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LEGACY ESS REDEEMABLE CONVERTIBLE PREFERRED STOCK (Tables)

12 Months Ended

Dec. 31, 2022

Temporary Equity Disclosure [Abstract]

Schedule of Warrants

The number of shares subject to and potential proceeds from the Series C-2 Redeemable Convertible Preferred Stock Purchase Agreement and related Series C-2 warrants were as follows:

			As of May 7, 2021
			Upon completion of the Business Combination
			Quantity						Price
Series C-2 Redeemable Convertible Preferred Stock Issuance Right			7,994,442						$	2.00
Series C-2 Warrant exercisable upon completion of the Business Combination			21,159,364						$	0.00007

Common stock warrant balances consist of the following:

			December 31, 2022						December 31, 2021
Public Warrants outstanding			7,377,893						7,377,913
Private Warrants outstanding:
Other Private Warrants outstanding			3,500,000						3,500,000
Earnout Warrants outstanding			583,334						583,334
Total common stock warrants			11,461,227						11,461,247

The table below shows the common stock warrant activities during the year ended December 31, 2022:

			December 31, 2021						Issued						Exercised						December 31, 2022
Earnout Warrants			583,334						—						—						583,334
Public Warrants			7,377,913						—						20						7,377,893
Private Warrants (excluding Earnout Warrants)			3,500,000						—						—						3,500,000
Total common stock warrants			11,461,247						—						20						11,461,227

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 (excluding Earnout 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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775

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- References

No definition available.

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