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Investment In Joint Venture
12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Investment In Joint Venture

9. INVESTMENT IN JOINT VENTURE

The Company, through one of its wholly-owned subsidiaries, has a 50% interest of the joint venture entity, REV-I. For the years ended December 31, 2022 and 2021 the Company funded $0.3 million and $2.0 million, respectively, associated with the Company's commitment and its share of REV-I development. The Company did not provide any additional financial support outside of capital contributions to REV-I during the years ended December 31, 2022 and 2021. While the

Company held a 50% interest in the joint venture as of December 31, 2022, based on management’s analysis, the Company is not the primary beneficiary of REV-1 and accordingly, the entity is not consolidated in the Company's consolidated financial statements.

 

For the years ended December 31, 2022 and 2021, the Company recorded its allocable share of REV-I’s losses, which totaled $1.1 million and $1.5 million, respectively, as a loss on investment in joint venture within the consolidated statements of operations and comprehensive loss. After recognition of its share of losses for the period, the carrying value and maximum exposure to risk of the REV-I investment as of December 31, 2022 and December 31, 2021 was $30 thousand and $0.8 million, respectively, which was recorded in investment in joint venture in the accompanying consolidated balance sheets.