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Summary of Significant Accounting Policies (Tables)

3 Months Ended

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 debt			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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