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COMMON STOCK WARRANTS (Tables) | 12 Months Ended
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Dec. 31, 2021
Equity [Abstract] |
Schedule of Common Stock Warrant Activity | The number of shares subject to and potential proceeds from the C-2 Redeemable Convertible Preferred Stock Purchase Agreement and related C-2 Warrants were as follows:
| As of May 7, 2021
| Upon Completion of SPAC merger
| Quantity |  | Price
Series C-2 Redeemable Convertible Preferred Stock Purchase Right | 7,994,442 |  |  | $ | 2.00 |
Series C-2 Warrant exercisable upon SPAC merger | 21,159,364 |  |  | $ | 0.00007 |
Total Proceeds Upon Exercise |  |  |
The table below summarizes the shares subject to C-2 Purchase Right activity during the year ended December 31, 2021:
| December 31, 2020 |  | Extinguished |  | Exercised |  | December 31, 2021
Series C-2 Purchase Right | 39,971,716 |  |  | 26,231,295 |  |  | 13,740,421 |  |  | — |
Legacy ESS periodically issued warrants (“Legacy ESS warrants”) in conjunction with the issuance of preferred stock or debt. As of December 31, 2021 and 2020, the following Legacy ESS warrants were outstanding:
| 2021 |  | 2020
Common Stock Warrants | — |  |  | 450,153 |
Series B Preferred Warrants | — |  |  | 2,007,308 |
Series C-1 Preferred Warrants | — |  |  | 103,107 |
Total Warrants | — |  |  | 2,560,568 |
The table below shows the Legacy ESS warrant activities during the year ended December 31, 2021:
| December 31, 2020 |  | Issued |  | Exercised |  | December 31, 2021
Common Stock Warrants | 450,153 |  |  | — |  |  | 450,153 |  |  | — |
Series B Preferred Stock Warrants | 2,007,308 |  |  | — |  |  | 2,007,308 |  |  | — |
Series C-1 Preferred Stock Warrants | 103,107 |  |  | — |  |  | 103,107 |  |  | — |
Series C-2 Preferred Stock Warrants | — |  |  | 22,021,284 |  |  | 22,021,284 |  |  | — |
Total Warrants | 2,560,568 |  |  | 22,021,284 |  |  | 24,581,852 |  |  | — |
The table below shows the common stock warrant activities during the year ended December 31, 2021:
| December 31, 2020 |  | Issued |  | Exercised |  | December 31, 2021
Earnout Warrants | — |  |  | 583,334 |  | — |  |  | 583,334
Public Warrants | — |  |  | 8,333,287 |  | 955,374 |  | 7,377,913
Private Warrants | — |  |  | 3,500,000 |  | — |  |  | 3,500,000
Total Common Stock Warrants | — |  |  | 12,416,621 |  | 955,374 |  | 11,461,247

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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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