XML 40 R33.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Summary of Significant Accounting Policies (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2022 | Dec. 31, 2021
Summary of Separation-related adjustments | Separation-related adjustments
|  | As of December 31, 2021 |  |  | Separation- Related Adjustment |  |  | As of January 1, 2022 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Cash and equivalents |  | $ | 14,376,523 |  |  | $ | (8 | ) |  | $ | 14,376,515 |
Related party receivable |  |  | 220,000 |  |  |  | — |  |  |  | 220,000 |
Other current assets |  |  | 21,140 |  |  |  | (8,567 | ) |  |  | 12,573 |
Total current assets |  |  | 14,617,663 |  |  |  | (8,575 | ) |  |  | 14,609,088 |
Capitalized software, net |  |  | 699,753 |  |  |  | (699,753 | ) |  |  | — |
Total assets |  |  | 15,317,416 |  |  |  | (708,328 | ) |  |  | 14,609,088 |
Liabilities and Net Parent Equity |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 877,641 |  |  |  | (718,233 | ) |  |  | 159,408 |
Derivative financial instruments |  |  | 32,226 |  |  |  | (32,226 | ) |  |  | — |
Other payables |  |  | 616,156 |  |  |  | 1,015,672 |  |  |  | 1,631,828 |
Total current liabilities |  |  | 1,526,023 |  |  |  | 265,213 |  |  |  | 1,791,236 |
Other noncurrent payables |  |  | 702,921 |  |  |  | (297,921 | ) |  |  | 405,000 |
|  |  | 2,228,944 |  |  |  | (32,708 | ) |  |  | 2,196,236 |
Net parent equity |  |  |  |  |  |  |  |  |  |  |  |
Net parent investment |  |  | 13,120,698 |  |  |  | (707,846 | ) |  |  | 12,412,852 |
Accumulated other comprehensive income/ (loss) |  |  | (32,226 | ) |  |  | 32,226 |  |  |  | — |
Total net parent equity |  |  | 13,088,472 |  |  |  | (675,620 | ) |  |  | 12,412,852 |
Total liabilities and net parent equity |  | $ | 15,317,416 |  |  | $ | (708,328 | ) |  | $ | 14,609,088 |
Summary of Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Segments |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
eVTOL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development expenses |  | $ | (7,599,457 | ) |  | $ | (1,680,380 | ) |  | $ | (15,303,608 | ) |  | $ | (3,391,454 | )
UATM |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development expenses |  |  | (1,365,309 | ) |  |  | (258,432 | ) |  |  | (2,775,845 | ) |  |  | (439,009 | )
Service and Support |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development expenses |  |  | (870,970 | ) |  |  | — |  |  |  | (870,970 | ) |  |  | — |
Total allocated expenses |  |  | (9,835,736 | ) |  |  | (1,938,812 | ) |  |  | (18,950,423 | ) |  |  | (3,830,463 | )
Unallocated amounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative |  |  | (3,571,814 | ) |  |  | (429,467 | ) |  |  | (4,380,580 | ) |  |  | (757,410 | )
Selling (i) |  |  | (2,903,616 | ) |  |  | — |  |  |  | (2,903,616 | ) |  |  | — |
Other expenses |  |  | (37,123 | ) |  |  | — |  |  |  | (37,123 | ) |  |  | — |
Loss from operations |  | $ | (16,348,289 | ) |  | $ | (2,368,279 | ) |  | $ | (26,271,742 | ) |  | $ | (4,587,873 | )
| The CODM receives information related to the operating results based on the directly attributable cost by each R&D project. As the UAM Business was operated within the Embraer Corporate infrastructure, the indirect costs are not included in the information analyzed by the CODM. Assets information by segment is not presented to the CODM. The information provided to the CODM are as follows:
|  | Year Ended December 31, |
Segments R&D expenses |  | 2021 |  |  | 2020 |  |  | 2019 |
eVTOL |  | $ | (11,207,794 | ) |  | $ | (7,583,456 | ) |  | $ | (5,255,068 | )
UATM |  |  | (2,071,986 | ) |  |  | (774,587 | ) |  |  | (692,226 | )
Total segments expenses |  |  | (13,279,780 | ) |  |  | (8,358,043 | ) |  |  | (5,947,294 | )
Corporate/ Unallocated amounts |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative |  |  | (2,509,859 | ) |  |  | (1,233,876 | ) |  |  | (1,739,815 | )
Loss from operations |  |  | (15,789,639 | ) |  |  | (9,591,919 | ) |  |  | (7,687,109 | )
Foreign currency gain/ (loss) |  |  | (77,147 | ) |  |  | (34,023 | ) |  |  | 1,590 |
Loss before income taxes |  | $ | (15,866,786 | ) |  | $ | (9,625,942 | ) |  | $ | (7,685,519 | )
Schedule of stock options, valuation assumptions |
Input |  | May 9, 2022 |
Risk-free interest rate |  |  | 1.29 | %
Expected term (years) |  |  | 2 |
Expected volatility |  |  | 15.86 | %
Exercise price |  | $ | 0.0 |
Dividend yield |  |  | 0.0 | %
Expected stock price at De-SPAC |  | $ | 8.66 |
Probability-weighted average of additional shares to be issued for the forward contract |  | $ | N/A |

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
Name: | us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration