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CONVERTIBLE PREFERRED STOCK | 9 Months Ended
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Sep. 30, 2021
CONVERTIBLE PREFERRED STOCK [Abstract] |
CONVERTIBLE PREFERRED STOCK | 8. CONVERTIBLE PREFERRED STOCK The Company had issued five series of convertible preferred stock, Series A through Series E (the “Convertible Preferred Stock”). The following table summarizes the authorized, issued and outstanding Convertible Preferred Stock of the Company immediately prior to the Business Combination and as of December 31, 2020:
Class |  | Year of Class Issuance |  |  | Issuance Price per Share |  |  | Shares Authorized |  |  | Shares Issued and Outstanding |  |  | Total Proceeds or Exchange Value |  |  | Issuance Costs |  |  | Net Carrying Value |  |  | Initial Liquidation Price per Share |
Series A |  | 2013 |  |  | $ | 0.04 |  |  |  | 25,000,000 |  |  |  | 25,000,000 |  |  | $ | 1,000 |  |  | $ | - |  |  | $ | 1,000 |  |  | $ | 0.80 |
Series B |  | 2015 |  |  |  | 0.80 |  |  |  | 31,250,000 |  |  |  | 31,250,000 |  |  |  | 25,000 |  |  |  | - |  |  |  | 25,000 |  |  |  | 0.80 |
Series C |  | 2015-2016 |  |  |  | 4.61 |  |  |  | 8,164,323 |  |  |  | 8,164,323 |  |  |  | 37,638 |  |  |  | 328 |  |  |  | 37,310 |  |  |  | 4.61 |
Series D |  | 2017 |  |  |  | 4.71 |  |  |  | 12,738,853 |  |  |  | 12,738,853 |  |  |  | 60,000 |  |  |  | 414 |  |  |  | 59,586 |  |  |  | 4.71 |
Series E |  | 2018 - 2020 |  |  |  | 5.36 |  |  |  | 14,925,373 |  |  |  | 13,636,092 |  |  |  | 73,089 |  |  |  | 171 |  |  |  | 72,918 |  |  |  | 5.36 |
|  |  |  |  |  |  |  |  |  | 92,078,549 |  |  |  | 90,789,268 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior to the Closing of the Business Combination, there were no significant changes to the terms of the Convertible Preferred Stock as compared to December 31, 2020. Upon the Closing of the Business Combination, the Convertible Preferred Stock converted into Class A and Class B common stock based on the Business Combination’s Exchange Ratio of 0.7975 of the Company’s shares for each Legacy Quantum-Si share. The Company recorded the conversion at the carrying value of the Convertible Preferred Stock at the time of the Closing. There are no shares of Convertible Preferred Stock outstanding as of September 30, 2021.

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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