XML 36 R25.htm IDEA: XBRL DOCUMENT
v3.24.3

Summary of Significant Accounting Policies (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Accounting Policies [Abstract] |
Schedule of Property, Machinery and Equipment, Net | The estimated useful lives of fixed assets by asset category are described below:
Fixed Assets |  | Estimated Useful Life
Computer equipment |  | Three years
Furniture and fixtures |  | Five years
Leasehold improvements |  | Lesser of estimated useful life or remaining lease term (one year to seven years)
Machinery and equipment |  | Seven years
Property, machinery and equipment, net consisted of the following:
(in thousands) | June 30, 2024 |  | December 31, 2023
Computer equipment | $ | 10 |  |  | $ | 10 |
Leasehold improvements | 2,394 |  |  | 2,394 |
Machinery and equipment | 3,411 |  |  | 3,411 |
Property, machinery and equipment, gross | 5,815 |  |  | 5,815 |
Less: accumulated depreciation | (2,978) |  |  | (2,563) |
Property, machinery and equipment, net | $ | 2,837 |  |  | $ | 3,252 |
Schedule of Disaggregation of Revenue | The disaggregation of revenue by type is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Transportation services | $ | — |  |  | $ | 1,305 |  |  | $ | — |  |  | $ | 1,305 |
Hosted payload services | — |  |  | 142 |  |  | — |  |  | 142 |
Forfeited customer deposits | — |  |  | 258 |  |  | 35 |  |  | 280 |
Engineering project services | 1,209 |  |  | — |  |  | 1,687 |  |  | — |
Total revenue | $ | 1,209 |  |  | $ | 1,705 |  |  | $ | 1,722 |  |  | $ | 1,727 |
Schedule of Changes in Fair Value of Liabilities | The change in fair values of liabilities subject to recurring remeasurement were as follows:
(in thousands) |  | Warrant Liability (Level 3) |  |  |  |  |  |
Balance, December 31, 2023 |  | $ | 3 |  |  |  |  |  |  |
Change in Fair Value |  | — |  |  |  |  |  |  |
Balance, June 30, 2024 |  | $ | 3 |  |  |  |  |  |  |
Schedule of Fair Value Inputs | Key assumptions for the Black-Scholes model used to determine the fair value of warrants outstanding as of each period end were as follows:
| June 30, 2024 |  | December 31, 2023
Warrant term (years) | 2.12 |  | 2.61
Volatility | 156.93 | % |  | 113.50 | %
Risk-free rate | 4.57 | % |  | 4.05 | %
Dividend yield | 0.00 | % |  | 0.00 | %
The significant inputs into the Black-Scholes valuation model at the initial recognition date are as follows:
Warrant term (years) | 5.00
Volatility | 95.00 | %
Risk-free rate | 4.33 | %
Dividend yield | — | %
The significant inputs into the Black-Scholes valuation model before and after the modification date are as follows:
| Pre Modification | Post Modification
Warrant term (years) | 4.87 | 5.00
Volatility | 95.00 | % | 95.00 | %
Risk-free rate | 4.22 | % | 4.21 | %
Dividend yield | — | % | — | %
The significant inputs into the Black-Scholes valuation model at the initial recognition date are as follows:
Warrant term (years) | 5.00
Volatility | 97.50 | %
Risk-free rate | 4.02 | %
Dividend yield | — | %
The significant inputs into the Black-Scholes valuation model before and after the modification date are as follows:
| Pre Modification | Post Modification |
Warrant term (years) | 4.83 | 5.00 |
Volatility | 97.50 | % | 97.50 | % |
Risk-free rate | 3.85 | % | 3.84 | % |
Dividend yield | — | % | — | % |

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1 + Details
Name: | us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration