand, bears interest at 5.25% per annum and matures in April 2021. In April 2021, this loan was repaid in full. Convertible Notes During 2021, the Company entered into a series of identical convertible long-term notes with various parties with a maturity date of February 8, 2023 (referred to herein as the “Convertible Notes”). Prior to conversion on November 19, 2021, the Convertible Notes had a combined total principal balance is $26,050 thousand and bore interest at 8% per annum. The Convertible Notes were accounted for at fair value with changes in fair value being recognized under Convertible Notes fair value adjustment within the income statement. The Convertible Notes had a conversion feature that triggered upon the earliest of a qualified equity financing or a qualified SPAC transaction, as defined by the agreement. On November 19, 2021, upon the closing of Business Combination, the outstanding principal of all the Convertible Notes were converted into a number of shares of common stock, at a conversion price equal to value of each share of common stock in the qualified SPAC transaction multiplied by 85%. The Company recognized $1,364 thousand in interest expense in connection with the Convertible Notes for the year ended December 31, 2021. The Company converted all the Convertible Notes, including the related accrued interest of $1,364 thousand, to equity and recorded net gain on settlement of $240 thousand. Agreements with Cargill Financial In March 2021, the Company entered into a loan with Cargill Financial to finance the general working capital for the Company. This loan had a principal balance of up to $10,000 thousand and bore interest at 8% per annum with a maturity date of March 22, 2022. In September 2021, this loan was repaid in full. In connection with the original loan, the lender also received 25% equity warrant coverage on the original loan amount. The warrant to purchase shares entitles the lender to a number of shares totaling 25% of the principal amount of the loan multiplied by 85 Stockholders’ Equity (Deficit). On September 3, 2021, the Company entered into the Subordinated Facility with Cargill Financial, including an agreement to borrow up to $50,000 thousand and also entered into the Senior Facility to borrow up to $150,000 thousand. The interest rate on the Subordinated Facility is 10.5% per annum, with accrued interest on the agreement paid quarterly in arrears on the last business day of each calendar quarter, commencing the last business day of the calendar quarter ending December 31, 2021, and on the maturity date September 3, 2028. A total of $16,293 thousand was outstanding on the Subordinated Facility as of December 31, 2021. The interest rate on the Senior Facility will be equal to LIBOR plus the Applicable Margin (which varies between 5.5% to 6.5% depending on the Senior Facility net leverage ratio). The maturity date of the Senior Facility will be on September 3, 2028. There are no amounts outstanding on this loan as of December 31, 2021. As part of the Cargill Credit Agreements, the Company is required to establish an Interest Reserve Account as described above in Note 2, Summary of Significant Accounting Policies The Cargill Credit Agreements have an unused revolving line commitment fee in an amount of 125 The Company was in compliance with all applicable covenants as of December 31, 2021.

Financing Obligation

Financing Obligation	12 Months Ended
	Dec. 31, 2021
Financing Obligation [Abstract]
Financing Obligation	8. Financing Obligation In June 2020, the Company completed the construction of the Montana Facility. Subsequent to the completion, the Company entered into a sale and finance leaseback transaction for the Montana Facility with Grow Bitterroot, a related party, for total consideration of $6,885 thousand with an initial term of 15 years. The Company also has an option to extend the term of the facility lease for three consecutive terms of five years each, of which the Company currently reasonably expects to extend the first term. In addition, the Company and Grow Bitterroot entered into a property maintenance and management services agreement under which the Company will provide all property maintenance and management services including business, operational, strategic and advisory services in exchange for an annual fee of $50 thousand. The property maintenance and management services agreement includes an initial term of three years with one year autorenewals unless terminated by either party with 30 days’ notice. The transaction did not qualify for sale leaseback accounting due to the finance leaseback classification prohibiting sale accounting. As such, the transaction is accounted for as a financing transaction (a failed sale). Therefore, the assets remain on the Consolidated Balance Sheet (see Note 5, Property and Equipment Related Party Transactions The lease agreement does not contain residual value guarantees. The agreement does not contain restrictions or covenants that may result in additional financial obligations. The landlord has the option to construct future improvements on the property; when the improvements are completed, the base rent will increase. The following tables summarizes the financing obligation and the presentation in our Consolidated Statements of Operations for the period presented: Year Ended 2021 2020 (in thousands) Finance obligation: Amortization of financing obligation assets $ 433 $ 215 Interest on financing liabilities 1,076 475 Total financing liabilities $ 1,509 $ 690 The following table summarizes future financing obligation payments by fiscal year: Finance For the year ending December 31, (in thousands) 2022 $ 1,479 2023 1,537 2024 1,591 2025 1,623 2026 1,655 Thereafter 26,597 Total financing obligation payments 34,482 Amount representing interest (25,294 ) Net financing obligation and asset at end of term 3,882 Total financing obligation $ 13,070

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	9. Leases The company currently maintains operating leases for both buildings and equipment under short-term lease arrangements. Total expense related to these arrangements was $377 thousand and $37 thousand for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the maturities of lease liabilities under non-cancelable Operating Year ending December 31, (in thousands) 2022 $ 139 2023 96 2024 90 Total lease payments $ 325

Fair Value Measurements

Fair Value Measurements	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements The following table sets forth, by level within the fair value hierarchy, the accounting of the Company’s financial assets and liabilities at fair value on a recurring and nonrecurring basis according to the valuation techniques the Company uses to determine their fair value: March 31, 2022 Level 1 Level 2 Level 3 (in thousands) Recurring fair value measurements Assets: Money market funds, included in cash and cash equivalents $ 71,943 $ — $ — Total $ 71,943 $ — $ — December 31, 2021 Level 1 Level 2 Level 3 (in thousands) Recurring fair value measurements Assets: Money market funds, included in cash and cash equivalents $ 96,661 $ — $ — Total $ 96,661 $ — $ — The fair value of the Company’s money market funds is determined using quoted market prices in active markets for identical assets. As of March 31, 2022 and December 31, 2021, the carrying value of all other financial assets and liabilities approximated their respective fair values. As of March 31, 2022 and December 31, 2021, the Company had no transfers between levels of the fair value hierarchy of its liabilities measured at fair value.	10 . Fair Value Measurements The following table sets forth, by level within the fair value hierarchy, the accounting of the Company’s financial assets and liabilities at fair value on a recurring and nonrecurring basis according to the valuation techniques the Company uses to determine their fair value: December 31, 2021 Level 1 Level 2 Level 3 (in thousands) Recurring fair value measurements Assets: Money market funds $ 96,661 $ — $ — Total $ 96,661 $ — $ — December 31, 2020 Level 1 Level 2 Level 3 (in thousands) Recurring fair value measurements Assets: Money market funds $ 4 $ — $ — Total $ 4 $ — $ — The fair value of the Company’s money market funds is determined using quoted market prices in active markets for identical assets. As of December 31, 2021 and 2020, the carrying value of all other financial assets and liabilities approximated their respective fair values. The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis: Year Ended Convertible Warrant (in thousands) Balance as of December 31, 2020 $ — $ — Additions 26,050 1,415 Fair value measurement adjustments 5,067 10 Gain on Convertible Notes (240 ) — Interest expense on Convertible Notes (paid-in-kind) 1,364 — Settlement of Convertible Notes and Warrants (32,241 ) (1,425 ) Balance as of December 31, 2021 $ — $ — As mentioned in Note 3, Business Combination and Recapitalization As of December 31, 2021 and 2020, the Company had no transfers between levels of the fair value hierarchy of its liabilities measured at fair value.

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity (Deficit)	11. Stockholders’ Equity (Deficit) Common Stock On November 22, 2021, the Company’s common stock and warrants began trading on the New York Stock Exchange under the symbol “LOCL” and “LOCL WS” respectively. Pursuant to the terms of the Amended and Restated Certificate of Incorporation, the Company is authorized to issue up to 400,000,000 common stock, $0.0001 par value per share, and 100,000,000 shares of Preferred Stock, $0.0001 par value per share. Immediately following the Business Combination, there were 86,299,495 shares of voting common stock and 11,539,216 warrants outstanding. The rights of the holders of the voting common stock and nonvoting common stock are as follows: Voting Common Stock— Nonvoting Common Stock Common Stock Outstanding In conjunction with the Business Combination, Leo obtained commitments from certain PIPE Investors to purchase 15,000,000 shares of the Company’s common stock at a purchase price of $10.00 per share. At the close of the Business Combination with Leo, the Company had 86,299,495 shares of common stock outstanding. The following summarizes the Company’s common stock outstanding as of the close of the transaction: Shares % Leo sponsor shares 6,875,000 8.0 % Leo public stockholders 1,701,281 2.0 % PIPE shares 15,000,000 17.4 % Common stock issued for Legacy Local Bounti voting common stock, Legacy Local Bounti non-voting 62,482,214 72.3 % Common stock issued to certain service providers as payment for services in connection with the Business Combination 241,000 0.3 % Total common stock 86,299,495 100.0 % Public and Private Warrants Upon the Closing, there were 10,833,333 outstanding public and private warrants to purchase shares of the Company’s common stock that were issued by Leo prior to the Business Combination. Each whole warrant entitles the registered holder to purchase one whole share of the Company’s common stock at a price of $11.50 per share, subject to adjustment as discussed below, 30 days after the Closing, provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of common stock. The warrants will expire on November 19, 2026, or earlier upon redemption or liquidation. The Private Placement Warrants are identical to the public warrants, except that the Private Placement Warrants and the common stock issuable upon exercise of the Private Placement Warrants were not transferable, assignable or salable until 30 days after the completion of the Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants are non-redeemable 20-trading 30-trading Transactions Related to Former Stockholders In December 2019, the Company entered into a settlement agreement to repurchase all of the remaining unvested restricted shares from a former shareholder subject to the stock restriction agreement (see Note 12, Stock-Based Compensation Debt.

Stock-based Compensation

Stock-based Compensation	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	8. Stock-Based Compensation Restricted Common Stock Awards A summary of the restricted common stock awards (“RSAs”) for three months ended March 31, 2022 is as follows: Number of Average Grant-Date Unvested at December 31, 2021 5,479,451 $ 1.80 Vested (208,682 ) $ 2.66 Unvested at March 31, 2022 5,270,769 $ 1.84 The total expense of RSAs for the three months ended March 31, 2022 was $917 thousand. As of March 31, 2022, the total compensation cost related to unvested RSAs not yet recognized is $5,302 thousand. Expense for unvested RSAs not yet recognized is expected to be recognized over a weighted average period of 2.16 years. Restricted Stock Units A summary of the change in control restricted stock units (“RSUs”) activity for the three months ended March 31, 2022 is as follows: Number of Average Grant-Date Unvested at December 31, 2021 2,395,789 $ 9.73 Granted 7,321,188 $ 5.67 Forfeited (49,697 ) $ (9.97 ) Vested (123,884 ) $ (9.83 ) Unvested and outstanding at March 31, 2022 9,543,396 $ 6.61 The total expense value of RSUs for the three months ended March 31, 2022 was $10,096 thousand. There was no expense for RSUs for the three months ended March 31, 2021. As of March 31, 2022, the total compensation cost related to unvested RSUs not yet recognized is $51,525 thousand. Expense for unvested RSUs not yet recognized is expected to be recognized over a weighted average period of 2.56 years.	12. Stock-Based Compensation In 2020, the Company adopted an Equity Incentive Plan (the “2020 Plan”) pursuant to which the Company’s Board of Directors could grant stock awards to employees and service providers. According to the 2020 Plan, incentive stock options may only be granted to eligible employees. Non-statutory As part of the close of the Business Combination, the awards outstanding under the 2020 Plan were split by using the exchange rate of 4.969669 resulting in 12,630,417 awards outstanding. Restricted Common Stock Awards The Company granted change in control restricted common stock awards (RSAs) under the 2020 Plan. Upon a “change in control” (as defined in the 2020 Plan) of Local Bounti, the change in control restricted common stock awards would vest in full. If a “qualified public offering” of the common stock of Local Bounti occurred (as defined in the 2020 Plan, which includes the consummation of the Business Combination) prior to a change in control, then the change in control restricted common stock would vest upon the vesting schedule set forth in the 2020 Plan or individual award agreements. The fair value of the restricted common stock-based compensation awards was determined using the fair market value of the Company’s common stock on the date of the grant as determined by the Board. In November 2021, Legacy Local Bounti and certain restricted stockholders amended their change in control restricted stock awards to remove the vesting trigger and converted the vesting to four-year time-based vesting, with 10% vesting on the first anniversary of the original vesting commencement date and 30% vesting on each anniversary thereafter, subject to the grantee’s continued service on each applicable vesting date. As the vesting trigger was removed, the Company was required to recognize the compensation expenses through the Consolidated Statement of Operations. A summary of the change in control restricted common stock activity awards for 2021 and 2020 is as follows: Number of Shares Average Grant- Unvested at January 1, 2020 — $ — Granted 1,799,811 $ 1.27 Retroactive conversion of shares due to the Business Combination 7,144,653 $ 1.27 Unvested at December 31, 2020, as converted 8,944,464 $ 1.27 Granted 2,086,827 $ 2.66 Forfeited (904,698 ) $ 1.27 Vested (4,647,142 ) $ 1.27 Unvested at December 31, 2021 5,479,451 $ 1.80 1 These amounts give effect to the 1-to-4.969669 The total expense of restricted common stock for the years ended December 31, 2021 and 2020 was $9,551 thousand and $0 thousand, respectively. As of December 31, 2021, the total compensation cost related to unvested restricted common stock not yet recognized is $6,219 thousand. Unvested restricted common stock not yet recognized is expected to be recognized over a weighted average period of 2.34 years. Restricted Stock Units The Legacy Local Bounti board of directors granted RSUs under the 2020 Plan. The Company has entered into various RSU agreements with both employees and nonemployees. The vesting for these RSUs range from three months to four years on a graded vesting schedule. A summary of the change in control RSUs activity for 2021 (there was no activity prior to 2021) is as follows: Number of Average Grant- Unvested at December 31, 2020 — $ — Granted and vested 503,821 $ 9.60 Retroactive conversion of shares due to the Business Combination 2,000,003 $ 9.60 Forfeited (2,485 ) $ 9.97 Vested 2 (105,550 ) $ 6.75 Unvested and outstanding at December 31, 2021 2,395,789 $ 9.73 1 These amounts give effect to the 1-to-4.969669 2 These shares were net settled for 45,396 shares to cover the required withholding tax upon vesting. The total expense value of RSUs for the years ended December 31, 2021 and 2020 was $3,402 thousand and $0 thousand respectively. As of December 31, 2021, the total compensation cost related to unvested RSUs not yet recognized is $20,616 thousand. Unvested RSUs not yet recognized are expected to be recognized over a weighted average period of 2.63 years. Stock Restriction Agreements On June 27, 2019, the Company entered into stock restriction agreements with two stockholders of the Company, whereby certain vesting restrictions were imposed on the stockholders’ shares as a condition to a third-party investor’s requirement to invest in the Company at a cash purchase price of approximately $19.67 per share. Under the stock restriction agreements, the Company has the exclusive option to repurchase all or any portion of the restricted shares held by the stockholders which have not vested upon termination of their services. The restricted shares are released from the Company’s option to repurchase in twelve quarterly installments. In April 2020, the Company entered into a settlement agreement for the repurchase of shares from one of the stockholders, as discussed in Note 11, Stockholders’ Equity (Deficit) Compensation expense recorded was $4,942 thousand and $3,295 thousand for the years ended December 31, 2021 and 2020, respectively. In March 2021, the Company terminated the stock restriction agreement with the remaining stockholders and recognized all remaining unvested compensation expense during the first quarter of 2021.

Income Taxes

Income Taxes	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes For the three months ended March 31, 2022 and 2021, the Company incurred net operating losses and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. On March 31, 2022, the Company had approximately $54,600 thousand of U.S. federal and state net operating losses. On December 31, 2021, the Company had approximately $41,800 thousand of federal and state net operating losses. These net operating loss carryforwards can be carried forward by the Company indefinitely.	13. Income Taxes For the years ended December 31, 2021 and 2020, the Company incurred net operating losses and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. On December 31, 2021, the Company had approximately $41,800 thousand of U.S. federal and state net operating losses. On December 31, 2020, the Company had approximately $7,200 thousand of federal and state net operating losses. These net operating loss carryforwards can be carried forward by the Company indefinitely. The components of the Company’s deferred tax assets and liabilities are as follows: Year Ended 2021 2020 Currently reportable expense Federal $ — $ — State — — — — Deferred benefit: Federal 6,129 1,841 State 2,163 591 8,292 2,432 Less valuation allowance (8,292 ) (2,432 ) Total provision for income tax expense $ — $ — December 31, 2021 2020 Gross deferred tax assets arising from Net operating loss carryforwards $ 11,619 $ 1,990 ASC 842 right-of-use 3,661 979 Capitalized SPAC transaction costs 1,207 — 16,487 2,969 Deferred tax liabilities arising from: Deferred franchise tax (598 ) — ASC 842 right-of-use (3,071 ) — Depreciation (1,714 ) (156 ) Total deferred tax liabilities (5,383 ) (156 ) Net deferred tax assets before valuation allowance 11,104 2,813 Less valuation allowance (11,104 ) (2,813 ) Net deferred tax assets $ — $ — For financial reporting purposes, the Company has incurred a loss in each period since its inception. Based on the available objective evidence, including the Company’s history of losses, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at December 31, 2021 and 2020. During the years ended December 31, 2021 and 2020, the change in the valuation allowance of $8,291 thousand and $2,432 thousand, respectively, was primarily due to the generation of additional net operating losses. The Company’s income tax returns and the amount of income or loss reported are subject to examination by the respective taxing authorities. If such examinations result in changes to the profits or losses, the tax liabilities of the Company could be changed accordingly.

Net Loss Per Share

Net Loss Per Share	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	10. Net Loss Per Share Net loss per share is computed by dividing net loss by the weighted average number of common stock outstanding during the period. In computing net loss per share, the Company’s unvested restricted common stock and warrants are not considered participating securities. Diluted loss per common share is the same as basic loss per common share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. Diluted net loss per common share adjusts basic net loss per share attributable to ordinary shareholders to give effect to all potential ordinary shares that were dilutive and outstanding during the period. For the three months ended March 31, 2022 and 2021, no instrument was determined to have a dilutive effect. Net loss per share calculations for all periods prior to the Business Combination have been retrospectively restated to the equivalent number of shares reflecting the exchange ratio established in the reverse capitalization. Subsequent to the Business Combination, net loss per share was calculated based on weighted average number of shares of common stock then outstanding. The following table sets forth the computation of the Company’s net loss per share attributable to stockholders: Three Months Ended March 31, 2022 2021 Net loss $ (25,772 ) $ (9,398 ) Weighted average common stock outstanding, basic and diluted 81,009,268 49,131,554 Net loss per common share, basic and diluted $ (0.32 ) $ (0.19 ) The following table discloses the weighted-average shares outstanding of securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share as the impact would be anti-dilutive: Three Months Ended 2022 2021 CIC Restricted Stock 5,395,590 9,679,209 Convertible Notes — 3,095 Warrants 11,539,306 6,650	14. Net Loss Per Share Net loss per share is computed by dividing net loss by the weighted average number of common stock outstanding during the period. In computing net loss per share, the Company’s unvested restricted common stock and warrants are not considered participating securities. Diluted loss per common share is the same as basic loss per common share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. Diluted net loss per common share adjusts basic net loss per share attributable to ordinary shareholders to give effect to all potential ordinary shares that were dilutive and outstanding during the period. For the year ended December 31, 2021 and 2020, no instrument was determined to have a dilutive effect. Net loss per share calculations for all periods prior to the Business Combination have been retrospectively restated to the equivalent number of shares reflecting the exchange ratio established in the reverse capitalization. Subsequent to the Business Combination, net loss per share was calculated based on weighted average number of shares of common stock then outstanding. The following table sets forth the computation of the Company’s net loss per share attributable to stockholders: Year Ended December 31, 2021 2020 Net loss $ (56,093 ) $ (8,409 ) Weighted average common stock outstanding, basic and diluted 52,888,268 49,676,523 Net loss per common share, basic and diluted $ (1.06 ) $ (0.17 ) The following table discloses the weighted-average shares outstanding of securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share as the impact would be anti-dilutive: Year Ended 2021 2020 CIC Restricted Stock 9,876,930 654,960 Warrants 1,556,628 —

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Legal Matters The Company has and may become party to various legal proceedings and other claims that arise in the ordinary course of business. The Company records a liability when it believes that it is probable that a loss will be incurred, and the amount of loss or range of loss can be reasonably estimated. Management is currently not aware of any matters that it expects will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Non-Cancelable As of March 31, 2022, the Company had the following non-cancelable Purchase (in thousands) Remainder of 2022 $ 357 2023 402 2024 204 Total lease payments $ 963 The Company currently maintains operating leases for both buildings and equipment under short-term lease arrangements. As of March 31, 2022, the maturities of lease liabilities under non-cancelable Operating (in thousands) Remainder of 2022 $ 99 2023 96 2024 90 Total lease payments $ 285	15. Commitments and Contingencies Legal Matters The Company has and may become party to various legal proceedings and other claims that arise in the ordinary course of business. The Company records a liability when it believes that it is probable that a loss will be incurred, and the amount of loss or range of loss can be reasonably estimated. Management is currently not aware of any matters that it expects will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Non-Cancelable As of December 31, 2021, the Company had non-cancelable Defined Contribution Plan The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. The Company’s contributions to the 401(k) plan for the year ended December 31, 2021 totaled $180 thousand. The Company did not make any matching contributions to the 401(k) plan for the year ended December 31, 2020.

Related Party Transactions

Related Party Transactions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions BrightMark Partners LLC Management Services Agreement In August 2018, the Company entered into an agreement with BrightMark Partners LLC (“BrightMark”), a related party, for certain management services including management, business, operational, strategic, and advisory services. Under the agreement, management services were to be provided for an initial term of three years that automatically renewed for an additional one-year term. The Company incurred management fees $120 thousand for the three months ended March 31, 2021. No management fees were incurred for three months ended March 31, 2022. McLeod Property HM LLC Commercial Lease In June 2021, the Company entered into a commercial lease agreement with McLeod Property HM LLC (“McLeod”), a related party. The lease had a one-year “Accrued liabilities, related party” primarily represents amounts owed to BrightMark and McLeod related to the management services and commercial lease agreement, respectively, and were $26 thousand and $8 thousand as of March 31, 2022 and December 31, 2021, respectively.	16 . Related Party Transactions BrightMark Partners LLC Management Services Agreement In August 2018 , the Company entered into a management services agreement with BrightMark Partners LLC (“BrightMark”), a related party, for certain management services including management, business, operational, strategic, and advisory services. Under the agreement, management services were to be provided for an initial term of three years that automatically renewed for an additional one-year term. As consideration for the management services, the Company paid $40 thousand, including costs and expenses incurred by BrightMark on behalf of Local Bounti, as reasonably determined by both parties on a monthly basis. In March 2021 , the Company and BrightMark terminated the management services agreement. The Company incurred management fees of $120 thousand and $ thousand for the years e , and , respectively. “Accrued liabilities—related party” primarily represents amounts owed to BrightMark related to the management services agreement and were $8 thousand and $833 thousand as of December 31, 2021 and December 31, 2020, respectively.

Subsequent Events

Subsequent Events	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events The Company has evaluated subsequent events from the Unaudited Condensed Consolidated Balance Sheet date through the date the Unaudited Condensed Consolidated Financial Statements were issued. On March 14, 2022, the Company entered into a definitive agreement to acquire Pete’s, for total consideration of $122.5 million, subject to customary adjustments. On April 4, 2022, Company completed the Pete’s Acquisition pursuant to the terms and conditions of the purchase agreements. Pursuant to the purchase agreements, Pete’s and its subsidiaries became indirect wholly owned subsidiaries of the Company. Consideration paid by Local Bounti in connection with the Pete’s Acquisition consisted of $92.5 million in cash and 5,654,000 shares of Local Bounti common stock, which had an original consideration, at the time of signing, of $30.0 million and a fair value of $50.9 million as of the date of the Pete’s Acquisition. The final amount of consideration for the Pete’s Acquisition remains subject to certain post-closing adjustments, including with respect to net working capital (inclusive of cash) and certain assumed liabilities. Also, on April 4, 2022, in connection with consummating the transactions contemplated by the purchase agreements, Pete’s acquired the properties previously being leased by Pete’s from STORE Master Funding XVIII, LLC (“STORE”) pursuant to certain sale-leaseback agreements between Pete’s and STORE for an aggregate purchase price of $25.8 million in cash (the “Property Acquisition”) and will be accounted for by the Company as an asset acquisition. On March 14, 2022, Local Bounti and Local Bounti Operating Company, along with certain subsidiaries of the Company, entered into a First Amendment to Credit Agreements and Subordination Agreement (the “Amendment”) to amend the Original Credit Agreements and the Original Facilities (as amended, the “Amended Facilities”). On April 4, 2022 in connection with closing of the Pete’s Acquisition, (a) the Pete’s Acquisition was funded pursuant to the Amended Facilities, (b) the aggregate commitment amount of the Original Facilities was reduced to $170.0 million which is anticipated to be the amount necessary to fund the Pete’s Acquisition, the Property Acquisition, the updating of the facilities to be acquired in the Pete’s Acquisition with the Company’s Stack & Flow Technology ™ There have been no other events or transactions that occurred subsequent to March 31, 2022 that require recognition or disclosure.	17. Subsequent Events The Company has evaluated subsequent events from the Consolidated Balance Sheet date through March 30, 2022, the date the Consolidated Financial Statements were issued. On March 14, 2022, the Company entered into a definitive agreement to acquire California-based complementary indoor farming company Hollandia Produce Group, Inc., which operates under the name Pete’s, for total consideration of $122.5 million, subject to customary adjustments. The Pete’s Acquisition consideration will be comprised of $92.5 million in cash, expected to be provided pursuant to Local Bounti’s existing lending facility with Cargill, and the remaining $30.0 million of consideration payable in shares of Local Bounti common stock. On March 14, 2022, in connection with the Pete’s Acquisition, Pete’s also entered into a purchase and sale agreement with STORE to acquire all of the properties currently being leased by Pete’s pursuant to certain sale- leaseback Pete’s On March 14, 2022, the Company entered into an Amendment to amend the Original Credit Agreements and the Original Facilities. The Amendment provides that, subject to and upon the closing of the Pete’s Acquisition, (a) the Pete’s Acquisition will be funded pursuant to the Amended Facilities, (b) the aggregate commitment amount of the Original Facilities will be reduced to $170.0 million which is anticipated to be the amount necessary to fund the Pete’s Acquisition, the Property Acquisition, the updating of the facilities to be acquired in the Pete’s Acquisition with the Company’s Stack & Flow Technology ™ There have been no other events or transactions that occurred subsequent to December 31, 2021 that require recognition or disclosure.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Management of Local Bounti is responsible for the Unaudited Condensed Consolidated Financial Statements included in this document. The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the Unaudited Condensed Consolidated Financial Statements herein. The Unaudited Condensed Consolidated Financial Statements do not include all of the disclosures required by GAAP for annual financial statements and should be read in conjunction with the audited Consolidated Financial Statements of the Company for the year ended December 31, 2021 (the “Annual Financial Statements”), which have been prepared in accordance with GAAP. In the opinion of the Company, the accompanying Unaudited Condensed Financial Statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2022, and its results of operations for the three months ended March 31, 2022 and 2021, and cash flows for the three months ended March 31, 2022 and 2021. Results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. The Condensed Consolidated Balance Sheet at December 31, 2021, was derived from the Annual Financial Statements but does not contain all of the footnote disclosures from the Annual Financial Statements.	Basis of Presentation and Principles of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the Consolidated Financial Statements herein.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Management of Local Bounti is responsible for the Unaudited Condensed Consolidated Financial Statements included in this document. The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the Unaudited Condensed Consolidated Financial Statements herein. The Unaudited Condensed Consolidated Financial Statements do not include all of the disclosures required by GAAP for annual financial statements and should be read in conjunction with the audited Consolidated Financial Statements of the Company for the year ended December 31, 2021 (the “Annual Financial Statements”), which have been prepared in accordance with GAAP. In the opinion of the Company, the accompanying Unaudited Condensed Financial Statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2022, and its results of operations for the three months ended March 31, 2022 and 2021, and cash flows for the three months ended March 31, 2022 and 2021. Results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. The Condensed Consolidated Balance Sheet at December 31, 2021, was derived from the Annual Financial Statements but does not contain all of the footnote disclosures from the Annual Financial Statements.
Reclassification	Reclassification The Company reclassified depreciation in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 to conform to the presentation for the three months ended March 31, 2022. Depreciation is no longer stated as a separate financial statement line item on the Condensed Consolidated Statements of Operations but it has instead been allocated to cost of goods sold, research and development, and selling, general and administrative expense on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021. This reclassification had no impact on loss from operations or net loss. The Company believes this reclassification is preferable because it enhances the comparability of its Unaudited Condensed Consolidated Financial Statements with those of many of its industry peers and aligns with how the Company internally manages and reviews costs and margin. The Company reclassified property and equipment, net for the balance that related to its operating lease right-of-use	Reclassification The Company reclassified depreciation in the Consolidated Statements of Operations for the year ended December 31, 2020 to conform to the presentation for the year ended December 31, 2021. Depreciation is no longer stated as a separate financial statement line item on the Consolidated Statements of Operations but it has instead been allocated to cost of goods sold, research and development, and selling, general and administrative expense on the Consolidated Statements of Operations for the years ended December 31, 2021 and 2020. This reclassification had no impact on loss from operations or net loss. The Company believes this reclassification is preferable because it enhances the comparability of its Consolidated Financial Statements with those of many of its industry peers and aligns with how the Company internally manages and reviews costs and margin.
Stock Split		Stock Split On November 19, 2021, the Company effected a 1-to-4.969669 paid-in
Use of Estimates		Use of Estimates The preparation of the Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. On an ongoing basis, the Company evaluates its estimates, including those related to the valuation of instruments issued for stock-based compensation, inventory valuation reserve, warrant liabilities, and income taxes, among others. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates.
Significant Risks and Uncertainties		Significant Risks and Uncertainties The Company is subject to those risks common in the consumer products and agriculture industries and those risks common to early stage development companies, including, but not limited to, the possibility of not being able to successfully develop or market its products, competition, dependence on key personnel and key external alliances, the ability to maintain and establish relationships with current and future vendors and suppliers, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed.
Cash and Cash Equivalents		Cash and Cash Equivalents The Company considers all highly liquid, short-term investments with an original maturity date of three months or less to be cash equivalents. The Company deposits its cash and cash equivalents in a commercial bank. From time to time, cash balances in these accounts exceed the Federal Deposit Insurance Corporation insured limits. The Company mitigates exposure to credit risk by placing cash and cash equivalents with highly rated financial institutions. To date, the Company has not experienced any losses in such accounts, and believes it is not exposed to any significant credit risk on its cash and cash equivalents.
Restricted Cash and Cash Equivalents		Restricted Cash and Cash Equivalents Restricted cash and cash equivalents are restricted through legal contracts or regulations. On September 3, 2021, the Company entered into Credit Agreements with Cargill Financial, including the Subordinated Facility to borrow up to $50,000 thousand and the Senior Facility to borrow up to $150,000 thousand. For further detail, see Note 7, Debt. As part of the Subordinated Facility, the Company is required to establish an “Interest Reserve Account,” which is a deposit account, that contains minimum funds in an amount equal to or greater than the Minimum Interest Amount (as set forth in the Subordinated Facility agreement). The Company has drawn a total of $16,293 thousand on the Subordinated Facility as of December 31, 2021. Out of the total outstanding balance, $4,416 thousand was to fund the Interest Reserve Account and is included in “Restricted cash and cash equivalents” on the Consolidated Balance Sheet. The long-term portion of the Subordinated Facility is included in “Long-term debt” on the Consolidated Balance Sheets.
Accounts Receivable		Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable includes billed receivables and is presented net of an allowance for doubtful accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. In establishing the required allowance, management considers historical losses, current market conditions, customers’ financial condition, the age of the receivables, and current payment patterns. Account balances are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The allowance for doubtful accounts was not material at December 31, 2021 and 2020.
Allowance for Doubtful Accounts		Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable includes billed receivables and is presented net of an allowance for doubtful accounts. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. In establishing the required allowance, management considers historical losses, current market conditions, customers’ financial condition, the age of the receivables, and current payment patterns. Account balances are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The allowance for doubtful accounts was not material at December 31, 2021 and 2020.
Fair Value Measurements		Fair Value Measurements The Company measures fair value based on the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs used in valuation techniques are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: • Level 1— • Level 2— • Level 3— A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
Inventory		Inventory Inventory is carried at the lower of cost or net realizable value using the first-in, first-out The assessment of recoverability of inventories and the amounts of any write-downs are based on currently available information and assumptions about future demand and market conditions. Demand for produce may fluctuate significantly over time, and actual demand and market conditions may be more or less favorable than the Company’s projections. If actual demand is lower than originally projected, additional inventory write- downs may be required.
Property and Equipment		Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Expenditures for additions or renewals and improvements are capitalized; expenditures for maintenance and repairs that neither materially add to the value of the property nor appreciably prolong its economic life are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are as follows: Asset Class Estimated Useful Life Greenhouse Facility 30 years Production Equipment 5 years Office Equipment 3 years Leasehold Improvements Shorter of lease term or useful life of asset
Intangible Assets		Intangible AssetsFinite-lived intangible assets consist of software. These assets are being amortized over their estimated useful lives. Finite-lived intangible assets are tested for impairment only when management has determined that potential impairment indicators are present. Intangible assets is included in “Other assets” on the Consolidated Balance Sheet.
COVID19 and Paycheck Protection Program Loan		COVID-19 and On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) the COVID-19 outbreak Debt.
Leases		Leases The Consolidated Financial Statements reflect the Company’s adoption of ASU No. 2016-02, Leases (“ASC 842”) The right-of-use The Company utilizes certain practical expedients and policy elections available under ASC 842. The Company does recognize right-of-use non-lease Operating lease expenses for fixed lease payments are recognized on a straight-line basis over the lease term. Variable lease payments to the lessor such as maintenance, utilities, insurance, and real estate taxes are expensed as incurred. For further discussion, see Note 9, Leases
Revenue Recognition		Revenue Recognition The Consolidated Financial Statements reflect the Company’s adoption of ASU 2014-09, Sale of produce: The Company’s principal business is the production and sale of sustainably grown fresh greens and herbs through CEA facilities. Revenue is recognized at a point in time when the product control is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. In general, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms. Customer contracts generally do not include more than one performance obligation. Sale of intellectual property: Revenue is generated from the sale of intellectual property that the Company has developed. For each licensing agreement for intellectual property, the promise to deliver a license that grants the customer the right to use the intellectual property is considered to be a distinct performance obligation. Revenue from intellectual property is recognized at a point in time upon delivery of documentation of the Company’s intellectual property to the licensee. Intellectual property sold in 2021 consisted of intellectual property for salad kits, including the licensed know-how Revenue by major product or service type is as follows: Year Ended 2021 2020 (in thousands) Revenue from sale of produce $ 551 $ 82 Revenue from sale of intellectual property 87 — Total Revenue $ 638 $ 82 The Company does not have unbilled receivable balances arising from transactions with customers. Payment terms are generally between 10 to 20 days. The Company does not capitalize contract inception costs, as contracts (which are in the form of purchase orders from customers) are one year or less and the Company does not incur significant fulfillment costs requiring capitalization. The Company has made the accounting policy election to exclude any sales and similar taxes from the transaction price. As a result, revenue is presented net of these taxes.
Research and Development		Research and Development Research and development expenses consist primarily of compensation to employees engaged in research and development activities, including salaries, and related benefits, in addition to related overhead (including
Stock-Based Compensation		Stock-Based Compensation The Company measures and recognizes compensation expense for all equity-based awards made to employees, directors, and non-employees, Stock-Based Compensation tranche-by-tranche
Advertising		Advertising Advertising expenses are expensed as incurred. The Company incurred advertising expenses of $703 thousand for the year ended December 31, 2021. Advertising expenses for the year ended December 31, 2020 were not material. Advertising expenses are included in “Selling, general and administrative” expense in the Consolidated Statements of Operations.
Income Taxes		Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Consolidated Financial Statements. Under this method, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the carrying amounts of assets and liabilities for income tax purposes and operating losses carried forward, measured by applying tax rates based on currently enacted tax laws. Valuation allowances are calculated, when necessary, to reduce the net deferred tax assets to an amount that is more likely than not to be realized. Changes in the valuation allowances occurring in subsequent periods are included in the Consolidated Statements of Operations. The Company recognizes uncertain tax positions based upon its estimate of whether, and the extent to which, additional taxes will be due when such estimates are more likely than not to be sustained. Uncertain income tax positions are not recognized if there is less than a 50% likelihood of being sustained.
Concentrations of Risk and Significant Customers		Concentrations of Risk and Significant Customers Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents accounts with financial institutions which management believes to be of high-credit quality. The Company is exposed to risk in the event of default by these financial institutions or the issuers of these securities to the extent the balances are in excess of amounts that are insured by the Federal Deposit Insurance Corporation. The Company’s receivables are derived from revenue earned from customers located in the United States. The Company provides credit to its customers in the normal course of business and requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts related to estimated credit losses.
Contingencies		Contingencies Loss contingencies (other than income tax-related
Segment Reporting		Segment Reporting The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Co-Chief
Emerging Growth Company		Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The Company qualifies as an emerging growth company, as defined in the JOBS Act, and therefore intends to take advantage of certain exemptions from various public company reporting requirements, including delaying adoption of new or revised accounting standards until those standards apply to private companies. The effective dates shown below reflect the election to use the extended transition period.
Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40); Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, 2021-04 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, ASU 2019-12 2019-12 Recently Issued Accounting Pronouncements 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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, the if-converted method periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of this standard on its Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), 2016-13	Recently Issued Accounting Pronouncements In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), 815-40); In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) 815-40): if-converted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, ASU 2019-12 In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), 2016-13

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Property and Equipment	Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are as follows: Asset Class Estimated Useful Life Greenhouse Facility 30 years Production Equipment 5 years Office Equipment 3 years Leasehold Improvements Shorter of lease term or useful life of asset
Disaggregation of Revenue	Revenue by major product or service type is as follows: Year Ended 2021 2020 (in thousands) Revenue from sale of produce $ 551 $ 82 Revenue from sale of intellectual property 87 — Total Revenue $ 638 $ 82

Inventory (Tables)

Inventory (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	Inventory consisted of the following: March 31, December 31, 2022 2021 (in thousands) Raw materials $ 399 $ 145 Work-in-process 173 173 Finished goods 104 69 Packaging 682 467 Consignment — 163 Inventory allowance (95 ) (95 ) Total inventory, net $ 1,263 $ 922	Inventories consisted of the following: December 31, 2021 2020 (in thousands) Raw materials $ 145 $ 21 Work-in-process 173 83 Finished goods 69 5 Packaging 467 182 Consignment 163 21 Inventory allowance (95 ) (69 ) Total inventory, net $ 922 $ 243

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consisted of the following: March 31, December 31, 2022 2021 (in thousands) Greenhouse facility $ 11,033 $ 10,194 Equipment 4,986 3,683 Land 3,991 4,122 Leasehold improvements 3,947 3,947 Construction-in-progress 21,549 16,375 Less: Accumulated depreciation (1,512 ) (971 ) Property and equipment, net $ 43,994 $ 37,350	Property and equipment consisted of the following: December 31, 2021 2020 (in thousands) Greenhouse facility $ 10,194 $ 5,203 Equipment 3,683 1,621 Land 4,122 345 Leasehold improvements 3,947 — Construction-in-progress 16,375 1,541 Right-of-use 55 — Less: Accumulated depreciation (971 ) (287 ) Property and equipment, net $ 37,405 $ 8,423

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following: March 31, December 31, 2022 2021 (in thousands) Accrued construction expenses $ 135 $ 11,192 Accrued insurance 1,825 2,582 Accrued payroll 273 792 Accrued agriculture expenses 294 461 Accrued legal fees 3,448 273 Accrued other 746 720 Total accrued liabilities $ 6,721 $ 16,020	Accrued liabilities consisted of the following: December 31, 2021 2020 (in thousands) Accrued construction expenses $ 11,192 $ — Accrued insurance 2,582 — Accrued payroll 792 1,125 Accrued agriculture expenses 461 — Accrued legal fees 273 — Accrued other 748 169 Total accrued liabilities $ 16,048 $ 1,294

Debt (Tables)

Debt (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following: March 31, December 31, 2022 2021 (in thousands) Subordinated Facility $ 16,293 $ 16,293 Unamortized deferred financing costs, Cargill Credit Agreements (5,183 ) (5,094 ) Total debt $ 11,110 $ 11,199	Debt consisted of the following: December 31, 2021 2020 (in thousands) PPP loan $ — $ 104 Share settlement note — 50 Subordinated Facility 16,293 — Unamortized deferred financing costs, Cargill Credit Agreements (5,094 ) — Total debt 11,199 154 Share settlement note—short term — (50 ) Long-term debt, less current portion and Convertible Notes $ 11,199 $ 104

Financing Obligation (Tables)

Financing Obligation (Tables)	12 Months Ended
	Dec. 31, 2021
Financing Obligation [Abstract]
Schedule of Financing Obligation	The following tables summarizes the financing obligation and the presentation in our Consolidated Statements of Operations for the period presented: Year Ended 2021 2020 (in thousands) Finance obligation: Amortization of financing obligation assets $ 433 $ 215 Interest on financing liabilities 1,076 475 Total financing liabilities $ 1,509 $ 690
Schedule of Future Payments for Financing Obligations	The following table summarizes future financing obligation payments by fiscal year: Finance For the year ending December 31, (in thousands) 2022 $ 1,479 2023 1,537 2024 1,591 2025 1,623 2026 1,655 Thereafter 26,597 Total financing obligation payments 34,482 Amount representing interest (25,294 ) Net financing obligation and asset at end of term 3,882 Total financing obligation $ 13,070

Leases (Tables)

Leases (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Schedule of Maturities of Lease Liabilities	The Company currently maintains operating leases for both buildings and equipment under short-term lease arrangements. As of March 31, 2022, the maturities of lease liabilities under non-cancelable Operating (in thousands) Remainder of 2022 $ 99 2023 96 2024 90 Total lease payments $ 285	As of December 31, 2021, the maturities of lease liabilities under non-cancelable Operating Year ending December 31, (in thousands) 2022 $ 139 2023 96 2024 90 Total lease payments $ 325

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets And Liabilities Measured on Recurring Basis	The following table sets forth, by level within the fair value hierarchy, the accounting of the Company’s financial assets and liabilities at fair value on a recurring and nonrecurring basis according to the valuation techniques the Company uses to determine their fair value: March 31, 2022 Level 1 Level 2 Level 3 (in thousands) Recurring fair value measurements Assets: Money market funds, included in cash and cash equivalents $ 71,943 $ — $ — Total $ 71,943 $ — $ — December 31, 2021 Level 1 Level 2 Level 3 (in thousands) Recurring fair value measurements Assets: Money market funds, included in cash and cash equivalents $ 96,661 $ — $ — Total $ 96,661 $ — $ —	The following table sets forth, by level within the fair value hierarchy, the accounting of the Company’s financial assets and liabilities at fair value on a recurring and nonrecurring basis according to the valuation techniques the Company uses to determine their fair value: December 31, 2021 Level 1 Level 2 Level 3 (in thousands) Recurring fair value measurements Assets: Money market funds $ 96,661 $ — $ — Total $ 96,661 $ — $ — December 31, 2020 Level 1 Level 2 Level 3 (in thousands) Recurring fair value measurements Assets: Money market funds $ 4 $ — $ — Total $ 4 $ — $ — The fair value of the Company’s money market funds is determined using quoted market prices in active markets for identical assets.
Schedule of Changes in Level 3 Fair Value Measurement for the Warrant Liability		The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis: Year Ended Convertible Warrant (in thousands) Balance as of December 31, 2020 $ — $ — Additions 26,050 1,415 Fair value measurement adjustments 5,067 10 Gain on Convertible Notes (240 ) — Interest expense on Convertible Notes (paid-in-kind) 1,364 — Settlement of Convertible Notes and Warrants (32,241 ) (1,425 ) Balance as of December 31, 2021 $ — $ —

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Reverse Recapitalization	The following summarizes the Company’s common stock outstanding as of the close of the transaction: Shares % Leo sponsor shares 6,875,000 8.0 % Leo public stockholders 1,701,281 2.0 % PIPE shares 15,000,000 17.4 % Common stock issued for Legacy Local Bounti voting common stock, Legacy Local Bounti non-voting 62,482,214 72.3 % Common stock issued to certain service providers as payment for services in connection with the Business Combination 241,000 0.3 % Total common stock 86,299,495 100.0 %

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Restricted Common Stock Awards, Activity	A summary of the restricted common stock awards (“RSAs”) for three months ended March 31, 2022 is as follows: Number of Average Grant-Date Unvested at December 31, 2021 5,479,451 $ 1.80 Vested (208,682 ) $ 2.66 Unvested at March 31, 2022 5,270,769 $ 1.84	A summary of the change in control restricted common stock activity awards for 2021 and 2020 is as follows: Number of Shares Average Grant- Unvested at January 1, 2020 — $ — Granted 1,799,811 $ 1.27 Retroactive conversion of shares due to the Business Combination 7,144,653 $ 1.27 Unvested at December 31, 2020, as converted 8,944,464 $ 1.27 Granted 2,086,827 $ 2.66 Forfeited (904,698 ) $ 1.27 Vested (4,647,142 ) $ 1.27 Unvested at December 31, 2021 5,479,451 $ 1.80
Restricted Stock Unit, Activity	A summary of the change in control restricted stock units (“RSUs”) activity for the three months ended March 31, 2022 is as follows: Number of Average Grant-Date Unvested at December 31, 2021 2,395,789 $ 9.73 Granted 7,321,188 $ 5.67 Forfeited (49,697 ) $ (9.97 ) Vested (123,884 ) $ (9.83 ) Unvested and outstanding at March 31, 2022 9,543,396 $ 6.61	A summary of the change in control RSUs activity for 2021 (there was no activity prior to 2021) is as follows: Number of Average Grant- Unvested at December 31, 2020 — $ — Granted and vested 503,821 $ 9.60 Retroactive conversion of shares due to the Business Combination 2,000,003 $ 9.60 Forfeited (2,485 ) $ 9.97 Vested 2 (105,550 ) $ 6.75 Unvested and outstanding at December 31, 2021 2,395,789 $ 9.73

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of the Company’s deferred tax assets and liabilities are as follows: Year Ended 2021 2020 Currently reportable expense Federal $ — $ — State — — — — Deferred benefit: Federal 6,129 1,841 State 2,163 591 8,292 2,432 Less valuation allowance (8,292 ) (2,432 ) Total provision for income tax expense $ — $ —
Schedule of Deferred Tax Assets and Liabilities	December 31, 2021 2020 Gross deferred tax assets arising from Net operating loss carryforwards $ 11,619 $ 1,990 ASC 842 right-of-use 3,661 979 Capitalized SPAC transaction costs 1,207 — 16,487 2,969 Deferred tax liabilities arising from: Deferred franchise tax (598 ) — ASC 842 right-of-use (3,071 ) — Depreciation (1,714 ) (156 ) Total deferred tax liabilities (5,383 ) (156 ) Net deferred tax assets before valuation allowance 11,104 2,813 Less valuation allowance (11,104 ) (2,813 ) Net deferred tax assets $ — $ —

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share, Basic and Diluted	The following table sets forth the computation of the Company’s net loss per share attributable to stockholders: Three Months Ended March 31, 2022 2021 Net loss $ (25,772 ) $ (9,398 ) Weighted average common stock outstanding, basic and diluted 81,009,268 49,131,554 Net loss per common share, basic and diluted $ (0.32 ) $ (0.19 )	The following table sets forth the computation of the Company’s net loss per share attributable to stockholders: Year Ended December 31, 2021 2020 Net loss $ (56,093 ) $ (8,409 ) Weighted average common stock outstanding, basic and diluted 52,888,268 49,676,523 Net loss per common share, basic and diluted $ (1.06 ) $ (0.17 ) The following table discloses the weighted-average shares outstanding of securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share as the impact would be anti-dilutive: Year Ended 2021 2020 CIC Restricted Stock 9,876,930 654,960 Warrants 1,556,628 —
Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share	The following table discloses the weighted-average shares outstanding of securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share as the impact would be anti-dilutive: Three Months Ended 2022 2021 CIC Restricted Stock 5,395,590 9,679,209 Convertible Notes — 3,095 Warrants 11,539,306 6,650

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Non-Cancelable Purchase Commitments	As of March 31, 2022, the Company had the following non-cancelable Purchase (in thousands) Remainder of 2022 $ 357 2023 402 2024 204 Total lease payments $ 963
Schedule of Maturities of Lease Liabilities	The Company currently maintains operating leases for both buildings and equipment under short-term lease arrangements. As of March 31, 2022, the maturities of lease liabilities under non-cancelable Operating (in thousands) Remainder of 2022 $ 99 2023 96 2024 90 Total lease payments $ 285	As of December 31, 2021, the maturities of lease liabilities under non-cancelable Operating Year ending December 31, (in thousands) 2022 $ 139 2023 96 2024 90 Total lease payments $ 325

Business Description (Details)

Business Description (Details) - Mar. 14, 2022 $ in Millions	USD ($)	facility	location	state	Total
Hollandia Produce Group, Inc. (Pete's) [Member]
Business Acquisition [Line Items]
Number of greenhouse growing facilities		3
Number of retail locations			10,000	35
Percentage of controlled environment agriculture market share					80.00%
Hollandia Produce Group, Inc. (Pete's) [Member] | CALIFORNIA
Business Acquisition [Line Items]
Number of operating facilities		2
Hollandia Produce Group, Inc. (Pete's) [Member] | GEORGIA
Business Acquisition [Line Items]
Number of operating facilities		1
Hollandia Produce Group, Inc. (Pete's) [Member]
Business Acquisition [Line Items]
Aggregate consideration | $	$ 122.5
Hollandia Produce Group, Inc. (Pete's) [Member] | Subsequent Event
Business Acquisition [Line Items]
Aggregate consideration | $	$ 122.5

Summary of Significant Accoun_4

Summary of Significant Accounting Policies -Stock Split (Details)	Nov. 19, 2021	Dec. 31, 2021
Accounting Policies [Abstract]
Stock splits ratio	4.969669	4.969669

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Sep. 03, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Restricted cash and cash equivalents	$ 4,416	$ 4,416			$ 0	$ 0
Subordinated Facility
Debt Instrument [Line Items]
Long term debt outstanding	16,293	16,293				$ 0
Subordinated Facility | Loans Payable
Debt Instrument [Line Items]
Debt, face amount			$ 50,000	$ 50,000
Long term debt outstanding	16,293	16,293
Senior Facility | Loans Payable
Debt Instrument [Line Items]
Debt, face amount			$ 150,000	$ 150,000
Long term debt outstanding	$ 0	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Greenhouse Facility
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Production Equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Office Equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - COVID-19 and Paycheck Protection Program Loan (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Proceeds from issuance of debt		$ 0	$ 10,388	$ 26,793	$ 453
PPP loan
Short-term Debt [Line Items]
Proceeds from issuance of debt	$ 104

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total Revenue	$ 282	$ 57	$ 638	$ 82
Sale of produce
Disaggregation of Revenue [Line Items]
Total Revenue			551	$ 82
Sale of intellectual property
Disaggregation of Revenue [Line Items]
Total Revenue			$ 87
Minimum
Disaggregation of Revenue [Line Items]
Revenue payment terms			10 days
Maximum
Disaggregation of Revenue [Line Items]
Revenue payment terms			20 days

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Advertising (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Advertising expense	$ 703	$ 0

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Concentrations of Risk and Significant Customers (Details) - Customer Concentration Risk - Four Significant Customers	12 Months Ended
	Dec. 31, 2021
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	81.00%
Revenue
Concentration Risk [Line Items]
Concentration risk, percentage	82.00%

Business Combination and Reca_2

Business Combination and Recapitalization (Details) $ / shares in Units, $ in Thousands	Nov. 19, 2021USD ($)$ / sharesshares	Dec. 31, 2021USD ($)
Reverse Recapitalization [Abstract]
Stock splits ratio	4.969669	4.969669
Number of shares issued in transaction (in shares) | shares	15,000,000
Share price (in dollars per share) | $ / shares	$ 10
Consideration from PIPE Financing	$ 150,000
Aggregate consideration for the Business Combination and proceeds from PIPE Financing	$ 150,000
Retroactive conversion of shares due to Business Combination | shares	83,514,977
Transaction costs incurred, reverse recapitalization transaction	$ 34,773
Adjustments to additional paid in capital, reverse recapitalization transaction	30,422	$ 30,422
Professional fees incurred, reverse recapitalization transaction	$ 4,351

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 399	$ 145	$ 21
Work-in-process	173	173	83
Finished goods	104	69	5
Packaging	682	467	182
Consignment	0	163	21
Inventory allowance	(95)	(95)	(69)
Total inventory, net	$ 1,263	$ 922	$ 243

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Right-of-use asset (lease)			$ 55
Less: Accumulated depreciation	$ (1,512)		(971)	$ (287)
Property and equipment, net	43,994		37,350
Property and equipment, net			37,405	8,423
Depreciation	541	$ 124	684	287
Greenhouse Facility
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,033		10,194	5,203
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,986		3,683	1,621
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,991		4,122	345
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,947		3,947	0
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 21,549		$ 16,375	$ 1,541

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued construction expenses	$ 135	$ 11,192	$ 0
Accrued insurance	1,825	2,582	0
Accrued payroll	273	792	1,125
Accrued agriculture expenses	294	461	0
Accrued legal fees	3,448	273	0
Accrued other	746	720
Accrued other		748	169
Total accrued liabilities	$ 6,721	16,020
Total accrued liabilities		$ 16,048	$ 1,294

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Unamortized deferred financing costs, Cargill Credit Agreements	$ (5,183)	$ (5,094)	$ 0
Total debt	11,110	11,199	154
Share settlement note—short term		0	(50)
Long-term debt, less current portion and Convertible Notes	11,110	11,199	104
PPP loan
Debt Instrument [Line Items]
Long-term debt, gross		0	104
Share settlement note
Debt Instrument [Line Items]
Long-term debt, gross		0	50
Subordinated Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 16,293	$ 16,293	$ 0

Debt - Share Settlement Note (D

Debt - Share Settlement Note (Details) - Share settlement note $ in Thousands	1 Months Ended
	Apr. 30, 2020USD ($)
Debt Instrument [Line Items]
Debt, face amount	$ 80
Interest rate percentage	0.91%
Debt monthly payments	$ 5

Debt - Short Term Loan (Details

Debt - Short Term Loan (Details) - Loans Payable $ in Thousands	Jan. 31, 2021USD ($)
Short-term Debt [Line Items]
Debt, face amount	$ 500
Interest rate percentage	5.25%

Debt - Convertible Notes (Detai

Debt - Convertible Notes (Details) - USD ($) $ in Thousands	Nov. 19, 2021	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Gain on extinguishment of debt		$ (939)	$ 0
Convertible Debt | Convertible  Notes
Debt Instrument [Line Items]
Debt, face amount		$ 26,050
Interest rate percentage		8.00%
Conversion price multiplier		85.00%
Interest expense		$ 1,364
Gain on extinguishment of debt	$ 240

Debt - Agreements with Cargill

Debt - Agreements with Cargill Financial (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 03, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Subordinated Facility
Debt Instrument [Line Items]
Long term debt outstanding			$ 16,293		$ 16,293	$ 0
Senior Facility | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt basis spread on variable rate	5.50%	5.50%
Senior Facility | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt basis spread on variable rate	6.50%	6.50%
Cargill Credit Agreements
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage					1.25%
Original Credit Agreements [Member]
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage			1.25%
Secured Debt | Cargill Loan Due March 2022
Debt Instrument [Line Items]
Debt, face amount				$ 10,000
Interest rate percentage				8.00%
Equity warrant coverage, percentage				25.00%
Debt instrument, equity warrant coverage terms, percentage of lowest cash price per share				85.00%
Loans Payable | Subordinated Facility
Debt Instrument [Line Items]
Debt, face amount	$ 50,000	$ 50,000
Interest rate percentage	10.50%	10.50%
Long term debt outstanding			$ 16,293		$ 16,293
Loans Payable | Senior Facility
Debt Instrument [Line Items]
Debt, face amount	$ 150,000	$ 150,000
Long term debt outstanding			$ 0		$ 0

Financing Obligation - Narrativ

Financing Obligation - Narrative (Details) $ in Thousands	1 Months Ended
	Jun. 30, 2020USD ($)
Financing Obligation [Abstract]
Consideration	$ 6,885
Sale and finance leaseback transaction, initial lease term	15 years
Sale and finance leaseback transaction, number of extensions	3
Sale and finance leaseback transaction, extension period	5 years
Management services agreement, annual fee	$ 50
Management services agreement, initial term	3 years
Management services agreement, autorenewal period	1 year
Management services agreement, termination notice period	30 days
Sale and finance leaseback transaction, imputed interest rate	11.60%

Financing Obligation - Schedule

Financing Obligation - Schedule of Financing Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Obligation [Abstract]
Amortization of financing obligation assets	$ 433	$ 215
Interest on financing liabilities	1,076	475
Total financing liabilities	$ 1,509	$ 690

Financing Obligation - Schedu_2

Financing Obligation - Schedule of Future Financing Obligation Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
2022		$ 1,479
2023		1,537
2024		1,591
2025		1,623
2026		1,655
Thereafter		26,597
Total financing obligation payments		34,482
Amount representing interest		(25,294)
Net financing obligation and asset at end of term		3,882
Total financing obligation	$ 13,982	$ 13,070	$ 9,216

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease expenses	$ 377	$ 37

Leases - Operating Lease Maturi

Leases - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating Leases
2022	$ 96	$ 139
2023	90	96
2024		90
Total lease payments	$ 285	$ 325

Fair Value Measurements - Fair

Fair Value Measurements - Fair Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Level 1
Assets:
Assets, fair value	$ 71,943	$ 96,661	$ 4
Level 1 | Money market funds, included in cash and cash equivalents
Assets:
Assets, fair value	71,943	96,661	4
Level 2
Assets:
Assets, fair value	0	0	0
Level 2 | Money market funds, included in cash and cash equivalents
Assets:
Assets, fair value	0	0	0
Level 3
Assets:
Assets, fair value	0	0	0
Level 3 | Money market funds, included in cash and cash equivalents
Assets:
Assets, fair value	$ 0	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Fair Value Measurement for Warranty Liability (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Convertible  Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 0
Additions	26,050
Fair value measurement adjustments	5,067
Gain on Convertible Notes	(240)
Interest expense on Convertible Notes (paid-in-kind)	1,364
Settlement of Convertible Notes and Warrants	(32,241)
Ending balance	0
Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0
Additions	1,415
Fair value measurement adjustments	10
Gain on Convertible Notes	0
Interest expense on Convertible Notes (paid-in-kind)	0
Settlement of Convertible Notes and Warrants	(1,425)
Ending balance	$ 0

Stockholders' Equity (Deficit_2

Stockholders' Equity (Deficit) - Narrative (Details) $ / shares in Units, $ in Thousands	Nov. 19, 2021Day$ / sharesshares	Apr. 30, 2020USD ($)	Dec. 31, 2021Day$ / sharesshares	Dec. 31, 2019USD ($)	Mar. 31, 2022$ / sharesshares	Nov. 22, 2021$ / sharesshares	Nov. 20, 2021shares	Dec. 31, 2020$ / sharesshares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			400,000,000		400,000,000	400,000,000		400,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.0001		$ 0.0001	$ 0.0001		$ 0.0001
Preferred stock authorized (in shares)						100,000,000
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.0001
Common stock, shares outstanding (in shares)	86,299,495		86,344,881		86,465,757		86,299,495	58,076,019
Warrants outstanding (in shares)	10,833,333		10,833,333				11,539,216
Number of vote per share | Day			1
Number of shares issued in transaction (in shares)	15,000,000
Share price (in dollars per share) | $ / shares	$ 10
Warrant price (in dollars per share) | $ / shares	$ 11.5
Warrant redemption price (in dollars per share) | $ / shares			$ 0.01
Share price (in dollars per share) | $ / shares			$ 18
Warrants issued (in shares)			705,883
Settlement to repurchase restricted shares, amount | $		$ 80		$ 149
Number of securities called by each warrant (in shares)	1
Warrant exercise term, period after closing	30 days
Warrant redemption, written notice period	30 days
Warrant redemption, threshold consecutive trading days | Day	20
Warrant redemption, threshold trading period | Day	30
Warrant redemption, period before redemption notice sent | Day	3
Share settlement note
Class of Stock [Line Items]
Debt, face amount | $		$ 80

Stockholders' Equity (Deficit_3

Stockholders' Equity (Deficit) - Common Stock Outstanding (Details) - shares	Nov. 19, 2021	Mar. 31, 2022	Dec. 31, 2021	Nov. 20, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	86,299,495	86,465,757	86,344,881	86,299,495	58,076,019
Common stock, shares, outstanding, percentage	100.00%
Issuance of common stock (in shares)	15,000,000
Issuance of common stock, percentage	17.40%
Merger recapitalization, net of issuance costs (in shares)	62,482,214
Merger recapitalization, net of issuance costs, percentage	72.30%
Stock issued during period, shares, issued for services (in shares)	241,000
Stock issued during period, shares, issued for services, percentage	0.30%
Sponsor Shares | Leo
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	6,875,000
Common stock, shares, outstanding, percentage	8.00%
Public Shares | Leo
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	1,701,281
Common stock, shares, outstanding, percentage	2.00%

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details)	Nov. 19, 2021shares	Nov. 30, 2021	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)shares	Jun. 27, 2019STOCKHOLDERTERM$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock splits ratio	4.969669				4.969669
Awards outstanding (in shares) | shares	12,630,417
Award vesting period					2 years 4 months 2 days
Cost not yet recognized, amount					$ 6,219,000
Restricted Common Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock splits ratio	4.969669
Award vesting period		4 years
Total expenses					$ 9,551,000	$ 0
Cost not yet recognized, amount			$ 5,302,000
Stock-based compensation expense			$ 917,000
Cost not yet recognized, period for recognition			2 years 1 month 28 days
Restricted Common Stock Awards | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting rights		10.00%
Restricted Common Stock Awards | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting rights		30.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					2 years 7 months 17 days
Total expenses					$ 3,402,000	$ 0
Cost not yet recognized, amount			$ 51,525,000		$ 20,616,000
Stock-based compensation expense			$ 10,096,000	$ 0
Cost not yet recognized, period for recognition			2 years 6 months 21 days
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 months
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					4 years
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock may be issued or issuable (in shares) | shares						2,250,000
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) | shares	2,541,501				3,250,000
Stock Restriction Agreements
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stockholders participated | STOCKHOLDER							2
Cash purchase price (in dollars per share) | $ / shares							$ 19.67
Number of quarterly installments to repurchase | TERM							12
Stock-based compensation expense					$ 4,942,000	$ 3,295,000

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Common Stock Awards and Restricted Stock Units Activity (Details)		Nov. 19, 2021	Mar. 31, 2022$ / sharesshares	Dec. 31, 2021$ / sharesshares		Dec. 31, 2020$ / sharesshares
Average Grant-Date Fair Value
Stock splits ratio		4.969669		4.969669
Restricted Common Stock Awards
Number of Shares of Restricted Common Stock Awards
Unvested beginning balance (in shares)			5,479,451	8,944,464		0
Granted (in shares)				2,086,827		1,799,811
Retroactive conversion of shares due to the business combination (in shares)						7,144,653
Forfeited (in shares)				(904,698)
Vested (in shares)			(208,682)	(4,647,142)
Unvested ending balance (in shares)			5,270,769	5,479,451		8,944,464
Average Grant-Date Fair Value
Unvested beginning balance (in dollars per share) | $ / shares	[1]		$ 1.8	$ 1.27		$ 0
Granted (in dollars per share) | $ / shares	[1]			2.66		1.27
Retroactive conversion of shares due to the business combination (in dollars per share) | $ / shares	[1]					1.27
Forfeited (in dollars per share) | $ / shares	[1]			1.27
Vested (in dollars per share) | $ / shares			2.66	1.27	[1]
Unvested ending balance (in dollars per share) | $ / shares			$ 1.84	$ 1.8	[1]	$ 1.27	[1]
Stock splits ratio		4.969669
Restricted Stock Units (RSUs)
Number of Shares of Restricted Common Stock Awards
Unvested beginning balance (in shares)			2,395,789	0
Granted (in shares)			7,321,188
Granted and vested (in shares)				503,821
Retroactive conversion of shares due to the business combination (in shares)				2,000,003
Forfeited (in shares)			(49,697)	(2,485)
Vested (in shares)			(123,884)	(105,550)	[2]
Unvested ending balance (in shares)			9,543,396	2,395,789		0
Average Grant-Date Fair Value
Unvested beginning balance (in dollars per share) | $ / shares	[1]		$ 9.73	$ 0
Granted (in dollars per share) | $ / shares			5.67
Granted and vested (in dollars per share) | $ / shares	[1]			9.6
Retroactive conversion of shares due to the business combination (in dollars per share) | $ / shares	[1]			9.6
Forfeited (in dollars per share) | $ / shares			9.97	9.97	[1]
Vested (in dollars per share) | $ / shares			9.83	6.75	[1],[2]
Unvested ending balance (in dollars per share) | $ / shares			$ 6.61	$ 9.73	[1]	$ 0	[1]
Restricted stock issued for tax withholdings (in shares)				45,396
[1]	These amounts give effect to the 1-to-4.969669 Stock Split in connection with the Business Combination that occurred on November 19, 2021.
[2]	These shares were net settled for 45,396 shares to cover the required withholding tax upon vesting.

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0	$ 0	$ 0
Federal and state net operating losses			41,800	7,200
Change of valuation allowance			8,291	$ 2,432
Operating loss carryforwards	$ 54,600		$ 41,800

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Currently reportable expense
Federal			$ 0	$ 0
State			0	0
Total			0	0
Deferred benefit:
Federal			6,129	1,841
State			2,163	591
Total			8,292	2,432
Less valuation allowance			(8,292)	(2,432)
Total provision for income tax expense	$ 0	$ 0	$ 0	$ 0

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 11,619	$ 1,990
ASC 842 right-of-use asset and liability	3,661	979
Capitalized SPAC transaction costs	1,207	0
Deferred tax assets, gross	16,487	2,969
Deferred franchise tax	(598)	0
ASC 842 right-of-use asset	(3,071)	0
Depreciation	(1,714)	(156)
Total deferred tax liabilities	(5,383)	(156)
Net deferred tax assets before valuation allowance	11,104	2,813
Less valuation allowance	(11,104)	(2,813)
Net deferred tax assets	$ 0	$ 0

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net loss			$ (56,093)	$ (8,409)
Net loss, basic	$ (25,772)	$ (9,398)
Net loss, diluted	$ (25,772)	$ (9,398)
Weighted average common stock outstanding, basic (in shares)	81,009,268	49,131,554	52,888,268,000	49,676,523,000
Weighted average common stock outstanding, diluted (in shares)	81,009,268	49,131,554	52,888,268,000	49,676,523,000
Net loss per common share, basic (in dollars per share)	$ (0.32)	$ (0.19)	$ (1.06)	$ (0.17)
Net loss per common share, diluted (in dollars per share)	$ (0.32)	$ (0.19)	$ (1.06)	$ (0.17)

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Net Loss Per Share (Details) - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
CIC Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,395,590	9,679,209	9,876,930	654,960
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		3,095
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	11,539,306	6,650	1,556,628	0

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Non-cancelable purchase commitments amount	$ 1,004
Employer contribution amount	$ 180

Commitment and Contingencies -

Commitment and Contingencies - Non-Cancelable Purchase Commitments (Details) $ in Thousands	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2022	$ 357
2023	402
2024	204
Total lease payments	$ 963

Commitment and Contingencies _2

Commitment and Contingencies - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2022	$ 99
2023	96	$ 139
2024	90	96
Total lease payments	$ 285	$ 325

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Aug. 31, 2018	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Management services agreement, initial term		3 years
Accrued liabilities - related party				$ 26,000		$ 8,000	$ 833,000
BrightMark | Management Services Agreement
Related Party Transaction [Line Items]
Management services agreement, initial term			3 years
Management services agreement renewal term			1 year
Related party transaction, amount			$ 40,000
Management fees				0	$ 120,000	120,000	628,000
Accrued liabilities - related party						8,000	$ 833,000
Mc Leod [Member] | Commercial Lease Agreement [Member]
Related Party Transaction [Line Items]
Lessee, Operating Lease, Term of Contract	1 year
Lessee Operating Lease Monthly Rent	$ 3,250,000
Bright Mark and Mc Leod [Member] | Management Services and Commercial Lease Agreement [Member]
Related Party Transaction [Line Items]
Accrued liabilities - related party				$ 26,000		$ 8,000

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Apr. 04, 2022USD ($)shares	Mar. 14, 2022USD ($)shares	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 03, 2021USD ($)
Subsequent Event [Line Items]
Minimum liquidity covenant				$ 30,000
Senior Facility | Loans Payable
Subsequent Event [Line Items]
Debt Instrument, Face Amount					$ 150,000	$ 150,000
Subordinated Facility | Loans Payable
Subsequent Event [Line Items]
Debt Instrument, Face Amount					$ 50,000	$ 50,000
Hollandia Produce Group, Inc. (Pete's)
Subsequent Event [Line Items]
Aggregate consideration		$ 122,500
Payments to acquire businesses		92,500
Consideration transferred, equity interests issued and issuable		$ 30,000
Number of shares issued (in shares) | shares		5,654,000
Hollandia Produce Group, Inc. (Pete's) | Loans Payable
Subsequent Event [Line Items]
Minimum liquidity covenant	$ 20,000		$ 30,000
Subsequent Event
Subsequent Event [Line Items]
Credit facility, amended aggregate commitment amount		$ 170,000
Minimum liquidity covenant				$ 20,000
Debt amendment fee		$ 2,000
Subsequent Event | S T O R E Master Funding X V I I I L L C [Member]
Subsequent Event [Line Items]
Asset Acquisition, Consideration Transferred	$ 25,800
Subsequent Event | Senior Facility | Loans Payable
Subsequent Event [Line Items]
Debt, increase of applicable margin		2.00%
Subsequent Event | Subordinated Facility | Loans Payable
Subsequent Event [Line Items]
Debt Instrument Increase Of Interest Rate	2
Subsequent Event | Hollandia Produce Group, Inc. (Pete's)
Subsequent Event [Line Items]
Aggregate consideration		$ 122,500
Payments to acquire businesses		92,500
Consideration transferred, equity interests issued and issuable	$ 50,900	30,000
Aggregate purchase price		$ 25,800
Number of shares issued (in shares) | shares		1,932,931
Subsequent Event | Hollandia Produce Group, Inc. (Pete's) | Amended Facilities [Member] | Loans Payable
Subsequent Event [Line Items]
Debt amendment fee	$ 2,000
Number of shares issued (in shares) | shares	1,932,931
Debt Instrument, Face Amount	$ 170,000