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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of liabilities measured at fair value on the condensed consolidated balance sheet | The following are the liabilities measured at fair value on the condensed consolidated balance sheet at June 30, 2022 using quoted price in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3):
| Level 1: Quoted Prices in Active Markets for Identical Assets |  | Level 2: Significant Other Observable Inputs |  | Level 3: Significant Unobservable Inputs |  | Total at June 30, 2022 |  | Total Gains (Losses) For The Three Months Ended June 30, 2022 |  | Total Gains (Losses) For The Six Months Ended June 30, 2022
Recurring fair value measurements |  |  |  |  |  |  |  |  |  |  |
Private warrants | $ | — |  |  | $ | — |  |  | $ | 182,000 |  |  | $ | 182,000 |  |  | $ | 251,000 |  |  | $ | 684,000 |
Stonepeak and Evolve unvested warrants | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,334,000 |  |  | $ | 8,677,000 |
Derivative liability - non-controlling redeemable preferred shares | $ | — |  |  | $ | — |  |  | $ | 491,012 |  |  | $ | 491,012 |  |  | $ | (32,536) |  |  | $ | 20,936 |
Total recurring fair value measurements | $ | — |  |  | $ | — |  |  | $ | 673,012 |  |  | $ | 673,012 |  |  | $ | 4,552,464 |  |  | $ | 9,381,936 |
| Level 1: Quoted Prices in Active Markets for Identical Assets |  | Level 2: Significant Other Observable Inputs |  | Level 3: Significant Unobservable Inputs |  | Total at June 30, 2021 |  | Total Gains (Losses) For The Three Months Ended June 30, 2021 |  | Total Gains (Losses) For The Six Months Ended June 30, 2021
Recurring fair value measurements |  |  |  |  |  |  |  |  |  |  |
Private warrants | $ | — |  |  | $ | — |  |  | $ | 1,183,000 |  |  | $ | 1,183,000 |  |  | $ | (351,602) |  |  | $ | 70,228 |
Stonepeak and Evolve unvested warrants (As Restated) (1) | $ | — |  |  | $ | — |  |  | $ | 11,123,000 |  |  | $ | 11,123,000 |  |  | $ | (3,145,628) |  |  | $ | (3,145,628) |
Total recurring fair value measurements | $ | — |  |  | $ | — |  |  | $ | 12,306,000 |  |  | $ | 12,306,000 |  |  | $ | (3,497,230) |  |  | $ | (3,075,400) |
Schedule of fair value on a recurring basis | The following is a reconciliation of the opening and closing balances for the liabilities related to the warrants (Note 11) and derivative liability - non-controlling redeemable preferred shares measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2022:
| Private Warrants |  | Stonepeak and Evolve unvested warrants |  | Non-controlling redeemable preferred shares - derivative liability
|  |  | (As Restated) (1) |  |
Balance at December 31, 2021 | $ | 866,000 |  |  | $ | 8,677,000 |  |  | $ | 511,948 |
Total (gains) losses for period included in earnings | (433,000) |  |  | (4,343,000) |  |  | (53,472) |
Balance at March 31, 2022 | 433,000 |  |  | 4,334,000 |  |  | 458,476 |
Total (gains) losses for period included in earnings | (251,000) |  |  | (4,334,000) |  |  | 32,536 |
Balance at June 30, 2022 | $ | 182,000 |  |  | $ | — |  |  | $ | 491,012 |
Fair Value Measurement Inputs and Valuation Techniques | The following table presents the significant unobservable inputs and valuation methodologies used for the Company’s fair value measurements of non-recurring (level 3) Stonepeak and Evolve unvested warrants at June 30, 2022 :
|  | Series C Unvested Warrants |  | Series D Unvested Warrants |  | Series E Unvested Warrants |  | Series F Unvested Warrants
Fair value (in millions) |  | $— |  | $— |  | $— |  | $—
Valuation methodology |  | Monte Carlo Simulation & Black Scholes |  | Monte Carlo Simulation & Black Scholes |  | Monte Carlo Simulation & Black Scholes |  | Monte Carlo Simulation & Black Scholes
Term (years) |  | 8.90 |  | 8.90 |  | 8.90 |  | 8.90
Risk free rate |  | 3.0% |  | 3.0% |  | 3.0% |  | 3.0%
Exercise price |  | $15.0 |  | $20.0 |  | $30.0 |  | $40.0
Volatility |  | 56.0% |  | 56.0% |  | 56.0% |  | 56.0%
Capital expenditure forecast (in millions) |  | $125.0 |  | $250.0 |  | $375.0 |  | $500.0
Probability of warrants vesting (a) |  | —% |  | —% |  | —% |  | —%
__________________ (a) During the second quarter ended June 30, 2022, the Company significantly lowered its forecast of Levo's capital deployments due to the passage by the United States Congress of the Infrastructure Investment and Jobs Act bill, and the related unveiling of the Environmental Protection Agency’s 2022 Clean School Bus rebates. The resulting lower forecast of capital deployments reduced the probabilities of the future vesting of the unvested warrants. The following table presents the significant unobservable inputs and valuation methodologies used for the Company’s fair value measurements of non-recurring (level 3) Stonepeak and Evolve unvested warrants at June 30, 2021:
|  | Series C Unvested Warrants |  | Series D Unvested Warrants |  | Series E Unvested Warrants |  | Series F Unvested Warrants
Fair value (in millions) |  | $3.8 |  | $3.1 |  | $2.4 |  | $1.9
Valuation methodology |  | Monte Carlo Simulation & Black Scholes |  | Monte Carlo Simulation & Black Scholes |  | Monte Carlo Simulation & Black Scholes |  | Monte Carlo Simulation & Black Scholes
Term (years) |  | 9.90 |  | 9.90 |  | 9.90 |  | 9.90
Risk free rate |  | 1.4% |  | 1.4% |  | 1.4% |  | 1.4%
Exercise price |  | $15.0 |  | $20.0 |  | $30.0 |  | $40.0
Volatility |  | 55.0% |  | 55.0% |  | 55.0% |  | 55.0%
Capital expenditure forecast (in millions) |  | $125.0 |  | $250.0 |  | $375.0 |  | $500.0
Probability of warrants vesting |  | 97.1% |  | 88.2% |  | 78.8% |  | 70.4%

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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