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Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2022
Schedule of Earnings Per Share Basic And Diluted | The following table sets forth the computation of the Company’s basic and diluted net (loss) income per share attributable to holders of Common Stock (in thousands, except share data):
|  | For the Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Numerator |  |  |  |  |  |
Net (loss) income |  | $ | (34,835 | ) |  | $ | 3,952 |
Less: noncumulative dividend to convertible preferred stockholders |  |  | — |  |  |  | (3,952 | )
Less: undistributed earnings to participating securities |  |  | — |  |  |  | — |
Net (loss) income attributed to common stockholders—basic |  |  | (34,835 | ) |  |  | — |
Add: undistributed earnings reallocated to common stockholders |  |  | — |  |  |  | — |
Net (loss) income attributed to common stockholders—diluted |  | $ | (34,835 | ) |  | $ | — |
Denominator |  |  |  |  |  |  |  |
Weighted-average shares of common stock—basic |  |  | 361,939,372 |  |  |  | 133,243,614 |
Dilutive effect of convertible preferred stock |  |  |  |  |  |  | 185,833,546 |
Dilutive effect of equity incentive awards |  |  | — |  |  |  | 21,833,189 |
Weighted-average shares of common stock—diluted |  |  | 361,939,372 |  |  |  | 340,910,349 |
Net (loss) income per share |  |  |  |  |  |  |  |
Basic |  | $ | (0.10 | ) |  | $ | — |
Diluted |  | $ | (0.10 | ) |  | $ | — |
Summary of assets and liabilities measured at fair value on a recurring basis | Following are the major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3) (in thousands):
March 31, 2022 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  | $ | 278,265 |  |  | $ | — |  |  | $ | — |  |  | $ | 278,265 |
Total assets |  | $ | 278,265 |  |  | $ | — |  |  | $ | — |  |  | $ | 278,265 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities—public warrants |  | $ | 9,294 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,294 |
Warrant liabilities—private placement warrants |  | $ | — |  |  | $ | — |  |  | $ | 9,426 |  |  | $ | 9,426 |
Total liabilities |  | $ | 9,294 |  |  | $ | — |  |  | $ | 9,426 |  |  | $ | 18,720 |
December 31, 2021 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  | $ | 8,226 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,226 |
Derivative asset on loans to stockholders |  |  | — |  |  |  | — |  |  |  | 35,253 |  |  |  | 35,253 |
Total assets |  | $ | 8,226 |  |  | $ | — |  |  | $ | 35,253 |  |  | $ | 43,479 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability |  | $ | — |  |  | $ | — |  |  | $ | 3,726 |  |  | $ | 3,726 |
Note payable |  |  | — |  |  |  | — |  |  |  | 15,051 |  |  |  | 15,051 |
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | 18,777 |  |  | $ | 18,777 |
Summary of computation of diluted net loss (income) per share | The following potentially dilutive shares were excluded from the computation of diluted net (loss) income per share for the periods presented because including them would have been antidilutive:
|  | For the Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Equity incentive awards |  |  | 58,275 |  |  |  | — |
Convertible deb t |  |  | 10,000,000 |  |  |  | — |
Convertible preferred stock |  |  | — |  |  |  | 18,048,635 |
Series B-1 warrants |  |  | — |  |  |  | 2,333,122 |
Total |  |  | 10,058,275 |  |  |  | 20,381,757 |
Schedule of Variable Interest Entities |
Assets |
Cash and cash equivalents |  | $ | 15,484 |
Member advances, net of allowance for unrecoverable advances of $1,827 as of March 31, 2022 |  |  | 46,977 |
Debt and credit facility commitment fee, current |  |  | 358 |
Debt facility commitment fee, long-term |  |  | 117 |
Total assets |  | $ | 62,936 |
Liabilities |
Credit facility |  |  | 20,000 |
Debt facility |  | $ | 35,000 |
Total liabilities |  | $ | 55,000 |
Summary of roll-forward of the Level 3 private warrant liability | A roll-forward of the Level 3 private warrant liability is as follows (dollars in thousands):
Opening value at January 1, 2022 |  | $ | — |
Initial fair value at the merger date |  |  | 6,681 |
Change in fair value during the period |  |  | 2,745
Ending value at March 31, 2022 |  | $ | 9,426 |
|  | March 31, 2022 |
Exercise Price |  | $ | 11.50 |
Expected Volatility |  |  | 43.8% |
Risk-free interest rate |  |  | 2.4% |
Remaining term |  |  | 4.76 years |
Dividend yield |  |  | 0% |
Derivative Liability [Member] |
Summary of roll-forward of the Level 3 derivative asset and liability on loans | A roll-forward of the Level 3 warrant liability is as follows (dollars in thousands):
Opening value at January 1, 2021 |  | $ | — |
Initial fair value at the original issuance date |  |  | 106 |
Change in fair value during the year |  |  | 3,620 |
Ending value at December 31, 2021 |  |  | 3,726 |
Change in fair value during the year |  |  | (361 | )
Exercise of warrant |  |  | (3,365 | )
Ending value at March 31, 2022 |  | $ | — |
Summary of fair value of the derivative asset and liability | he following table presents the assumptions used to value the warrant liability for the year ended December 31, 2021:
Expected volatility |  |  | 57.0 | %
Risk-free interest rate |  |  | 0.1-0.6 | %
Remaining term |  |  | 0.0 - 1.5 Years |
Derivative Asset [Member] |
Summary of roll-forward of the Level 3 derivative asset and liability on loans | A roll-forward of the Level 3 derivative asset on loans to stockholders is as follows (dollars in thousands):
Opening value at January 1, 2021 |  | $ | 457 |
Amendment to loan to stockholder |  |  | 5 |
Change in fair value during the year |  |  | 34,791 |
Ending value at December 31, 2021 |  |  | 35,253 |
Change in fair value during the period |  |  | (5,572 | )
Exercise of call option |  |  | (29,681 | )
Ending value at March 31, 2022 |  | $ | — |
Summary of fair value of the derivative asset and liability | The following table presents the assumptions used to value the call options for the year ended December 31, 2021:
Expected volatility |  |  | 61.5 | %
Risk-free interest rate |  |  | 0.2 | %
Remaining term |  |  | 3.0 Years |
Promissory Note [Member] |
Summary of roll-forward of the Level 3 derivative asset and liability on loans | A roll-forward of the Level 3 promissory note is as follows (dollars in thousands):
Opening value at January 1, 2021 |  | $ | — |
Fair value at issuance |  |  | 14,608 |
Change in fair value during the year |  |  | 443 |
Ending value at December 31, 2021 |  |  | 15,051 |
Change in fair value during the year |  |  | (51 | )
Discharge of obligation through the issuance of Common Stock |  |  | (15,000 | )
Ending value at March 31, 2022 |  | $ | — |

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