HYLIION HOLDINGS CORP., POS AM filed on 12/30/2021
Post-Effective Amendment to Registration Statement
v3.21.4
Document And Entity Information
 12 Months Ended
Dec. 31, 2020
Document Information Line Items  
Entity Registrant Name Hyliion Holdings Corp.
Document Type POS AM
Amendment Flag true
Amendment Description On October 23, 2020, Hyliion Holdings Corp (the “Company”) filed a registration statement with the Securities and Exchange Commission (the “SEC”) on Form S-1 (File No. 333-249649) (the “Registration Statement”). The Registration Statement, as amended, was initially declared effective by the SEC on November 27, 2020 and initially registered the issuance by the Company of up to an aggregate of up to 19,185,637 shares of common stock, $0.0001 par value per share (“Common Stock”), which consisted of (i) up to 6,660,183 shares of Common Stock issuable upon the exercise of 6,660,183 warrants (the “Private Placement Warrants”) originally issued in a private placement in connection with the initial public offering (“IPO”) of Tortoise Acquisition Corp. (“TortoiseCorp”) by the holders thereof, (ii) up to 875,000 shares of Common Stock that are issuable upon the exercise of 875,000 warrants (the “Forward Purchase Warrants” and together with the Private Placement Warrants, the “Private Warrants”) originally issued in a private placement at the closing of the Business Combination (as defined below) by the holders thereof other than the initial holder and (iii) up to 11,650,454 shares of Common Stock issuable upon the exercise of 11,650,454 warrants (the “Public Warrants” and, together with the Private Warrants, the “Warrants”) originally issued in the IPO of TortoiseCorp by the holders thereof. The Registration Statement also initially registered the offer and sale from time to time by the selling stockholders identified in the prospectus of (i) up to 132,637,517 shares of Common Stock (including up to 7,535,183 shares of Common Stock that may be issued upon exercise of the Private Warrants and 20,000 shares of Common Stock that may be issued upon exercise of 20,000 Public Warrants) and (ii) up to 7,555,183 Warrants, which consists of up to 7,535,183 Private Warrants and up to 20,000 Public Warrants. The Registration Statement was amended by that certain Post-Effective Amendment No. 1 to Form S-1, which was filed with the SEC on July 8, 2021, and declared effective on July 14, 2021 (“Post-Effective Amendment No. 1”). Post-Effective Amendment No. 1 updated the Registration Statement to (i) remove references to the registration of the Warrants and the shares of Common Stock to be issued upon exercise thereof to reflect the redemption or exercise of all Warrants prior to the date thereof; (ii) include updated information regarding the selling stockholders named in the prospectus, including a reduction in the number of shares of Common Stock being offered by the selling stockholders and (iii) include the information from the Company’s filings with the SEC. This Post-Effective Amendment No. 2 to Form S-1 on Form S-3 (“Post-Effective Amendment No. 2”) is being filed by the Company with the SEC (i) to convert the registration statement on Form S-1 into a registration statement on Form S-3 and (ii) to include updated information regarding certain selling stockholders, directors and officers named in the prospectus, including a reduction in the number of shares of Common Stock being offered by the selling stockholders to 88,642,440 shares of Common Stock. No additional securities are being registered under this Post-Effective Amendment No. 2. All applicable registration fees were paid at the time of the original filing of the Registration Statement.
Entity Central Index Key 0001759631
Entity Filer Category Non-accelerated Filer
Document Period End Date Dec. 31, 2020
Entity Small Business true
Entity Emerging Growth Company true
Entity Ex Transition Period true
Entity Incorporation, State or Country Code DE
v3.21.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 389,705 $ 6,285
Accounts receivable 92 145
Prepaid expenses and other current assets 20,690 414
Short-term investments 201,881
Total current assets 612,368 6,844
Property and equipment, net 1,171 1,635
Operating lease right-of-use assets 5,055 4,976
Intangible assets, net 332 429
Other assets 193 212
Long-term investments 35,970
Total assets 655,089 14,096
Current liabilities:    
Accounts payable 1,890 1,156
Convertible notes payable derivative liabilities 3,029
Current portion of operating lease liabilities 734 953
Current portion of debt 49 6,720
Accrued expenses and other current liabilities 6,264 500
Total current liabilities 8,937 12,358
Operating lease liabilities, net of current portion 5,076 4,803
Convertible notes payable derivative liabilities, net of current portion 5,322
Debt, net of current portion 908 9,682
Total liabilities 14,921 32,165
Commitments and contingencies (Note 15)
Stockholders’ equity (deficit)    
Common stock, $0.0001 par value; 250,000,000 shares authorized; 169,316,421 and 86,762,463 shares issued and outstanding at December 31, 2020 and 2019, respectively 19 9
Additional paid-in capital 364,998 30,888
Accumulated earnings (deficit) 275,151 (48,966)
Total stockholders’ equity (deficit) 640,168 (18,069)
Total liabilities and stockholders’ equity (deficit) $ 655,089 $ 14,096
v3.21.4
Consolidated Balance Sheets (Parentheticals) - $ / shares
Dec. 31, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Common stock, par value (in Dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares issued 169,316,421 86,762,463
Common stock, shares outstanding 169,316,421 86,762,463
v3.21.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating expenses:    
Research and development $ (12,598) $ (9,269)
Selling, general and administrative expenses (9,585) (2,730)
Loss from operations (22,183) (11,999)
Other income (expense):    
Interest expense (5,459) (3,260)
Change in fair value of convertible notes payable derivative liabilities (1,358) 1,119
Change in fair value of warrant liabilities 363,299
Other income (expense) (12) 27
Loss on extinguishment of debt (10,170)
Total other income (expense) 346,300 (2,114)
Net income (loss) $ 324,117 $ (14,113)
Net income (loss) per share, basic (in Dollars per share) $ 3.11 $ (0.16)
Net loss per share, diluted (in Dollars per share) $ (0.35) $ (0.16)
Weighted-average shares outstanding, basic (in Shares) 104,324,059 86,643,714
Weighted-average shares outstanding, diluted (in Shares) 112,570,960 86,643,714
v3.21.4
Consolidated Statements of Stockholders’ Equity (Deficit) - USD ($)
$ in Thousands
Series A-1 Redeemable, Convertible Preferred Stock
Series A-2 Redeemable, Convertible Preferred Stock
Series A-3 Redeemable, Convertible Preferred Stock
Common Stock
Additional Paid-In Capital
Accumulated Earnings (Deficit)
Total
Balance at Dec. 31, 2018 $ 20,750 $ 3,893 $ 2,026 $ 24 $ 4,072 $ (34,853) $ (30,757)
Balance (in Shares) at Dec. 31, 2018 23,460,903 8,793,755 2,545,155 24,453,750      
Retroactive application of recapitalization (See Note 4) $ (20,750) $ (3,893) $ (2,026) $ (15) 26,684 26,669
Retroactive application of recapitalization (See Note 4) (in Shares) (23,460,903) (8,793,755) (2,545,155) 61,890,680      
Adjusted balance, beginning of period $ 9 30,756 (34,853) (4,088)
Adjusted balance, beginning of period (in Shares) 86,344,430      
Exercise of common stock options 7 7
Exercise of common stock options (in Shares) 418,033      
Share-based compensation 125 125
Net income (loss) (14,113) (14,113)
Balance at Dec. 31, 2019 $ 9 30,888 (48,966) (18,069)
Balance (in Shares) at Dec. 31, 2019 86,762,463      
Exercise of common stock options 121 121
Exercise of common stock options (in Shares) 1,112,160      
Conversion of convertible notes payable to common stock 44,039 44,039
Conversion of convertible notes payable to common stock (in Shares) 4,404,367      
Business Combination and PIPE financing $ 6 153,147 153,153
Business Combination and PIPE financing (in Shares) 61,622,839      
Common stock issued for warrants exercised, net of issuance cost $ 4 136,512 136,516
Common stock issued for warrants exercised, net of issuance cost (in Shares) 15,414,592      
Redemption of unexercised warrants (3) (3)
Share-based compensation 294 294
Net income (loss) 324,117 324,117
Balance at Dec. 31, 2020 $ 19 $ 364,998 $ 275,151 $ 640,168
Balance (in Shares) at Dec. 31, 2020 169,316,421      
v3.21.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating activities:    
Net income (loss) $ 324,117 $ (14,113)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 850 1,028
Loss on extinguishment of debt 10,170
Noncash lease expense 928 1,312
Paid-in-kind interest on convertible notes payable 1,085 723
Amortization of debt discount 4,237 2,485
Share-based compensation 294 125
Change in fair value of convertible notes payable derivative liabilities 1,358 (1,118)
Change in fair value of contingent consideration liability (27)
Change in fair value of warrant liability (363,299)
Change in operating assets and liabilities, net of effects of business acquisition:    
Accounts receivable 53 (28)
Prepaid expenses and other current assets (8,301) (62)
Other assets 19 106
Accounts payable 734 (684)
Accrued expenses and other current liabilities 5,764 (21)
Operating lease liabilities (953) (798)
Net cash used in operating activities (22,944) (11,072)
Investing activities:    
Purchase of property and equipment (311) (349)
Purchase of investments (237,851)
Proceeds from sale of property and equipment 22
Net cash used in investing activities (238,140) (349)
Financing activities:    
Business Combination and PIPE financing, net of issuance costs paid 516,454
Proceeds from the exercise of stock warrants 124,536
Proceeds from convertible notes payable issuance and derivative liabilities 3,200 16,803
Proceeds from Paycheck Protection Program loan 908
Payments for deferred financing costs (468)
Repayments on finance lease obligations (247) (201)
Proceeds from exercise of common stock options 121 7
Net cash provided by financing activities 644,504 16,609
Net increase in cash and cash equivalents: 383,420 5,188
Cash and cash equivalents, beginning of period 6,285 1,097
Cash and cash equivalents, end of period $ 389,705 $ 6,285
v3.21.4
Description of Business and Basis of Presentation
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Description of business and basis of presentation

Note 1. Description of business and basis of presentation


Hyliion Holdings Corp. and its wholly owned subsidiary, designs and develops hybrid and electrified powertrain systems for long haul “Class 8” semi-tractors which modify semi-tractors into Hybrid and fully electric range extender vehicles, respectively.


Hyliion Holdings Corp.’s Hybrid systems utilize intelligent electric drive axles with advanced algorithms and battery technology to optimize fuel savings and vehicle performance with reduced emissions, enabling fleets to access an easy, efficient way to decrease fuel expenses, lower emissions and/or improve vehicle performance.


Hyliion Holdings Corp.’s fully electric range extender systems utilize an intelligent electric powertrain with advanced algorithms to optimize emissions performance and efficiency with no new infrastructure required. The Hypertruck ERX system enables fleets to reduce the cost of ownership while providing the ability to deliver net-negative carbon emissions and operate fully electric when needed.


Hyliion Holdings Corp. is in a pre-commercialization stage of development in which its electric Hybrid system is in the testing phase and the Hypertruck ERX system is in the prototype phase.


Basis of Presentation and Principles of Consolidation: On the Closing Date, Tortoise Acquisition Corp (“TortoiseCorp”) entered into a business combination agreement (the “Business Combination”) with each of the shareholders of Legacy Hyliion. Pursuant to the Business Combination, TortoiseCorp acquired all of the issued and outstanding shares of common stock from the Legacy Hyliion shareholders. In connection with the closing of the transaction, Tortoise Corp. changed its name to Hyliion Holdings Corp. For more information on this transaction see Note 4.


On the Closing Date, and in connection with the closing of the Business Combination, TortoiseCorp changed its name to Hyliion Holdings Corp. (the “Company” or “Hyliion”) and the Company’s common stock began trading on the New York Stock Exchange under the ticker symbol HYLN. Legacy Hyliion was deemed the accounting acquirer in the Business Combination based on an analysis of the criteria outlined in Accounting Standards Codification (“ASC”) 805. The determination was primarily based on Legacy Hyliion’s shareholders prior to the Business Combination having a majority of the voting interests in the combined company, Legacy Hyliion’s board of directors comprising a majority of the board of directors of the combined company, Legacy Hyliion’s existing shareholders’ control over decisions regarding the election and removal of directors and officers of the combined company’s board of directors, and Legacy Hyliion’s senior management comprising the senior management of the combined company. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Legacy Hyliion issuing stock for the net assets of TortoiseCorp, accompanied by a recapitalization. The net assets of TortoiseCorp are stated at historical cost, with no goodwill or other intangible assets recorded.


While TortoiseCorp was the legal acquirer in the Business Combination, because Legacy Hyliion was deemed the accounting acquirer, the historical financial statements of Legacy Hyliion became the historical financial statements of the combined company, upon the consummation of the Business Combination. As a result, the financial statements included in this report reflect (i) the historical operating results of Legacy Hyliion prior to the Business Combination; (ii) the combined results of TortoiseCorp and Legacy Hyliion following the closing of the Business Combination; (iii) the assets and liabilities of Legacy Hyliion at their historical cost; and (iv) the Company’s equity structure for all periods presented.


In accordance with guidance applicable to these circumstances, the equity structure has been restated in all comparative periods up to the Closing Date, to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to Legacy Hyliion shareholders and Legacy Hyliion convertible noteholders in connection with the recapitalization transaction. As such, the shares and corresponding capital amounts and earnings per share related to Legacy Hyliion redeemable convertible preferred stock and Legacy Hyliion common stock prior to the Business Combination have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination. 


The accompanying consolidated financial statements include the accounts of Hyliion Holdings Corp. and its wholly-owned subsidiary. Intercompany transactions and balances have been eliminated upon consolidation. The consolidated financial statements and accompanying notes have been prepared in accordance with generally accounting principles in the United States of America (“U.S. GAAP”) and in accordance with the rules and regulations of the Unites States Securities and Exchange Commission (“SEC”). Any reference in these footnotes to the applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).


Liquidity: These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities in the normal course of business. The Company is an early stage growth company in the pre-commercialization stage of development and has generated negative cash flows from operating activities since inception.


On October 1, 2020, the Company consummated the Business Combination and raised net proceeds of $516.5 million net of transaction costs and expenses. As of December 31, 2020, all outstanding warrants were either exercised or redeemed, with gross proceeds of $140.8 million raised, of which $16.3 million was collected during the first quarter of 2021 (see Note 7). As of December 31, 2020, the Company had a cash and cash equivalents balance of $389.7 million and total investments of $237.9 million. Based on this, the Company has sufficient funds to continue to execute its business strategy for the next twelve months.
v3.21.4
Restatement of Previously Issued Financial Statements
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Restatement of Previously Issued Financial Statements

Note 2. Restatement of Previously Issued Financial Statements


On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the Securities and Exchange Commission together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Statement”). Specifically, the SEC Statement focused in part on provisions in warrant agreements that provide for potential changes to the settlement amounts dependent upon the characteristics of the warrant holder and because the holder of a warrant is not an input into the pricing of a fixed-for-fixed option on equity shares, such provision would preclude the warrant from being classified in equity and thus the warrant should be classified as a liability. As a result of the SEC Statement, the Company reevaluated the accounting treatment of the Warrants issued in connection with the IPO of TortoiseCorp and recorded in equity on the Company’s consolidated balance sheet as a result of the merger and reverse recapitalization occurring on October 1, 2020. The Company concluded that the Warrants should have been recorded at fair value as a liability in the Company’s consolidated balance sheet.


All public and private warrants were exercised by December 31, 2020, so the warrant liability on the Company’s consolidated balance sheet recorded on the date of the acquisition has been extinguished, and the change in the fair value of the liability as of the exercise date was recognized as a gain in the Company’s consolidated statement of operations.


While all warrants were exercised as of December 31, 2020, 371,535 warrants which were exercised on December 30, 2020 were broker protected, resulting in cash collection and share issuance being delayed until January 4, 2021. Accounts receivable for the net amount due from investors of $4.3 million and an associated liability for these common shares to be issued has been recognized at the balance sheet date and included below.


Immaterial Error Correction: Subsequent to the filing of the Form 10K/A on May 17, 2020, the Company determined that in connection with the restatement for the changes in the fair value warrant liability, the diluted earnings per share was improperly disclosed. The Company has corrected the immaterial error in the previously restated financial statements to reflect the correct diluted net loss per share. This correction did not have any effect on the Company’s cash position, loss from operations, net income or cashflows. This correction resulted in a diluted net loss per share of $(0.35) compared to $2.93 as disclosed in the previously filed Form 10K/A.


The restatement and immaterial error correction adjustments reflect the entries to record the initial warrant liability from the Warrants, to revalue the warrant liability to the then fair value as of the exercise date, the subsequent extinguishment of the liability, and the accounts receivable and associated liability arising from the broker protected warrants exercised but not settled. The following presents a reconciliation of the consolidated balance sheet as previously reported to the restated amounts as of December 31, 2020 (in thousands):


   For the Year Ended 
   December 31, 2020 
   As Reported   Restatement
Impact		   As Restated 
Consolidated Statement of Operations:            
Change in fair value of warrant liabilities  $—   $363,299   $363,299 
Net income (loss)  $(39,182)  $363,299   $324,117 
Earnings (loss) per share:               
Basic  $(0.38)  $3.49   $3.11 
Earnings (loss) per share, diluted  $2.93   $(3.28)  $(0.35)
Weighted-average shares outstanding, diluted   110,696,489    1,874,471    112,570,960 

   As of 
   December 31, 2020 
   As Reported   Restatement
Impact		   As Restated 
Consolidated Balance Sheets:            
Prepaid expenses and other current assets  $16,408   $4,282   $20,690 
Total current assets  $608,086   $4,282   $612,368 
Total assets  $650,807   $4,282   $655,089 
Warrant liabilities  $—   $—   $— 
Accrued expenses and other current liabilities  $1,982   $4,282   $6,264 
Total current liabilities  $4,655   $4,282   $8,937 
Total liabilities  $10,639   $4,282   $14,921 
Common Stock  $17   $2   $19 
Additional paid-in-capital  $728,299   $(363,301)  $364,998 
Accumulated earnings  $(88,148)  $363,299   $275,151 
Total equity (deficit)  $640,168   $—   $640,168 

   As of 
   December 31, 2020 
   As Reported   Restatement
Impact		   As Restated 
Consolidated Statement of Stockholders’ Equity (Deficit):            
Common Stock Par Value  $17   $2   $19 
Additional paid-in-capital  $728,299   $(363,301)  $364,998 
Accumulated earnings  $(88,148)  $363,299   $275,151 

   For the Year Ended 
   December 31, 2020 
   As Reported   Restatement
Impact		   As Restated 
Consolidated Statement of Cash Flow:            
Net income (loss)  $(39,182)  $363,299   $324,117 
Change in fair value of warrant liability  $—   $(363,299)  $(363,299)
v3.21.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Summary of significant accounting policies

Note 3. Summary of significant accounting policies


Emerging Growth Company: Section 102(b)(1) of the Jumpstart Our Business Startups Act (“JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard, until such time the Company is no longer considered to be an emerging growth company. At times, the Company may elect to early adopt a new or revised standard.


Use of estimates and uncertainty of the coronavirus pandemic: The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the balance sheet date, as well as reported amounts of expenses during the reporting period. The Company’s most significant estimates and judgments involve valuation of share-based compensation, including the fair value of common stock prior to the Business Combination, and the valuation of the convertible notes payable derivative liability. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates, and such differences could be material to the Company’s consolidated financial statements.


On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 11, 2020, declared the coronavirus outbreak a pandemic. In mid-March 2020, U.S. State Governors, local officials and leaders outside of the U.S. began ordering various “shelter-in-place” orders, which have had various impacts on the U.S. and global economies. This has required greater use of estimates and assumptions in the preparation of the unaudited consolidated financial statements.


As the coronavirus pandemic continues to evolve, the Company believes the extent of the impact to its businesses, operating results, cash flows, liquidity and financial condition will be primarily driven by the severity and duration of the coronavirus pandemic, the pandemic’s impact on the U.S. and global economies and the timing, scope and effectiveness of federal, state and local governmental responses to the pandemic. Those primary drivers are beyond the Company’s knowledge and control, and as a result, at this time the Company is unable to predict the cumulative impact, both in terms of severity and duration, that the coronavirus pandemic will have on its business, operating results, cash flows and financial condition, but it could be material if the current circumstances continue to exist for a prolonged period. Although the Company has made its best estimates based upon current information, actual results could materially differ from the estimates and assumptions developed by management. If so, the Company may be subject to future impairment charges as well as changes to recorded reserves and valuations.


Segment information: ASC 280, Segment Reporting, defines operating segments as components of an enterprise where discrete financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company operates as a single operating segment. The Company’s chief operating decision maker (“CODM”) is the chief executive officer, who has ultimate responsibility for the operating performance of the Company and the allocation of resources. The CODM uses cash flows as the primary measure to manage the business and does not segment the business for internal reporting or decision making.


Concentration of supplier risk: The Company is dependent on certain suppliers, the majority of which are single source suppliers, and the inability of these suppliers to deliver necessary components of the Company’s products in a timely manner at prices, quality levels and volumes that are acceptable, or the Company’s inability to efficiently manage these components from these suppliers, could have a material adverse effect on the Company’s business, prospects, financial condition and operating results.


Cash and cash equivalents: The Company considers all highly liquid investments with a maturity date of 90 days or less at the time of purchase to be cash and cash equivalents only if in checking, savings or money market accounts. Cash and cash equivalents include cash held in banks and money market accounts. Cash equivalents are carried at cost, which approximates fair value.  


The Company maintains cash in excess of federally insured limits at financial institutions. The Company makes such deposits with entities it believes are of high credit quality and has not incurred any losses related to these balances to date. Management believes its credit risk, with respect to the financial institutions to be minimal.


Accounts receivable: Accounts receivable are stated at a gross invoice amount, net of an allowance for doubtful accounts. The allowance for doubtful accounts is maintained at a level considered adequate to provide for potential account losses on the balance based on management’s evaluation of the anticipated impact of current economic conditions, changes in the character and size of the balance, past and expected future loss experience, among other pertinent factors. As of December 31, 2020 and 2019, there was no allowance for doubtful accounts required based on management’s evaluation.


Investments: The Company’s investments consist of corporate bonds, treasury securities and commercial paper, all of which are classified as held-to-maturity, with a maturity date of 36-months or less at the time of purchase. Management determines the appropriate classification of investments at the time of purchase and re-evaluates such designation as of each balance sheet date. Investments are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is included in investment income. Interest on securities classified as held-to-maturity is included in investment income.


The Company uses the specific identification method to determine the cost basis of securities sold.


Investments are impaired when a decline in fair value is judged to be other-than-temporary. The Company evaluates an investment for impairment by considering the length of time and extent to which market value has been less than cost or amortized cost, the financial condition and near-term prospects of the issuer as well as specific events or circumstances that may influence the operations of the issuer and the Company’s intent to sell the security or the likelihood that it will be required to sell the security before recovery of the entire amortized cost. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income (expense) and a new costs basis in the investment is established.


Fair value measurements: ASC 820, Fair Value Measurements, clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:


Level I: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company can access at the measurement date.


Level II: Significant other observable inputs other than level I prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data.


Level III: Significant unobservable inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.


An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.


Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques noted in ASC 820:


  ● Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

  ● Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost).

  ● Income approach: Techniques to convert future amounts to a single present value amount based upon market expectations (including present value techniques, option pricing and excess earnings models)

The Company believes its valuation methods are appropriate and consistent with other market participants, however the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.


The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, investments, accounts payable, accrued expenses, contingent consideration liability, convertible notes payable derivative liability, warrant liabilities, and convertible notes payable. The carrying value of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximates fair value because of the short-term nature of those instruments. We estimate the fair value of our convertible notes payable using Level II and Level III inputs by discounting the future cash flows using current interest rates at which we could obtain similar borrowings in consideration of the estimated enterprise value of the Company. The fair value of corporate bonds, treasury securities and commercial paper are based on quoted prices for identical or similar instruments in markets that are not active. As a result, corporate bonds, treasury securities and commercial paper are classified within Level II of the fair value hierarchy. The fair value of the   Company’s public warrant liabilities are based on Level I inputs, while the fair value of the private warrants is determined using the trading price of the public warrants, a Level II input.


The Company’s assets and liabilities that are measured at fair value on a recurring basis include the Company’s contingent consideration liability, warrant liabilities, and convertible notes payable derivative liabilities (See Note 5).


Prepaid expenses and other current assets: Prepaid expenses and other current assets include prepaid insurance, prepaid rent, supplies, and amounts owed to the Company from the Company’s transfer agent (see Note 8) which are expected to be recognized, received or realized within the next 12 months.


Property and equipment, net: Property and equipment, net is stated at cost less accumulated depreciation, or if acquired in a business combination, at fair value as of the date of acquisition. Depreciation is calculated using the straight-line method, based upon the following estimated useful lives:


Production machinery and equipment  2 to 7 years
Vehicles  3 to 7 years
Leasehold improvements  shorter of lease term or 7 years
Demo fleet systems  2 to 3 years
Furniture and fixtures  3 years
Computers and related equipment  3 to 7 years

Major renewals and improvements are capitalized, while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed as incurred. When property and equipment is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss on the disposition is recorded in the consolidated statement of operations as a component of other (expense) income.


Intangible assets, net: Intangible assets consist of developed technology and a non-compete agreement and are amortized over their estimated useful life which range from three to six years.


Impairment of long-lived assets: The Company reviews long-lived assets, including property and equipment and intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that an asset group’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with ASC 360-10, Impairment or Disposal of Long-Lived Assets, which requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset group is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value.


Revenue: The Company follows the five steps to recognize revenue from contracts with customers under ASC 606, Revenue from Contracts with Customers (“ASC 606”), which are:


  ● Step 1: Identify the contract(s) with a customer

  ● Step 2: Identify the performance obligations in the contract

  ● Step 3: Determine the transaction price

  ● Step 4: Allocate the transaction price to the performance obligations in the contract

  ● Step 5: Recognize revenue when (or as) a performance obligation is satisfied

The Company intends to generate revenue from the sale of its hybrid and electrified drive systems for the long haul “Class 8” semi-tractors. However, since the Company is still in the pre-commercialization stage, it has not generated revenue from the sale of the products.


The Company did not enter into any agreement that meets the definition of a contract with a customer that would be accounted for under ASC 606 through December 31, 2020. 


Leases:


Lessee: The Company determines if an arrangement is a lease at inception of the contract. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and operating lease liabilities, net of current portion in the accompanying consolidated balance sheets. Finance leases are included in property and equipment, net, current portion of long-term debt, and long-term debt, net of current portion in the accompanying consolidated balance sheets.


ROU assets represent the Company’s right to use underlying assets for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate the present value for lease payments is the Company’s incremental borrowing rate, which is determined based on information available at lease commencement and is equal to the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term in an amount equal to the lease payments in a similar economic environment. The Company uses the implicit rate when readily determinable.


The Company has entered into operating leases for corporate offices having initial lease terms of one to eight years. The Company has entered into finance leases primarily for vehicles and equipment, having initial terms of three years.


The Company’s real estate leases may include one or more options to renew, with the renewal extending the lease term for an additional one to five years. The exercise of lease renewal option is at the Company’s sole discretion. In general, the Company does not consider renewal option to be reasonably likely to be exercised, therefore renewal option are generally not recognized as part of the ROU assets and lease liabilities. Lease costs for lease payments are recognized on a straight-line basis over the lease term, unless there is a transfer of title or purchase option reasonably certain to be exercised. The Company does not record operating leases with an initial term of twelve months or less (“short-term leases”) in the consolidated balance sheets.


The Company’s vehicle and equipment leases may include transfer rights or options to purchase at the end of the lease that the Company is reasonably certain to exercise. Interest expense is recognized using the effective interest rate method, and the ROU asset is amortized over the useful life of the underlying asset.


Lessor: The Company also enters into arrangements whereby space within the real estate is subleased. At the lease commencement date these subleases are recognized as operating leases. Operating leases are recognized on a straight-line basis over the lease term.


The Company has entered into various trial and evaluation agreements that contain an operating lease component that is within the scope of ASC 842, Leases (“ASC 842”). These agreements also contain non-lease components related to certain stand-ready services where control transfers over time over the same period and based on the same pattern as the lease component. Because the Company has determined the lease component is the most predominant component of the arrangement and the timing and pattern of transfer for the lease and non-lease components associated with the lease component are the same, the Company has decided to elect the practical expedient not to separate the lease and non-lease component and accounts for the entire arrangement under ASC 842.


The trial and evaluation agreements contain only variable payments not based on an index or rate as a result of refund provisions within those contracts. The Company records accounts receivable when the Company meets the criteria within the trial and evaluation agreements to invoice the lessee. In accordance with ASC 842, the Company recognizes variable lease payments as profit or loss in the period in which the changes in facts and circumstances on which the variable lease payments are based occur, which will generally be the end of the trial period when the customer refund rights lapse. During the years ended December 31, 2020 and 2019, the Company has not recognized any lease income related to these trial and evaluation agreements either because the Company has not received any consideration from the lease contracts, or the uncertainty related to the consideration received has not been resolved.


Certain of the Company’s lessee and lessor lease agreements contain both lease and non-lease components, which are generally accounted for as a single lease component. Additionally, for certain vehicle leases, we apply a portfolio approach to effectively account for the finance lease ROU assets and liabilities.


Income taxes: The Company accounts for income taxes in accordance with ASC 740, Income Taxes, under which deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.


Due to the Company’s history of losses since inception, the net deferred tax assets have been fully offset by a valuation allowance as of December 31, 2020 and 2019. Uncertain tax positions taken or expected to be taken in a tax return are accounted for using the more likely than not threshold for financial statement recognition and measurement. For the years ended December 31, 2020 and 2019, there were no uncertain tax positions taken or expected to be taken in the Company’s tax returns.


Share-based compensation: The Company accounts for share-based compensation in accordance with ASC 718, Compensation – Stock Compensation, under which shared based payments that involve the issuance of common stock to employees and nonemployees and meet the criteria for equity-classified awards are recognized in the financial statements as share-based compensation expense based on the fair value on the date of grant. The Company issues stock option awards and restricted stock awards to employees and nonemployees.


The Company utilizes the Black-Scholes model to determine the fair value of the stock option awards, which requires the input of subjective assumptions. These assumptions include estimating (a) the length of time grantees will retain their vested stock options before exercising them for employees and the contractual term of the option for nonemployees (“expected term”), (b) the volatility of the Company’s common stock price over the expected term, (c) expected dividends, and (d) the fair value of a share of common stock prior to the Business Combination. After the closing of the Business Combination, the Company’s board of directors determined the fair value of each share of common stock underlying stock-based awards based on the closing price of the Company’s common stock as reported by the NYSE on the date of grant. The Company has elected to recognize the adjustment to share-based compensation expense in the period in which forfeitures occur.


The assumptions used in the Black-Scholes model are management’s best estimates, but the estimates involve inherent uncertainties and the application of management judgment (see Note 9). As a result, if other assumptions had been used, the recorded share-based compensation expense could have been materially different from that depicted in the financial statements.


Research and development expense: Research and development costs did not meet the requirements to be recognized as an asset as the associated future benefits were at best uncertain and there was no alternative future use at the time the costs were incurred. Research and development costs include, but are not limited to, outsourced engineering services, allocated facilities costs, depreciation on equipment utilized in research and development activities, internal engineering and development expenses, materials, and employee related expenses (including salaries, benefits, travel, and share-based compensation) related to development of the Company’s products and services.


Net income (loss) per share: Basic earnings (loss) per share (“EPS”) are computed by dividing net income (loss) (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted EPS attributable to common shareholders is computed by adjusting net income (loss) by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include shares issuable upon exercise of stock options and vesting of restricted stock awards (see Note 9). The number of potential common shares outstanding are calculated using the treasury stock or if-converted method.


Recent accounting pronouncements issued, not yet adopted:


In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments, which, together with subsequent amendments, amends the requirement on the measurement and recognition of expected credit losses for financial assets held to replace the incurred loss model for financial assets measured at amortized cost and require entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 is effective for the Company beginning January 1, 2023, with early adoption permitted. The Company is currently in the process of evaluating the effects of this pronouncement on the Company’s financial statements and does not expect it to have a material impact on the consolidated financial statements.


In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. ASU 2019-12 is effective for the Company beginning January 1, 2021, with early adoption permitted. The Company is currently in the process of evaluating the effects of this pronouncement on the Company’s financial statements and does not expect it to have a material impact on the financial statements.
v3.21.4
Reverse Recapitalization
 12 Months Ended
Dec. 31, 2020
Reverse Recapitalization [Abstract]  
Reverse Recapitalization

Note 4. Reverse Recapitalization


On October 1, 2020, Legacy Hyliion and TortoiseCorp consummated the merger contemplated by the Business Combination, with Legacy Hyliion surviving the merger as a wholly-owned subsidiary of TortoiseCorp.


Upon the closing of the Business Combination, TortoiseCorp’s certificate of incorporation was amended and restated to, among other things, increase the total number of authorized shares of capital stock to 260,000,000 shares, of which 250,000,000 shares were designated common stock, $.0001 par value per share, and of which 10,000,000 shares were designated preferred stock, $0.0001 par value per share.


Immediately prior to the closing of the Business Combination, each


  ● issued and outstanding share of Legacy Hyliion’s redeemable, convertible preferred stock, was converted into shares Legacy Hyliion common stock based on a one-to-one ratio (see Note 8). The Business Combination is accounted for with a retrospective application of the Business Combination that results in 34,799,813 shares of redeemable, convertible preferred stock converting into the same number of shares of Legacy Hyliion common stock.

  ● convertible note payable, plus accrued paid-in-kind interest, was converted into an aggregate 2,336,235 shares of Legacy Hyliion common stock at the predetermined discount (see Note 4).

Upon the consummation of the Business Combination, each share of Legacy Hyliion common stock issued and outstanding was cancelled and converted into the right to receive 1.45720232 shares (the “Exchange Ratio”) of the Company’s common stock (the “Per Share Merger Consideration”).


Additionally, Legacy Hyliion issued 1,000,000 shares of Legacy Hyliion common stock with an estimated grant date fair value of $10.00 per share to one of the convertible noteholders in connection with the commercial matters agreement (“Commercial Matters Agreement”) that was entered into in June 2020, that was not subject to the Exchange Ratio (see Note 15).


Outstanding stock options, whether vested or unvested, to purchase shares of Legacy Hyliion common stock granted under the 2016 Plan (“Legacy Options”) (see Note 9) converted into stock options for shares of the Company’s common stock upon the same terms and conditions that were in effect with respect to such stock options immediately prior to the Business Combination, after giving effect to the Exchange Ratio.


Outstanding warrants to purchase shares of TortoiseCorp Class A common stock will remain outstanding at the Closing Date. The warrants will become exercisable 30 days after the completion of the Business Combination and will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation. On November 30, 2020, the Company issued a notice of redemption to the warrant holders and on December 31, 2020, it redeemed all outstanding public warrants. See Note 8 “Capital Structure” for more information.


In connection with the Business Combination,


●certain TortoiseCorp shareholders exercised their right to redeem certain of their outstanding shares for cash, resulting in the redemption of 3,308 shares of TortoiseCorp common stock for gross redemption payments of less than $0.1 million.

  ● a number of investors purchased from the Company an aggregate of 30,750,000 shares of common stock (the “PIPE Shares”), for a purchase price of $10.00 per share and an aggregate purchase price of $307.5 million pursuant to separate subscription agreements entered into effective June 18, 2020 (the “PIPE”). The PIPE investment closed simultaneously with the consummation of the Business Combination.

  ● an investor purchased 1,750,000 TortoiseCorp units (consisting of one share of common stock and one half of one warrant, the “Forward Purchase Units”), consisting of 1,750,000 shares of common stock (“Forward Purchase Shares”) and warrants to purchase 875,000 shares of common stock (“Forward Purchase Warrants”) for an aggregate purchase price of $17.5 million pursuant to a forward purchase agreement entered into effective February 6, 2019, as amended by the First Amendment to Amended and Restated Forward Purchase Agreement, dated June 18, 2020.

The Business Combination is accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, TortoiseCorp was treated as the “acquired” company for financial reporting purposes. See Note 1 “Description of business and basis of presentation” for further details. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Legacy Hyliion issuing stock for the net assets of TortoiseCorp, accompanied by a recapitalization. The net assets of TortoiseCorp are stated at historical cost, with no goodwill or intangible assets recorded.


Prior to the Business Combination, Legacy Hyliion and TortoiseCorp filed separate standalone federal, state and local income tax returns. As a result of the Business Combination Legacy Hyliion will file a consolidated income tax return. Although, for legal purposes, TortoiseCorp acquired Legacy Hyliion, and the transaction represents a reverse acquisition for federal income tax purposes. TortoiseCorp will be the parent of the consolidated group with Legacy Hyliion a subsidiary, but in the year of the closing of the Business Combination, Legacy Hyliion will file a full year tax return with TortoiseCorp joining in the return the day after the Closing Date.


The following table reconciles the elements of the Business Combination to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’ equity (deficit) for the year ended December 31, 2020 (in thousands):


Cash - TortoiseCorp’s trust and cash (net of redemption)  $236,484 
Cash - PIPE   307,500 
Cash - forward purchase units   17,500 
Less: transaction costs and advisory fees paid   (45,030)
Net Business Combination and PIPE financing  $516,454 

The number of shares of common stock issued immediately following the consummation of the Business Combination were:


Common stock, outstanding prior to Business Combination   23,300,917 
Less: redemption of TortoiseCorp shares   (3,308)
Common stock of TortoiseCorp   23,297,609 
TortoiseCorp founder shares   5,825,230 
Shares issued in PIPE   30,750,000 
Shares issued in connection with forward purchase agreement   1,750,000 
Business Combination, PIPE, and forward purchase agreement financing shares   61,622,839 
Legacy Hyliion shares(1)     92,278,990 
Total shares of common stock immediately after Business Combination   153,901,829 
Hyliion Holdings Corp. exercise of warrants   15,414,592 
Total shares of common stock at December 31, 2020   169,316,421 

(1)The number of Legacy Hyliion shares was determined as follows:

   Legacy
Hyliion
shares		   Legacy
Hyliion
shares,
effected for
Exchange
Ratio		 
Balance at December 31, 2018   24,453,750    35,634,061 
Recapitalization applied to Series A outstanding at December 31, 2018   34,799,813    50,710,369 
Exercise of common stock options - 2019   286,874    418,033 
Exercise of common stock options - 2020 (pre-Closing)   763,216    1,112,160 
Conversion of convertible notes payable to common stock(2)   2,336,235    4,404,367 
         92,278,990 

(2) The number of shares issued for the conversion of convertible notes payable to common stock is calculated by applying the Exchange Ratio to the Legacy Hyliion shares issued at the time of conversion and adding 1,000,000 shares issued in connection with the Commercial Matters Agreement. All fractions were rounded down.

Lock-Up Arrangements


Certain former stockholders of Legacy Hyliion and TortoiseCorp have agreed to lock-up restrictions regarding the future transfer shares of common stock. Such shares may not be transferred or otherwise disposed of for a period of six months through April 1, 2021, subject to certain exceptions.


Transaction costs:


Transaction costs incurred in connection with the Business Combination totaled approximately $45.0 million which were charged to additional paid-in capital for the year ended December 31, 2020.
v3.21.4
Debt
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Debt

Note 5. Debt


At December 31, 2020 and 2019, the carrying value of debt was as follows:


   December 31, 
   2020   2019 
   (in thousands) 
Convertible notes payable, net of unamortized discount at December 31, 2020 and 2019 of $0 and $6,451, respectively  $-   $16,113 
Paycheck Protection Program loan   908    - 
Finance lease obligations   49    289 
           
    957    16,402 
           
Less current portion   49    6,720 
           
Debt, net of current portion  $908   $9,682 

During 2018, the Company issued a convertible note payable in exchange for cash totaling $5.0 million (the “2018 Note”). The 2018 Note bears interest at 6% per annum and matures in September 2020 (two years subsequent to its issuance date). The 2018 Note includes the following embedded features:


(a) Automatic conversion upon the next equity financing of at least $5.0 million in proceeds. The conversion price is dependent upon the pre-money valuation of the Company in connection with the next equity financing, with the conversion price set at a 35% discount on the next equity financing price if the pre-money valuation is $100.0 million or less, or 35% multiplied by the quotient of $100.0 million divided by the pre-money valuation if it is greater than $100.0 million.


(b) Optional conversion upon a change in control. In the event of a change in control, the holder can elect to convert the 2018 Note into shares of common stock at a conversion price equal to (i) the product of the change in control purchase price multiplied by 65%, divided by (ii) the total number of outstanding shares of capital stock of the Company (on a fully diluted basis).


(c) Optional redemption upon a change in control. In the event of a change in control, the holder can elect to request payment of all outstanding principal (with no penalty) and unpaid accrued interest.


(d) Automatic or optional redemption upon an event of default. Upon the occurrence of an event of default, the 2018 Note will either automatically become due and payable or can become due and payable at the holder’s option (based on the nature of the event of default). Upon such acceleration, all outstanding principal (with no penalty) and unpaid accrued interest will become payable.


(e) Additional interest of 3% (or a total of 9%) upon an event of default.


In addition to the above embedded features, the Company agreed that the holder of the 2018 Note would be the Company’s preferred supplier for certain components or products that the holder sells. See Note 15 for further details on this related party agreement.


The Company assessed the embedded features within the 2018 Note and determined that the automatic conversion feature upon next equity financing and optional conversion feature upon change in control (share-settled redemption features) and the additional interest feature met the definition of a derivative and were not clearly and closely related to the host contract and required separate accounting.


At issuance, the Company estimated the fair value of the automatic and optional conversion features to be approximately $1.8 million. The Company’s fair value measurements are more fully described in (Note 7).


At issuance, the Company concluded the fair value of the additional interest feature was de minimis.


Between February and July 2019, the Company issued a series of convertible notes payable in exchange for cash totaling $13.6 million (the “Initial 2019 Notes”). The Initial 2019 Notes bear interest at 6% per annum and mature two to five years after their respective issuance dates. The Initial 2019 Notes are only prepayable with the consent of the holders. One of the Initial 2019 Notes (totaling $1.8 million) is secured by substantially all of the assets of the Company, subordinate to the first priority, senior secured interest held by a note holder of a convertible note issued in January 2020. The holder of this note has first priority secured interest in these assets.


The Initial 2019 Notes include the following embedded features:


(a) Automatic or optional (for one of the Initial 2019 Notes) conversion upon the next equity financing of at least $15.0 million in proceeds (the “Next Equity Financing”). The conversion price is dependent upon the pre-money valuation of the Company in connection with the next equity financing, with the conversion price set at a 25% discount on the next equity financing price if the pre-money valuation is $100.0 million or less, or 25% multiplied by the quotient of $100.0 million divided by the pre-money valuation if it is greater than $100.0 million.


(b) Optional conversion (for one of the Initial 2019 Notes) upon a subsequent equity financing if the holder did not elect to convert upon the Next Equity Financing, at the price that is set by the subsequent equity financing (no discount).


(c) Optional conversion upon a change in control. In the event of a change in control, the holder can elect to convert the Initial 2019 Notes into shares of common stock at a conversion price equal to (i) the product of the change in control purchase price multiplied by 75%, divided by (ii) the total number of outstanding shares of capital stock of the Company (on a fully diluted basis).


(d) Optional redemption upon a change in control. In the event of a change in control, the holder can elect to request payment of all outstanding principal (with no penalty) and unpaid accrued interest.


(e) Automatic or optional redemption upon an event of default. Upon the occurrence of an event of default, the Initial 2019 Notes will either automatically become due and payable or can become due and payable at the holder’s option (based on the nature of the event of default). Upon such acceleration, all outstanding principal (with no penalty) and unpaid accrued interest will become payable.


(f) Additional interest of 3% (or a total of 9%) upon an event of default.


In addition, the Company has the right to modify one of the Initial 2019 Notes (totaling $1.8 million) in the event the holder does not convert upon next equity financing to adjust the interest rate to 4% per annum.


The Company assessed the embedded features within the Initial 2019 Notes and determined that the automatic or optional conversion feature upon next equity financing and the optional conversion feature upon change in control (share-settled redemption features), the additional interest feature, and the interest rate adjustment feature met the definition of a derivative and were not clearly and closely related to the host contract and required separate accounting.


At issuance, the Company estimated the fair value of the automatic and optional conversion features to be approximately $6.0 million. The Company’s fair value measurements are more fully described in (Note 7).


At issuance, the Company concluded the fair value of the additional interest feature and the interest rate adjustment feature was de minimis.


In December 2019, the Company issued a convertible note payable in exchange for cash totaling $3.2 million (the “December 2019 Note”). The December 2019 Note bears interest at 6% per annum and matures in December 2020 (one year subsequent to its issuance date). The December 2019 Note is only prepayable with the consent of the holder. The December 2019 Note is secured by substantially all of the assets of the Company, subordinate to the security interest held by one of the Initial 2019 Note holders. The December 2019 Note includes the following embedded features:


(a) Automatic conversion upon the next equity financing of at least $35.0 million in proceeds. The conversion price will be based on the next equity financing per share price, with a 50% discount.


(b) Optional conversion upon the next equity financing of at least $15.0 million in proceeds. The conversion price will be based on the next equity financing per share price, with a 50% discount.


(c) Automatic conversion upon a subsequent equity financing of at least $35.0 million if the holder did not elect to convert upon any previous equity financing, at the price that is set by the subsequent equity financing (no discount).


(d) Optional conversion upon a change in control. In the event of a change in control, the holder can elect to convert the December 2019 Note into shares of common stock at a conversion price equal to (i) the product of the change in control purchase price multiplied by 50%, divided by (ii) the total number of outstanding shares of capital stock of the Company (on a fully diluted basis).


(e) Optional redemption upon a change in control. In the event of a change in control, the holder can elect to request payment of all outstanding principal (with no penalty) and unpaid accrued interest.


(f) Automatic or optional redemption upon an event of default. Upon the occurrence of an event of default, the December 2019 Note will either automatically become due and payable or can become due and payable at the holder’s option (based on the nature of the event of default). Upon such acceleration, all outstanding principal (with no penalty) and unpaid accrued interest will become payable.


(g) Additional interest of 3% (or a total of 9%) upon an event of default.


In addition, in the event the holder does not convert upon an equity financing, the maturity date of the December 2019 Note will automatically extend by one year. In such situation, the holder also has the right to extend the maturity date for an additional two years beyond the modified maturity date.


The Company assessed the embedded features within the December 2019 Note and determined that the automatic and optional conversion features upon next equity financing (share-settled redemption features), the additional interest feature and the term extension feature met the definition of a derivative and were not clearly and closely related to the host contract and required separate accounting. The Company also concluded that the conversion features did not represent beneficial conversion features.


At issuance and at December 31, 2019, the Company estimated the fair value of the automatic and optional conversion features to be approximately $1.4 million. The Company’s fair value measurements are more fully described in (Note 7).


At issuance, the Company concluded the fair value of the additional interest and term extension features was de minimis.


During January 2020, the Company issued a convertible note payable in exchange for cash totaling $3.2 million (the “January 2020 Note”). The January 2020 Note bears interest at 6% per annum and matures in January 2025 (five years subsequent to its issuance date). The January 2020 Note is only prepayable with the consent of the holder. The January 2020 Note is secured by a first priority, senior secured interest in substantially all of the assets of the Company. The January 2020 Note includes the following embedded features:


(a) Optional conversion upon the next equity financing of at least $15.0 million in proceeds. The conversion price will be based on the next equity financing per share price, with a 50% discount.


(b) Optional conversion upon a subsequent equity financing of at least $15.0 million if the holder did not elect to convert upon the next equity financing, at the price that is set by the subsequent equity financing (no discount).


(c) Optional conversion upon a change in control. In the event of a change in control, the holder can elect to convert the January 2020 Note into shares of common stock at a conversion price equal to (i) the product of the change in control purchase price multiplied by 50%, divided by (ii) the total number of outstanding shares of capital stock of the Company (on a fully diluted basis).


(d) Optional redemption upon a change in control. In the event of a change in control, the holder can elect to request payment of all outstanding principal (with no penalty) and unpaid accrued interest.


(e) Optional redemption upon the Company obtaining at least $10.0 million in commercial debt which would result in the January 2020 Note having the same priority or being treated as subordinate to the commercial debt. In such scenario, the holder can elect to request payment of all outstanding principal (with no penalty) and unpaid accrued interest.


(f) Automatic or optional redemption upon an event of default. Upon the occurrence of an event of default, the January 2020 Note will either automatically become due and payable or can become due and payable at the holder’s option (based on the nature of the event of default). Upon such acceleration, all outstanding principal (with no penalty) and unpaid accrued interest will become payable.


(g) Additional interest of 3% (or a total of 9%) upon an event of default.


In addition, in the event the holder does not convert upon an equity financing or change in control event, the noteholder may extend the maturity date of the January 2020 Note by five years beyond the original maturity date.


In addition, in the event the holder does not convert upon an equity financing, the interest rate on the January 2020 Note will automatically be adjusted to a rate of 4% per annum.


The Company assessed the embedded features within the January 2020 Note and determined that the automatic and optional conversion features upon next equity financing (share-settled redemption features), the additional interest feature and the term extension feature met the definition of a derivative and were not clearly and closely related to the host contract and required separate accounting. The Company also concluded that the conversion features did not represent beneficial conversion features.


At issuance, the Company estimated the fair value of the automatic and optional conversion features to be approximately $2.7 million. The Company’s fair value measurements are more fully described in (Note 7).


At issuance, the Company has concluded the fair value of the additional interest and term extension features was de minimis.


The terms of the convertible notes payable include certain restrictive covenants related to the Company’s ability to enter into certain transactions or agreements, pay dividends, or take other similar corporate actions.


During June 2020, the holders of the convertible notes executed amendments (the “Note Amendments”) to their respective convertible notes clarifying the planned Business Combination would qualify as a next financing, as defined in the respective convertible notes. The convertible notes would either automatically convert or convert at the holder’s option (the election of which was evidenced by entering into the Note Amendments) in connection with such next financing (in this case the Business Combination). The convertible notes would convert into shares of common stock at a conversion price equal to (i) the valuation of the Company established in connection with such next financing, divided by (ii) the total number of shares of capital stock of the Company (on a fully diluted and as-converted basis), as established in the original respective convertible notes. This conversion price would then be discounted based on the negotiated conversion discounts that were established in the noteholders’ original convertible notes. The amended terms of the Note Amendments were determined to be clarifications of the existing terms and did not result in substantially different terms. Accordingly, the Note Amendments were accounted for as modifications.


In connection with the reverse recapitalization discussed in Note 4, immediately prior to the closing of the Business Combination, the convertible notes, plus accrued paid-in-kind interest, totaling $26.8 million were converted into an aggregate of 2,336,235 shares of Legacy Hyliion common stock, which were then exchanged for an aggregate of 3,404,367 shares of the Company’s common stock on the Closing Date (see Note 4). In addition, the Company issued 1,000,000 shares of Legacy Hyliion common stock to a noteholder of the 2018 Note, Initial 2019 Notes, and January 2020 Note, with a grant date fair value of $10.00 per share in accordance with the Commercial Matters Agreement (see Note 15).


In connection with this conversion of the convertible notes, the Company recorded a loss on extinguishment of $10.2 million included within other income (expense) on the accompanying consolidated statements of operations.


Term Loan: During August 2020, the Company issued a term loan (the “Term Loan”) with a principal balance totaling $10.1 million that matured on the earlier of (i) December 15, 2020, (ii) the termination of the Business Combination or, (iii) the consummation of the Business Combination as provided in the Business Combination. In connection with the Term Loan, the Company paid $0.5 million of financing costs. The Term Loan bore interest at a rate equal to 6.5% plus the greater of (a) the Federal Funds rate plus 0.5%, (b) LIBOR Rate for a one-month interest period plus 1.0%, and (c) Prime Rate in effect on such day. While outstanding in 2020, the Term Loan bore interest at 8.5% per annum. The Term Loan plus accrued interest was repaid in full in October 2020.


Payroll Protection Program loan: During May 2020, the Company received loan proceeds in the amount of $0.9 million under the Payroll Protection Program (the “PPP”). The PPP was established as part of Coronavirus Aid, Relief, and Economic Security Act and provides for loans to qualifying businesses for amounts up to 2.5 times the average monthly payroll expenses of the business, subject to certain limitations. The loans and accrued interest are forgivable after eight weeks so long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and so long as the borrower maintains its pre-funding employment and wage levels. Although the Company used the PPP loan proceeds for purposes consistent with the provisions of the PPP and that such usage met the criteria established for forgiveness of the loan, the Company intends to repay the PPP loan plus accrued interest. The PPP loan matures in May 2022.


Finance Lease Obligations: The Company’s debt arising from finance lease obligations primarily relates to vehicles and equipment. See Note 10 for future maturities of finance lease obligations.
v3.21.4
Investments
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investments

Note 6. Investments


The amortized cost, unrealized gains and losses, and fair value of our investments at December 31, 2020 are summarized as follows:


      

Fair Value Measurements as of

December 31, 2020

 
   Amortized Cost   Gross
Unrealized
Gains		   Gross Unrealized Losses   Fair Value 
   (in thousands) 
Held-to-maturity investments                    
Treasury securities  $149,996   $        -   $(1)  $149,995 
Commercial paper   37,963    -    (15)   37,948 
Corporate bonds and notes   49,892    -    (63)   49,829 
                     
Total held-to-maturity investments  $237,851   $-   $(79)  $237,772 

   December 31, 2020 
   Amortized
Cost		   Fair Value 
   (in thousands) 
Due in one year or less  $201,881   $201,864 
Due after one year through five years   35,970    35,908 
           
Total held-to-maturity securities  $237,851   $237,772 

The Company did not have any investments at December 31, 2019.
v3.21.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 7. Fair Value Measurements – As Restated


The convertible notes payable derivative liabilities are considered a Level III measurement due to the utilization of significant unobservable inputs in the valuation. The Company utilized a scenario-based with and without valuation model to estimate the fair value of the embedded derivative features requiring bifurcation associated with the convertible notes payable at issuance, as of the December 31, 2019 reporting date, and upon the settlement of the convertible notes payable derivative liabilities in connection with the extinguishment accounting applied to the convertible notes payable (see Note 5). This valuation model is designed to utilize the Company’s best estimates of the timing and likelihood of the settlement events that are related to the embedded derivative features in order to estimate the fair value of the respective convertible notes with these embedded derivative features.


The fair value of the convertible notes with the derivative features is compared to the fair value of a plain vanilla note (excluding the derivative features), which is calculated based on the present value of the future cash flows. The difference between the two values represents the fair value of the bifurcated derivative features as of each respective valuation date.


The key inputs to the valuation models that were utilized to estimate the fair value of the convertible debt derivative liabilities include:


Input   October 1,
2020		   Issuance of
January
2020 Note
(January 2020)		   Issuance of
December
2019 Note
and
December 31,
2019		   Issuances of
Initial 2019
Notes
(July 2019)		   Issuances of
Initial 2019
Notes
(June 2019)		   Issuances of
Initial 2019
Notes
(February 2019)
                         
Probability-weighted conversion discount   2.5 - 50.0%   50.0%   23.9 - 50.0%   24.1%   24.4%   24.4%
Remaining term (years)   0.0 - 4.3   5.0   0.7 - 4.5   5.0   2.0   2.0
Equity volatility   NA   NA   63.0 - 71.0%   74.0%   78.0%   75.0%
Risk rate1    19.6 - 57.7%   50.0%   27.2 - 50.0%   29.0%   26.6%   34.2%
Probability of next financing event1    100.0%   70.0%   70.0%   50.0%   50.0%   50.0%
Timing of next financing event1    10/1/2020   9/30/2020   9/30/2020   3/31/2020   3/31/2020   9/30/2019
Probability of default event1   0.0%   30.0%   25.0 - 30.0%   50.0%   50.0%   50.0%
Timing of default event1   NA   9/30/2020   9/30/2020   3/31/2020   3/31/2020   9/30/2019
Probability of sale event1   0.0%   0.0%   0.0 - 5.0%   0.0%   0.0%   0.0%
Timing of sale event1   NA   NA   9/30/2020   NA   NA   NA
Negotiation discount1 2   0.0 - 0.1%   24.2%   21.7%   0.0%   0.0%   0.0%

1 Represents a Level III unobservable input

2 Based on the terms and provisions of the December 2019 and January 2020 Notes, the valuation model incorporated this additional assumption

The key inputs to the valuation models are defined as follows:


  ● The probability-weighted conversion discount is based on the contractual terms of the convertible note agreement and the expectation of the pre-money valuation of the Company as of the estimated date that the next equity financing event occurs.

  ● The remaining term was determined based on the remaining time period to maturity of the related convertible note with embedded features subject to valuation (as of the respective valuation date).

  ● The Company’s equity volatility estimate was based on the re-levered historical equity volatility of a selection of the Company’s comparable guideline public companies, based on the remaining term of the respective convertible notes.

  ● The risk rate was the discount rate utilized in the valuation and was determined based on reference to market yields for debt instruments with similar credit ratings and terms.

  ● The probabilities and timing of the next financing event and default event are based on management’s best estimate of the future settlement of the respective convertible notes.

  ● The negotiation discount utilized was calculated in order to further discount the specified instruments in order to agree to the principal value of the convertible notes at issuance. The utilization of the negotiation discount reflects the fact that there was a significant need for new investment and limited availability of market participants who have interest in making investments in such companies. The presence of the additional discount reflects the higher rate of return that these investors would seek in making such investments.

The convertible notes payable derivative liabilities were settled upon the conversion of the related convertible notes during the year ended December 31, 2020 (see Note 5). The following table shows the fair value measurements of the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2020 and 2019:


   Fair Value Measurements as of December 31,
2020		 
   Level I   Level II   Level III   Total 
Assets  (in thousands) 
Cash and cash equivalents  $389,705   $-   $    -   $389,705 
Held-to-maturity investments:                    
Treasury securities   -    149,995    -    149,995 
Commercial paper   -    37,948    -    37,948 
Corporate bonds and notes   -    49,829    -    49,829 
                     
Total Assets  $389,705   $237,772   $-   $627,477 

   Fair Value Measurements as of December 31,
2019		 
   Level I   Level II   Level III   Total 
Liabilities  (in thousands) 
Convertible notes payable derivative liabilities  $     -   $     -   $8,351   $8,351 
                     
Total Liabilities  $-   $-   $8,351   $8,351 

The following is a rollforward of the Company’s Level III instruments (in thousands):


Balance, December 31, 2018  $2,068 
Issuance of convertible notes payable derivative liabilities   7,428 
Fair value adjustments   (1,145)
      
Balance, December 31, 2019   8,351 
Issuance of convertible note payable derivative liability   2,656 
Fair value adjustments   1,358 
Settlement of convertible notes payable derivative liabilities   (12,365)
      
Balance, December 31, 2020  $- 
v3.21.4
Capital Structure
 12 Months Ended
Dec. 31, 2020
Partners' Capital Notes [Abstract]  
Capital Structure

Note 8. Capital Structure


As discussed in Note 1 and Note 4, on October 1, 2020, the Company consummated the Business Combination, which has been accounted for as a reverse recapitalization. Pursuant to the Certificate of Incorporation as amended on October 1, 2020 and as a result of the reverse recapitalization, the Company has retrospectively adjusted the Legacy Hyliion preferred shares and Legacy Hyliion common shares issued and outstanding prior to October 1, 2020 to give effect to the Exchange Ratio used to determine the number of shares of common stock of the combined entity into which they were converted.


Preferred Stock: The Company is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001 per share. The Company’s board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, option or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. As of December 31, 2020 and 2019, there were no shares of preferred stock issued and outstanding.


Common Stock: The Company is authorized to issue 250,000,000 shares of common stock with a par value of $0.0001 per share, of which 169,316,421 and 86,762,463 shares were issued and outstanding at December 31, 2020 and 2019, respectively.


The following shares of common stock are reserved for future issuance:


Stock options issued and outstanding   6,982,497 
Authorized for future grant under 2020 Equity Incentive Plan   12,937,713 
    19,920,210 

Warrants:


Public Warrants: On March 4, 2019, TortoiseCorp completed an initial public offering that included warrants for shares of common stock (the “Public Warrants”). Each Public Warrant entitles the holder to the right to purchase one share of common stock at an exercise price of $11.50 per share. No fractional shares will be issued upon exercise of the Public Warrants. The Company may elect to redeem the Public Warrants, in whole and not in part, at a price of $0.01 per Public Warrant if (i) 30 days’ prior written notice of redemption is provided to the holders, and (ii) the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders. Upon issuance of a redemption notice by the Company, the warrant holders have a period of 30 days to exercise for cash, or on a cashless basis. On the Closing Date, there were 11,650,458 Public Warrants issued and outstanding.


Private Placement Warrants: Simultaneous with TortoiseCorp’s initial public offering in March 2019, Tortoise Borrower purchased warrants at a purchase price of $1.00 per warrant in a private placement (the “Private Placement Warrants”). The Private Placement Warrants may not be redeemed by the Company so long as the Private Placement Warrants are held by the initial purchasers, or such purchasers’ permitted transferees. The Private Placement Warrants have terms and provisions identical to those of the Public Warrants, including as to exercise price, exercisability and exercise period, except if the Private Placement Warrants are held by someone other than the initial purchasers’ permitted transferees, then the Private Placement Warrants are redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. On the Closing Date, there were 6,660,183 Private Warrants issued and outstanding.


Forward Purchase Warrants: Simultaneous with the consummation of the Business Combination in October 2020, 875,000 Forward Purchase Warrants to purchase shares of common stock were issued in connection with the forward purchase agreement (See Note 4). The Forward Purchase Warrants have terms and provisions identical to those of the Public Warrants, including as to exercise price, exercisability and exercise period, except that the Forward Purchase Warrants are subject to transfer restrictions and certain registration rights.


Because the Company’s Warrants contain provisions whereby the settlement amount varies depending upon the characteristics of the warrant holder, all warrants were determined to have liability classification at issuance, and as such, were recorded at fair value as a warrant liability in the Company’s consolidated balance sheet at the date of the merger.


On November 30, 2020, the Company issued a notice of redemption of all its outstanding Public Warrants and Forward Purchase Warrants which was completed in December 2020. However, the Private Warrants held by the initial holders thereof or permitted transferees of the initial holders were not subject to this redemption. As of December 31, 2020, all outstanding Public Warrants and Forward Purchase Warrants were either exercised or redeemed by the holder. As of December 31, 2020, the Company’s transfer agent received gross proceeds of $140.8 million corresponding to the exercise of 15,786,127 warrants. However, due to the timing of the receipt of the warrant exercise and the cash, the Company’s transfer agent issued 15,414,592 shares of common stock as of December 31, 2020. The remaining 371,535 shares of common stock were issued in January 2021. Additionally, as of December 31, 2020, the Company’s transfer agent had not yet remitted $12.0 million of the gross proceeds associated with the shares of issued common stock to the Company and is included within prepaid expenses and other current assets on the accompanying consolidated balance sheets as of December 31, 2020. There were 281,065 warrants not exercised by the end of the redemption period that were redeemed for a price of $0.01 per warrant, and subsequently cancelled by the Company. The Company made the redemption payment on these cancelled warrants in January 2021. Certain holders of the warrants elected a cashless exercise, resulting in the forfeiture of 3,118,445 shares.
v3.21.4
Share-based Compensation
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Share-based Compensation

Note 9. Share-based Compensation


2016 Equity Incentive Plan


For periods prior to the reverse recapitalization (See Note 4), the Hyliion Inc. 2016 Equity Incentive Plan (the “2016 Plan”), as amended in August 2017 and approved by the board of directors (the “Board”), permitted the granting of various awards including stock options (including both nonqualified options and incentive options), stock appreciation rights (“SARs”), stock awards, phantom stock units, performance awards, and other share-based awards to employees, outside directors and consultants and advisors of the Company. Only stock options have been awarded to employees, consultants and advisors under the 2016 Plan.


Legacy Options converted into an option to purchase a number of shares of common stock equal to the product of the number of shares of Legacy Hyliion common stock and the Exchange Ratio at an exercise price per share equal to the exercise price of the Legacy Option divided by the Exchange Ratio. Each exchanged option is governed by the same terms and conditions applicable to the Legacy Option prior to the Business Combination. No further grants can be made under the 2016 Plan.


The option exercise price for all grantees equals the stock’s estimated fair value on the date of the grant, after giving effect to the Exchange Ratio. The Board determined the fair value of common stock at the time of grant by considering a number of objective and subjective factors, including independent third-party valuations of the Company’s common stock, operating and financial performance, the lack of liquidity of capital stock, and general and industry-specific economic outlook, amongst other factors. The Company believes the fair value of the stock options granted to nonemployees is more readily determinable than the fair value of the services received.


The fair value of each option is estimated on the date of the grant using the Black-Scholes option-pricing model in order to measure the compensation cost associated with the award. This model incorporates certain assumptions for inputs including an expected volatility in the market value of the underlying common stock, expected term, a risk-free interest rate, and the expected dividend yield of the underlying common stock.


The following assumptions were used for options issued in the following periods:


   Years Ended December 31, 
   2020   2019 
         
Expected volatility   70.0%   70.0% 
Expected term (in years)   6.1    6.1 - 10 
Risk-free interest rate   1.7%   1.4 - 3.0% 
Expected dividend yield   0.0%    0.0% 

  ● Expected volatility: The expected volatility was determined by examining the historical volatilities of a group of industry peers, as the Company did not have any trading history for the Company’s common stock.

  ● Expected term: For employees, the expected term is determined using the “simplified” method, as prescribed by the SEC’s Staff Accounting Bulletin No. 107, Share-Based Payment, to estimate on a formula basis the expected term of the Company’s employee stock options which are considered to have “plain vanilla” characteristics. For nonemployees, the expected term represents the contractual term of the option.

●Risk-free interest rate: The risk-free interest rate was based upon quoted market yields for the United States Treasury instruments with terms that were consistent with the expected term of the Company’s stock options.

●Expected dividend yield: The expected dividend yield was based on the Company’s history and management’s current expectation regarding future dividends.

Employee and nonemployee stock options generally vest over four years, with a maximum term of ten years from the date of grant. These awards become available to the recipient upon the satisfaction of a vesting condition based on a period of service, which may be accelerated at the discretion of the Board. Share-based compensation expense is recognized on a straight-line basis over the applicable vesting period.


A summary of the status of the 2016 Plan at December 31, 2020 and 2019, and changes during the same periods is presented below:


Options  Shares   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term 
             
Outstanding at December 31, 2018   5,508,031   $0.11    8.7 
Granted   3,213,131    0.16      
Exercised   (418,033)   0.14      
Cancelled or forfeited   (1,715,847)   0.13      
                
Outstanding at December 31, 2019   6,587,282    0.13    8.2 
Granted   2,797,828    0.23      
Exercised   (1,112,960)   0.11      
Cancelled or forfeited   (1,289,653)   0.19      
                
Outstanding at December 31, 2020   6,982,497   $0.16    7.8 
                
Exercisable at December 31, 2019   2,482,987   $0.10    7.2 
                
Exercisable at December 31, 2020   3,851,486   $0.13    7.1 

As of December 31, 2020, the options outstanding and exercisable have an intrinsic value of $113.8 million and $62.8 million, respectively. There were no options with an exercise price greater than the market price on December 31, 2020 to exclude from the intrinsic value computation. The intrinsic value of options exercised during the years ended December 31, 2020 and 2019 was $18.4 million and less than $0.1 million, respectively.


Share-based compensation expense for the years ended December 31, 2020 and 2019 was $0.3 million and $0.1 million, respectively. As of December 31, 2020, there was $0.4 million of unrecognized compensation cost related to share-based payments, which is expected to be recognized over the remaining vesting periods, with a weighted-average period of 2.6 years.


2020 Equity Incentive Plan


On October 1, 2020, the Company’s shareholders approved a new long-term incentive award plan (the “2020 Plan”) in connection with the Business Combination. The 2020 Plan is administered by the Board and the compensation committee. The selection of participants, allotment of shares, determination of price and other conditions are approved by the Board and the compensation committee at its sole discretion in order to attract and retain personnel instrumental to the success of the Company. Under the 2020 Plan, the Company may grant an aggregate of 12,937,713 shares of common stock in the form of nonstatutory stock options, incentive stock options, SARs, restricted stock awards, performance awards, and other awards. No grants have been authorized to date by the Company’s Board and the compensation committee under the 2020 Plan.
v3.21.4
Leases
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases

Note 10. Leases


The Company has operating and finance leases for its corporate office, temporary office, vehicles and equipment. In addition, the Company enters into arrangements whereby portions of the leased premises are subleased to third parties and are classified as operating leases. The following table provides a summary of the components of lease income, costs and rent, which are included within research and development and selling, general and administrative on the accompanying consolidated statements of operations:


  

Years Ended December 31,

 
   2020   2019 
   (in thousands) 
Operating lease costs:        
Operating lease cost  $1,389   $1,908 
Short-term lease cost   42    4 
Variable lease cost   (14)   (140)
Sublessor income   (326)   (421)
           
Total operating lease costs  $1,091   $1,351 
           
Finance lease costs:          
Amortization of right-of-use assets  $112   $112 
Interest on lease liabilities   21    50 
           
Total finance lease costs  $133   $162 

Finance lease ROU assets were $0.3 million and $0.7 million as of December 31, 2020 and 2019 and accumulated amortization was $0.1 million and $0.2 million as of December 31, 2020 and 2019, respectively.


The following table provides the weighted-average lease terms and discount rates used for the Company’s operating and finance leases:


   December 31,
2020		 
Weighted-average remaining lease term (in years):    
Operating leases   5.0 
Finance leases   0.3 
      
Weighted-average discount rate:     
Operating leases   9.9%
Finance leases   14.2%

The following table provides a summary of lease liability maturities for the next five years and thereafter:


   Operating   Finance 
   Leases   Leases 
   (in thousands) 
2021  $1,269   $49 
2022   1,441    - 
2023   1,484    - 
2024   1,529    - 
2025   1,575    - 
Thereafter   133    - 
           
Total lease payments   7,431    49 
Less:  Imputed interest   (1,621)   - 
           
Total lease obligations  $5,810   $49 
v3.21.4
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

Note 11. Property and Equipment, net


Property and equipment, net consisted of the following at December 31, 2020 and 2019:


   December 31, 
   2020   2019 
   (in thousands) 
Production machinery and equipment  $1,751   $1,751 
Vehicles   712    727 
Leasehold improvements   749    670 
Demo fleet systems   263    263 
Office furniture and fixtures   64    28 
Computers and related equipment   195    24 
           
    3,734    3,463 
           
Less accumulated depreciation   (2,563)   (1,828)
           
Property and equipment, net  $1,171   $1,635 

Depreciation expense for the years ended December 31, 2020 and 2019 totaled approximately $0.8 million and $0.9 million, respectively. For the year ended December 31, 2020, less than $0.1 million and $0.7 million is included within selling, general and administrative expenses and research and development expenses on the accompanying consolidated statements of operations, respectively. For the year ended December 31, 2019, $0.1 million and $0.8 million is included within selling, general and administrative expenses and research and development expenses on the accompanying consolidated statements of operations, respectively.
v3.21.4
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets, net

Note 12. Intangible assets, net


The gross carrying amount and accumulated amortization of separately identifiable intangible assets at December 31, 2020 and 2019 are as follows:


      December 31, 2020
Intangible Asset  Useful Life  Weighted Average Remaining Life  Gross Carrying Value   Accumulated Amortization   Net 
         (in thousands) 
Developed technology  6 years  3.4 years  $578   $(247)  $331 
Non-compete  3 years  0.4 years   5    (4)   1 
                      
         $583   $(251)  $332 

   December 31, 2019 
Intangible Asset  Gross
Carrying
Value		   Accumulated
Amortization		   Net 
   (in thousands) 
Developed technology  $578   $(151)  $427 
Non-compete   5    (3)   2 
                
   $583   $(154)  $429 

Total amortization expense was $0.1 million for each of the years ended December 31, 2020 and 2019 and is included within selling, general and administrative expenses on the accompanying consolidated statements of operations.


Total future amortization expense for the finite-lived intangible assets is estimated as follows (in thousands):


2021  $97 
2022   97 
2023   97 
2024   41 
      
   $332 
v3.21.4
Accrued Expenses and Other Current Liabilities
 12 Months Ended
Dec. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]  
Accrued Expenses and Other Current Liabilities

Note 13. Accrued Expenses and Other Current Liabilities – As Restated


Accrued expenses and other current liabilities consisted of the following at December 31, 2020 and 2019:


   December 31, 
   2020
as restated		   2019 
   (in thousands) 
Accrued professional services  $1,032   $120 
Accrued compensation and related benefits   615    - 
Refundable grant   175    175 
Accrued liability for warrants exercised but not settled   4,282    - 
Other accrued liabilities   160    205 
           
   $6,264   $500 

The accrued liability totaling $4.3 million for warrants exercised but not settled represents all warrants that were exercised as of December 31, 2020 under broker protects resulting in cash collection and share issuance being delayed until January 4, 2021.
v3.21.4
Income Taxes
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

Note 14. Income Taxes – As Restated


The income tax provision consists of the following:


  

Years Ended December 31,

 
   2020   2019 
   (in thousands) 
Current tax expense (benefit):        
Federal  $-   $- 
State   -    - 
           
Total current tax expense  $-   $- 
           
Deferred tax expense (benefit):          
Federal  $(8,952)  $(2,788)
State   (291)   - 
Valuation allowance   9,243    2,788 
           
Total deferred tax expense (benefit)  $-   $- 

The components of deferred taxes as of December 31, 2020 and 2019 are as follows:


  

Years Ended December 31,

 
   2020   2019 
   (in thousands) 
Deferred tax assets:        
Federal net operating loss carryforwards  $17,265   $9,083 
State net operating loss carryforwards   984    825 
Operating lease obligation   1,009    1,209 
R&D tax credit   481    - 
Other   224    - 
Property and equipment, net   29    - 
Total deferred tax assets   19,992    11,117 
           
Deferred tax liabilities:          
Operating lease right of use asset, net   854    1,045 
Intangible assets, net   70    90 
Property and equipment, net   -    18 
Other   -    139 
Total deferred tax liabilities   924    1,292 
           
Total net deferred tax assets (liabilities)   19,068    9,825 
           
Less valuation allowance   (19,068)   (9,825)
           
Net deferred tax assets (liabilities)  $-   $- 

The reconciliation of taxes at the federal statutory rate to the Company’s provision for income taxes for the years ended December 31, 2020, and 2019 was as follows: 


   Years Ended December 31, 
   2020
as restated		   2019 
   (in thousands) 
Provision at statutory rate of 21%  $68,069   $(2,964)
Non-deductible convertible debt interest expense   227    152 
Non-deductible gain related to warrant conversions   (76,293)     
State tax expense   (158)     
Stock options   54    15 
Transaction costs   (2,947)   - 
Shares issued in connection with Commercial Matters Agreement (see Notes 4, 5, and 15)   2,100    - 
Other   (102)   9 
R&D tax credit   (193)   - 
Change in valuation allowance   9,243    2,788 
           
   $-   $- 

The net change in the total valuation allowance for the year ended December 31, 2020, was an increase of $9.2 million, (compared to an increase of $2.8 million in 2019). In assessing the realizability of deferred tax assets, management considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considered the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences at December 31, 2020.


The Company has federal net operating loss carryforwards of approximately $82.2 million and $43.3 million at December 31, 2020 and 2019, respectively. $10.5 million of this amount will begin to expire in 2036. The remaining $71.7 million has an indefinite carryforward period. The Company also has state net operating loss carryforwards of approximately $12.5 million and $10.5 million at December 31, 2020 and 2019. They will expire beginning in 2036. The Company also has R&D credits of $0.3 million that begin to expire in 2037. The Company’s ability to utilize a portion of its net operating loss carryforwards and credits to offset future taxable income, and tax, respectively, is subject to certain limitations under section 382 of the Internal Revenue Code upon changes in equity ownership of the Company. Due to such limitation, $2.0 million of the Company’s net operating loss and less than $0.1 million of the Company’s R&D credits will expire unused, regardless of taxable income in future years.


The Company files a United States federal income tax return, as well as income tax returns in various states. The tax returns for years 2016 and thereafter remain open for examination. 
v3.21.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 15. Commitments and Contingencies


Economic Incentive Agreement: During 2018, the Company entered into an agreement with the Cedar Park Economic Development Corporation (EDC), whereby the Company will receive grants from the EDC contingent upon the Company fulfilling and maintaining certain corporate office lease and employment requirements. The specified requirements must be met on or before specific measurement dates and maintained throughout the term of the agreement, which expires effective December 31, 2024.


Should the Company fail to meet and maintain any performance requirements, all amounts received from the EDC are subject to refund. During 2018, the Company achieved the first performance requirement and received a payment of $0.2 million. During 2019, the Company continued maintaining the employment level of the first performance requirement but failed to meet the second performance requirement. As a result, the Company did not receive any additional grant funding in 2019, the agreement is subject to termination by the EDC and all amounts received are subject to refund.


As the terms of the EDC grant agreement require the Company to meet and maintain all of the performance requirements throughout the term of the agreement, the Company has not substantially met all the conditions for the grant funding received. Accordingly, the grant funding of $0.2 million received in 2018 is recorded as part of accrued expenses and other current liabilities as of December 31, 2020 and 2019 and will continue to be reflected as a currently liability until all related performance requirements have been met through the end of the agreement on December 31, 2024.


Under the agreement, the EDC has the right to file a security interest to all assets of the Company. This security interest is subordinate to the holders of the convertible notes payable with security interests.


Preferred Sourcing Arrangement and Commercial Matters Agreement: During 2018, the Company entered into a preferred sourcing arrangement, as amended (the “PSA”), with a noteholder of the 2018 Note, Initial 2019 Notes, and January 2020 Note (the “PSA Partner”). Under the terms of the PSA, so long as the PSA Partner is one of the Company’s stockholders or debtholders and for a period of five years following a change of control affecting the Company, the Company will treat the PSA Partner as the Company’s preferred source for any products that the PSA Partner manufactures or sells in preference to other competing products as long as the PSA Partner’s products meet the technical criteria established by the Company and on reasonably competitive terms. Under the PSA, the Company is allowed to purchase competing products upon the request of any customer.


In June 2020 and in conjunction with the Business Combination, the Company entered into a Commercial Matters Agreement with the PSA Partner pursuant to which, among other things, contingent and effective upon the execution of the Business Combination, the Company issued to the PSA Partner $10.0 million worth of Legacy Hyliion’s Common Stock, immediately prior to the effective time of the merger in consideration for the Note Amendments and for any future services to be provided pursuant to the terms of a services agreement to provide engineering or operational services to the Company that was entered into in June 2020. The terms of the services agreement are yet to, and may ultimately not, be negotiated and the PSA Partner is under no obligation to enter into such services agreement.


As a result, immediately prior to the consummation of the Business Combination discussed in Note 4, the Company issued 1,000,000 shares of Legacy Hyliion common stock with a fair value of $10.00 per share in exchange for future services to the Company.


Legal Proceedings: The Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment and other matters. Management believes that the outcome of such legal proceedings, legal actions and claims will not have a significant adverse effect on the Company’s financial position, results of operations or cash flows.
v3.21.4
Net Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share

Note 16. Net Income (Loss) Per Share – As Restated


As a result of the reverse recapitalization (see Note 4), the Company has retroactively adjusted the weighted average shares outstanding prior to October 1, 2020 to give effect to the Exchange Ratio used to determine the number of shares of common stock into which they were converted.


The following table sets forth the computation of basic and diluted net income (loss) per share of common stock for the years ended December 31, 2020, and 2019:


   Years Ended December 31, 
   2020 as restated   2019 
   (in thousands, except share and per share data) 
Numerator:        
         
Net income (loss) attributable to common stockholders - basic  $324,117   $(14,113)
Less: gain from change in fair value of warrant liabilities   (363,299)   - 
Net loss attributable to common shareholders – diluted  $(39,182)  $(14,113)
           
Denominator:          
           
Weighted average shares outstanding, basic   104,324,059    86,643,714 
Weighted average shares outstanding, diluted   112,570,960    86,643,714 
           
Net income (loss) per share, basic  $3.11   $(0.16)
Net loss per share, diluted  $(0.35)  $(0.16)

The Company included the following weighted average potential common shares in the computation of diluted net income per share for the years ended December 31, 2020, but not for the years ended December 31, 2019 because including them would have had an anti-dilutive effect:


   Years Ended December 31, 
   2020 as restated   2019 
         
Stock options, including incentive stock options and non-qualified   6,326,479    3,772,368 
Common shares issuable from the exercise of warrants   1,920,426    - 
           
           
Total   8,246,905    3,772,368 
v3.21.4
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information

Note 17. Supplemental Cash Flow Information


The following table provides supplemental cash flow information for the years ended December 31, 2020 and 2019:


   Years Ended December 31, 
   2020   2019 
   (in thousands) 
Cash paid for interest  $(144)  $(53)
           
Cash paid for taxes  $-   $- 
           
Cash paid for amounts included in the measurement of lease liabilities:          
           
Operating cash flows from operating leases  $(1,446)  $(1,255)
           
Operating cash flows from finance leases  $(29)  $(50)
           
Right-of-use assets obtained in exchange for lease obligations  $1,007   $21 

The following table provides supplemental disclosures of noncash financing activities for the year ended December 31, 2020 and 2019:


   Years Ended December 31, 
   2020   2019 
   (in thousands) 
Warrants exercised where proceeds are included within prepaid expenses and other current assets  $11,978   $- 
           
Settlement of convertible notes payable and convertible note payable derivative liabilities  $44,039   $- 
           
Redemption of unexercised warrants included within prepaid expenses and other current assets  $(3)  $- 
v3.21.4
Retirement Plan
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Retirement Plan

Note 18. Retirement Plan


The Company has adopted a 401(k) plan to provide all eligible employees a means to accumulate retirement savings on a tax-advantaged basis. The 401(k) plan requires participants to be at least 20 years old. Plan participants may make before tax elective contributions up to the maximum percentage of compensation and dollar amount allowed under the Internal Revenue Code and are always 100% vested in their elective contributions. The Company makes discretionary employer contributions at its election. Plan participants must be employed on the last day of the year to be eligible for the employer match. Participants may defer specified portions of their compensation. The Company did not provide a match of the employee’s contribution for the years ended December 31, 2020 and 2019.
v3.21.4
Accounting Policies, by Policy (Policies)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Emerging Growth Company

Emerging Growth Company: Section 102(b)(1) of the Jumpstart Our Business Startups Act (“JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard, until such time the Company is no longer considered to be an emerging growth company. At times, the Company may elect to early adopt a new or revised standard.
Use of estimates and uncertainty of the coronavirus pandemic

Use of estimates and uncertainty of the coronavirus pandemic: The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the balance sheet date, as well as reported amounts of expenses during the reporting period. The Company’s most significant estimates and judgments involve valuation of share-based compensation, including the fair value of common stock prior to the Business Combination, and the valuation of the convertible notes payable derivative liability. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates, and such differences could be material to the Company’s consolidated financial statements.


On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 11, 2020, declared the coronavirus outbreak a pandemic. In mid-March 2020, U.S. State Governors, local officials and leaders outside of the U.S. began ordering various “shelter-in-place” orders, which have had various impacts on the U.S. and global economies. This has required greater use of estimates and assumptions in the preparation of the unaudited consolidated financial statements.


As the coronavirus pandemic continues to evolve, the Company believes the extent of the impact to its businesses, operating results, cash flows, liquidity and financial condition will be primarily driven by the severity and duration of the coronavirus pandemic, the pandemic’s impact on the U.S. and global economies and the timing, scope and effectiveness of federal, state and local governmental responses to the pandemic. Those primary drivers are beyond the Company’s knowledge and control, and as a result, at this time the Company is unable to predict the cumulative impact, both in terms of severity and duration, that the coronavirus pandemic will have on its business, operating results, cash flows and financial condition, but it could be material if the current circumstances continue to exist for a prolonged period. Although the Company has made its best estimates based upon current information, actual results could materially differ from the estimates and assumptions developed by management. If so, the Company may be subject to future impairment charges as well as changes to recorded reserves and valuations.
Segment information

Segment information: ASC 280, Segment Reporting, defines operating segments as components of an enterprise where discrete financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company operates as a single operating segment. The Company’s chief operating decision maker (“CODM”) is the chief executive officer, who has ultimate responsibility for the operating performance of the Company and the allocation of resources. The CODM uses cash flows as the primary measure to manage the business and does not segment the business for internal reporting or decision making.
Concentration of supplier risk

Concentration of supplier risk: The Company is dependent on certain suppliers, the majority of which are single source suppliers, and the inability of these suppliers to deliver necessary components of the Company’s products in a timely manner at prices, quality levels and volumes that are acceptable, or the Company’s inability to efficiently manage these components from these suppliers, could have a material adverse effect on the Company’s business, prospects, financial condition and operating results.
Cash and cash equivalents

Cash and cash equivalents: The Company considers all highly liquid investments with a maturity date of 90 days or less at the time of purchase to be cash and cash equivalents only if in checking, savings or money market accounts. Cash and cash equivalents include cash held in banks and money market accounts. Cash equivalents are carried at cost, which approximates fair value.  


The Company maintains cash in excess of federally insured limits at financial institutions. The Company makes such deposits with entities it believes are of high credit quality and has not incurred any losses related to these balances to date. Management believes its credit risk, with respect to the financial institutions to be minimal.
Accounts receivable

Accounts receivable: Accounts receivable are stated at a gross invoice amount, net of an allowance for doubtful accounts. The allowance for doubtful accounts is maintained at a level considered adequate to provide for potential account losses on the balance based on management’s evaluation of the anticipated impact of current economic conditions, changes in the character and size of the balance, past and expected future loss experience, among other pertinent factors. As of December 31, 2020 and 2019, there was no allowance for doubtful accounts required based on management’s evaluation.
Investments

Investments: The Company’s investments consist of corporate bonds, treasury securities and commercial paper, all of which are classified as held-to-maturity, with a maturity date of 36-months or less at the time of purchase. Management determines the appropriate classification of investments at the time of purchase and re-evaluates such designation as of each balance sheet date. Investments are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is included in investment income. Interest on securities classified as held-to-maturity is included in investment income.


The Company uses the specific identification method to determine the cost basis of securities sold.


Investments are impaired when a decline in fair value is judged to be other-than-temporary. The Company evaluates an investment for impairment by considering the length of time and extent to which market value has been less than cost or amortized cost, the financial condition and near-term prospects of the issuer as well as specific events or circumstances that may influence the operations of the issuer and the Company’s intent to sell the security or the likelihood that it will be required to sell the security before recovery of the entire amortized cost. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income (expense) and a new costs basis in the investment is established.
Fair value measurements

Fair value measurements: ASC 820, Fair Value Measurements, clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:


Level I: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company can access at the measurement date.


Level II: Significant other observable inputs other than level I prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data.


Level III: Significant unobservable inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.


An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.


Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques noted in ASC 820:


  ● Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

  ● Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost).

  ● Income approach: Techniques to convert future amounts to a single present value amount based upon market expectations (including present value techniques, option pricing and excess earnings models)

The Company believes its valuation methods are appropriate and consistent with other market participants, however the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.


The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, investments, accounts payable, accrued expenses, contingent consideration liability, convertible notes payable derivative liability, warrant liabilities, and convertible notes payable. The carrying value of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximates fair value because of the short-term nature of those instruments. We estimate the fair value of our convertible notes payable using Level II and Level III inputs by discounting the future cash flows using current interest rates at which we could obtain similar borrowings in consideration of the estimated enterprise value of the Company. The fair value of corporate bonds, treasury securities and commercial paper are based on quoted prices for identical or similar instruments in markets that are not active. As a result, corporate bonds, treasury securities and commercial paper are classified within Level II of the fair value hierarchy. The fair value of the   Company’s public warrant liabilities are based on Level I inputs, while the fair value of the private warrants is determined using the trading price of the public warrants, a Level II input.


The Company’s assets and liabilities that are measured at fair value on a recurring basis include the Company’s contingent consideration liability, warrant liabilities, and convertible notes payable derivative liabilities (See Note 5).
Prepaid expenses and other current assets

Prepaid expenses and other current assets: Prepaid expenses and other current assets include prepaid insurance, prepaid rent, supplies, and amounts owed to the Company from the Company’s transfer agent (see Note 8) which are expected to be recognized, received or realized within the next 12 months.
Property and equipment, net

Property and equipment, net: Property and equipment, net is stated at cost less accumulated depreciation, or if acquired in a business combination, at fair value as of the date of acquisition. Depreciation is calculated using the straight-line method, based upon the following estimated useful lives:


Production machinery and equipment  2 to 7 years
Vehicles  3 to 7 years
Leasehold improvements  shorter of lease term or 7 years
Demo fleet systems  2 to 3 years
Furniture and fixtures  3 years
Computers and related equipment  3 to 7 years

Major renewals and improvements are capitalized, while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed as incurred. When property and equipment is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss on the disposition is recorded in the consolidated statement of operations as a component of other (expense) income.
Intangible assets, net

Intangible assets, net: Intangible assets consist of developed technology and a non-compete agreement and are amortized over their estimated useful life which range from three to six years.
Impairment of long-lived assets

Impairment of long-lived assets: The Company reviews long-lived assets, including property and equipment and intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that an asset group’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with ASC 360-10, Impairment or Disposal of Long-Lived Assets, which requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset group is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value.
Revenue

Revenue: The Company follows the five steps to recognize revenue from contracts with customers under ASC 606, Revenue from Contracts with Customers (“ASC 606”), which are:


  ● Step 1: Identify the contract(s) with a customer

  ● Step 2: Identify the performance obligations in the contract

  ● Step 3: Determine the transaction price

  ● Step 4: Allocate the transaction price to the performance obligations in the contract

  ● Step 5: Recognize revenue when (or as) a performance obligation is satisfied

The Company intends to generate revenue from the sale of its hybrid and electrified drive systems for the long haul “Class 8” semi-tractors. However, since the Company is still in the pre-commercialization stage, it has not generated revenue from the sale of the products.


The Company did not enter into any agreement that meets the definition of a contract with a customer that would be accounted for under ASC 606 through December 31, 2020.
Leases

Leases:


Lessee: The Company determines if an arrangement is a lease at inception of the contract. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and operating lease liabilities, net of current portion in the accompanying consolidated balance sheets. Finance leases are included in property and equipment, net, current portion of long-term debt, and long-term debt, net of current portion in the accompanying consolidated balance sheets.


ROU assets represent the Company’s right to use underlying assets for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate the present value for lease payments is the Company’s incremental borrowing rate, which is determined based on information available at lease commencement and is equal to the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term in an amount equal to the lease payments in a similar economic environment. The Company uses the implicit rate when readily determinable.


The Company has entered into operating leases for corporate offices having initial lease terms of one to eight years. The Company has entered into finance leases primarily for vehicles and equipment, having initial terms of three years.


The Company’s real estate leases may include one or more options to renew, with the renewal extending the lease term for an additional one to five years. The exercise of lease renewal option is at the Company’s sole discretion. In general, the Company does not consider renewal option to be reasonably likely to be exercised, therefore renewal option are generally not recognized as part of the ROU assets and lease liabilities. Lease costs for lease payments are recognized on a straight-line basis over the lease term, unless there is a transfer of title or purchase option reasonably certain to be exercised. The Company does not record operating leases with an initial term of twelve months or less (“short-term leases”) in the consolidated balance sheets.


The Company’s vehicle and equipment leases may include transfer rights or options to purchase at the end of the lease that the Company is reasonably certain to exercise. Interest expense is recognized using the effective interest rate method, and the ROU asset is amortized over the useful life of the underlying asset.


Lessor: The Company also enters into arrangements whereby space within the real estate is subleased. At the lease commencement date these subleases are recognized as operating leases. Operating leases are recognized on a straight-line basis over the lease term.


The Company has entered into various trial and evaluation agreements that contain an operating lease component that is within the scope of ASC 842, Leases (“ASC 842”). These agreements also contain non-lease components related to certain stand-ready services where control transfers over time over the same period and based on the same pattern as the lease component. Because the Company has determined the lease component is the most predominant component of the arrangement and the timing and pattern of transfer for the lease and non-lease components associated with the lease component are the same, the Company has decided to elect the practical expedient not to separate the lease and non-lease component and accounts for the entire arrangement under ASC 842.


The trial and evaluation agreements contain only variable payments not based on an index or rate as a result of refund provisions within those contracts. The Company records accounts receivable when the Company meets the criteria within the trial and evaluation agreements to invoice the lessee. In accordance with ASC 842, the Company recognizes variable lease payments as profit or loss in the period in which the changes in facts and circumstances on which the variable lease payments are based occur, which will generally be the end of the trial period when the customer refund rights lapse. During the years ended December 31, 2020 and 2019, the Company has not recognized any lease income related to these trial and evaluation agreements either because the Company has not received any consideration from the lease contracts, or the uncertainty related to the consideration received has not been resolved.


Certain of the Company’s lessee and lessor lease agreements contain both lease and non-lease components, which are generally accounted for as a single lease component. Additionally, for certain vehicle leases, we apply a portfolio approach to effectively account for the finance lease ROU assets and liabilities.
Income taxes

Income taxes: The Company accounts for income taxes in accordance with ASC 740, Income Taxes, under which deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.


Due to the Company’s history of losses since inception, the net deferred tax assets have been fully offset by a valuation allowance as of December 31, 2020 and 2019. Uncertain tax positions taken or expected to be taken in a tax return are accounted for using the more likely than not threshold for financial statement recognition and measurement. For the years ended December 31, 2020 and 2019, there were no uncertain tax positions taken or expected to be taken in the Company’s tax returns.
Share-based compensation

Share-based compensation: The Company accounts for share-based compensation in accordance with ASC 718, Compensation – Stock Compensation, under which shared based payments that involve the issuance of common stock to employees and nonemployees and meet the criteria for equity-classified awards are recognized in the financial statements as share-based compensation expense based on the fair value on the date of grant. The Company issues stock option awards and restricted stock awards to employees and nonemployees.


The Company utilizes the Black-Scholes model to determine the fair value of the stock option awards, which requires the input of subjective assumptions. These assumptions include estimating (a) the length of time grantees will retain their vested stock options before exercising them for employees and the contractual term of the option for nonemployees (“expected term”), (b) the volatility of the Company’s common stock price over the expected term, (c) expected dividends, and (d) the fair value of a share of common stock prior to the Business Combination. After the closing of the Business Combination, the Company’s board of directors determined the fair value of each share of common stock underlying stock-based awards based on the closing price of the Company’s common stock as reported by the NYSE on the date of grant. The Company has elected to recognize the adjustment to share-based compensation expense in the period in which forfeitures occur.


The assumptions used in the Black-Scholes model are management’s best estimates, but the estimates involve inherent uncertainties and the application of management judgment (see Note 9). As a result, if other assumptions had been used, the recorded share-based compensation expense could have been materially different from that depicted in the financial statements.
Research and development expense

Research and development expense: Research and development costs did not meet the requirements to be recognized as an asset as the associated future benefits were at best uncertain and there was no alternative future use at the time the costs were incurred. Research and development costs include, but are not limited to, outsourced engineering services, allocated facilities costs, depreciation on equipment utilized in research and development activities, internal engineering and development expenses, materials, and employee related expenses (including salaries, benefits, travel, and share-based compensation) related to development of the Company’s products and services.
Net income (loss) per share

Net income (loss) per share: Basic earnings (loss) per share (“EPS”) are computed by dividing net income (loss) (the numerator) by the weighted average number of common shares outstanding for the period (the denominator). Diluted EPS attributable to common shareholders is computed by adjusting net income (loss) by the weighted average number of common shares and potential common shares outstanding (if dilutive) during each period. Potential common shares include shares issuable upon exercise of stock options and vesting of restricted stock awards (see Note 9). The number of potential common shares outstanding are calculated using the treasury stock or if-converted method.
Recent accounting pronouncements issued, not yet adopted

Recent accounting pronouncements issued, not yet adopted:


In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments, which, together with subsequent amendments, amends the requirement on the measurement and recognition of expected credit losses for financial assets held to replace the incurred loss model for financial assets measured at amortized cost and require entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 is effective for the Company beginning January 1, 2023, with early adoption permitted. The Company is currently in the process of evaluating the effects of this pronouncement on the Company’s financial statements and does not expect it to have a material impact on the consolidated financial statements.


In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. ASU 2019-12 is effective for the Company beginning January 1, 2021, with early adoption permitted. The Company is currently in the process of evaluating the effects of this pronouncement on the Company’s financial statements and does not expect it to have a material impact on the financial statements.
v3.21.4
Restatement of Previously Issued Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule of the restatement on each financial statement
   For the Year Ended 
   December 31, 2020 
   As Reported   Restatement
Impact		   As Restated 
Consolidated Statement of Operations:            
Change in fair value of warrant liabilities  $—   $363,299   $363,299 
Net income (loss)  $(39,182)  $363,299   $324,117 
Earnings (loss) per share:               
Basic  $(0.38)  $3.49   $3.11 
Earnings (loss) per share, diluted  $2.93   $(3.28)  $(0.35)
Weighted-average shares outstanding, diluted   110,696,489    1,874,471    112,570,960 
   As of 
   December 31, 2020 
   As Reported   Restatement
Impact		   As Restated 
Consolidated Balance Sheets:            
Prepaid expenses and other current assets  $16,408   $4,282   $20,690 
Total current assets  $608,086   $4,282   $612,368 
Total assets  $650,807   $4,282   $655,089 
Warrant liabilities  $—   $—   $— 
Accrued expenses and other current liabilities  $1,982   $4,282   $6,264 
Total current liabilities  $4,655   $4,282   $8,937 
Total liabilities  $10,639   $4,282   $14,921 
Common Stock  $17   $2   $19 
Additional paid-in-capital  $728,299   $(363,301)  $364,998 
Accumulated earnings  $(88,148)  $363,299   $275,151 
Total equity (deficit)  $640,168   $—   $640,168 
   As of 
   December 31, 2020 
   As Reported   Restatement
Impact		   As Restated 
Consolidated Statement of Stockholders’ Equity (Deficit):            
Common Stock Par Value  $17   $2   $19 
Additional paid-in-capital  $728,299   $(363,301)  $364,998 
Accumulated earnings  $(88,148)  $363,299   $275,151 
   For the Year Ended 
   December 31, 2020 
   As Reported   Restatement
Impact		   As Restated 
Consolidated Statement of Cash Flow:            
Net income (loss)  $(39,182)  $363,299   $324,117 
Change in fair value of warrant liability  $—   $(363,299)  $(363,299)
v3.21.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of property and equipment
Production machinery and equipment  2 to 7 years
Vehicles  3 to 7 years
Leasehold improvements  shorter of lease term or 7 years
Demo fleet systems  2 to 3 years
Furniture and fixtures  3 years
Computers and related equipment  3 to 7 years
v3.21.4
Reverse Recapitalization (Tables)
 12 Months Ended
Dec. 31, 2020
Reverse Recapitalization [Abstract]  
Schedule of business combination to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’ equity (deficit)
Cash - TortoiseCorp’s trust and cash (net of redemption)  $236,484 
Cash - PIPE   307,500 
Cash - forward purchase units   17,500 
Less: transaction costs and advisory fees paid   (45,030)
Net Business Combination and PIPE financing  $516,454 
Schedule of shares of common stock issued immediately following the consummation of the Business Combination
Common stock, outstanding prior to Business Combination   23,300,917 
Less: redemption of TortoiseCorp shares   (3,308)
Common stock of TortoiseCorp   23,297,609 
TortoiseCorp founder shares   5,825,230 
Shares issued in PIPE   30,750,000 
Shares issued in connection with forward purchase agreement   1,750,000 
Business Combination, PIPE, and forward purchase agreement financing shares   61,622,839 
Legacy Hyliion shares(1)     92,278,990 
Total shares of common stock immediately after Business Combination   153,901,829 
Hyliion Holdings Corp. exercise of warrants   15,414,592 
Total shares of common stock at December 31, 2020   169,316,421 
Schedule of Legacy Hyliion shares
   Legacy
Hyliion
shares		   Legacy
Hyliion
shares,
effected for
Exchange
Ratio		 
Balance at December 31, 2018   24,453,750    35,634,061 
Recapitalization applied to Series A outstanding at December 31, 2018   34,799,813    50,710,369 
Exercise of common stock options - 2019   286,874    418,033 
Exercise of common stock options - 2020 (pre-Closing)   763,216    1,112,160 
Conversion of convertible notes payable to common stock(2)   2,336,235    4,404,367 
         92,278,990 
v3.21.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of carrying value of debt
   December 31, 
   2020   2019 
   (in thousands) 
Convertible notes payable, net of unamortized discount at December 31, 2020 and 2019 of $0 and $6,451, respectively  $-   $16,113 
Paycheck Protection Program loan   908    - 
Finance lease obligations   49    289 
           
    957    16,402 
           
Less current portion   49    6,720 
           
Debt, net of current portion  $908   $9,682 
v3.21.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, unrealized gains and losses, and fair value
      

Fair Value Measurements as of

December 31, 2020

 
   Amortized Cost   Gross
Unrealized
Gains		   Gross Unrealized Losses   Fair Value 
   (in thousands) 
Held-to-maturity investments                    
Treasury securities  $149,996   $        -   $(1)  $149,995 
Commercial paper   37,963    -    (15)   37,948 
Corporate bonds and notes   49,892    -    (63)   49,829 
                     
Total held-to-maturity investments  $237,851   $-   $(79)  $237,772 
Schedule of investment maturity
   December 31, 2020 
   Amortized
Cost		   Fair Value 
   (in thousands) 
Due in one year or less  $201,881   $201,864 
Due after one year through five years   35,970    35,908 
           
Total held-to-maturity securities  $237,851   $237,772 
v3.21.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of derivative liabilities at fair value
Input   October 1,
2020		   Issuance of
January
2020 Note
(January 2020)		   Issuance of
December
2019 Note
and
December 31,
2019		   Issuances of
Initial 2019
Notes
(July 2019)		   Issuances of
Initial 2019
Notes
(June 2019)		   Issuances of
Initial 2019
Notes
(February 2019)
                         
Probability-weighted conversion discount   2.5 - 50.0%   50.0%   23.9 - 50.0%   24.1%   24.4%   24.4%
Remaining term (years)   0.0 - 4.3   5.0   0.7 - 4.5   5.0   2.0   2.0
Equity volatility   NA   NA   63.0 - 71.0%   74.0%   78.0%   75.0%
Risk rate1    19.6 - 57.7%   50.0%   27.2 - 50.0%   29.0%   26.6%   34.2%
Probability of next financing event1    100.0%   70.0%   70.0%   50.0%   50.0%   50.0%
Timing of next financing event1    10/1/2020   9/30/2020   9/30/2020   3/31/2020   3/31/2020   9/30/2019
Probability of default event1   0.0%   30.0%   25.0 - 30.0%   50.0%   50.0%   50.0%
Timing of default event1   NA   9/30/2020   9/30/2020   3/31/2020   3/31/2020   9/30/2019
Probability of sale event1   0.0%   0.0%   0.0 - 5.0%   0.0%   0.0%   0.0%
Timing of sale event1   NA   NA   9/30/2020   NA   NA   NA
Negotiation discount1 2   0.0 - 0.1%   24.2%   21.7%   0.0%   0.0%   0.0%
Schedule of assets and liabilities that are measured at fair value on a recurring basis
   Fair Value Measurements as of December 31,
2020		 
   Level I   Level II   Level III   Total 
Assets  (in thousands) 
Cash and cash equivalents  $389,705   $-   $    -   $389,705 
Held-to-maturity investments:                    
Treasury securities   -    149,995    -    149,995 
Commercial paper   -    37,948    -    37,948 
Corporate bonds and notes   -    49,829    -    49,829 
                     
Total Assets  $389,705   $237,772   $-   $627,477 
   Fair Value Measurements as of December 31,
2019		 
   Level I   Level II   Level III   Total 
Liabilities  (in thousands) 
Convertible notes payable derivative liabilities  $     -   $     -   $8,351   $8,351 
                     
Total Liabilities  $-   $-   $8,351   $8,351 
Schedule of Level III instruments
Balance, December 31, 2018  $2,068 
Issuance of convertible notes payable derivative liabilities   7,428 
Fair value adjustments   (1,145)
      
Balance, December 31, 2019   8,351 
Issuance of convertible note payable derivative liability   2,656 
Fair value adjustments   1,358 
Settlement of convertible notes payable derivative liabilities   (12,365)
      
Balance, December 31, 2020  $- 
v3.21.4
Capital Structure (Tables)
 12 Months Ended
Dec. 31, 2020
Partners' Capital Notes [Abstract]  
Schedule of common stock reserved
Stock options issued and outstanding   6,982,497 
Authorized for future grant under 2020 Equity Incentive Plan   12,937,713 
    19,920,210 
v3.21.4
Share-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of assumptions were used for options issued
   Years Ended December 31, 
   2020   2019 
         
Expected volatility   70.0%   70.0% 
Expected term (in years)   6.1    6.1 - 10 
Risk-free interest rate   1.7%   1.4 - 3.0% 
Expected dividend yield   0.0%    0.0% 
Schedule of share option activity
Options  Shares   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term 
             
Outstanding at December 31, 2018   5,508,031   $0.11    8.7 
Granted   3,213,131    0.16      
Exercised   (418,033)   0.14      
Cancelled or forfeited   (1,715,847)   0.13      
                
Outstanding at December 31, 2019   6,587,282    0.13    8.2 
Granted   2,797,828    0.23      
Exercised   (1,112,960)   0.11      
Cancelled or forfeited   (1,289,653)   0.19      
                
Outstanding at December 31, 2020   6,982,497   $0.16    7.8 
                
Exercisable at December 31, 2019   2,482,987   $0.10    7.2 
                
Exercisable at December 31, 2020   3,851,486   $0.13    7.1 
v3.21.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Schedule of operating lease costs and finance lease costs
  

Years Ended December 31,

 
   2020   2019 
   (in thousands) 
Operating lease costs:        
Operating lease cost  $1,389   $1,908 
Short-term lease cost   42    4 
Variable lease cost   (14)   (140)
Sublessor income   (326)   (421)
           
Total operating lease costs  $1,091   $1,351 
           
Finance lease costs:          
Amortization of right-of-use assets  $112   $112 
Interest on lease liabilities   21    50 
           
Total finance lease costs  $133   $162 
Schedule of weighted-average lease terms and discount rates
   December 31,
2020		 
Weighted-average remaining lease term (in years):    
Operating leases   5.0 
Finance leases   0.3 
      
Weighted-average discount rate:     
Operating leases   9.9%
Finance leases   14.2%
Schedule of lease liability maturities for the next five years
   Operating   Finance 
   Leases   Leases 
   (in thousands) 
2021  $1,269   $49 
2022   1,441    - 
2023   1,484    - 
2024   1,529    - 
2025   1,575    - 
Thereafter   133    - 
           
Total lease payments   7,431    49 
Less:  Imputed interest   (1,621)   - 
           
Total lease obligations  $5,810   $49 
v3.21.4
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Schedule of Property and equipment, net
   December 31, 
   2020   2019 
   (in thousands) 
Production machinery and equipment  $1,751   $1,751 
Vehicles   712    727 
Leasehold improvements   749    670 
Demo fleet systems   263    263 
Office furniture and fixtures   64    28 
Computers and related equipment   195    24 
           
    3,734    3,463 
           
Less accumulated depreciation   (2,563)   (1,828)
           
Property and equipment, net  $1,171   $1,635 
v3.21.4
Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of identifiable intangible assets
      December 31, 2020
Intangible Asset  Useful Life  Weighted Average Remaining Life  Gross Carrying Value   Accumulated Amortization   Net 
         (in thousands) 
Developed technology  6 years  3.4 years  $578   $(247)  $331 
Non-compete  3 years  0.4 years   5    (4)   1 
                      
         $583   $(251)  $332 
   December 31, 2019 
Intangible Asset  Gross
Carrying
Value		   Accumulated
Amortization		   Net 
   (in thousands) 
Developed technology  $578   $(151)  $427 
Non-compete   5    (3)   2 
                
   $583   $(154)  $429 
Schedule of future amortization expense
2021  $97 
2022   97 
2023   97 
2024   41 
      
   $332 
v3.21.4
Accrued Expenses and Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]  
Schedule of accrued expenses and other current liabilities
   December 31, 
   2020
as restated		   2019 
   (in thousands) 
Accrued professional services  $1,032   $120 
Accrued compensation and related benefits   615    - 
Refundable grant   175    175 
Accrued liability for warrants exercised but not settled   4,282    - 
Other accrued liabilities   160    205 
           
   $6,264   $500 
v3.21.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of provision for income taxes
  

Years Ended December 31,

 
   2020   2019 
   (in thousands) 
Current tax expense (benefit):        
Federal  $-   $- 
State   -    - 
           
Total current tax expense  $-   $- 
           
Deferred tax expense (benefit):          
Federal  $(8,952)  $(2,788)
State   (291)   - 
Valuation allowance   9,243    2,788 
           
Total deferred tax expense (benefit)  $-   $- 
Schedule of deferred taxes
  

Years Ended December 31,

 
   2020   2019 
   (in thousands) 
Deferred tax assets:        
Federal net operating loss carryforwards  $17,265   $9,083 
State net operating loss carryforwards   984    825 
Operating lease obligation   1,009    1,209 
R&D tax credit   481    - 
Other   224    - 
Property and equipment, net   29    - 
Total deferred tax assets   19,992    11,117 
           
Deferred tax liabilities:          
Operating lease right of use asset, net   854    1,045 
Intangible assets, net   70    90 
Property and equipment, net   -    18 
Other   -    139 
Total deferred tax liabilities   924    1,292 
           
Total net deferred tax assets (liabilities)   19,068    9,825 
           
Less valuation allowance   (19,068)   (9,825)
           
Net deferred tax assets (liabilities)  $-   $- 
Schedule of reconciliation of taxes at federal statutory rate to provision for income taxes
   Years Ended December 31, 
   2020
as restated		   2019 
   (in thousands) 
Provision at statutory rate of 21%  $68,069   $(2,964)
Non-deductible convertible debt interest expense   227    152 
Non-deductible gain related to warrant conversions   (76,293)     
State tax expense   (158)     
Stock options   54    15 
Transaction costs   (2,947)   - 
Shares issued in connection with Commercial Matters Agreement (see Notes 4, 5, and 15)   2,100    - 
Other   (102)   9 
R&D tax credit   (193)   - 
Change in valuation allowance   9,243    2,788 
           
   $-   $- 
v3.21.4
Net Income (Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Schedule of basic and diluted net loss per share
   Years Ended December 31, 
   2020 as restated   2019 
   (in thousands, except share and per share data) 
Numerator:        
         
Net income (loss) attributable to common stockholders - basic  $324,117   $(14,113)
Less: gain from change in fair value of warrant liabilities   (363,299)   - 
Net loss attributable to common shareholders – diluted  $(39,182)  $(14,113)
           
Denominator:          
           
Weighted average shares outstanding, basic   104,324,059    86,643,714 
Weighted average shares outstanding, diluted   112,570,960    86,643,714 
           
Net income (loss) per share, basic  $3.11   $(0.16)
Net loss per share, diluted  $(0.35)  $(0.16)
Schedule of weighted average potential common shares
   Years Ended December 31, 
   2020 as restated   2019 
         
Stock options, including incentive stock options and non-qualified   6,326,479    3,772,368 
Common shares issuable from the exercise of warrants   1,920,426    - 
           
           
Total   8,246,905    3,772,368 
v3.21.4
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]  
Schedule of provides supplemental cash flow information
   Years Ended December 31, 
   2020   2019 
   (in thousands) 
Cash paid for interest  $(144)  $(53)
           
Cash paid for taxes  $-   $- 
           
Cash paid for amounts included in the measurement of lease liabilities:          
           
Operating cash flows from operating leases  $(1,446)  $(1,255)
           
Operating cash flows from finance leases  $(29)  $(50)
           
Right-of-use assets obtained in exchange for lease obligations  $1,007   $21 
Schedule of provides supplemental disclosures of noncash financing activities
   Years Ended December 31, 
   2020   2019 
   (in thousands) 
Warrants exercised where proceeds are included within prepaid expenses and other current assets  $11,978   $- 
           
Settlement of convertible notes payable and convertible note payable derivative liabilities  $44,039   $- 
           
Redemption of unexercised warrants included within prepaid expenses and other current assets  $(3)  $- 
v3.21.4
Description of Business and Basis of Presentation (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2020
Oct. 01, 2020
Dec. 31, 2019
Accounting Policies [Abstract]      
Common stock, par value (in Dollars per share) $ 0.0001   $ 0.0001
Net of transaction costs and expenses   $ 516.5  
Gross proceeds $ 140.8    
Proceeds to be collected 16.3    
Cash and cash equivalents 389.7    
Amount of investment $ 237.9    
v3.21.4
Restatement of Previously Issued Financial Statements (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
May 17, 2020
Dec. 31, 2020
Restatement of Previously Issued Financial Statements (Details) [Line Items]    
Share of warrants exercised (in Shares)   371,535
Accounts receivable due from investors (in Dollars)   $ 4.3
Minimum [Member]    
Restatement of Previously Issued Financial Statements (Details) [Line Items]    
Diluted net loss per share $ (0.35)  
Maximum [Member]    
Restatement of Previously Issued Financial Statements (Details) [Line Items]    
Diluted net loss per share $ 2.93  
v3.21.4
Restatement of Previously Issued Financial Statements (Details) - Schedule of the restatement on each financial statement
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
$ / shares
shares
As Reported [Member]  
Error Corrections and Prior Period Adjustments Restatement [Line Items]  
Change in fair value of warrant liabilities
Net income (loss) (39,182)
Change in fair value of warrant liability
Earnings (loss) per share:  
Basic (in Dollars per share) | $ / shares $ (0.38)
Earnings (loss) per share, diluted (in Dollars per share) | $ / shares $ 2.93
Weighted-average shares outstanding, diluted (in Shares) | shares 110,696,489
Prepaid expenses and other current assets $ 16,408
Total current assets 608,086
Total assets 650,807
Warrant liabilities
Accrued expenses and other current liabilities 1,982
Total current liabilities 4,655
Total liabilities 10,639
Common Stock 17
Additional paid-in-capital 728,299
Accumulated earnings (88,148)
Total equity (deficit) 640,168
Restatement Impact [Member]  
Error Corrections and Prior Period Adjustments Restatement [Line Items]  
Change in fair value of warrant liabilities 363,299
Net income (loss) 363,299
Change in fair value of warrant liability $ (363,299)
Earnings (loss) per share:  
Basic (in Dollars per share) | $ / shares $ 3.49
Earnings (loss) per share, diluted (in Dollars per share) | $ / shares $ (3.28)
Weighted-average shares outstanding, diluted (in Shares) | shares 1,874,471
Prepaid expenses and other current assets $ 4,282
Total current assets 4,282
Total assets 4,282
Warrant liabilities
Accrued expenses and other current liabilities 4,282
Total current liabilities 4,282
Total liabilities 4,282
Common Stock 2
Additional paid-in-capital (363,301)
Accumulated earnings 363,299
Total equity (deficit)
As Restated [Member]  
Error Corrections and Prior Period Adjustments Restatement [Line Items]  
Change in fair value of warrant liabilities 363,299
Net income (loss) 324,117
Change in fair value of warrant liability $ (363,299)
Earnings (loss) per share:  
Basic (in Dollars per share) | $ / shares $ 3.11
Earnings (loss) per share, diluted (in Dollars per share) | $ / shares $ (0.35)
Weighted-average shares outstanding, diluted (in Shares) | shares 112,570,960
Prepaid expenses and other current assets $ 20,690
Total current assets 612,368
Total assets 655,089
Warrant liabilities
Accrued expenses and other current liabilities 6,264
Total current liabilities 8,937
Total liabilities 14,921
Common Stock 19
Additional paid-in-capital 364,998
Accumulated earnings 275,151
Total equity (deficit) $ 640,168
v3.21.4
Summary of Significant Accounting Policies (Details) - Schedule of property and equipment
 12 Months Ended
Dec. 31, 2020
Leasehold Improvements [Member]  
Public Utility, Property, Plant and Equipment [Line Items]  
Estimated useful life 7 years
Furniture and Fixtures [Member]  
Public Utility, Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Minimum [Member] | Production Machinery and Equipment [Member]  
Public Utility, Property, Plant and Equipment [Line Items]  
Estimated useful life 2 years
Minimum [Member] | Vehicles [Member]  
Public Utility, Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Minimum [Member] | Demo Fleet Systems [Member]  
Public Utility, Property, Plant and Equipment [Line Items]  
Estimated useful life 2 years
Minimum [Member] | Computers and Related Equipment [Member]  
Public Utility, Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Maximum [Member] | Production Machinery and Equipment [Member]  
Public Utility, Property, Plant and Equipment [Line Items]  
Estimated useful life 7 years
Maximum [Member] | Vehicles [Member]  
Public Utility, Property, Plant and Equipment [Line Items]  
Estimated useful life 7 years
Maximum [Member] | Demo Fleet Systems [Member]  
Public Utility, Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Maximum [Member] | Computers and Related Equipment [Member]  
Public Utility, Property, Plant and Equipment [Line Items]  
Estimated useful life 7 years
v3.21.4
Reverse Recapitalization (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Oct. 01, 2020
Dec. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Reverse Recapitalization (Details) [Line Items]        
Business combination, description Upon the closing of the Business Combination, TortoiseCorp’s certificate of incorporation was amended and restated to, among other things, increase the total number of authorized shares of capital stock to 260,000,000 shares, of which 250,000,000 shares were designated common stock, $.0001 par value per share, and of which 10,000,000 shares were designated preferred stock, $0.0001 par value per share      
Convertible redeemable preferred stock 34,799,813      
Aggregate number of convertible shares 2,336,235      
Cancellation of common stock exchange ratio, description Upon the consummation of the Business Combination, each share of Legacy Hyliion common stock issued and outstanding was cancelled and converted into the right to receive 1.45720232 shares (the “Exchange Ratio”) of the Company’s common stock (the “Per Share Merger Consideration”).      
Redemption of common stock 3,308      
Gross redemption payments for common stock (in Dollars) $ 0.1      
Price per unit (in Dollars per share)     $ 10.00  
Purchase agreement, description ● an investor purchased 1,750,000 TortoiseCorp units (consisting of one share of common stock and one half of one warrant, the “Forward Purchase Units”), consisting of 1,750,000 shares of common stock (“Forward Purchase Shares”) and warrants to purchase 875,000 shares of common stock (“Forward Purchase Warrants”) for an aggregate purchase price of $17.5 million pursuant to a forward purchase agreement entered into effective February 6, 2019, as amended by the First Amendment to Amended and Restated Forward Purchase Agreement, dated June 18, 2020.      
Issuance of common shares   169,316,421   86,762,463
Business combination transaction cost (in Dollars)   $ 45.0    
Legacy Hyliion [Member]        
Reverse Recapitalization (Details) [Line Items]        
Shares issued 1,000,000      
Fair value per share (in Dollars per share) $ 10.00      
Issuance of common shares 1,000,000      
Warrant [Member]        
Reverse Recapitalization (Details) [Line Items]        
Business combination expiration period 5 years      
PIPE Shares [Member]        
Reverse Recapitalization (Details) [Line Items]        
Aggregate number of common stock purchase 30,750,000      
Price per unit (in Dollars per share) $ 10.00      
Gross proceeds (in Dollars) $ 307.5      
v3.21.4
Reverse Recapitalization (Details) - Schedule of business combination to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’ equity (deficit)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Schedule of business combination to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’ equity (deficit) [Abstract]  
Cash - TortoiseCorp’s trust and cash (net of redemption) $ 236,484
Cash - PIPE 307,500
Cash - forward purchase units 17,500
Less: transaction costs and advisory fees paid (45,030)
Net Business Combination and PIPE financing $ 516,454
v3.21.4
Reverse Recapitalization (Details) - Schedule of shares of common stock issued immediately following the consummation of the Business Combination
Dec. 31, 2020
shares
Schedule of shares of common stock issued immediately following the consummation of the Business Combination [Abstract]  
Common stock, outstanding prior to Business Combination 23,300,917
Less: redemption of TortoiseCorp shares (3,308)
Common stock of TortoiseCorp 23,297,609
TortoiseCorp founder shares 5,825,230
Shares issued in PIPE 30,750,000
Shares issued in connection with forward purchase agreement 1,750,000
Business Combination, PIPE, and forward purchase agreement financing shares 61,622,839
Legacy Hyliion shares(1) 92,278,990 [1]
Total shares of common stock immediately after Business Combination 153,901,829
Hyliion Holdings Corp. exercise of warrants 15,414,592
Total shares of common stock at December 31, 2020 169,316,421
[1] The number of Legacy Hyliion shares was determined as follows:
v3.21.4
Reverse Recapitalization (Details) - Schedule of Legacy Hyliion shares
Dec. 31, 2018
shares
Legacy Hyliion shares [Member]  
Reverse Recapitalization (Details) - Schedule of Legacy Hyliion shares [Line Items]  
Balance at December 31, 2018 24,453,750
Recapitalization applied to Series A outstanding at December 31, 2018 34,799,813
Exercise of common stock options - 2019 286,874
Exercise of common stock options - 2020 (pre-Closing) 763,216
Conversion of convertible notes payable to common stock(2) 2,336,235 [1]
Legacy Hyliion shares, effected for Exchange Ratio [Member]  
Reverse Recapitalization (Details) - Schedule of Legacy Hyliion shares [Line Items]  
Balance at December 31, 2018 35,634,061
Recapitalization applied to Series A outstanding at December 31, 2018 50,710,369
Exercise of common stock options - 2019 418,033
Exercise of common stock options - 2020 (pre-Closing) 1,112,160
Conversion of convertible notes payable to common stock(2) 4,404,367 [1]
Legacy Hyliion shares 92,278,990
[1] The number of shares issued for the conversion of convertible notes payable to common stock is calculated by applying the Exchange Ratio to the Legacy Hyliion shares issued at the time of conversion and adding 1,000,000 shares issued in connection with the Commercial Matters Agreement. All fractions were rounded down.
v3.21.4
Debt (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Aug. 31, 2020
May 31, 2020
Jan. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Feb. 29, 2020
Debt (Details) [Line Items]              
Convertible notes payable (in Dollars)     $ 3,200        
Interest rate     4.00%        
Equity financing (in Dollars)     $ 15,000   $ 15,000    
Convertible notes payable, description         The Initial 2019 Notes bear interest at 6% per annum and mature two to five years after their respective issuance dates. The Initial 2019 Notes are only prepayable with the consent of the holders. One of the Initial 2019 Notes (totaling $1.8 million) is secured by substantially all of the assets of the Company, subordinate to the first priority, senior secured interest held by a note holder of a convertible note issued in January 2020. The holder of this note has first priority secured interest in these assets. The conversion price is dependent upon the pre-money valuation of the Company in connection with the next equity financing, with the conversion price set at a 35% discount on the next equity financing price if the pre-money valuation is $100.0 million or less, or 35% multiplied by the quotient of $100.0 million divided by the pre-money valuation if it is greater than $100.0 million.  
Additional interest     3.00% 3.00% 3.00% 3.00%  
Conversion features amount (in Dollars)     $ 2,700 $ 6,000      
Equity financing per share price       50.00% 50.00%    
Subsequent equity financing (in Dollars)     15,000        
Divided       50.00% 50.00%    
Equity financing maturity date, description         the maturity date of the December 2019 Note will automatically extend by one year. In such situation, the holder also has the right to extend the maturity date for an additional two years beyond the modified maturity date.    
Conversion price (in Dollars)         $ 1,400    
Commercial debt (in Dollars)     $ 10,000        
Debt, description     In connection with the reverse recapitalization discussed in Note 4, immediately prior to the closing of the Business Combination, the convertible notes, plus accrued paid-in-kind interest, totaling $26.8 million were converted into an aggregate of 2,336,235 shares of Legacy Hyliion common stock, which were then exchanged for an aggregate of 3,404,367 shares of the Company’s common stock on the Closing Date (see Note 4). In addition, the Company issued 1,000,000 shares of Legacy Hyliion common stock to a noteholder of the 2018 Note, Initial 2019 Notes, and January 2020 Note, with a grant date fair value of $10.00 per share in accordance with the Commercial Matters Agreement (see Note 15).        
Loss on extinguishment (in Dollars)     $ 10,200 $ (10,170)    
Term loan, description During August 2020, the Company issued a term loan (the “Term Loan”) with a principal balance totaling $10.1 million that matured on the earlier of (i) December 15, 2020, (ii) the termination of the Business Combination or, (iii) the consummation of the Business Combination as provided in the Business Combination. In connection with the Term Loan, the Company paid $0.5 million of financing costs. The Term Loan bore interest at a rate equal to 6.5% plus the greater of (a) the Federal Funds rate plus 0.5%, (b) LIBOR Rate for a one-month interest period plus 1.0%, and (c) Prime Rate in effect on such day. While outstanding in 2020, the Term Loan bore interest at 8.5% per annum. The Term Loan plus accrued interest was repaid in full in October 2020.            
Payroll protection program loan, description   During May 2020, the Company received loan proceeds in the amount of $0.9 million under the Payroll Protection Program (the “PPP”). The PPP was established as part of Coronavirus Aid, Relief, and Economic Security Act and provides for loans to qualifying businesses for amounts up to 2.5 times the average monthly payroll expenses of the business, subject to certain limitations. The loans and accrued interest are forgivable after eight weeks so long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and so long as the borrower maintains its pre-funding employment and wage levels. Although the Company used the PPP loan proceeds for purposes consistent with the provisions of the PPP and that such usage met the criteria established for forgiveness of the loan, the Company intends to repay the PPP loan plus accrued interest. The PPP loan matures in May 2022.          
2018 Note [Member]              
Debt (Details) [Line Items]              
Convertible notes payable (in Dollars)           $ 5,000  
Interest rate           6.00%  
Equity financing (in Dollars)           $ 5,000  
Percentage of price           65.00%  
Additional interest           9.00%  
Conversion feature (in Dollars)           $ 1,800  
2019 Note [Member]              
Debt (Details) [Line Items]              
Convertible notes payable (in Dollars)             $ 13,600
Interest rate       4.00% 6.00%    
Equity financing (in Dollars)       $ 15,000 $ 35,000    
Percentage of price       75.00%      
Additional interest       9.00% 9.00%    
Description of notes       The conversion price is dependent upon the pre-money valuation of the Company in connection with the next equity financing, with the conversion price set at a 25% discount on the next equity financing price if the pre-money valuation is $100.0 million or less, or 25% multiplied by the quotient of $100.0 million divided by the pre-money valuation if it is greater than $100.0 million. (b) Optional conversion (for one of the Initial 2019 Notes) upon a subsequent equity financing if the holder did not elect to convert upon the Next Equity Financing, at the price that is set by the subsequent equity financing (no discount).      
Debt total amount (in Dollars)       $ 1,800      
Equity financing per share price         50.00%    
Subsequent equity financing (in Dollars)         $ 35,000    
December 2019 Note [Member]              
Debt (Details) [Line Items]              
Convertible notes payable (in Dollars)         $ 3,200    
January 2020 Note [Member]              
Debt (Details) [Line Items]              
Additional interest     9.00%        
Description of notes     The January 2020 Note bears interest at 6% per annum and matures in January 2025 (five years subsequent to its issuance date).        
Per annum rate     5 years        
v3.21.4
Debt (Details) - Schedule of carrying value of debt - Debt [Member] - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Debt (Details) - Schedule of carrying value of debt [Line Items]    
Convertible notes payable, net of unamortized discount at December 31, 2020 and 2019 of $0 and $6,451, respectively $ 16,113
Paycheck Protection Program loan 908
Finance lease obligations 49 289
Total notes payable 957 16,402
Less current portion 49 6,720
Debt, net of current portion $ 908 $ 9,682
v3.21.4
Debt (Details) - Schedule of carrying value of debt (Parentheticals) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Debt [Member]    
Debt (Details) - Schedule of carrying value of debt (Parentheticals) [Line Items]    
Unamortized discount $ 0 $ 6,451
v3.21.4
Investments (Details) - Schedule of amortized cost, unrealized gains and losses, and fair value
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Held-to-maturity investments  
Amortized Cost $ 237,851
Unrealized Gains
Gross Unrealized Losses (79)
Fair Value 237,772
Treasury securities [Member]  
Held-to-maturity investments  
Amortized Cost 149,996
Unrealized Gains
Gross Unrealized Losses (1)
Fair Value 149,995
Commercial Paper [Member]  
Held-to-maturity investments  
Amortized Cost 37,963
Unrealized Gains
Gross Unrealized Losses (15)
Fair Value 37,948
Corporate bonds and notes [Member]  
Held-to-maturity investments  
Amortized Cost 49,892
Unrealized Gains
Gross Unrealized Losses (63)
Fair Value $ 49,829
v3.21.4
Investments (Details) - Schedule of investment maturity - Total held-to-maturity securities [Member]
$ in Thousands
Dec. 31, 2020
USD ($)
Investments (Details) - Schedule of investment maturity [Line Items]  
Amortized Cost, Due in one year or less $ 201,881
Fair Value, Due in one year or less 201,864
Amortized Cost, Due after one year through five years 35,970
Fair Value, Due after one year through five years 35,908
Amortized Cost, Total held-to-maturity securities 237,851
Fair Value, Total held-to-maturity securities $ 237,772
v3.21.4
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value
 12 Months Ended
Dec. 31, 2020
October 1, 2020 [Member]  
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items]  
Equity volatility
Probability of next financing event 100.00% [1]
Timing of next financing event Oct. 01, 2020 [1]
Probability of default event 0.00% [1]
Timing of default event [1]
Probability of sale event 0.00% [1]
Timing of sale event [1]
October 1, 2020 [Member] | Minimum [Member]  
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items]  
Probability-weighted conversion discount 2.50%
Remaining term (years) 0 years
Risk rate 19.60% [1]
Negotiation discount 0.00% [1],[2]
October 1, 2020 [Member] | Maximum [Member]  
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items]  
Probability-weighted conversion discount 50.00%
Remaining term (years) 4 years 109 days
Risk rate 57.70% [1]
Negotiation discount 0.10% [1],[2]
Issuance of January 2020 Note (January 2020) [Member]  
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items]  
Probability-weighted conversion discount 50.00%
Remaining term (years) 5 years
Equity volatility
Risk rate 50.00% [1]
Probability of next financing event 70.00% [1]
Timing of next financing event Sep. 30, 2020 [1]
Probability of default event 30.00% [1]
Timing of default event Sep. 30, 2020 [1]
Probability of sale event 0.00% [1]
Timing of sale event [1]
Negotiation discount 24.20% [1],[2]
Issuance of December 2019 Note and December 31, 2019 [Member]  
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items]  
Probability of next financing event 70.00% [1]
Timing of next financing event Sep. 30, 2020 [1]
Timing of default event Sep. 30, 2020 [1]
Timing of sale event Sep. 30, 2020 [1]
Negotiation discount 21.70% [1],[2]
Issuance of December 2019 Note and December 31, 2019 [Member] | Minimum [Member]  
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items]  
Probability-weighted conversion discount 23.90%
Remaining term (years) 255 days
Equity volatility 63.00%
Risk rate 27.20% [1]
Probability of default event 25.00% [1]
Probability of sale event 0.00% [1]
Issuance of December 2019 Note and December 31, 2019 [Member] | Maximum [Member]  
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items]  
Probability-weighted conversion discount 50.00%
Remaining term (years) 4 years 6 months
Equity volatility 71.00%
Risk rate 50.00% [1]
Probability of default event 30.00% [1]
Probability of sale event 5.00% [1]
Issuances of Initial 2019 Notes (July 2019) [Member]  
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items]  
Probability-weighted conversion discount 24.10%
Remaining term (years) 5 years
Equity volatility 74.00%
Risk rate 29.00% [1]
Probability of next financing event 50.00% [1]
Timing of next financing event Mar. 31, 2020 [1]
Probability of default event 50.00% [1]
Timing of default event Mar. 31, 2020 [1]
Probability of sale event 0.00% [1]
Timing of sale event [1]
Negotiation discount 0.00% [1],[2]
Issuances of Initial 2019 Notes (June 2019) [Member]  
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items]  
Probability-weighted conversion discount 24.40%
Remaining term (years) 2 years
Equity volatility 78.00%
Risk rate 26.60% [1]
Probability of next financing event 50.00% [1]
Timing of next financing event Mar. 31, 2020 [1]
Probability of default event 50.00% [1]
Timing of default event Mar. 31, 2020 [1]
Probability of sale event 0.00% [1]
Timing of sale event [1]
Negotiation discount 0.00% [1],[2]
Issuances of Initial 2019 Notes (February 2019) [Member]  
Fair Value Measurements (Details) - Schedule of derivative liabilities at fair value [Line Items]  
Probability-weighted conversion discount 24.40%
Remaining term (years) 2 years
Equity volatility 75.00%
Risk rate 34.20% [1]
Probability of next financing event 50.00% [1]
Timing of next financing event Sep. 30, 2019 [1]
Probability of default event 50.00% [1]
Timing of default event Sep. 30, 2019 [1]
Probability of sale event 0.00% [1]
Timing of sale event [1]
Negotiation discount 0.00% [1],[2]
[1] Represents a Level III unobservable input
[2] Based on the terms and provisions of the December 2019 and January 2020 Notes, the valuation model incorporated this additional assumption
v3.21.4
Fair Value Measurements (Details) - Schedule of assets and liabilities that are measured at fair value on a recurring basis - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Fair Value Measurements (Details) - Schedule of assets and liabilities that are measured at fair value on a recurring basis [Line Items]      
Cash and cash equivalents $ 389,705 $ 6,285 $ 1,097
Held-to-maturity investments:      
Total Assets 627,477    
Convertible notes payable derivative liabilities 8,351 $ 2,068
Total Liabilities   8,351  
Treasury securities [Member]      
Held-to-maturity investments:      
Held-to-maturity investments 149,995    
Commercial paper [Member]      
Held-to-maturity investments:      
Held-to-maturity investments 37,948    
Corporate bonds and notes [Member]      
Held-to-maturity investments:      
Held-to-maturity investments 49,829    
Level I [Member]      
Fair Value Measurements (Details) - Schedule of assets and liabilities that are measured at fair value on a recurring basis [Line Items]      
Cash and cash equivalents 389,705    
Held-to-maturity investments:      
Total Assets 389,705    
Convertible notes payable derivative liabilities    
Total Liabilities    
Level I [Member] | Treasury securities [Member]      
Held-to-maturity investments:      
Held-to-maturity investments    
Level I [Member] | Commercial paper [Member]      
Held-to-maturity investments:      
Held-to-maturity investments    
Level I [Member] | Corporate bonds and notes [Member]      
Held-to-maturity investments:      
Held-to-maturity investments    
Level II [Member]      
Fair Value Measurements (Details) - Schedule of assets and liabilities that are measured at fair value on a recurring basis [Line Items]      
Cash and cash equivalents    
Held-to-maturity investments:      
Total Assets 237,772    
Convertible notes payable derivative liabilities    
Total Liabilities    
Level II [Member] | Treasury securities [Member]      
Held-to-maturity investments:      
Held-to-maturity investments 149,995    
Level II [Member] | Commercial paper [Member]      
Held-to-maturity investments:      
Held-to-maturity investments 37,948    
Level II [Member] | Corporate bonds and notes [Member]      
Held-to-maturity investments:      
Held-to-maturity investments 49,829    
Level III [Member]      
Fair Value Measurements (Details) - Schedule of assets and liabilities that are measured at fair value on a recurring basis [Line Items]      
Cash and cash equivalents    
Held-to-maturity investments:      
Total Assets    
Convertible notes payable derivative liabilities   8,351  
Total Liabilities   $ 8,351  
Level III [Member] | Treasury securities [Member]      
Held-to-maturity investments:      
Held-to-maturity investments    
Level III [Member] | Commercial paper [Member]      
Held-to-maturity investments:      
Held-to-maturity investments    
Level III [Member] | Corporate bonds and notes [Member]      
Held-to-maturity investments:      
Held-to-maturity investments    
v3.21.4
Fair Value Measurements (Details) - Schedule of Level III instruments - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Schedule of Level III instruments [Abstract]    
Beginning balance $ 8,351 $ 2,068
Issuance of convertible note payable derivative liability 2,656 7,428
Fair value adjustments 1,358 (1,145)
Settlement of convertible notes payable derivative liabilities (12,365)  
Ending balance $ 8,351
v3.21.4
Capital Structure (Details) - $ / shares
 1 Months Ended 12 Months Ended
Oct. 31, 2020
Mar. 04, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Capital Structure (Details) [Line Items]          
Preferred stock, shares authorized       10,000,000  
Preferred stock, par value (in Dollars per share)       $ 0.0001  
Common stock, shares authorized       250,000,000 250,000,000
Common stock, par value (in Dollars per share)       $ 0.0001 $ 0.0001
Common stock, shares issued       169,316,421 86,762,463
Common stock, shares outstanding       169,316,421 86,762,463
Description of public warrants   TortoiseCorp completed an initial public offering that included warrants for shares of common stock (the “Public Warrants”). Each Public Warrant entitles the holder to the right to purchase one share of common stock at an exercise price of $11.50 per share. No fractional shares will be issued upon exercise of the Public Warrants. The Company may elect to redeem the Public Warrants, in whole and not in part, at a price of $0.01 per Public Warrant if (i) 30 days’ prior written notice of redemption is provided to the holders, and (ii) the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders. Upon issuance of a redemption notice by the Company, the warrant holders have a period of 30 days to exercise for cash, or on a cashless basis. On the Closing Date, there were 11,650,458 Public Warrants issued and outstanding.      
Warrants to purchase amount 875,000        
Description of warrants       As of December 31, 2020, the Company’s transfer agent received gross proceeds of $140.8 million corresponding to the exercise of 15,786,127 warrants. However, due to the timing of the receipt of the warrant exercise and the cash, the Company’s transfer agent issued 15,414,592 shares of common stock as of December 31, 2020. The remaining 371,535 shares of common stock were issued in January 2021. Additionally, as of December 31, 2020, the Company’s transfer agent had not yet remitted $12.0 million of the gross proceeds associated with the shares of issued common stock to the Company and is included within prepaid expenses and other current assets on the accompanying consolidated balance sheets as of December 31, 2020. There were 281,065 warrants not exercised by the end of the redemption period that were redeemed for a price of $0.01 per warrant, and subsequently cancelled by the Company. The Company made the redemption payment on these cancelled warrants in January 2021. Certain holders of the warrants elected a cashless exercise, resulting in the forfeiture of 3,118,445 shares.  
Private Placement Warrants [Member]          
Capital Structure (Details) [Line Items]          
Purchase price, per warrant (in Dollars per share)     $ 1.00    
Warrants issued and outstanding     6,660,183    
v3.21.4
Capital Structure (Details) - Schedule of common stock reserved
Dec. 31, 2020
shares
Schedule of common stock reserved [Abstract]  
Stock options issued and outstanding 6,982,497
Authorized for future grant under 2020 Equity Incentive Plan 12,937,713
Total 19,920,210
v3.21.4
Share-based Compensation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation (Details) [Line Items]    
Options outstanding $ 113.8  
Options exercisable 62.8  
Intrinsic value of options exercised 18.4 $ 0.1
Share-based compensation expense 0.3 $ 0.1
Unrecognized compensation cost related to share-based payments $ 0.4  
Weighted-average period 7 years 36 days 7 years 73 days
Shares granted (in Shares) 2,797,828 3,213,131
2016 Equity Incentive Plan [Member]    
Share-based Compensation (Details) [Line Items]    
Weighted-average period 2 years 219 days  
2020 Equity Incentive Plan [Member]    
Share-based Compensation (Details) [Line Items]    
Shares granted (in Shares) 12,937,713  
Minimum [Member]    
Share-based Compensation (Details) [Line Items]    
Employee and nonemployee stock options vesting 4 years  
Maximum [Member]    
Share-based Compensation (Details) [Line Items]    
Employee and nonemployee stock options vesting 10 years  
v3.21.4
Share-based Compensation (Details) - Schedule of assumptions were used for options issued
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation (Details) - Schedule of assumptions were used for options issued [Line Items]    
Expected volatility 70.00% 70.00%
Expected term (in years) 6 years 36 days  
Risk-free interest rate 1.70%  
Expected dividend yield 0.00% 0.00%
Minimum [Member]    
Share-based Compensation (Details) - Schedule of assumptions were used for options issued [Line Items]    
Expected term (in years)   6 years 36 days
Risk-free interest rate   1.40%
Maximum [Member]    
Share-based Compensation (Details) - Schedule of assumptions were used for options issued [Line Items]    
Expected term (in years)   10 years
Risk-free interest rate   3.00%
v3.21.4
Share-based Compensation (Details) - Schedule of share option activity - $ / shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Schedule of share option activity [Abstract]    
Shares, Outstanding beginning balance 6,587,282 5,508,031
Weighted Average Exercise Price, Outstanding beginning balance $ 0.13 $ 0.11
Weighted Average Remaining Contractual Term, Outstanding beginning balance   8 years 255 days
Shares, Granted 2,797,828 3,213,131
Weighted Average Exercise Price, Granted $ 0.23 $ 0.16
Shares, Exercised (1,112,960) (418,033)
Weighted Average Exercise Price, Exercised $ 0.11 $ 0.14
Shares, Cancelled or forfeited (1,289,653) (1,715,847)
Weighted Average Exercise Price, Cancelled or forfeited $ 0.19 $ 0.13
Shares, Outstanding ending balance 6,982,497 6,587,282
Weighted Average Exercise Price, Outstanding ending balance $ 0.16 $ 0.13
Weighted Average Remaining Contractual Term, Outstanding ending balance 7 years 292 days 8 years 73 days
Shares, Exercisable 3,851,486 2,482,987
Weighted Average Exercise Price, Exercisable $ 0.13 $ 0.10
Weighted Average Remaining Contractual Term, Exercisable 7 years 36 days 7 years 73 days
v3.21.4
Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
Finance lease right-of-use assets $ 0.3 $ 0.7
Accumulated amortization $ 0.1 $ 0.2
v3.21.4
Leases (Details) - Schedule of operating lease costs and finance lease costs - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating lease costs:    
Operating lease cost $ 1,389 $ 1,908
Short-term lease cost 42 4
Variable lease cost (14) (140)
Sublessor income (326) (421)
Total operating lease costs 1,091 1,351
Finance lease costs:    
Amortization of right-of-use assets 112 112
Interest on lease liabilities 21 50
Total finance lease costs $ 133 $ 162
v3.21.4
Leases (Details) - Schedule of weighted-average lease terms and discount rates
Dec. 31, 2020
Weighted-average remaining lease term (in years):  
Operating leases 5 years
Finance leases 109 days
Weighted-average discount rate:  
Operating leases 9.90%
Finance leases 14.20%
v3.21.4
Leases (Details) - Schedule of lease liability maturities for the next five years
$ in Thousands
Dec. 31, 2020
USD ($)
Schedule of lease liability maturities for the next five years [Abstract]  
Operating Leases, 2021 $ 1,269
Finance Leases, 2021 49
Operating Leases, 2022 1,441
Finance Leases, 2022
Operating Leases, 2023 1,484
Finance Leases, 2023
Operating Leases, 2024 1,529
Finance Leases, 2024
Operating Leases, 2025 1,575
Finance Leases, 2025
Operating Leases, Thereafter 133
Finance Leases, Thereafter
Operating Leases, Total lease payments 7,431
Finance Leases, Total lease payments 49
Operating Leases, Less: Imputed interest (1,621)
Finance Leases, Less: Imputed interest
Operating Leases, Total lease obligations 5,810
Finance Leases, Total lease obligations $ 49
v3.21.4
Property and Equipment, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Property and Equipment, Net (Details) [Line Items]    
Depreciation expense $ 800 $ 900
Research and development expenses 12,598 9,269
Property, Plant and Equipment [Member]    
Property and Equipment, Net (Details) [Line Items]    
Selling, general and administrative expenses 100 100
Research and development expenses $ 700 $ 800
v3.21.4
Property and Equipment, Net (Details) - Schedule of property and equipment, net - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 3,734 $ 3,463
Less accumulated depreciation (2,563) (1,828)
Property and equipment, net 1,171 1,635
Production machinery and equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 1,751 1,751
Vehicles [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 712 727
Leasehold improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 749 670
Demo fleet systems [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 263 263
Office furniture and fixtures [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 64 28
Computers and related equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 195 $ 24
v3.21.4
Intangible Assets, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]    
Total amortization expense $ 0.1 $ 0.1
v3.21.4
Intangible Assets, Net (Details) - Schedule of identifiable intangible assets - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 583 $ 583
Accumulated Amortization (251) (154)
Net $ 332 429
Developed technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Useful Life 6 years  
Weighted Average Remaining Life 3 years 146 days  
Gross Carrying Value $ 578 578
Accumulated Amortization (247) (151)
Net $ 331 427
Non-compete [Member]    
Finite-Lived Intangible Assets [Line Items]    
Useful Life 3 years  
Weighted Average Remaining Life 146 days  
Gross Carrying Value $ 5 5
Accumulated Amortization (4) (3)
Net $ 1 $ 2
v3.21.4
Intangible Assets, Net (Details) - Schedule of future amortization expenses
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Schedule of future amortization expenses [Abstract]  
2021 $ 97
2022 97
2023 97
2024 41
Total $ 332
v3.21.4
Accrued Expenses and Other Current Liabilities (Details)
$ in Millions
Dec. 31, 2020
USD ($)
Disclosure Text Block Supplement [Abstract]  
Accrued liability for warrants exercised $ 4.3
v3.21.4
Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]    
Accrued professional services $ 1,032 $ 120
Accrued compensation and related benefits 615
Refundable grant 175 175
Accrued liability for warrants exercised but not settled 4,282
Other accrued liabilities 160 205
Total $ 6,264 $ 500
v3.21.4
Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Income Taxes (Details) [Line Items]    
Net change in total valuation allowance $ 9,243 $ 2,788
Carryforward outstanding and expiry, description $10.5 million of this amount will begin to expire in 2036. The remaining $71.7 million has an indefinite carryforward period. The Company also has state net operating loss carryforwards of approximately $12.5 million and $10.5 million at December 31, 2020 and 2019. They will expire beginning in 2036. The Company also has R&D credits of $0.3 million that begin to expire in 2037. The Company’s ability to utilize a portion of its net operating loss carryforwards and credits to offset future taxable income, and tax, respectively, is subject to certain limitations under section 382 of the Internal Revenue Code upon changes in equity ownership of the Company. Due to such limitation, $2.0 million of the Company’s net operating loss and less than $0.1 million of the Company’s R&D credits will expire unused, regardless of taxable income in future years.  
Federal [Member]    
Income Taxes (Details) [Line Items]    
Net operating loss carryforwards $ 82,200 43,300
State and Local Jurisdiction [Member]    
Income Taxes (Details) [Line Items]    
Net operating loss carryforwards $ 12,500 $ 10,500
v3.21.4
Income Taxes (Details) - Schedule of provision for income taxes - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Current tax expense (benefit):    
Federal
State
Total current tax expense
Deferred tax expense (benefit):    
Federal (8,952) (2,788)
State (291)
Valuation allowance 9,243 2,788
Total deferred tax expense (benefit)
v3.21.4
Income Taxes (Details) - Schedule of deferred taxes - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Deferred tax assets:    
Federal net operating loss carryforwards $ 17,265 $ 9,083
State net operating loss carryforwards 984 825
Operating lease obligation 1,009 1,209
R&D tax credit 481
Other 224
Property and equipment, net 29
Total deferred tax assets 19,992 11,117
Deferred tax liabilities:    
Operating lease right of use asset, net 854 1,045
Intangible assets, net 70 90
Property and equipment, net 18
Other 139
Total deferred tax liabilities 924 1,292
Total net deferred tax assets (liabilities) 19,068 9,825
Less valuation allowance (19,068) (9,825)
Net deferred tax assets (liabilities)
v3.21.4
Income Taxes (Details) - Schedule of reconciliation of taxes at federal statutory rate to provision for income taxes - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Schedule of reconciliation of taxes at federal statutory rate to provision for income taxes [Abstract]    
Provision at statutory rate of 21% $ 68,069 $ (2,964)
Non-deductible convertible debt interest expense 227 152
Non-deductible gain related to warrant conversions (76,293)  
State tax expense (158)  
Stock options 54 15
Transaction costs (2,947)
Shares issued in connection with Commercial Matters Agreement (see Notes 4, 5, and 15) 2,100
Other (102) 9
R&D tax credit (193)
Change in valuation allowance 9,243 2,788
Total
v3.21.4
Commitments and Contingencies (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]        
Received payments       $ 200
Grant funding received       $ 200
Issuance of common stock $ 10,000 $ 121 $ 7  
Share of common stock issued (in Shares) 1,000,000      
Common stock fair value per share (in Dollars per share) $ 10.00      
v3.21.4
Net Income (Loss) Per Share (Details) - Schedule of basic and diluted net loss per share - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Schedule of basic and diluted net loss per share [Abstract]    
Net income (loss) attributable to common stockholders $ 324,117 $ (14,113)
Less: gain from change in fair value of warrant liabilities (363,299)
Net loss attributable to common shareholders – diluted $ (39,182) $ (14,113)
Weighted average shares outstanding, basic (in Shares) 104,324,059 86,643,714
Weighted average shares outstanding, diluted (in Shares) 112,570,960 86,643,714
Net income (loss) per share, basic (in Dollars per share) $ 3.11 $ (0.16)
Net income (loss) per share, diluted (in Dollars per share) $ (0.35) $ (0.16)
v3.21.4
Net Income (Loss) Per Share (Details) - Schedule of weighted average potential common shares - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Schedule of weighted average potential common shares [Abstract]    
Stock options, including incentive stock options and non-qualified 6,326,479 3,772,368
Common shares issuable from the exercise of warrants 1,920,426
Total (in Dollars) $ 8,246,905 $ 3,772,368
v3.21.4
Supplemental Cash Flow Information (Details) - Schedule of provides supplemental cash flow information - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Schedule of provides supplemental cash flow information [Abstract]    
Cash paid for interest $ (144) $ (53)
Cash paid for taxes
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases (1,446) (1,255)
Operating cash flows from finance leases (29) (50)
Right-of-use assets obtained in exchange for lease obligations $ 1,007 $ 21
v3.21.4
Supplemental Cash Flow Information (Details) - Schedule of provides supplemental disclosures of noncash financing activities - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Schedule of provides supplemental disclosures of noncash financing activities [Abstract]    
Warrants exercised where proceeds are included within prepaid expenses and other current assets $ 11,978
Settlement of convertible notes payable and convertible note payable derivative liabilities 44,039
Redemption of unexercised warrants included within prepaid expenses and other current assets $ (3)
v3.21.4
Retirement Plan (Details)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Retirement plan, description The Company has adopted a 401(k) plan to provide all eligible employees a means to accumulate retirement savings on a tax-advantaged basis. The 401(k) plan requires participants to be at least 20 years old. Plan participants may make before tax elective contributions up to the maximum percentage of compensation and dollar amount allowed under the Internal Revenue Code and are always 100% vested in their elective contributions.