| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 4 | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 9 | | | |
| | | | | 10 | | | |
| | | | | 35 | | | |
| | | | | 35 | | | |
| | | | | 35 | | | |
| | | | | 36 | | | |
| | | | | 46 | | | |
| | | | | 59 | | | |
| | | | | 69 | | | |
| | | | | 75 | | | |
| | | | | 83 | | | |
| | | | | 87 | | | |
| | | | | 90 | | | |
| | | | | 95 | | | |
| | | | | 99 | | | |
| | | | | 100 | | | |
| | | | | 105 | | | |
| | | | | 108 | | | |
| | | | | 108 | | | |
| | | | | 109 | | | |
| | | | | F-1 | | |
| | |
Number of
Shares |
| |
Percentage of
Outstanding Shares |
| ||||||
Shapeways stockholders(1)
|
| | | | 31,594,431 | | | | | | 70.6% | | |
Galileo’s public stockholders
|
| | | | 2,781,648 | | | | | | 6.2% | | |
Founder and Representative Shares(2)
|
| | | | 2,910,000 | | | | | | 6.5% | | |
PIPE investors
|
| | | | 7,500,000 | | | | | | 16.7% | | |
Pro forma ownership at June 30, 2021
|
| | | | 44,786,079 | | | | | | 100.0% | | |
| | |
Galileo
(Historical) |
| |
Shapeways
(Historical) |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
ASSETS
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 241 | | | | | $ | 6,250 | | | | | $ | 139,189 | | | | |
|
A
|
| | | | $ | 94,158 | | |
| | | | | | | | | | | | | | | | | 75,000 | | | | |
|
B
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (15,388) | | | | |
|
C
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (111,134) | | | | |
|
K
|
| | | | | | | |
Accounts receivable
|
| | | | — | | | | | | 1,016 | | | | | | — | | | | | | | | | | | | 1,016 | | |
Inventory
|
| | | | — | | | | | | 516 | | | | | | — | | | | | | | | | | | | 516 | | |
Promissory note due from related party
|
| | | | — | | | | | | 151 | | | | | | — | | | | | | | | | | | | 151 | | |
Prepaid expenses and other current assets
|
| | | | 65 | | | | | | 4,317 | | | | | | — | | | | | | | | | | | | 4,382 | | |
Total current assets
|
| | | | 306 | | | | | | 12,250 | | | | | | 87,667 | | | | | | | | | | | | 100,223 | | |
Cash and marketable securities held in Trust Account
|
| | | | 139,189 | | | | | | — | | | | | | (139,189) | | | | |
|
A
|
| | | | | — | | |
Property and equipment, net
|
| | | | — | | | | | | 813 | | | | | | — | | | | | | | | | | | | 813 | | |
Right-of-use assets, net
|
| | | | — | | | | | | 1,123 | | | | | | — | | | | | | | | | | | | 1,123 | | |
Goodwill
|
| | | | — | | | | | | 1,835 | | | | | | — | | | | | | | | | | | | 1,835 | | |
Security deposits
|
| | | | — | | | | | | 175 | | | | | | — | | | | | | | | | | | | 175 | | |
Total assets
|
| | | $ | 139,495 | | | | | $ | 16,196 | | | | | $ | (51,522) | | | | | | | | | | | $ | 104,169 | | |
LIABILITIES, TEMPORARY EQUITY AND
STOCKHOLDERS’ EQUITY (DEFICIT) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| | | $ | 1,413 | | | | | $ | 6,466 | | | | | $ | 1,164 | | | | |
|
C
|
| | | | $ | 8,231 | | |
| | | | | | | | | | | | | | | | | (812) | | | | |
|
D
|
| | | | | | | |
Current portion of long-term debt
|
| | | | — | | | | | | 6,906 | | | | | | (5,000) | | | | |
|
D
|
| | | | | 1,906 | | |
Convertible promissory note – related party
|
| | | | 1,350 | | | | | | — | | | | | | (850) | | | | |
|
E
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (500) | | | | |
|
F
|
| | | | | | | |
Warrant liability
|
| | | | 12,330 | | | | | | — | | | | | | 275 | | | | |
|
F
|
| | | | | 12,605 | | |
Operating lease liabilities, current
|
| | | | — | | | | | | 621 | | | | | | — | | | | | | | | | | | | 621 | | |
Deferred revenue
|
| | | | — | | | | | | 626 | | | | | | — | | | | | | | | | | | | 626 | | |
Total current liabilities
|
| | | | 15,093 | | | | | | 14,619 | | | | | | (5,723) | | | | | | | | | | | | 23,989 | | |
Operating lease liabilities, net of current portion
|
| | | | — | | | | | | 670 | | | | | | — | | | | | | | | | | | | 670 | | |
Long-term debt, net of current portion
|
| | | | — | | | | | | 722 | | | | | | — | | | | | | | | | | | | 722 | | |
Total liabilities
|
| | | | 15,093 | | | | | | 16,011 | | | | | | (5,723) | | | | | | | | | | | | 25,381 | | |
Ordinary Shares subject to possible redemption
|
| | | | 138,000 | | | | | | — | | | | | | (138,000) | | | | |
|
G
|
| | | | | — | | |
| | |
Galileo
(Historical) |
| |
Shapeways
(Historical) |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Stockholders’ equity (deficit) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preference shares / preferred stock
|
| | | | — | | | | | | 2 | | | | | | (2) | | | | |
|
H
|
| | | | | — | | |
Ordinary shares / common stock
|
| | | | 1 | | | | | | 2 | | | | | | 1 | | | | |
|
B
|
| | | | | 5 | | |
| | | | | | | | | | | | | | | | | 1 | | | | |
|
G
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (2) | | | | |
|
H
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 4 | | | | |
|
H
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (1) | | | | |
|
I
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (1) | | | | |
|
K
|
| | | | | | | |
Additional paid-in capital
|
| | | | — | | | | | | 113,469 | | | | | | 74,999 | | | | |
|
B
|
| | | | | 194,131 | | |
| | | | | | | | | | | | | | | | | (13,642) | | | | |
|
C
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 5,812 | | | | |
|
D
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 225 | | | | |
|
F
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 137,999 | | | | |
|
G
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 4 | | | | |
|
H
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (4) | | | | |
|
H
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 1 | | | | |
|
I
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (13,599) | | | | |
|
J
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (111,133) | | | | |
|
K
|
| | | | | | | |
Accumulated deficit
|
| | | | (13,599) | | | | | | (112,994) | | | | | | (2,910) | | | | |
|
C
|
| | | | | (115,054) | | |
| | | | | | | | | | | | | | | | | 850 | | | | |
|
E
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 13,599 | | | | |
|
J
|
| | | | | | | |
Accumulated other comprehensive loss
|
| | | | — | | | | | | (294) | | | | | | — | | | | | | | | | | | | (294) | | |
Total stockholders’ equity (deficit)
|
| | | | (13,598) | | | | | | 185 | | | | | | 92,201 | | | | | | | | | | | | 78,788 | | |
Total liabilities, temporary equity and stockholders’ equity (deficit)
|
| | | $ | 139,495 | | | | | $ | 16,196 | | | | | $ | (51,522) | | | | | | | | | | | $ | 104,169 | | |
|
| | |
Galileo
(Historical) |
| |
Shapeways
(Historical) |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Revenue, net
|
| | | $ | — | | | | | $ | 17,638 | | | | | $ | — | | | | | | | | | | | $ | 17,638 | | |
Cost of revenue
|
| | | | — | | | | | | 9,216 | | | | | | — | | | | | | | | | | | | 9,216 | | |
Gross profit
|
| | | | — | | | | | | 8,422 | | | | | | — | | | | | | | | | | | | 8,422 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 1,587 | | | | | | 6,147 | | | | | | — | | | | | | | | | | | | 7,734 | | |
Research and development
|
| | | | — | | | | | | 2,426 | | | | | | — | | | | | | | | | | | | 2,426 | | |
Amortization and depreciation
|
| | | | — | | | | | | 67 | | | | | | — | | | | | | | | | | | | 67 | | |
Total operating expenses
|
| | | | 1,587 | | | | | | 8,640 | | | | | | — | | | | | | | | | | | | 10,227 | | |
Loss from operations
|
| | | | (1,587) | | | | | | (218) | | | | | | — | | | | | | | | | | | | (1,805) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other income
|
| | | | — | | | | | | 1 | | | | | | — | | | | | | | | | | | | 1 | | |
Interest earned on marketable securities held
in Trust Account |
| | | | 30 | | | | | | — | | | | | | (30) | | | | |
|
AA
|
| | | | | — | | |
Interest expense
|
| | | | — | | | | | | (281) | | | | | | — | | | | | | | | | | | | (281) | | |
Change in fair value of promissory note
|
| | | | (850) | | | | | | — | | | | | | 850 | | | | |
|
CC
|
| | | | | — | | |
Change in fair value of warrant liability
|
| | | | (8,877) | | | | | | — | | | | | | — | | | | | | | | | | | | (8,877) | | |
Debt forgiveness
|
| | | | — | | | | | | 2,000 | | | | | | — | | | | | | | | | | | | 2,000 | | |
Total other income (expense), net
|
| | | | (9,697) | | | | | | 1,720 | | | | | | 820 | | | | | | | | | | | | (7,157) | | |
Income (loss) before income tax benefit
|
| | | | (11,284) | | | | | | 1,502 | | | | | | 820 | | | | | | | | | | | | (8,962) | | |
Income tax benefit
|
| | | | — | | | | | | (71) | | | | | | — | | | | | | | | | | | | (71) | | |
Net income (loss)
|
| | | $ | (11,284) | | | | | $ | 1,573 | | | | | $ | 820 | | | | | | | | | | | $ | (8,891) | | |
Net income (loss) per share (Note 4): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding of redeemable ordinary / common shares
|
| | | | 13,800,000 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net income per ordinary / common share, redeemable
|
| | | $ | 0.00 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding of non-redeemable ordinary / common shares – basic
|
| | | | 3,600,000 | | | | | | 21,655,829 | | | | | | | | | | | | | | | | | | 44,786,079 | | |
Basic net income (loss) per ordinary / common share, non-redeemable
|
| | | $ | (3.14) | | | | | $ | 0.07 | | | | | | | | | | | | | | | | | $ | (0.20) | | |
Weighted average shares outstanding of non-redeemable ordinary / common shares – diluted
|
| | | | | | | | | | 44,898,589 | | | | | | | | | | | | | | | | |||||
Diluted net income per ordinary / common share, non-redeemable
|
| | | | | | | | | $ | 0.04 | | | | | | | | | | | | | | | | | | | | |
| | |
Galileo
(Historical as Restated) |
| |
Shapeways
(Historical) |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| | | | ||||||||||||
Revenue, net
|
| | | $ | — | | | | | $ | 31,775 | | | | | $ | — | | | | | | | | | | | $ | 31,775 | | | | | |
Cost of revenue
|
| | | | — | | | | | | 17,903 | | | | | | — | | | | | | | | | | | | 17,903 | | | | | |
Gross profit
|
| | | | — | | | | | | 13,872 | | | | | | — | | | | | | | | | | | | 13,872 | | | | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 796 | | | | | | 10,752 | | | | | | 2,910 | | | | |
|
BB
|
| | | | | 14,458 | | | | | |
Research and development
|
| | | | — | | | | | | 5,592 | | | | | | — | | | | | | | | | | | | 5,592 | | | | | |
Amortization and depreciation
|
| | | | — | | | | | | 149 | | | | | | — | | | | | | | | | | | | 149 | | | | | |
Total operating expenses
|
| | | | 796 | | | | | | 16,493 | | | | | | 2,910 | | | | | | | | | | | | 20,199 | | | | | |
Loss from operations
|
| | | | (796) | | | | | | (2,621) | | | | | | (2,910) | | | | | | | | | | | | (6,327) | | | | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | 744 | | | | | | — | | | | | | (744) | | | | |
|
AA
|
| | | | | — | | | | | |
Interest expense
|
| | | | — | | | | | | (582) | | | | | | — | | | | | | | | | | | | (582) | | | | | |
Change in fair value of warrant liability
|
| | | | (1,480) | | | | | | — | | | | | | — | | | | | | | | | | | | (1,480) | | | | | |
Other income, net
|
| | | | — | | | | | | 6 | | | | | | — | | | | | | | | | | | | 6 | | | | | |
Total other income (expense), net
|
| | | | (736) | | | | | | (576) | | | | | | (744) | | | | | | | | | | | | (2,056) | | | | | |
Loss before income tax benefit
|
| | | | (1,532) | | | | | | (3,197) | | | | | | (3,654) | | | | | | | | | | | | (8,383) | | | | | |
Income tax benefit
|
| | | | — | | | | | | (29) | | | | | | — | | | | | | | | | | | | (29) | | | | | |
Net loss
|
| | | $ | (1,532) | | | | | $ | (3,168) | | | | | $ | (3,654) | | | | | | | | | | | $ | (8,354) | | | | | |
Net loss per share (Note 4): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding of redeemable ordinary / common shares
|
| | | | 13,800,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net income per
ordinary / common share, redeemable |
| | | $ | 0.05 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding of non-redeemable ordinary / common shares
|
| | | | 3,600,000 | | | | | | 25,403,048 | | | | | | | | | | | | | | | | | | 44,786,079 | | | | | |
Basic and diluted net loss per ordinary / common share, non-redeemable
|
| | | $ | (0.63) | | | | | $ | (0.12) | | | | | | | | | | | | | | | | | $ | (0.19) | | | | | |
| | |
For the Six Months Ended
June 30, 2021 |
| |
For the Year Ended
December 31, 2020 |
| ||||||
Pro forma net loss
|
| | | $ | (8,891) | | | | | $ | (8,354) | | |
Weighted average shares outstanding of common stock
|
| | | | 44,786,079 | | | | | | 44,786,079 | | |
Net loss per share – basic and diluted
|
| | | $ | (0.20) | | | | | $ | (0.19) | | |
Excluded securities:(1)
|
| | | | | | | | | | | | |
Shapeways Options
|
| | | | 4,600,411 | | | | | | 4,600,411 | | |
Transaction Bonus RSUs
|
| | | | 410,000 | | | | | | 410,000 | | |
Common stock subject to the Earnout Terms
|
| | | | 3,510,405 | | | | | | 3,468,392 | | |
Earnout RSUs
|
| | | | 493,489 | | | | | | 493,489 | | |
Public Warrants
|
| | | | 13,800,000 | | | | | | 13,800,000 | | |
Private Warrants(2)
|
| | | | 4,610,000 | | | | | | 4,610,000 | | |
| | |
For the
Six Months Ended June 30, |
| |
Change
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Revenue
|
| | | $ | 17,638 | | | | | $ | 14,921 | | | | | $ | 2,717 | | | | | | 18% | | |
| | |
For the
Six Months Ended June 30, |
| |
Change
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Cost of Revenue
|
| | | $ | 9,216 | | | | | $ | 8,624 | | | | | $ | 592 | | | | | | 7% | | |
| | |
For the
Six Months Ended June 30, |
| |
Change
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Gross Profit
|
| | | $ | 8,422 | | | | | $ | 6,297 | | | | | $ | 2,125 | | | | | | 34% | | |
| | |
For the
Six Months Ended June 30, |
| |
Change
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
Points
|
| |
%
|
| ||||||||||||
Gross Margin
|
| | | | 48% | | | | | | 42% | | | | | | 5.54 | | | | | | 13% | | |
| | |
For the
Year Ended December 31, |
| |
Change
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Revenue
|
| | | $ | 31,775 | | | | | $ | 33,511 | | | | | $ | (1,736) | | | | | | (5)% | | |
| | |
For the
Year Ended December 31, |
| |
Change
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Cost of Revenue
|
| | | $ | 17,903 | | | | | $ | 21,337 | | | | | $ | (3,434) | | | | | | (16)% | | |
| | |
For the
Year Ended December 31, |
| |
Change
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Gross Profit
|
| | | $ | 13,872 | | | | | $ | 12,174 | | | | | $ | 1,698 | | | | | | 14% | | |
| | |
For the
Year Ended December 31, |
| |
Change
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
Points
|
| |
%
|
| ||||||||||||
Gross Margin
|
| | | | 44% | | | | | | 36% | | | | | | 7.34 | | | | | | 20% | | |
| | |
For the six months ended
June 30, |
| |
For the years ended
December 31, |
| ||||||||||||||||||
(Dollars in thousands)
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||
Net income (loss)
|
| | | $ | 1,573 | | | | | $ | (2,470) | | | | | $ | (3,168) | | | | | $ | (6,973) | | |
Debt forgiveness
|
| | | | (2,000) | | | | | | — | | | | | | — | | | | | | — | | |
Interest expense
|
| | | | 281 | | | | | | 303 | | | | | | 582 | | | | | | 535 | | |
Depreciation and amortization
|
| | | | 67 | | | | | | 76 | | | | | | 149 | | | | | | 319 | | |
Income tax (benefit) expense
|
| | | | (71) | | | | | | — | | | | | | (29) | | | | | | 102 | | |
Other
|
| | | | 19 | | | | | | 6 | | | | | | 41 | | | | | | (81) | | |
Adjusted EBITDA
|
| | | $ | (131) | | | | | $ | (2,086) | | | | | $ | (2,425) | | | | | $ | (6,098) | | |
| | |
For the six months ended
June 30, |
| |
For the years ended
December 31, |
| ||||||||||||||||||
(Dollars in thousands)
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||
Net cash used in operating activities
|
| | | $ | (1,464) | | | | | $ | (2,473) | | | | | $ | (1,593) | | | | | $ | (6,901) | | |
Net cash provided by (used in) investing activities
|
| | | | (143) | | | | | | (6) | | | | | | (104) | | | | | | (156) | | |
Net cash provided by (used in) financing activities
|
| | | | (827) | | | | | | 1,439 | | | | | | 732 | | | | | | 4,045 | | |
Net change in cash and cash equivalent and restricted cash
|
| | | $ | (2,434) | | | | | $ | (1,040) | | | | | $ | (965) | | | | | $ | (3,012) | | |
Name
|
| |
Material
|
| |
Technology
|
|
Accura 60, Accura Xtreme, Accura Xtreme 200 | | | Accura 60, Accura Xtreme, Accura Xtreme 200 | | | SLA | |
Fine Detail Plastic | | | Visijet M3 Crystal | | | MJP | |
MJF Plastic PA12, PA12GB | | | Nylon 12, Nylon 12 Glass Bead Filled | | | MJF | |
PA11, TPU, Versatile Plastic | | | Nylon 11, Thermoplastic Polyurethane, Nylon 12 | | | SLS | |
Multi-Color Polyjet | | | Vero | | | Polyjet | |
Sandstone | | | Gypsum | | | Binder jetting SLS | |
EPU 40, RPU 70, UMA 90 | | | Elastomeric Polyurethane, Rigid Polyurethane, Urethane Methacrylate | | | DLS | |
Aluminum | | | Aluminum | | | DMLS | |
Steel, Stainless Steel 316L | | | 420 Steel / Bronze (60:40),Stainless Steel 316L | | | Binder Jetting | |
Bronze, Brass, Copper, Gold Plated Brass, Gold, Platinum, Rhodium Plated Brass, Silver | | | Wax Casting | | | Casting | |
Name
|
| |
Age
|
| |
Position
|
|
Josh Wolfe | | |
43
|
| | Chairman, Director | |
Greg Kress | | |
39
|
| | Chief Executive Officer, Director | |
Jennifer Walsh | | |
47
|
| | Chief Financial Officer | |
Miko Levy | | |
43
|
| | Chief Revenue Officer | |
Alberto Recchi | | |
47
|
| | Director | |
Patrick S. Jones | | |
76
|
| | Director | |
Robert Jan Galema | | |
55
|
| | Director | |
Ryan Kearny | | |
52
|
| | Director | |
Leslie Campbell | | |
63
|
| | Director | |
| | |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($) |
| |
Option
Awards ($)(3) |
| |
Non-Equity
Incentive Compensation(4) |
| |
All Other
Compensation ($)(5) |
| |
Total
($) |
| |||||||||||||||||||||
Gregory Kress,
|
| | | | 2020 | | | | | $ | 350,000 | | | | | $ | 200,000(2) | | | | | $ | 242,959 | | | | | $ | — | | | | | $ | 8,550 | | | | | $ | 801,509 | | |
Chief Executive Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Miko Levy,
|
| | | | 2020 | | | | | $ | 250,000 | | | | | $ | 100,000 | | | | | $ | 24,296 | | | | | $ | 90,000 | | | | | $ | 8,550 | | | | | $ | 472,846 | | |
Chief Revenue Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Jennifer Walsh,
|
| | | | 2020 | | | | | $ | 325,000 | | | | | $ | 97,500 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,550 | | | | | $ | 431,050 | | |
Name
|
| |
Grant Date
|
| |
Vesting
Commencement Date |
| |
Number of
Securities Underlying Unexercised Options (#) Vested |
| |
Number of
Securities Underlying Unexercised Options (#) Unvested |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| ||||||||||||
Gregory Kress
|
| |
2/27/2018
|
| | | | 1/02/2018 | | | | | | 969,791(1) | | | | | | 360,209(1) | | | | | | 0.36(2) | | | |
2/26/2028
|
|
| | |
9/06/2018
|
| | | | 4/20/2018 | | | | | | 373,120(1) | | | | | | 186,561(1) | | | | | | 0.36 | | | |
9/05/2028
|
|
| | |
5/06/2020
|
| | | | 3/01/2020 | | | | | | 253,082(3) | | | | | | 1,096,690(3) | | | | | | 0.37 | | | |
5/05/2030
|
|
Miko Levy
|
| |
10/30/2019
|
| | | | 9/23/2019 | | | | | | 126,541(1) | | | | | | 278,391(1) | | | | | | 0.37 | | | |
10/29/2029
|
|
| | |
5/06/2020
|
| | | | 3/01/2020 | | | | | | 28,120(4) | | | | | | 106,857(4) | | | | | | 0.37 | | | |
5/05/2030
|
|
Jennifer Walsh
|
| |
9/06/2018
|
| | | | 3/19/2018 | | | | | | 288,750(1) | | | | | | 131,250(1) | | | | | | 0.36 | | | |
9/05/2028
|
|
| | |
9/06/2018
|
| | | | 4/20/2018 | | | | | | 79,939(1) | | | | | | 39,970(1) | | | | | | 0.36 | | | |
9/05/2028
|
|
| | |
7/24/2019
|
| | | | 6/01/2019 | | | | | | 202,465(3) | | | | | | 337,444(3) | | | | | | 0.37 | | | |
7/23/2029
|
|
Committee
|
| |
Chairperson
|
| |
Member
|
| ||||||
Audit
|
| | | $ | 20,000 | | | | | $ | 10,000 | | |
Compensation
|
| | | $ | 12,000 | | | | | $ | 6,000 | | |
Nominating and Governance
|
| | | $ | 8,000 | | | | | $ | 4,000 | | |
| | | | | |
Shares of Series E Preferred Stock
|
| |||||||||
Purchaser
|
| |
Affiliated
Director(s) or Officer(s) |
| |
Number of
Shares |
| |
Aggregate Gross
Consideration ($) |
| ||||||
Stichting Depositary INKEF Investment Fund
|
| |
Robert Jan Galema
|
| | | | 1,082,230 | | | | | $ | 3,517,934.94 | | |
Union Square Ventures 2008, L.P.
|
| |
Albert Wenger
|
| | | | 1,237,427 | | | | | $ | 4,058,920.64 | | |
Andreessen Horowitz Fund III, L.P.
|
| |
N/A
|
| | | | 651,913 | | | | | $ | 2,017,935.94 | | |
Lux Ventures III, L.P.
|
| |
Josh Wolfe
|
| | | | 365,035 | | | | | $ | 1,017,936.60 | | |
Lux Co-Invest Opportunities, L.P.
|
| |
Josh Wolfe
|
| | | | 2,869,300 | | | | | $ | 10,001,805.30 | | |
Index Ventures V (Jersey), L.P.
|
| |
N/A
|
| | | | 357,575 | | | | | $ | 997,133.64 | | |
Index Ventures V Parallel Entrepreneur Fund (Jersey), L.P.
|
| |
N/A
|
| | | | 2,896 | | | | | $ | 8,075.78 | | |
Yucca (Jersey) SLP
|
| |
N/A
|
| | | | 4,562 | | | | | $ | 12,721.59 | | |
Name and Address of Beneficial Ownership(1)
|
| |
Number of
Shares Beneficially Owned |
| |
Percentage of
Outstanding Shares |
| ||||||
Directors and Named Executive Officers | | | | | | | | | | | | | |
Josh Wolfe(2)
|
| | | | 7,134,051 | | | | | | 14.8% | | |
Greg Kress(3)
|
| | | | 2,622,866 | | | | | | 5.4% | | |
Jennifer Walsh(4)
|
| | | | 1,010,954 | | | | | | 2.1% | | |
Miko Levy(5)
|
| | | | 402,977 | | | | | | * | | |
Alberto Recchi(6)
|
| | | | 6,822,000 | | | | | | 14.1% | | |
Patrick S. Jones(7)
|
| | | | — | | | | | | — | | |
Robert Jan Galema(8)
|
| | | | 3,508,963 | | | | | | 7.3% | | |
Ryan Kearny
|
| | | | — | | | | | | — | | |
Leslie Campbell
|
| | | | — | | | | | | — | | |
All executive officers and directors as a group (9 individuals)
|
| | | | 21,251,811 | | | | | | 44.0% | | |
5% Beneficial Holders | | | | | | | | | | | | | |
Andreessen Horowitz(9)
|
| | | | 5,304,463 | | | | | | 11.0% | | |
Galileo Founders Holdings, L.P(10)
|
| | | | 6,822,000 | | | | | | 14.1% | | |
Index Ventures(11)
|
| | | | 5,418,460 | | | | | | 11.2% | | |
Koninklijke Philips N.V. (F/K/A Koninklijke Philips Electronics N.V.)(12)
|
| | | | 4,146,478 | | | | | | 8.6% | | |
Lux Capital(13)
|
| | | | 7,134,051 | | | | | | 14.8% | | |
Miller Value Partners, LLC(14)
|
| | | | 2,725,000 | | | | | | 5.6% | | |
Stichting Depositary INKEF Investment Fund(15)
|
| | | | 3,508,963 | | | | | | 7.3% | | |
Union Square Ventures 2008, L.P.(16)
|
| | | | 6,107,670 | | | | | | 12.6% | | |
| | |
Before the Offering
|
| |
After the Offering
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares of
Common Stock Beneficially Owned |
| |
Number of
Warrants Beneficially Owned |
| |
Number of Shares
of Common Stock or Warrants to be Sold in the Offering |
| |
Shares of
Common Stock Beneficially Owned |
| |
Number of
Warrants Beneficially Owned |
| |||||||||||||||||||||||||||
Selling Securityholders
|
| |
Number(1)
|
| |
%
|
| |
Number
|
| |
%
|
| ||||||||||||||||||||||||||||||
Andreessen Horowitz Fund III, L.P.(2)
|
| | | | 5,304,463 | | | | | | 11.0% | | | | | | — | | | | | | 100,000 | | | | | | 5,204,463 | | | | | | 10.8% | | | | | | — | | |
Ansari 3 Twelve LLC II(3)
|
| | | | 50,000 | | | | | | * | | | | | | — | | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | — | | |
Kevin S. Choksi Trust Dated 9-24-2013
|
| | | | 100,000 | | | | | | * | | | | | | — | | | | | | 100,000 | | | | | | — | | | | | | — | | | | | | — | | |
Desktop Metal Operating, Inc.(4)
|
| | | | 2,000,000 | | | | | | 4.1% | | | | | | — | | | | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | — | | |
CVI Investments, Inc.(5)
|
| | | | 750,000 | | | | | | 1.6% | | | | | | — | | | | | | 750,000 | | | | | | — | | | | | | — | | | | | | — | | |
Stitching Depositary INKEF Investment Funds(6)
|
| | | | 3,508,963 | | | | | | 7.3% | | | | | | — | | | | | | 250,000 | | | | | | 3,258,963 | | | | | | 6.7% | | | | | | — | | |
Lux Capital(7)
|
| | | | 7,134,051 | | | | | | 14.8% | | | | | | — | | | | | | 7,134,051 | | | | | | — | | | | | | — | | | | | | — | | |
Miller Opportunity Trust, a series
of Trust for Advised Portfolios(8) |
| | | | 2,725,000 | | | | | | 5.6% | | | | | | — | | | | | | 2,725,000 | | | | | | — | | | | | | — | | | | | | — | | |
Patient Partners, LP(9)
|
| | | | 75,000 | | | | | | * | | | | | | — | | | | | | 75,000 | | | | | | — | | | | | | — | | | | | | — | | |
Stifel Venture Corp.(10)
|
| | | | 100,000 | | | | | | * | | | | | | — | | | | | | 100,000 | | | | | | — | | | | | | — | | | | | | — | | |
Thomas F Shadek TTEE Shadek Family Trust(11)
|
| | | | 50,000 | | | | | | * | | | | | | — | | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | — | | |
The SPAC & New Issue ETF(12)
|
| | | | 200,000 | | | | | | * | | | | | | — | | | | | | 200,000 | | | | | | — | | | | | | — | | | | | | — | | |
Union Square Ventures 2008, L.P.(13)
|
| | | | 6,107,670 | | | | | | 12.6% | | | | | | — | | | | | | 300,000 | | | | | | 5,807,670 | | | | | | 12.0% | | | | | | — | | |
XN Exponent Master Fund LP(14)
|
| | | | 500,000 | | | | | | 1.0% | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | |
European Co-investment Partners LLP(15)
|
| | | | 65,600 | | | | | | * | | | | | | 180,000 | | | | | | 245,600 | | | | | | — | | | | | | — | | | | | | — | | |
Andrew L. Beaton(16)
|
| | | | 60,000 | | | | | | * | | | | | | 180,000 | | | | | | 240,000 | | | | | | — | | | | | | — | | | | | | — | | |
Andrew Bernstein(17)
|
| | | | 30,000 | | | | | | * | | | | | | 90,000 | | | | | | 120,000 | | | | | | — | | | | | | — | | | | | | — | | |
Oliver Schumann(18)
|
| | | | 30,000 | | | | | | * | | | | | | 90,000 | | | | | | 120,000 | | | | | | — | | | | | | — | | | | | | — | | |
Martin G. Hahn(19)
|
| | | | 30,000 | | | | | | * | | | | | | 90,000 | | | | | | 120,000 | | | | | | — | | | | | | — | | | | | | — | | |
Galeazzo Pecori Giraldi(20)
|
| | | | 92,000 | | | | | | * | | | | | | 270,000 | | | | | | 362,000 | | | | | | — | | | | | | — | | | | | | — | | |
Finorizzonte S.r.l.(21)
|
| | | | 120,000 | | | | | | * | | | | | | 360,000 | | | | | | 480,000 | | | | | | — | | | | | | — | | | | | | — | | |
Patrick S. Jones(22)
|
| | | | 13,000 | | | | | | * | | | | | | — | | | | | | 13,000 | | | | | | — | | | | | | — | | | | | | — | | |
Magnetar Financial LLC(23)(24)(25)
|
| | | | 1,510,592 | | | | | | 3.1% | | | | | | 1,456,776 | | | | | | 1,942,368 | | | | | | 1,025,000 | | | | | | 2.1% | | | | | | — | | |
Owl Creek Credit Opportunities Master Fund, L.P.(26)
|
| | | | 200,000 | | | | | | * | | | | | | 500,000 | | | | | | 700,000 | | | | | | — | | | | | | — | | | | | | — | | |
Luca Fabio Giacometti(27)
|
| | | | 350,038 | | | | | | * | | | | | | 99,204 | | | | | | 449,242 | | | | | | — | | | | | | — | | | | | | — | | |
Gaburo S.r.l.(27)
|
| | | | 350,038 | | | | | | * | | | | | | 99,204 | | | | | | 449,242 | | | | | | — | | | | | | — | | | | | | — | | |
Ampla Capital, LLC(28)
|
| | | | 653,123 | | | | | | 1.4% | | | | | | 298,408 | | | | | | 951,531 | | | | | | — | | | | | | — | | | | | | — | | |
Alberto Pontonio(29)
|
| | | | 177,609 | | | | | | * | | | | | | 78,408 | | | | | | 256,017 | | | | | | — | | | | | | — | | | | | | — | | |
Other Selling Securityholders(30)
|
| | | | 103,000 | | | | | | * | | | | | | 270,000 | | | | | | 373,000 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| | | | ||
| | | | ||
|
Financial Statements:
|
| | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| Financial Statements: | | | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| | |
December 31
|
| | |||||||||||
| | |
2020
|
| |
2019
|
| | ||||||||
ASSETS | | | | | ||||||||||||
Current Assets | | | | | | | | | | | | | | | ||
Cash
|
| | | $ | 624,830 | | | | | $ | 712,062 | | | | ||
Prepaid expenses and other current assets
|
| | | | 65,301 | | | | | | 129,666 | | | | ||
Total Current Assets . . .
|
| | | | 690,131 | | | | | | 841,728 | | | | ||
Cash and marketable securities held in Trust Account
|
| | | | 139,158,500 | | | | | | 138,414,479 | | | | ||
TOTAL ASSETS
|
| | | $ | 139,848,631 | | | | | $ | 139,256,207 | | | | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES | | | | | | | | | | | | | | | ||
Current liabilities – Accounts payable and accrued expenses
|
| | | $ | 209,732 | | | | | $ | 65,716 | | | | ||
Convertible promissory note – related party
|
| | | | 500,000 | | | | | | — | | | | ||
Warrant Liabilities
|
| | | | 3,452,400 | | | | | | 1,972,800 | | | | ||
Total Liabilities
|
| | | | 4,162,132 | | | | | | 2,038,516 | | | | ||
Commitments and Contingencies (Note 5) | | | | | | | | | | | | | | | ||
Ordinary shares subject to possible redemption, 13,068,649 and 13,221,769 shares at $10.00 redemption value at $10.00 per share at December 31, 2020 and 2019, respectively
|
| | | | 130,686,490 | | | | | | 132,217,690 | | | | ||
Shareholders’ Equity | | | | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | | | ||
Ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 4,331,351 and 4,178,231 shares issued and outstanding (excluding 13,068,649 and 13,221,769 shares subject to possible redemption) at December 31, 2020 and 2019, respectively
|
| | | | 433 | | | | | | 418 | | | | ||
Additional paid-in capital
|
| | | | 6,909,687 | | | | | | 5,378,502 | | | | ||
Accumulated deficit
|
| | | | (1,910,111) | | | | | | (378,919) | | | | ||
Total Shareholders’ Equity
|
| | | | 5,000,009 | | | | | | 5,000,001 | | | | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 139,848,631 | | | | | $ | 139,256,207 | | | |
| | |
Year Ended
December 31, 2020 |
| |
For the Period
from July 30, 2019 (Inception) Through December 31, 2019 |
| ||||||
General and administrative costs
|
| | | $ | 795,613 | | | | | $ | 172,820 | | |
Loss from operations
|
| | | | (795,613) | | | | | | (172,820) | | |
Other income: | | | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | 744,021 | | | | | | 414,479 | | |
Transaction costs allocable to warrant liabilities
|
| | | | | | | | | | (4,078) | | |
Change in fair value of warrant liabilities
|
| | | | (1,479,600) | | | | | | (616,500) | | |
Net loss
|
| | | $ | (1,531,192) | | | | | $ | (378,919) | | |
Weighted average shares outstanding of redeemable ordinary shares
|
| | | | 13,800,000 | | | | | | 13,800,000 | | |
Basic and diluted net income per ordinary share, redeemable
|
| | | $ | 0.05 | | | | | $ | 0.03 | | |
Weighted average shares outstanding of non-redeemable ordinary shares
|
| | | | 3,600,000 | | | | | | 3,600,000 | | |
Basic and diluted net loss per ordinary share, non-redeemable
|
| | | $ | (0.63) | | | | | $ | (0.22) | | |
| | |
Ordinary Shares
|
| |
Additional
Paid in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Equity |
| | ||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | | | ||||||||||||||||||||||||
Balance – July 30, 2019 (inception)
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | ||
Non- Redeemable ordinary shares issued to Sponsor
|
| | | | 3,450,000 | | | | | | 345 | | | | | | 24,655 | | | | | | — | | | | | | 25,000 | | | | ||
Issuance of Representative Shares
|
| | | | 150,000 | | | | | | 15 | | | | | | 1,122 | | | | | | — | | | | | | 1,137 | | | | ||
Sale of 13,800,000 Units, net of
underwriting discount and offering expenses |
| | | | 13,800,000 | | | | | | 1,380 | | | | | | 134,811,315 | | | | | | — | | | | | | 134,812,695 | | | | ||
Contribution in excess of fair value of private warrants
|
| | | | — | | | | | | — | | | | | | 2,757,778 | | | | | | — | | | | | | 2,757,778 | | | | ||
Redeemable ordinary shares subject to possible redemption
|
| | | | (13,221,769) | | | | | | (1,322) | | | | | | (132,216,368) | | | | | | — | | | | | | (132,217,690) | | | | ||
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (378,919) | | | | | | (378,919) | | | | ||
Balance – December 31,
2019 . |
| | | | 4,178,231 | | | | | | 418 | | | | | | 5,378,502 | | | | | | (378,919) | | | | | | 5,000,001 | | | | ||
Change in value of redeemable ordinary shares subject to possible redemption
|
| | | | 153,120 | | | | | | 15 | | | | | | 1,531,185 | | | | | | — | | | | | | 1,531,200 | | | | ||
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,531,192) | | | | | | (1,531,192) | | | | ||
Balance – December 31,
2020 |
| | | | 4,331,351 | | | | | $ | 433 | | | | | $ | 6,909,687 | | | | | $ | (1,910,111) | | | | | $ | 5,000,009 | | | |
| | |
Year Ended
December 31, 2020 |
| |
For the Period
from July 30, 2019 (Inception) Through December 31, 2019 |
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (1,531,192) | | | | | $ | (378,919) | | |
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
| | | | | | | | | | | | |
Formation costs paid by Sponsor
|
| | | | — | | | | | | 5,000 | | |
Interest earned on marketable securities held in Trust Account
|
| | | | (744,021) | | | | | | (414,479) | | |
Change in fair value of warrant liabilities
|
| | | | 1,479,600 | | | | | | 616,500 | | |
Transaction costs allocable to warrant liabilities
|
| | | | — | | | | | | 4,078 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses and other current assets
|
| | | | 64,365 | | | | | | (129,666) | | |
Accounts payable and accrued expenses
|
| | | | 144,016 | | | | | | 65,716 | | |
Net cash used in operating activities
|
| | | | (587,232) | | | | | | (231,770) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Investment of cash in Trust Account
|
| | | | — | | | | | | (138,000,000) | | |
Net cash used in investing activities
|
| | | | — | | | | | | (138,000,000) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | — | | | | | | 135,240,000 | | |
Proceeds from sale of Private Warrants
|
| | | | — | | | | | | 4,110,000 | | |
Proceeds from convertible promissory note – related party
|
| | | | 500,000 | | | | | | | | |
Repayment of promissory note – related party
|
| | | | — | | | | | | (93,798) | | |
Payments of offering costs
|
| | | | — | | | | | | (312,370) | | |
Net cash provided by financing activities
|
| | | | 500,000 | | | | | | 138,943,832 | | |
Net Change in Cash
|
| | | | (87,232) | | | | | | 712,062 | | |
Cash – Beginning
|
| | | | 712,062 | | | | | | — | | |
Cash – Ending
|
| | | $ | 624,830 | | | | | $ | 712,062 | | |
Non-Cash Investing and Financing Activities: | | | | | | | | | | | | | |
Initial classification of ordinary shares subject to possible redemption
|
| | | $ | — | | | | | $ | 132,539,620 | | |
Change in value of ordinary share subject to possible redemption
|
| | | $ | (1,531,200) | | | | | $ | (321,930) | | |
Initial classification of warrant liabilities
|
| | | $ | — | | | | | $ | 1,356,300 | | |
Issuance of Representative Shares
|
| | | $ | — | | | | | $ | 1,137 | | |
Payment of offering costs through promissory note – related party
|
| | | $ | — | | | | | $ | 88,798 | | |
Offering costs paid directly by shareholder in exchange for issuance of ordinary shares . . . . . . . .
|
| | | $ | — | | | | | $ | 25,000 | | |
Balance Sheet as of
October 22, 2019 |
| |
As Reported
|
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Warrant Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | — | | | | | $ | 1,356,300 | | | | | $ | 1,356,300 | | |
Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 82,127 | | | | | | 1,356,300 | | | | | | 1,438,427 | | |
Ordinary shares subject to redemption . . . . . . . . . . .
|
| | | | 133,895,920 | | | | | | (1,356,300) | | | | | | 132,539,620 | | |
Ordinary Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 401 | | | | | | 14 | | | | | | 415 | | |
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 5,052,511 | | | | | $ | 4,064 | | | | | $ | 5,056,575 | | |
Retained earnings (Accumulated deficit) . . . . . . . . .
|
| | | | (52,908) | | | | | | (4,078) | | | | | | (56,986) | | |
Total Shareholders’ Equity . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 5,000,004 | | | | | $ | — | | | | | $ | 5,000,004 | | |
Number of shares subject to possible redemption . .
|
| | | | 13,389,592 | | | | | | (135,630) | | | | | | 13,253,962 | | |
Balance Sheet as of
December 31, 2019 |
| |
As Reported
|
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Warrant Liabilities
|
| | | $ | — | | | | | $ | 1,972,800 | | | | | $ | 1,972,800 | | |
Total Liabilities
|
| | | | 65,716 | | | | | | 1,972,800 | | | | | | 2,038,516 | | |
Ordinary shares subject to redemption
|
| | | | 134,190,490 | | | | | | (1,972,800) | | | | | | 132,217,690 | | |
Ordinary Shares
|
| | | | 398 | | | | | | 20 | | | | | | 418 | | |
Additional paid-in capital
|
| | | $ | 4,757,944 | | | | | $ | 620,558) | | | | | $ | 5,378,502 | | |
Retained earnings (Accumulated deficit)
|
| | | $ | 241,659 | | | | | $ | (620,578) | | | | | $ | (378,919) | | |
Total Shareholders’ Equity
|
| | | $ | 5,000,001 | | | | | $ | — | | | | | $ | 5,000,001 | | |
Number of shares subject to possible redemption
|
| | | | 13,419,049 | | | | | | (197,280) | | | | | | 13,221,769 | | |
Statement of Operations for the
period from July 30, 2019 (inception) to December 31, 2019 |
| |
As Reported
|
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Transaction costs allocable to warrant liabilities
|
| | | $ | — | | | | | $ | (4,078) | | | | | $ | (4,078) | | |
Change in fair value of warrant liabilities
|
| | | | — | | | | | | (616,500) | | | | | | (616,500) | | |
Net income
|
| | | $ | 241,659 | | | | | $ | (620,578) | | | | | $ | (378,919) | | |
Basic and diluted net loss per ordinary share, non-redeemable
|
| | | $ | (0.05) | | | | | $ | (0.17) | | | | | $ | (0.22) | | |
Statement of Cash Flows for the
year ended December 31, 2019 |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 241,659 | | | | | $ | (620,578) | | | | | $ | (378,919) | | |
Change in fair value of warrant liabilities . . . . . .
|
| | | $ | — | | | | | $ | 616,500 | | | | | $ | 616,500 | | |
Transaction costs allocable to warrant liabilities .
|
| | | $ | — | | | | | $ | 4,078 | | | | | $ | 4,078 | | |
Initial classification of warrant liabilities . . . . . .
|
| | | $ | — | | | | | $ | 1,356,300 | | | | | $ | 1,356,300 | | |
Initial classification of ordinary shares subject to redemption
|
| | | $ | 133,895,920 | | | | | $ | (1,356,300) | | | | | $ | 132,539,620 | | |
Change in value of ordinary shares subject to possible redemption
|
| | | $ | 294,570 | | | | | $ | (616,500) | | | | | $ | (321,930) | | |
Balance Sheet as of
March 31, 2020 (unaudited) |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Warrant Liabilities
|
| | | $ | — | | | | | $ | 1,027,500 | | | | | $ | 1,027,500 | | |
Total Liabilities
|
| | | | 53,215 | | | | | | 1,027,500 | | | | | | 1,080,715 | | |
Ordinary shares subject to redemption
|
| | | | 134,537,080 | | | | | | (1,027,500) | | | | | | 133,509,580 | | |
Ordinary Shares
|
| | | | 395 | | | | | | 10 | | | | | | 405 | | |
Additional paid-in capital
|
| | | $ | 4,411,357 | | | | | $ | (324,732) | | | | | $ | 4,086,625 | | |
Retained earnings
|
| | | $ | 588,253 | | | | | $ | 324,722 | | | | | $ | 912,975 | | |
Total Shareholders’ Equity
|
| | | $ | 5,000,005 | | | | | $ | — | | | | | $ | 5,000,005 | | |
Number of shares subject to possible redemption
|
| | | | 13,453,708 | | | | | | (102,750) | | | | | | 13,350,958 | | |
Balance Sheet as of
June 30, 2020 (unaudited) |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Warrant Liabilities
|
| | | $ | — | | | | | $ | 2,383,800 | | | | | $ | 2,383,800 | | |
Total Liabilities
|
| | | | 16,366 | | | | | | 2,383,800 | | | | | | 2,400,166 | | |
Ordinary shares subject to redemption
|
| | | | 134,591,590 | | | | | | (2,383,800) | | | | | | 132,207,790 | | |
Ordinary Shares
|
| | | | 394 | | | | | | 24 | | | | | | 418 | | |
Additional paid-in capital
|
| | | $ | 4,356,848 | | | | | $ | 1,031,554 | | | | | $ | 5,388,402 | | |
Retained earnings (Accumulated deficit)
|
| | | $ | 642,765 | | | | | $ | (1,031,578) | | | | | $ | (388,813) | | |
Total Shareholders’ Equity
|
| | | $ | 5,000,007 | | | | | $ | — | | | | | $ | 5,000,007 | | |
Number of shares subject to possible redemption
|
| | | | 13,459,159 | | | | | | (238,380) | | | | | | 13,220,779 | | |
Balance Sheet as of
September 30, 2020 (unaudited) |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Warrant Liabilities
|
| | | $ | — | | | | | $ | 2,548,200 | | | | | $ | 2,548,200 | | |
Total Liabilities
|
| | | | 15,147 | | | | | | 2,548,200 | | | | | | 2,563,347 | | |
Ordinary shares subject to redemption
|
| | | | 134,531,290 | | | | | | (2,548,200) | | | | | | 131,983,090 | | |
Ordinary Shares
|
| | | | 395 | | | | | | 25 | | | | | | 420 | | |
Additional paid-in capital
|
| | | $ | 4,417,147 | | | | | $ | 1,195,953 | | | | | $ | 5,613,100 | | |
Retained earnings (Accumulated deficit)
|
| | | $ | 582,459 | | | | | $ | (1,195,978) | | | | | $ | (613,519) | | |
Total Shareholders’ Equity
|
| | | $ | 5,000,001 | | | | | $ | 0 | | | | | $ | 5,000,001 | | |
Number of shares subject to possible redemption
|
| | | | 13,453,129 | | | | | | (254,820) | | | | | | 13,198,309 | | |
Balance Sheet as of
December 31, 2020 |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Warrant Liabilities
|
| | | $ | — | | | | | $ | 3,452,400 | | | | | $ | 3,452,400 | | |
Total Liabilities
|
| | | | 709,732 | | | | | | 3,452,400 | | | | | | 4,162,132 | | |
Ordinary shares subject to redemption
|
| | | | 134,138,890 | | | | | | (3,452,400) | | | | | | 130,686,490 | | |
Ordinary Shares
|
| | | | 399 | | | | | | 34 | | | | | | 433 | | |
Additional paid-in capital
|
| | | $ | 4,809,543 | | | | | $ | 2,100,144 | | | | | $ | 6,909,687 | | |
Retained earnings (Accumulated deficit)
|
| | | $ | 190,067 | | | | | $ | (2,100,178) | | | | | $ | (1,910,111) | | |
Total Shareholders’ Equity
|
| | | $ | 5,000,009 | | | | | $ | — | | | | | $ | 5,000,009 | | |
Number of shares subject to possible redemption
|
| | | | 13,413,889 | | | | | | (345,240) | | | | | | 13,068,649 | | |
Statement of Operations for the
three months ended March 31, 2020 (unaudited) |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Change in fair value of warrant liabilities
|
| | | $ | — | | | | | $ | 945,300 | | | | | $ | 945,300 | | |
Net income
|
| | | $ | 346,594 | | | | | $ | 945,300 | | | | | $ | 1,291,894 | | |
Basic and diluted net loss per ordinary share, non-redeemable
|
| | | $ | (0.06) | | | | | $ | 0.27 | | | | | $ | 0.21 | | |
Statement of Operations for the
six months ended June 30, 2020 (unaudited) |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Change in fair value of warrant liabilities
|
| | | $ | — | | | | | $ | (411,000) | | | | | $ | (411,000) | | |
Net income
|
| | | $ | 401,106 | | | | | $ | (411,000) | | | | | $ | (9,894) | | |
Basic and diluted net loss per ordinary share, non-redeemable
|
| | | $ | (0.08) | | | | | $ | (0.11) | | | | | $ | (0.19) | | |
Statement of Operations for the
three months ended June 30, 2020 (unaudited) |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Change in fair value of warrant liabilities
|
| | | $ | — | | | | | $ | (1,356,300) | | | | | $ | (1,356,300) | | |
Net income
|
| | | $ | 54,512 | | | | | $ | (1,356,300) | | | | | $ | (1,301,788) | | |
Basic and diluted net loss per ordinary share, non-redeemable
|
| | | $ | (0.02) | | | | | $ | (0.38) | | | | | $ | (0.40) | | |
Statement of Operations for the
nine months ended September 30, 2020 (unaudited) |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Change in fair value of warrant liabilities
|
| | | $ | — | | | | | $ | (575,400) | | | | | $ | (575,400) | | |
Net income (loss)
|
| | | $ | 340,800 | | | | | $ | (575,400) | | | | | $ | (234,600) | | |
Basic and diluted net loss per ordinary share, non-redeemable
|
| | | $ | (0.10) | | | | | $ | (0.16) | | | | | $ | (0.26) | | |
Statement of Operations for the
three months ended September 30, 2020 (unaudited) |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Change in fair value of warrant liabilities
|
| | | $ | — | | | | | $ | (164,400) | | | | | $ | (164,400) | | |
Net income (loss)
|
| | | $ | (60,306) | | | | | $ | (164,400) | | | | | $ | (224,706) | | |
Basic and diluted net loss per ordinary share, non-redeemable
|
| | | $ | (0.30) | | | | | $ | 0.23 | | | | | $ | (0.07) | | |
Statement of Operations for the
year ended December 31, 2020 |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Change in fair value of warrant liabilities
|
| | | $ | — | | | | | $ | (1,479,600) | | | | | $ | (1,479,600) | | |
Net income (loss)
|
| | | $ | (51,592) | | | | | $ | (1,479,600) | | | | | $ | (1,531,192) | | |
Basic and diluted net loss per ordinary share, non-redeemable
|
| | | $ | (0.22) | | | | | $ | (0.41) | | | | | $ | (0.63) | | |
Statement of Cash Flows for the
period ended March 31, 2020 (unaudited) |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Net income (loss)
|
| | | $ | 346,594 | | | | | $ | 945,300 | | | | | $ | 1,291,894 | | |
Change in fair value of warrant liabilities
|
| | | $ | — | | | | | $ | (945,300) | | | | | $ | (945,300) | | |
Change in value of ordinary shares subject to possible redemption
|
| | | $ | 346,590 | | | | | $ | 945,300 | | | | | $ | 1,291,890) | | |
Statement of Cash Flows for the
period ended June 30, 2020 (unaudited) |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Net income (loss)
|
| | | $ | 401,106 | | | | | $ | (411,000) | | | | | $ | (9,894) | | |
Change in fair value of warrant liabilities
|
| | | $ | — | | | | | $ | 411,000 | | | | | $ | 411,000 | | |
Change in value of ordinary shares subject to possible | | | | | | | | | | | | | | | | | | | |
redemption
|
| | | $ | 401,100 | | | | | $ | (411,000) | | | | | $ | (9,900) | | |
Statement of Cash Flows for the
period ended September 30, 2020 (unaudited) |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Net income (loss)
|
| | | $ | 340,800 | | | | | $ | (575,400) | | | | | $ | (234,600) | | |
Change in fair value of warrant liabilities
|
| | | $ | — | | | | | $ | 575,400 | | | | | $ | 575,400 | | |
Change in value of ordinary shares subject to possible | | | | | | | | | | | | | | | | | | | |
redemption
|
| | | $ | 340,800 | | | | | $ | (575,400) | | | | | $ | (234,600) | | |
Statement of Cash Flows for the
year ended December 31, 2020 |
| |
As Reported
|
| |
Period Adjustment
|
| |
As Restated
|
| |||||||||
Net income (loss)
|
| | | $ | (51,592) | | | | | $ | (1,479,600) | | | | | $ | (1,531,192) | | |
Change in fair value of warrant liabilities
|
| | | $ | — | | | | | $ | 1,479,600 | | | | | $ | 1,479,600 | | |
Change in value of ordinary shares subject to possible redemption
|
| | | $ | (51,600) | | | | | $ | (1,479,600) | | | | | $ | (1,531,200) | | |
| | |
Year Ended
December 31, 2020 |
| |
For the Period
from July 30, 2019 (inception) Through December 31, 2019 |
| ||||||
Redeemable Ordinary Shares | | | | | | | | | | | | | |
Numerator: Earnings allocable to Redeemable Ordinary Shares
|
| | | | | | | | | | | | |
Interest Income
|
| | | $ | 744,021 | | | | | $ | 414,479 | | |
Net Earnings
|
| | | $ | 744,021 | | | | | $ | 414,479 | | |
Denominator: Weighted Average Redeemable Ordinary Shares
|
| | | | | | | | | | | | |
Redeemable Ordinary Shares, Basic and Diluted
|
| | | | 13,800,000 | | | | | | 13,800,000 | | |
Earnings/Basic and Diluted Redeemable Ordinary Shares .
|
| | | $ | 0.05 | | | | | $ | 0.03 | | |
Non-Redeemable Ordinary Shares | | | | | | | | | | | | | |
Numerator: Net (Loss) Income minus Redeemable Net Earnings
|
| | | | | | | | | | | | |
Net (Loss) Income
|
| | | $ | (1,531,192) | | | | | $ | (378,919) | | |
Redeemable Net Earnings
|
| | | | (744,021) | | | | | | (414,479) | | |
Non-Redeemable Net Loss
|
| | | $ | (2,275,213) | | | | | $ | (793,398) | | |
Denominator: Weighted Average Non-Redeemable Ordinary Shares
|
| | | | | | | | | | | | |
Non-Redeemable Ordinary Shares, Basic and Diluted
|
| | | | 3,600,000 | | | | | | 3,600,000 | | |
Loss/Basic and Diluted Non-Redeemable Ordinary Shares
|
| | | $ | (0.63) | | | | | $ | (0.22) | | |
Assets:
|
| |
Held-To-Maturity Securities
|
| |
Level
|
| |
Amortized
Cost |
| |
Gross
Holding Gains |
| |
Fair Value
|
| ||||||||||||
December 31, 2020
|
| | U.S. Treasury Securities | | | | | | ||||||||||||||||||||
| | |
(Matured on 01/07/2021)(1)
|
| | | | 1 | | | | | $ | 139,152,937 | | | | | $ | 2,063 | | | | | $ | 139,155,000 | | |
December 31, 2019
|
| | U.S. Treasury Securities | | | | | | ||||||||||||||||||||
| | | (Matured on 4/16/2020) | | | | | 1 | | | | | $ | 138,414,259 | | | | | $ | 26,719 | | | | | $ | 138,440,978 | | |
Liabilities:
|
| |
Warrant Liabilities
|
| |
Level
|
| |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||
| | | | | PrivatePlacementWarrants | | | | | | 3 | | | | | $ | 3,452,400 | | | | | $ | 1,972,800 | | |
Input
|
| |
October 22,
2019 (Initial Measurement) |
| |
December 31,
2019 |
| |
December 31,
2020 |
| |||||||||
Risk-free interest rate
|
| | | | 1.61% | | | | | | 1.70% | | | | | | 0.28% | | |
Dividend yield
|
| | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
Implied volatility
|
| | | | 7.3% | | | | | | 8.6% | | | | | | 15.4% | | |
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | | | | $ | 11.50 | | |
Market Stock Price
|
| | | $ | 9.80 | | | | | $ | 9.80 | | | | | $ | 10.20 | | |
| | |
Private Placement
Warrants |
| |||
Fair value as of October 22, 2019
|
| | | $ | — | | |
Initial measurement on October 22, 2019 (IPO)
|
| | | | 1,356,300 | | |
Change in valuation inputs or other assumptions
|
| | | | 616,500 | | |
Fair value as of December 31, 2019
|
| | | | 1,972,800 | | |
Change in valuation inputs or other assumptions
|
| | | | 1,479,600 | | |
Fair value as of December 31, 2020
|
| | | $ | 3,452,400 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 241,416 | | | | | $ | 624,830 | | |
Prepaid expenses and other current assets
|
| | | | 64,794 | | | | | | 65,301 | | |
Total current assets
|
| | | | 306,210 | | | | | | 690,131 | | |
Cash and marketable securities held in Trust Account
|
| | | | 139,188,838 | | | | | | 139,158,500 | | |
TOTAL ASSETS
|
| | | $ | 139,495,048 | | | | | $ | 139,848,631 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities – Accounts payable and accrued expenses
|
| | | $ | 1,412,610 | | | | | $ | 209,732 | | |
Convertible promissory note – related party
|
| | | | 1,350,000 | | | | | | 500,000 | | |
Warrant liability
|
| | | | 12,330,000 | | | | | | 3,452,400 | | |
Total Liabilities
|
| | | | 15,092,610 | | | | | | 4,162,132 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Ordinary shares subject to possible redemption, 13,800,000 and 13,068,649
shares at $10.00 redemption value at June 30, 2021 and December 31, 2020, respectively |
| | | | 138,000,000 | | | | | | 130,686,490 | | |
Shareholders’ Equity | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 2,000,000 shares authorized; no issued
and outstanding |
| | | | — | | | | | | — | | |
Ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 3,600,000 and 4,331,351 shares issued and outstanding (excluding 13,800,000 and 13,068,649 shares subject to possible redemption) at June 30, 2021 and December 31, 2020, respectively
|
| | | | 360 | | | | | | 433 | | |
Additional paid-in capital
|
| | | | — | | | | | | 6,909,687 | | |
Accumulated deficit
|
| | | | (13,597,922) | | | | | | (1,910,111) | | |
Total Shareholders’ (Deficit) Equity . . . . . . .
|
| | | | (13,597,562) | | | | | | 5,000,009 | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 139,495,048 | | | | | $ | 139,848,631 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Operating and formation costs
|
| | | $ | 1,586,799 | | | | | $ | 275,269 | | |
Loss from operations
|
| | | | (1,586,799) | | | | | | (275,269) | | |
Other (expense) income: | | | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | 30,338 | | | | | | 676,375 | | |
Change in fair value of convertible promissory note – related party
|
| | | | (850,000) | | | | | | — | | |
Change in fair value of warrant liability
|
| | | | (8,877,600) | | | | | | (411,000) | | |
Other (expense) income, net
|
| | | | (9,697,262) | | | | | | 265,375 | | |
Net loss
|
| | | $ | (11,284,061) | | | | | $ | (9,894) | | |
Weighted average shares outstanding of redeemable ordinary shares
|
| | | | 13,800,000 | | | | | | 13,800,000 | | |
Basic and diluted net income per ordinary share, redeemable
|
| | | $ | — | | | | | $ | 0.05 | | |
Weighted average shares outstanding of non-redeemable ordinary shares
|
| | | | 3,600,000 | | | | | | 3,600,000 | | |
Basic and diluted net loss per ordinary share, non-redeemable
|
| | | $ | (3.14) | | | | | $ | (0.19) | | |
| | |
Ordinary Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Equity |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance – January 1, 2021
|
| | | | 4,331,351 | | | | | $ | 433 | | | | | $ | 6,909,687 | | | | | $ | (1,910,111) | | | | | $ | 5,000,009 | | |
Change in value of ordinary shares subject to possible redemption
|
| | | | (731,351) | | | | | | (73) | | | | | | (6,909,687) | | | | | | (403,750) | | | | | | (7,313,510) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | (11,284,061) | | | | | | (11,284,061) | | |
Balance – June 30, 2021
|
| | | | 3,600,000 | | | | | $ | 360 | | | | | $ | — | | | | | $ | (13,597,922) | | | | | $ | (13,597,562) | | |
| | |
Ordinary Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Equity |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance – January 1, 2020
|
| | | | 4,178,231 | | | | | $ | 418 | | | | | $ | 5,378,502 | | | | | $ | (378,919) | | | | | $ | 5,000,001 | | |
Ordinary shares subject to redemption
|
| | | | 990 | | | | | | — | | | | | | 9,900 | | | | | | — | | | | | | 9,900 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | (9,894) | | | | | | (9,894) | | |
Balance – June 30, 2020
|
| | | | 4,179,221 | | | | | $ | 418 | | | | | $ | 5,388,402 | | | | | $ | (388,813) | | | | | $ | 5,000,007 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (11,284,061) | | | | | $ | (9,894) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Change in fair value of warrant liability
|
| | | | 8,877,600 | | | | | | 411,000 | | |
Interest earned on marketable securities held in Trust Account
|
| | | | (30,338) | | | | | | (676,375) | | |
Change in fair value of convertible promissory note – related party
|
| | | | 850,000 | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses and other current assets
|
| | | | 507 | | | | | | (5,282) | | |
Accounts payable and accrued expenses
|
| | | | 1,202,878 | | | | | | (49,350) | | |
Net cash used in operating activities
|
| | | $ | (383,414) | | | | | $ | (329,901) | | |
Net Change in Cash
|
| | | | (383,414) | | | | | | (329,901) | | |
Cash – Beginning
|
| | | | 624,830 | | | | | | 712,062 | | |
Cash – Ending | | | | $ | 241,416 | | | | | $ | 382,161 | | |
Non-Cash Investing and Financing Activities: | | | | | | | | | | | | | |
Change in value of ordinary shares subject to possible redemption
|
| | | $ | 7,313,510 | | | | | $ | (9,900) | | |
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Redeemable ordinary shares | | | | | | | | | | | | | |
Numerator: Earnings allocable to Redeemable Ordinary Shares
|
| | | | | | | | | | | | |
Interest Income
|
| | | $ | 30,338 | | | | | $ | 676,375 | | |
Net Earnings
|
| | | $ | 30,338 | | | | | $ | 676,375 | | |
Denominator: Weighted Average Redeemable Ordinary Shares Redeemable Ordinary Shares, Basic and Diluted
|
| | | | 13,800,000 | | | | | | 13,800,000 | | |
Earnings/Basic and Diluted Redeemable Ordinary Shares
|
| | | $ | — | | | | | $ | 0.05 | | |
Non-Redeemable Ordinary Shares | | | | | | | | | | | | | |
Numerator: Net (Loss) Income minus Redeemable Net Earnings Net (Loss) Income
|
| | | $ | (11,284,061) | | | | | .$ | (9,894) | | |
Redeemable Net Earnings
|
| | | | (30,338) | | | | | | (676,375) | | |
Non-Redeemable Net Income
|
| | | $ | (11,314,399) | | | | | $ | (686,269) | | |
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Denominator: Weighted Average Non-Redeemable Ordinary Shares
Non-Redeemable |
| | | | | | | | | | | | |
Ordinary Shares, Basic and Diluted
|
| | | | 3,600,000 | | | | | | 3,600,000 | | |
Loss/Basic and Diluted Non-Redeemable Ordinary Shares
|
| | | $ | (3.14) | | | | | $ | (0.19) | | |
| | |
Held-To-Maturity
|
| |
Level
|
| |
Amortized
Cost |
| |
Gross
Holding Gains |
| |
Fair
Value |
| ||||||||||||
June 30, 2021
|
| | Liquid Treasury Money | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Market Fund | | | | | 1 | | | | | $ | 139,188,838 | | | | | $ | 0 | | | | | $ | 139,188,838 | | |
December 31, 2020
|
| |
U.S. Treasury Securities
(Matured on 01/07/2021)(1) |
| | | | 1 | | | | | $ | 139,152,937 | | | | | $ | 2,063 | | | | | $ | 139,155,000 | | |
Liabilities:
|
| |
Warrant
Liabilities |
| |
Level
|
| |
Fair value at
June 30, 2021 |
| |
Fair value at
December 31, 2020 |
| |||||||||
| | | Warrant Liability | | | | | 3 | | | | | $ | 12,330,000 | | | | | $ | 3,452,400 | | |
| | |
Convertible Promissory Notes – Related Party
|
| | | | 3 | | | | | | 1,350,000 | | | | | | 500,000 | | |
Input
|
| |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Risk-free interest rate
|
| | | | 0.80% | | | | | | 0.28% | | |
Dividend yield
|
| | | | 0.00% | | | | | | 0.00% | | |
Implied volatility
|
| | | | 40.04% | | | | | | 15.4% | | |
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Market Stock Price
|
| | | $ | 10.00 | | | | | $ | 10.20 | | |
| | |
Private
Placement Warrants |
| |||
Fair value as of December 31, 2020
|
| | | $ | 3,452,400 | | |
Change in valuation inputs or other assumptions
|
| | | | 8,877,600 | | |
Fair value as of June 30, 2021
|
| | | $ | 12,330,000 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 8,564 | | | | | $ | 9,464 | | |
Restricted cash
|
| | | | 145 | | | | | | 141 | | |
Accounts receivable
|
| | | | 185 | | | | | | 151 | | |
Inventory
|
| | | | 727 | | | | | | 440 | | |
Promissory note due from related party
|
| | | | 151 | | | | | | 200 | | |
Prepaid expenses and other current assets
|
| | | | 1,910 | | | | | | 1,953 | | |
Total current assets
|
| | | | 11,682 | | | | | | 12,349 | | |
Property and equipment, net
|
| | | | 948 | | | | | | 1,337 | | |
Right-of-use assets, net
|
| | | | 2,102 | | | | | | — | | |
Goodwill
|
| | | | 1,835 | | | | | | 1,835 | | |
Security deposits
|
| | | | 175 | | | | | | 434 | | |
Total assets
|
| | | $ | 16,742 | | | | | $ | 15,955 | | |
Liabilities and stockholders’ equity (deficit) | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 1,633 | | | | | $ | 2,079 | | |
Accrued expenses and other liabilities
|
| | | | 3,319 | | | | | | 2,816 | | |
Capital leases
|
| | | | — | | | | | | 17 | | |
Current portion of long-term debt
|
| | | | 8,332 | | | | | | 6,333 | | |
Operating lease liabilities, current
|
| | | | 1,222 | | | | | | — | | |
Deferred revenue
|
| | | | 753 | | | | | | 425 | | |
Total current liabilities
|
| | | | 15,259 | | | | | | 11,670 | | |
Deferred rent
|
| | | | — | | | | | | 283 | | |
Operating lease liabilities, net of current portion
|
| | | | 1,094 | | | | | | — | | |
Long-term debt, net of current portion
|
| | | | 2,236 | | | | | | 3,571 | | |
Total liabilities
|
| | | | 18,589 | | | | | | 15,524 | | |
Commitments and contingencies | | | | | | | | | | | | | |
Stockholders’ equity (deficit) | | | | | | | | | | | | | |
Convertible preferred stock ($0.0001 par value; 41,641,842 shares authorized; 22,579,695 shares issued and outstanding as of December 31, 2020 and 2019; aggregate liquidation preference of $60,391 as of December 31, 2020 and 2019)
|
| | | | 2 | | | | | | 2 | | |
Common stock ($0.0001 par value; 60,668,172 shares authorized; 16,211,567 and 15,894,428 shares issued and outstanding as of December 31, 2020 and 2019, respectively)
|
| | | | 2 | | | | | | 2 | | |
Additional paid-in capital
|
| | | | 112,993 | | | | | | 112,186 | | |
Accumulated deficit
|
| | | | (114,567) | | | | | | (111,399) | | |
Accumulated other comprehensive loss
|
| | | | (277) | | | | | | (360) | | |
Total stockholders’ (deficit) equity
|
| | | | (1,847) | | | | | | 431 | | |
Total liabilities and stockholders’ equity (deficit)
|
| | | $ | 16,742 | | | | | $ | 15,955 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Revenue, net
|
| | | $ | 31,775 | | | | | $ | 33,511 | | |
Cost of revenue
|
| | | | 17,903 | | | | | | 21,337 | | |
Gross profit
|
| | | | 13,872 | | | | | | 12,174 | | |
Operating expenses | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 10,752 | | | | | | 13,062 | | |
Research and development
|
| | | | 5,592 | | | | | | 5,246 | | |
Amortization and depreciation
|
| | | | 149 | | | | | | 319 | | |
Total operating expenses
|
| | | | 16,493 | | | | | | 18,627 | | |
Loss from operations
|
| | | | (2,621) | | | | | | (6,453) | | |
Other income (expense) | | | | | | | | | | | | | |
Other income
|
| | | | 9 | | | | | | 124 | | |
Interest income
|
| | | | 1 | | | | | | 4 | | |
Interest expense
|
| | | | (582) | | | | | | (535) | | |
Loss on disposal of assets
|
| | | | (4) | | | | | | (11) | | |
Total other expense, net
|
| | | | (576) | | | | | | (418) | | |
Loss before income tax (benefit) expense
|
| | | | (3,197) | | | | | | (6,871) | | |
Income tax (benefit) expense
|
| | | | (29) | | | | | | 102 | | |
Net loss
|
| | | | (3,168) | | | | | | (6,973) | | |
Other comprehensive income (loss) | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | 83 | | | | | | (49) | | |
Comprehensive loss
|
| | | $ | (3,085) | | | | | $ | (7,022) | | |
Loss per common share: | | | | | | | | | | | | | |
Basic and diluted
|
| | | $ | (0.12) | | | | | $ | (0.35) | | |
Weighted average common shares outstanding: | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 25,403,048 | | | | | | 20,276,598 | | |
| | |
Common Stock
|
| |
Preferred Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
Stockholders’ Equity (Deficit) |
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019
|
| | | | 15,800,082 | | | | | $ | 2 | | | | | | 22,579,695 | | | | | $ | 2 | | | | | $ | 111,413 | | | | | $ | (104,426) | | | | | $ | (311) | | | | | $ | 6,680 | | |
Issuance of common stock resulting from exercise of stock options
|
| | | | 94,346 | | | | | | — | | | | | | — | | | | | | — | | | | | | 33 | | | | | | — | | | | | | — | | | | | | 33 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 740 | | | | | | — | | | | | | — | | | | | | 740 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,973) | | | | | | — | | | | | | (6,973) | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (49) | | | | | | (49) | | |
Balance at December 31, 2019
|
| | | | 15,894,428 | | | | | $ | 2 | | | | | | 22,579,695 | | | | | $ | 2 | | | | | $ | 112,186 | | | | | $ | (111,399) | | | | | $ | (360) | | | | | $ | 431 | | |
Issuance of common stock resulting from exercise of stock options
|
| | | | 317,139 | | | | | | — | | | | | | — | | | | | | — | | | | | | 86 | | | | | | — | | | | | | — | | | | | | 86 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 721 | | | | | | — | | | | | | — | | | | | | 721 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,168) | | | | | | — | | | | | | (3,168) | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 83 | | | | | | 83 | | |
Balance at December 31, 2020
|
| | | | 16,211,567 | | | | | $ | 2 | | | | | | 22,579,695 | | | | | $ | 2 | | | | | $ | 112,993 | | | | | $ | (114,567) | | | | | $ | (277) | | | | | $ | (1,847) | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (3,168) | | | | | $ | (6,973) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 473 | | | | | | 1,458 | | |
Loss on disposal of asset
|
| | | | 4 | | | | | | 11 | | |
Stock-based compensation expense
|
| | | | 721 | | | | | | 740 | | |
Non-cash lease expense
|
| | | | 2,056 | | | | | | — | | |
Change in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (40) | | | | | | 69 | | |
Inventory
|
| | | | (310) | | | | | | 46 | | |
Prepaid expenses and other assets
|
| | | | (5) | | | | | | (1,533) | | |
Interest on promissory note due from related party
|
| | | | 49 | | | | | | — | | |
Security deposits
|
| | | | 259 | | | | | | (141) | | |
Accounts payable
|
| | | | (379) | | | | | | 63 | | |
Accrued expenses and other liabilities
|
| | | | 814 | | | | | | (187) | | |
Lease liabilities
|
| | | | (2,129) | | | | | | — | | |
Deferred revenue
|
| | | | 345 | | | | | | (352) | | |
Deferred rent
|
| | | | (283) | | | | | | (98) | | |
Net cash used in operating activities
|
| | | | (1,593) | | | | | | (6,901) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Proceeds from sales of property and equipment
|
| | | | — | | | | | | 25 | | |
Purchases of property and equipment
|
| | | | (104) | | | | | | (181) | | |
Net cash used in investing activities
|
| | | | (104) | | | | | | (156) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Principal payments on capital leases
|
| | | | (18) | | | | | | (675) | | |
Proceeds from issuance of common stock
|
| | | | 86 | | | | | | 33 | | |
Repayments of loans payable
|
| | | | (1,318) | | | | | | (314) | | |
Proceeds from loans payable
|
| | | | 1,982 | | | | | | 5,001 | | |
Net cash provided by financing activities
|
| | | | 732 | | | | | | 4,045 | | |
Net change in cash and cash equivalents and restricted cash
|
| | | | (965) | | | | | | (3,012) | | |
Effect of change in foreign currency exchange rates on cash and cash equivalents and restricted cash
|
| | | | 69 | | | | | | (45) | | |
Cash and cash equivalents and restricted cash at beginning of year
|
| | | | 9,605 | | | | | | 12,662 | | |
Cash and cash equivalents and restricted cash at end of year
|
| | | $ | 8,709 | | | | | $ | 9,605 | | |
Supplemental disclosure of cash and non-cash transactions: | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 182 | | | | | $ | 314 | | |
Cash paid for taxes
|
| | | $ | — | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Cash and cash equivalents
|
| | | $ | 8,564 | | | | | $ | 9,464 | | |
Restricted cash
|
| | | | 145 | | | | | | 141 | | |
| | | | $ | 8,709 | | | | | $ | 9,605 | | |
Asset Category
|
| |
Depreciable Life
|
|
Machinery and equipment
|
| |
5 years
|
|
Computers and IT equipment
|
| |
3 years
|
|
Furniture and fixtures
|
| |
7 years
|
|
Leasehold improvements
|
| |
**
|
|
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Potentially dilutive securities: | | | | | | | | | | | | | |
Convertible Series A-2 Preferred Stock
|
| | | | 3,000,667 | | | | | | 3,000,667 | | |
Convertible Series B Preferred Stock
|
| | | | 1,809,751 | | | | | | 1,809,751 | | |
Convertible Series B-1 Preferred Stock
|
| | | | 2,174,591 | | | | | | 2,174,591 | | |
Convertible Series C Preferred Stock
|
| | | | 4,973,101 | | | | | | 4,973,101 | | |
Convertible Series D Preferred Stock
|
| | | | 3,965,857 | | | | | | 3,965,857 | | |
Convertible Series E Preferred Stock
|
| | | | 6,655,728 | | | | | | 6,655,728 | | |
Warrants
|
| | | | 381,926 | | | | | | 381,926 | | |
Convertible Promissory Notes
|
| | | | 1,610,024 | | | | | | 1,495,273 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Major products and service lines: | | | | | | | | | | | | | |
Direct sales
|
| | | $ | 23,656 | | | | | $ | 27,119 | | |
Marketplace sales
|
| | | | 7,955 | | | | | | 6,392 | | |
Other
|
| | | | 164 | | | | | | — | | |
Total revenue
|
| | | $ | 31,775 | | | | | $ | 33,511 | | |
Timing of revenue recognition: | | | | | | | | | | | | | |
Products transferred at a point in time
|
| | | $ | 7,955 | | | | | $ | 6,392 | | |
Products and services transferred over time
|
| | | | 23,820 | | | | | | 27,119 | | |
Total revenue
|
| | | $ | 31,775 | | | | | $ | 33,511 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Deferred revenue at beginning of period
|
| | | $ | 425 | | | | | $ | 777 | | |
Deferred revenue recognized during period
|
| | | | (31,823) | | | | | | (33,658) | | |
Additions to deferred revenue during period
|
| | | | 32,151 | | | | | | 33,306 | | |
Deferred revenue at end of period
|
| | | $ | 753 | | | | | $ | 425 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Raw materials
|
| | | $ | 521 | | | | | $ | 285 | | |
Work-in-process
|
| | | | 36 | | | | | | 39 | | |
Finished goods
|
| | | | 170 | | | | | | 116 | | |
| | | | $ | 727 | | | | | $ | 440 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Prepaid expenses
|
| | | $ | 646 | | | | | $ | 507 | | |
Security deposits
|
| | | | 259 | | | | | | — | | |
VAT receivable
|
| | | | 975 | | | | | | 1,214 | | |
Prepaid taxes
|
| | | | 29 | | | | | | 231 | | |
Interest receivable
|
| | | | 1 | | | | | | 1 | | |
| | | | $ | 1,910 | | | | | $ | 1,953 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Machinery and equipment
|
| | | $ | 1,430 | | | | | $ | 1,345 | | |
Computers and IT equipment
|
| | | | 5,193 | | | | | | 4,957 | | |
Furniture and fixtures
|
| | | | 50 | | | | | | 49 | | |
Leasehold improvements
|
| | | | 2,520 | | | | | | 2,440 | | |
| | | | | 9,193 | | | | | | 8,791 | | |
Less: Accumulated depreciation
|
| | | | (8,245) | | | | | | (7,454) | | |
Property and equipment, net
|
| | | $ | 948 | | | | | $ | 1,337 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Accrued selling expenses
|
| | | $ | 947 | | | | | $ | 768 | | |
Accrued compensation
|
| | | | 876 | | | | | | 700 | | |
Interest payable
|
| | | | 612 | | | | | | 212 | | |
Taxes payable
|
| | | | 477 | | | | | | 493 | | |
Other
|
| | | | 407 | | | | | | 643 | | |
Total
|
| | | $ | 3,319 | | | | | $ | 2,816 | | |
| | |
Year Ended
December 31, 2020 |
| |||
Operating lease expense
|
| | | $ | 2,217 | | |
Finance lease expense
|
| | | | 16 | | |
Interest expense on finance lease liabilities
|
| | | | 1 | | |
Short-term lease expense
|
| | | | 14 | | |
Total lease cost
|
| | | $ | 2,248 | | |
| | |
December 31, 2020
|
| |||
Assets: | | | | | | | |
Right-of-use assets, net
|
| | | $ | 2,102 | | |
Total lease assets
|
| | | $ | 2,102 | | |
Liabilities: | | | | | | | |
Current liabilities: | | | | | | | |
Operating lease liabilities, current
|
| | | $ | 1,222 | | |
Non-current liabilities: | | | | | | | |
Operating lease liabilities, net of current portion
|
| | | | 1,094 | | |
Total lease liability
|
| | | $ | 2,316 | | |
| | |
Year Ended
December 31, 2020 |
| |||
Operating cash flows from operating leases
|
| | | $ | 2,346 | | |
Operating cash flows from finance leases
|
| | | $ | 1 | | |
Financing cash flows from finance leases
|
| | | $ | 18 | | |
Lease liabilities arising from obtaining right-of-use assets
|
| | | $ | 4,445 | | |
| 2021 | | | | $ | 1,327 | | |
| 2022 | | | | | 725 | | |
| 2023 | | | | | 259 | | |
| 2024 | | | | | 167 | | |
| 2025 | | | | | 1 | | |
|
Total minimum lease payments
|
| | | | 2,479 | | |
|
Less effects of discounting
|
| | | | (163) | | |
|
Present value of future minimum lease payments
|
| | | $ | 2,316 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Term Loan
|
| | | $ | 3,423 | | | | | $ | 4,722 | | |
Dutch Landlord Loan
|
| | | | 163 | | | | | | 182 | | |
Convertible Promissory Notes
|
| | | | 5,000 | | | | | | 5,000 | | |
PPP Loan
|
| | | | 1,982 | | | | | | — | | |
| | | | | 10,568 | | | | | | 9,904 | | |
Less: current portion
|
| | | | (8,332) | | | | | | (6,333) | | |
Long-term debt
|
| | | $ | 2,236 | | | | | $ | 3,571 | | |
| 2021 | | | | $ | 8,332 | | |
|
2022
|
| | | | 2,152 | | |
|
2023
|
| | | | 44 | | |
|
2024
|
| | | | 40 | | |
|
Total
|
| | | $ | 10,568 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||||||||
| | |
Preferred Stock
Authorized |
| |
Preferred Stock
Issued and Outstanding |
| |
Liquidation
Preference |
| |
Conversion
Price |
| |
Common Stock
Issuable Upon Conversion |
| |||||||||||||||
Series A-1
|
| | | | 4,999,900 | | | | | | — | | | | | $ | — | | | | | $ | 1.0000 | | | | | | — | | |
Series A-2
|
| | | | 5,000,000 | | | | | | 3,000,667 | | | | | | 2,251 | | | | | $ | 1.0000 | | | | | | 3,000,667 | | |
Series B
|
| | | | 3,044,939 | | | | | | 1,809,751 | | | | | | 2,262 | | | | | $ | 1.6667 | | | | | | 1,809,751 | | |
Series B-1
|
| | | | 2,405,620 | | | | | | 2,174,591 | | | | | | 4,232 | | | | | $ | 2.5946 | | | | | | 2,174,591 | | |
Series C
|
| | | | 8,768,097 | | | | | | 4,973,101 | | | | | | 12,804 | | | | | $ | 3.4329 | | | | | | 4,973,101 | | |
Series D
|
| | | | 6,560,933 | | | | | | 3,965,857 | | | | | | 15,641 | | | | | $ | 5.2584 | | | | | | 3,965,857 | | |
Series E
|
| | | | 10,862,353 | | | | | | 6,655,728 | | | | | | 23,201 | | | | | $ | 3.4858 | | | | | | 6,655,728 | | |
| | | | | 41,641,842 | | | | | | 22,579,695 | | | | | $ | 60,391 | | | | | | | | | | | | 22,579,695 | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Preferred Stock
Authorized |
| |
Preferred Stock
Issued and Outstanding |
| |
Liquidation
Preference |
| |
Conversion
Price |
| |
Common Stock
Issuable Upon Conversion |
| |||||||||||||||
Series A-1
|
| | | | 4,999,900 | | | | | | — | | | | | $ | — | | | | | $ | 1.0000 | | | | | | — | | |
Series A-2
|
| | | | 5,000,000 | | | | | | 3,000,667 | | | | | | 2,251 | | | | | $ | 1.0000 | | | | | | 3,000,667 | | |
Series B
|
| | | | 3,044,939 | | | | | | 1,809,751 | | | | | | 2,262 | | | | | $ | 1.6667 | | | | | | 1,809,751 | | |
Series B-1
|
| | | | 2,405,620 | | | | | | 2,174,591 | | | | | | 4,232 | | | | | $ | 2.5946 | | | | | | 2,174,591 | | |
Series C
|
| | | | 8,768,097 | | | | | | 4,973,101 | | | | | | 12,804 | | | | | $ | 3.4329 | | | | | | 4,973,101 | | |
Series D
|
| | | | 6,560,933 | | | | | | 3,965,857 | | | | | | 15,641 | | | | | $ | 5.2584 | | | | | | 3,965,857 | | |
Series E
|
| | | | 10,862,353 | | | | | | 6,655,728 | | | | | | 23,201 | | | | | $ | 3.4858 | | | | | | 6,655,728 | | |
| | | | | 41,641,842 | | | | | | 22,579,695 | | | | | $ | 60,391 | | | | | | | | | | | | 22,579,695 | | |
| | |
Year Ended December 31,
|
| |||
| | |
2020
|
| |
2019
|
|
Expected term (in years)
|
| |
6
|
| |
6
|
|
Expected volatility
|
| |
51.12%
|
| |
49.74%
|
|
Risk-free interest rate
|
| |
0.37% – 1.46%
|
| |
1.64% – 2.61%
|
|
Dividend yield
|
| |
— %
|
| |
— %
|
|
| | |
Shares
Underlying Options |
| |
Weighted Average
Exercise Price |
| |
Weighted Average
Remaining Contractual Term (in years) |
| |
Aggregate Intrinsic
Value |
| ||||||||||||
Outstanding at January 1, 2019
|
| | | | 6,679,080 | | | | | $ | 0.46 | | | | | | 6.35 | | | | | $ | 136 | | |
Granted
|
| | | | 1,814,392 | | | | | $ | 0.37 | | | | | | — | | | | | | | | |
Forfeited
|
| | | | (848,494) | | | | | $ | 0.40 | | | | | | — | | | | | | | | |
Exercised
|
| | | | (94,346) | | | | | $ | 0.35 | | | | | | — | | | | | | | | |
Outstanding at December 31, 2019
|
| | | | 7,550,632 | | | | | $ | 0.44 | | | | | | 6.77 | | | | | $ | 190 | | |
Granted
|
| | | | 2,251,449 | | | | | $ | 0.37 | | | | | | — | | | | | | | | |
Forfeited
|
| | | | (1,237,602) | | | | | $ | 0.39 | | | | | | — | | | | | | | | |
Exercised
|
| | | | (317,139) | | | | | $ | 0.27 | | | | | | — | | | | | | | | |
Outstanding at December 31, 2020
|
| | | | 8,247,340 | | | | | $ | 0.44 | | | | | | 6.72 | | | | | $ | 8 | | |
Exercisable at December 31, 2020
|
| | | | 4,936,601 | | | | | $ | 0.49 | | | | | | 5.40 | | | | | $ | 8 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Income tax provision: | | | | | | | | | | | | | |
Non-US
|
| | | $ | (29) | | | | | $ | 102 | | |
Federal
|
| | | | — | | | | | | — | | |
State
|
| | | | — | | | | | | — | | |
Provision for income taxes
|
| | | $ | (29) | | | | | $ | 102 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Federal statutory income tax rate
|
| | | | 21.00% | | | | | | 21.00% | | |
State and local income taxes, net of federal benefit
|
| | | | 1.74% | | | | | | 2.59% | | |
Nondeductible expenses
|
| | | | (5.12)% | | | | | | (2.84)% | | |
Change in state tax rates
|
| | | | (5.38)% | | | | | | 0.70% | | |
Change in valuation allowance
|
| | | | (12.34)% | | | | | | (17.41)% | | |
True-up adjustments
|
| | | | 2.16% | | | | | | (2.30)% | | |
Foreign rate differential
|
| | | | (1.17)% | | | | | | —% | | |
| | | | | 0.89% | | | | | | 1.74% | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Accrued expense
|
| | | $ | 46 | | | | | $ | 34 | | |
Deferred rent
|
| | | | — | | | | | | 69 | | |
Sec. 263(a)
|
| | | | 17 | | | | | | 14 | | |
Stock compensation
|
| | | | 131 | | | | | | 131 | | |
ASC 842 – Right of use lease liability
|
| | | | 51 | | | | | | — | | |
Fixed assets
|
| | | | 168 | | | | | | 63 | | |
Net operating losses
|
| | | | 21,965 | | | | | | 21,684 | | |
Tax credits
|
| | | | 893 | | | | | | 893 | | |
Other
|
| | | | 19 | | | | | | 9 | | |
Less: valuation allowance
|
| | | | (23,290) | | | | | | (22,897) | | |
Total deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
| | |
(Unaudited)
|
| | ||||||||
Assets | | | | ||||||||||
Current assets | | | | | | | | | |||||
Cash and cash equivalents
|
| | | $ | 6,250 | | | | | $ | 8,564 | | |
Restricted cash .
|
| | | | 145 | | | | | | 145 | | |
Accounts receivable . . . .
|
| | | | 1,016 | | | | | | 185 | | |
Inventory .
|
| | | | 516 | | | | | | 727 | | |
Promissory note due from related party
|
| | | | 151 | | | | | | 151 | | |
Prepaid expenses and other current assets
|
| | | | 4,172 | | | | | | 1,910 | | |
Total current assets
|
| | | | 12,250 | | | | | | 11,682 | | |
Property and equipment, net
|
| | | | 813 | | | | | | 948 | | |
Right-of-use assets, net
|
| | | | 1,123 | | | | | | 2,102 | | |
Goodwill
|
| | | | 1,835 | | | | | | 1,835 | | |
Security deposits
|
| | | | 175 | | | | | | 175 | | |
Total assets
|
| | | $ | 16,196 | | | | | $ | 16,742 | | |
Liabilities and stockholders’ equity (deficit) | | | | ||||||||||
Current liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 1,308 | | | | | $ | 1,633 | | |
Accrued expenses and other liabilities . . .
|
| | | | 5,158 | | | | | | 3,319 | | |
Current portion of long-term debt . . .
|
| | | | 6,906 | | | | | | 8,332 | | |
Operating lease liabilities, current .
|
| | | | 621 | | | | | | 1,222 | | |
Deferred revenue .
|
| | | | 626 | | | | | | 753 | | |
Total current liabilities
|
| | | | 14,619 | | | | | | 15,259 | | |
Operating lease liabilities, net of current portion
|
| | | | 670 | | | | | | 1,094 | | |
Long-term debt
|
| | | | 722 | | | | | | 2,236 | | |
Total liabilities
|
| | | | 16,011 | | | | | | 18,589 | | |
Commitments and contingencies | | | | | | | | | | | | | |
Stockholders’ equity (deficit) | | | | | | | | | | | | | |
Convertible preferred stock ($0.0001 par value; 41,641,842 shares authorized; 22,602,820 and 22,579,695 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively; aggregate liquidation preference of $60,436 and $60,391 as of June 30, 2021 and December 31, 2020)
|
| | | | 2 | | | | | | 2 | | |
Common stock ($0.0001 par value; 60,668,172 shares authorized; 16,349,110 and
16,211,567 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively) |
| | | | 2 | | | | | | 2 | | |
Additional paid-in capital
|
| | | | 113,469 | | | | | | 112,993 | | |
Accumulated deficit
|
| | | | (112,994) | | | | | | (114,567) | | |
Accumulated other comprehensive loss
|
| | | | (294) | | | | | | (277) | | |
Total stockholders’ equity (deficit)
|
| | | | 185 | | | | | | (1,847) | | |
Total liabilities and stockholders’ equity (deficit)
|
| | | $ | 16,196 | | | | | $ | 16,742 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenue, net
|
| | | $ | 17,638 | | | | | $ | 14,921 | | |
Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 9,216 | | | | | | 8,624 | | |
Gross profit
|
| | | | 8,422 | | | | | | 6,297 | | |
Operating expenses | | | | ||||||||||
Selling, general and administrative .
|
| | | | 6,147 | | | | | | 5,614 | | |
Research and development
|
| | | | 2,426 | | | | | | 2,773 | | |
Amortization and depreciation
|
| | | | 67 | | | | | | 76 | | |
Total operating expenses
|
| | | | 8,640 | | | | | | 8,463 | | |
Loss from operations
|
| | | | (218) | | | | | | (2,166) | | |
Other income (expense) | | | | | | | | | | | | | |
Long-term debt forgiveness
|
| | | | 2,000 | | | | | | — | | |
Interest expense
|
| | | | (281) | | | | | | (303) | | |
Other income
|
| | | | 1 | | | | | | 3 | | |
Loss on disposal of assets
|
| | | | — | | | | | | (4) | | |
Total other income (expense), net
|
| | | | 1,720 | | | | | | (304) | | |
Income (loss) before income tax benefit
|
| | | | 1,502 | | | | | | (2,470) | | |
Income tax benefit
|
| | | | (71) | | | | | | — | | |
Net income (loss)
|
| | | | 1,573 | | | | | | (2,470) | | |
Foreign currency translation adjustment
|
| | | | (17) | | | | | | (33) | | |
Comprehensive income (loss)
|
| | | $ | 1,556 | | | | | $ | (2,503) | | |
Income (loss) per common share: | | | | ||||||||||
Basic
|
| | | $ | 0.07 | | | | | $ | (0.12) | | |
Diluted
|
| | | $ | 0.04 | | | | | $ | (0.12) | | |
Weighted average common shares outstanding: | | | | | | | | | | | | | |
Basic
|
| | | | 21,655,829 | | | | | | 20,571,122 | | |
Diluted
|
| | | | 44,898,589 | | | | | | 20,571,122 | | |
Other comprehensive income (loss)
|
| | |
| | |
Common
Stock |
| |
Preferred
Stock |
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
Stockholders’ Equity (Deficit) |
| ||||||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021
|
| | | | 16,211,567 | | | | | $ | 2 | | | | | | 22,579,695 | | | | | $ | 2 | | | | | $ | 112,993 | | | | | $ | (114,567) | | | | | $ | (277) | | | | | | (1,847) | | |
Issuance of common stock resulting from exercise of stock options
|
| | | | 134,877 | | | | | | — | | | | | | — | | | | | | — | | | | | | 71 | | | | | | — | | | | | | — | | | | | | 71 | | |
Issuance of preferred stock resulting from exercise of warrants
|
| | | | — | | | | | | — | | | | | | 23,125 | | | | | | — | | | | | | 60 | | | | | | — | | | | | | — | | | | | | 60 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 345 | | | | | | — | | | | | | — | | | | | | 345 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,573 | | | | | | — | | | | | | 1,573 | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | (17) | | | | | | (17) | | |
Balance at June 30, 2021
|
| | | | 16,346,444 | | | | | $ | 2 | | | | | | 22,602,820 | | | | | $ | 2 | | | | | $ | 113,469 | | | | | $ | (112,994) | | | | | $ | (294) | | | | | $ | 185 | | |
| | |
Common
Stock |
| |
Preferred
Stock |
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
Stockholders’ Equity (Deficit) |
| ||||||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020
|
| | | | 15,894,428 | | | | | $ | 2 | | | | | | 22,579,695 | | | | | $ | 2 | | | | | $ | 112,186 | | | | | $ | (111,399) | | | | | $ | (360) | | | | | | 431 | | |
Issuance of common stock resulting from exercise of stock options
|
| | | | 171,546 | | | | | | — | | | | | | — | | | | | | — | | | | | | 47 | | | | | | — | | | | | | — | | | | | | 47 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 361 | | | | | | — | | | | | | — | | | | | | 361 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,470) | | | | | | — | | | | | | (2,470) | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (33) | | | | | | (33) | | |
Balance at June 30, 2020
|
| | | | 16,065,974 | | | | | $ | 2 | | | | | | 22,579,695 | | | | | $ | 2 | | | | | $ | 112,594 | | | | | $ | (113,869) | | | | | $ | (393) | | | | | $ | (1,664) | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 1,573 | | | | | $ | (2,470) | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 278 | | | | | | 247 | | |
Loss on disposal of assets
|
| | | | — | | | | | | 4 | | |
Stock-based compensation expense
|
| | | | 345 | | | | | | 361 | | |
Non-cash lease expense
|
| | | | 551 | | | | | | 1,104 | | |
Non-cash debt forgiveness
|
| | | | (2,000) | | | | | | — | | |
Change in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (828) | | | | | | (670) | | |
Inventory
|
| | | | 223 | | | | | | | | |
Prepaid expenses and other assets
|
| | | | (419) | | | | | | 336 | | |
Accounts payable
|
| | | | (356) | | | | | | (631) | | |
Accrued expenses and other liabilities
|
| | | | (103) | | | | | | 361 | | |
Lease liabilities
|
| | | | (597) | | | | | | (1,162) | | |
Deferred revenue
|
| | | | (131) | | | | | | 334 | | |
Deferred rent
|
| | | | — | | | | | | (283) | | |
Net cash used in operating activities
|
| | | | (1,464) | | | | | | (2,473) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (143) | | | | | | (6) | | |
Net cash (used in) provided by investing activities
|
| | | | (143) | | | | | | (6) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Principal payments on capital leases
|
| | | | — | | | | | | (18) | | |
Proceeds from issuance of common stock
|
| | | | 71 | | | | | | 47 | | |
Proceeds received from exercise of preferred stock warrants
|
| | | | 60 | | | | | | — | | |
Repayments of loans payable
|
| | | | (958) | | | | | | (572) | | |
Proceeds from loans payable
|
| | | | — | | | | | | 1,982 | | |
Net cash (used in) provided by financing activities
|
| | | | (827) | | | | | | 1,439 | | |
Net change in cash and cash equivalents and restricted cash
|
| | | | (2,434) | | | | | | (1,040) | | |
Effect of change in foreign currency exchange rates on cash and cash equivalents and restricted cash
|
| | | | 120 | | | | | | (130) | | |
Cash and cash equivalents and restricted cash at beginning of period
|
| | | | 8,709 | | | | | | 9,605 | | |
Cash and cash equivalents and restricted cash at end of period
|
| | | $ | 6,395 | | | | | $ | 8,435 | | |
Supplemental disclosure of cash and non-cash transactions: | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 63 | | | | | $ | 102 | | |
Deferred offering costs
|
| | | $ | 1,820 | | | | | $ | — | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Cash and cash equivalents
|
| | | $ | 6,250 | | | | | $ | 8,564 | | |
Restricted cash
|
| | | | 145 | | | | | | 145 | | |
| | | | $ | 6,395 | | | | | $ | 8,709 | | |
Asset Category
|
| |
Depreciable Life
|
|
Machinery and equipment
|
| |
5 years
|
|
Computers and IT equipment
|
| |
3 years
|
|
Furniture and fixtures
|
| |
7 years
|
|
Leasehold improvements
|
| |
**
|
|
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Basic net income (loss) per share computation: | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 1,573 | | | | | | (2,470) | | |
Weighted average common shares – basic
|
| | | | 21,655,829 | | | | | | 20,571,122 | | |
Basic net income (loss) per share
|
| | | $ | 0.07 | | | | | $ | (0.12) | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Diluted net income (loss) per share computation: | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 1,573 | | | | | $ | (2,470) | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Weighted average common shares
|
| | | | 21,655,829 | | | | | | 20,571,122 | | |
Incremental shares from assumed exercise of Preferred Stock warrants, convertible notes, and options
|
| | | | 23,242,760 | | | | | | — | | |
Adjusted weighted average shares – diluted
|
| | | | 44,898,589 | | | | | | 20,571,122 | | |
Diluted net income (loss) per share
|
| | | $ | 0.04 | | | | | $ | (0.12) | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Major products/service lines: | | | | | | | | | | | | | |
Direct sales
|
| | | $ | 13,083 | | | | | $ | 10,833 | | |
Marketplace sales
|
| | | | 4,399 | | | | | | 3,969 | | |
Software
|
| | | | 156 | | | | | | 119 | | |
Total revenue
|
| | | $ | 17,638 | | | | | $ | 14,921 | | |
Timing of revenue recognition: | | | | | | | | | | | | | |
Products transferred at a point in time
|
| | | $ | 4,399 | | | | | $ | 3,969 | | |
Products and services transferred over time
|
| | | | 13,239 | | | | | | 10,952 | | |
Total revenue
|
| | | $ | 17,638 | | | | | $ | 14,921 | | |
| | |
Deferred Revenue
|
| |||
Balance at January 1, 2021
|
| | | $ | 753 | | |
Deferred revenue recognized during period
|
| | | | (17,636) | | |
Additions to deferred revenue during period
|
| | | | 17,509 | | |
Balance at June 30, 2021
|
| | | $ | 626 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Raw materials
|
| | | $ | 386 | | | | | $ | 521 | | |
Work-in-process
|
| | | | 38 | | | | | | 36 | | |
Finished goods
|
| | | | 92 | | | | | | 170 | | |
Total
|
| | | $ | 516 | | | | | $ | 727 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Deferred offering costs
|
| | | $ | 2,015 | | | | | $ | — | | |
Prepaid expenses
|
| | | | 984 | | | | | | 646 | | |
Security deposits
|
| | | | 259 | | | | | | 259 | | |
VAT receivable
|
| | | | 913 | | | | | | 975 | | |
Prepaid taxes
|
| | | | — | | | | | | 29 | | |
Interest receivable
|
| | | | 1 | | | | | | 1 | | |
Total
|
| | | $ | 4,172 | | | | | $ | 1,910 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Machinery and equipment
|
| | | $ | 1,406 | | | | | $ | 1,430 | | |
Computers and IT equipment
|
| | | | 5,253 | | | | | | 5,193 | | |
Furniture and fixtures
|
| | | | 50 | | | | | | 50 | | |
Leasehold improvements
|
| | | | 2,495 | | | | | | 2,520 | | |
| | | | | 9,204 | | | | | | 9,193 | | |
Less: Accumulated depreciation
|
| | | | (8,391) | | | | | | (8,245) | | |
Property and equipment, net
|
| | | $ | 813 | | | | | $ | 948 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Accrued selling expenses
|
| | | $ | 849 | | | | | $ | 947 | | |
Accrued compensation
|
| | | | 571 | | | | | | 876 | | |
Interest payable
|
| | | | 812 | | | | | | 612 | | |
Taxes payable
|
| | | | 321 | | | | | | 477 | | |
Accrued offering costs
|
| | | | 1,820 | | | | | | — | | |
Other
|
| | | | 785 | | | | | | 407 | | |
Total
|
| | | $ | 5,158 | | | | | $ | 3,319 | | |
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Operating lease expense
|
| | | $ | 552 | | | | | $ | 1,103 | | |
Finance lease expense
|
| | | | — | | | | | | 16 | | |
Interest expense on finance lease liabilities
|
| | | | — | | | | | | 1 | | |
Short-term lease expense
|
| | | | — | | | | | | 14 | | |
Total lease cost
|
| | | $ | 552 | | | | | $ | 1,134 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Assets: | | | | | | | | | | | | | |
Right-of-use assets, net
|
| | | $ | 1,123 | | | | | $ | 2,102 | | |
Total lease assets
|
| | | $ | 1,123 | | | | | $ | 2,102 | | |
Liabilities: | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Operating lease liabilities, current
|
| | | $ | 621 | | | | | $ | 1,222 | | |
Non-current liabilities | | | | | | | | | | | | | |
Operating lease liabilities, net of current portion
|
| | | | 670 | | | | | $ | 1,094 | | |
Total lease liability
|
| | | $ | 1,291 | | | | | $ | 2,316 | | |
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Operating cash flows from operating leases
|
| | | $ | 597 | | | | | $ | 1,153 | | |
Operating cash flows from finance leases
|
| | | | — | | | | | | 1 | | |
Financing cash flows from finance leases
|
| | | | — | | | | | | 18 | | |
Lease liabilities arising from obtaining right-of-use assets
|
| | | | — | | | | | | 4,025 | | |
| | | | | | | | | | | | | |
|
Rest of 2021
|
| | | $ | 334 | | |
|
2022. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 685 | | |
|
2023. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 218 | | |
|
2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 135 | | |
|
2025. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 1 | | |
|
Total minimum lease payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 1,373 | | |
|
Less effects of discounting
|
| | | | (82) | | |
|
Present value of future minimum lease payments . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 1,291 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Term Loan
|
| | | $ | 2,489 | | | | | $ | 3,423 | | |
Dutch Landlord Loan
|
| | | | 139 | | | | | | 163 | | |
Convertible Promissory Notes
|
| | | | 5,000 | | | | | | 5,000 | | |
PPP Loan
|
| | | | — | | | | | | 1,982 | | |
| | | | | 7,628 | | | | | | 10,568 | | |
Less: current portion
|
| | | | (6,906) | | | | | | (8,332) | | |
Long-term debt
|
| | | $ | 722 | | | | | $ | 2,236 | | |
| | |
June 30, 2021
|
| |||||||||||||||||||||||||||
| | |
Preferred
Stock Authorized |
| |
Preferred
Stock Issued and Outstanding |
| |
Liquidation
Preference |
| |
Conversion
Price |
| |
Common Stock
Issuable Upon Conversion |
| |||||||||||||||
Series A-1
|
| | | | 4,999,900 | | | | | | — | | | | | $ | — | | | | | $ | 1.0000 | | | | | | — | | |
Series A-2
|
| | | | 5,000,000 | | | | | | 3,000,667 | | | | | | 2,251 | | | | | $ | 1.0000 | | | | | | 3,000,667 | | |
Series B
|
| | | | 3,044,939 | | | | | | 1,809,751 | | | | | | 2,262 | | | | | $ | 1.6667 | | | | | | 1,809,751 | | |
Series B-1
|
| | | | 2,405,620 | | | | | | 2,197,716 | | | | | | 4,277 | | | | | $ | 2.5946 | | | | | | 2,197,716 | | |
Series C
|
| | | | 8,768,097 | | | | | | 4,973,101 | | | | | | 12,804 | | | | | $ | 3.4329 | | | | | | 4,973,101 | | |
Series D
|
| | | | 6,560,933 | | | | | | 3,965,857 | | | | | | 15,641 | | | | | $ | 5.2584 | | | | | | 3,965,857 | | |
Series E
|
| | | | 10,862,353 | | | | | | 6,655,728 | | | | | | 23,201 | | | | | $ | 3.4858 | | | | | | 6,655,728 | | |
| | | | | 41,641,842 | | | | | | 22,602,820 | | | | | $ | 60,436 | | | | | | | | | | | | 22,602,820 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||||||||
| | |
Preferred
Stock Authorized |
| |
Preferred
Stock Issued and Outstanding |
| |
Liquidation
Preference |
| |
Conversion
Price |
| |
Common Stock
Issuable Upon Conversion |
| |||||||||||||||
Series A-1
|
| | | | 4,999,900 | | | | | | — | | | | | $ | — | | | | | $ | 1.0000 | | | | | | — | | |
Series A-2
|
| | | | 5,000,000 | | | | | | 3,000,667 | | | | | | 2,251 | | | | | $ | 1.0000 | | | | | | 3,000,667 | | |
Series B
|
| | | | 3,044,939 | | | | | | 1,809,751 | | | | | | 2,262 | | | | | $ | 1.6667 | | | | | | 1,809,751 | | |
Series B-1
|
| | | | 2,405,620 | | | | | | 2,174,591 | | | | | | 4,232 | | | | | $ | 2.5946 | | | | | | 2,174,591 | | |
Series C
|
| | | | 8,768,097 | | | | | | 4,973,101 | | | | | | 12,804 | | | | | $ | 3.4329 | | | | | | 4,973,101 | | |
Series D
|
| | | | 6,560,933 | | | | | | 3,965,857 | | | | | | 15,641 | | | | | $ | 5.2584 | | | | | | 3,965,857 | | |
Series E
|
| | | | 10,862,353 | | | | | | 6,655,728 | | | | | | 23,201 | | | | | $ | 3.4858 | | | | | | 6,655,728 | | |
| | | | | 41,641,842 | | | | | | 22,579,695 | | | | | $ | 60,391 | | | | | | | | | | | | 22,579,695 | | |
| | |
Shares
Underlying Options |
| |
Weighted Average
Exercise Price |
| |
Weighted Average
Remaining Contractual Term (in years) |
| |||||||||
Outstanding at January 1, 2021
|
| | | | 8,247,340 | | | | | $ | 0.44 | | | | | | 6.72 | | |
Granted
|
| | | | 37,000 | | | | | $ | 0.28 | | | | | | — | | |
Forfeited
|
| | | | (223,333) | | | | | $ | 0.36 | | | | | | — | | |
Exercised
|
| | | | (134,877) | | | | | $ | 0.51 | | | | | | — | | |
Outstanding at June 30, 2021
|
| | | | 7,926,130 | | | | | $ | 0.44 | | | | | | 6.34 | | |
Exercisable at June 30, 2021
|
| | | | 5,396,377 | | | | | $ | 0.48 | | | | | | 5.42 | | |