|
Delaware
(State or other jurisdiction of incorporation or organization) |
| |
3559
(Primary Standard Industrial Classification Code Number) |
| |
83-2044042
(I.R.S. Employer Identification No.) |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☒
|
|
| | | |
Emerging growth company
☒
|
|
| | |||||||||||||||||||||||||
Title of Each Class of Securities to Be Registered
|
| | |
Amount
to be Registered(1)(2) |
| | |
Proposed
Maximum Offering Price Per Share(3) |
| | |
Proposed
Maximum Aggregate Offering Price(3) |
| | |
Amount of
Registration Fee(3) |
| |||||||||
Class A common stock, par value $0.0001 per share
|
| | |
223,625,130
|
| | | | $ | 26.75 | | | | | | $ | 5,980,854,102 | | | | | | $ | 652,512 | | |
| | |
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| | | | F-1 | | |
| | |
Year Ended
December 31, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
(in thousands, except per share amounts)
|
| |
2019
|
| |
2018
|
| |
2020
|
| |
2019
|
| ||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues
|
| | | $ | 26,439 | | | | | $ | 1,034 | | | | | $ | 8,101 | | | | | $ | 20,876 | | |
Total costs
|
| | | | 135,484 | | | | | | 124,647 | | | | | | 73,870 | | | | | | 101,358 | | |
Loss from operations
|
| | | | (109,045) | | | | | | (123,613) | | | | | | (65,769) | | | | | | (80,482) | | |
Other expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (503) | | | | | | (261) | | | | | | (253) | | | | | | (389) | | |
Interest and other income, net
|
| | | | 5,952 | | | | | | 2,535 | | | | | | 995 | | | | | | 5,102 | | |
Loss before income taxes
|
| | | | (103,596) | | | | | | (121,339) | | | | | | (65,027) | | | | | | (75,769) | | |
Provision for income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (103,596) | | | | | $ | (121,339) | | | | | $ | (65,027) | | | | | $ | (75,769) | | |
Net loss per share – basic and diluted
|
| | | $ | (4.43) | | | | | $ | (7.36) | | | | | $ | (2.21) | | | | | $ | (3.38) | | |
|
| | |
Year Ended
December 31, |
| |
As of
September 30, 2020 |
| ||||||||||||
(in thousands)
|
| |
2019
|
| |
2018
|
| ||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 66,161 | | | | | $ | 29,043 | | | | | $ | 37,356 | | |
Working capital, net
|
| | | | 145,089 | | | | | | 82,638 | | | | | | 76,930 | | |
Adjusted working capital (excluding cash)
|
| | | | 78,928 | | | | | | 53,595 | | | | | | 39,574 | | |
Total assets
|
| | | | 192,711 | | | | | | 128,938 | | | | | | 127,298 | | |
Total debt
|
| | | | 9,972 | | | | | | 9,953 | | | | | | 9,986 | | |
Convertible preferred stock
|
| | | | 436,533 | | | | | | 276,889 | | | | | | 436,533 | | |
Total stockholders’ deficit
|
| | | | (277,462) | | | | | | (184,569) | | | | | | (338,027) | | |
| | |
Year Ended
December 31, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
(in thousands)
|
| |
2019
|
| |
2018
|
| |
2020
|
| |
2019
|
| ||||||||||||
Statement of Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities
|
| | | $ | (97,202) | | | | | $ | (111,002) | | | | | $ | (58,927) | | | | | $ | (74,540) | | |
Net cash (used in) provided by investing activities
|
| | | | (26,032) | | | | | | 39,007 | | | | | | 30,267 | | | | | | (48,685) | | |
Net cash provided by (used in) financing activities
|
| | | | 160,352 | | | | | | 45,426 | | | | | | (145) | | | | | | 160,250 | | |
(in thousands, except for value per share)
|
| | | | | | |
Total shares transferred at Closing(a)
|
| | | | 183,000 | | |
Value per share(b)
|
| | | $ | 10.00 | | |
Total Share Consideration
|
| | | $ | 1,830,000 | | |
in thousands
|
| |
Shares
Outstanding |
| |
%
|
| ||||||
Trine Public Shareholders
|
| | | | 29,989 | | | | | | 13.3% | | |
Trine Founders(A)
|
| | | | 5,553 | | | | | | 2.5% | | |
Trine Independent Directors
|
| | | | 100 | | | | | | 0.0% | | |
Total Trine
|
| | | | 35,642 | | | | | | 15.8% | | |
Legacy Desktop Metal(B)
|
| | | | 161,715 | | | | | | 72.0% | | |
PIPE Shares
|
| | | | 27,498 | | | | | | 12.2% | | |
Total Shares at Closing (excluding unvested Legacy Desktop Metal and earn out shares)
|
| | | | 224,855 | | | | | | 100% | | |
Legacy Desktop Metal – Remaining Consideration Shares(B)
|
| | | | 21,285 | | | | | | | | |
Other – Earn Out Shares(A)
|
| | | | 1,851 | | | | | | | | |
Total Shares at Closing (including unvested Legacy Desktop Metal and earn out shares)
|
| | | | 247,991 | | | | | | | | |
| | |
As of
September 30, 2020 |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
As of
September 30, 2020 |
| |||||||||||||||
| | |
Trine
(Historical) (US GAAP) |
| |
Legacy
Desktop Metal (Historical) (US GAAP) |
| |
Pro Forma
Combined |
| |||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 88 | | | | | $ | 37,356 | | | | | $ | 305,350 | | | | |
|
(A)
|
| | | | $ | 566,731 | | |
| | | | | | | | | | | | | | | | | (10,130) | | | | |
|
(B)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (40,681) | | | | |
|
(B)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 274,975 | | | | |
|
(C)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 215 | | | | |
|
(D)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (140) | | | | |
|
(M)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (265) | | | | |
|
(N)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (37) | | | | |
|
(E)
|
| | | | | | | |
Short-term investments
|
| | | | — | | | | | | 53,180 | | | | | | | | | | | | | | | | | | 53,180 | | |
Accounts receivable, net
|
| | | | — | | | | | | 1,642 | | | | | | | | | | | | | | | | | | 1,642 | | |
Inventory
|
| | | | — | | | | | | 10,363 | | | | | | | | | | | | | | | | | | 10,363 | | |
Prepaid expenses and other current
assets |
| | | | 81 | | | | | | 806 | | | | | | 243 | | | | |
|
(F)
|
| | | | | 1,130 | | |
Prepaid income taxes
|
| | | | 243 | | | | | | — | | | | | | (243) | | | | |
|
(F)
|
| | | | | — | | |
Total current assets
|
| | | | 412 | | | | | | 103,347 | | | | | | 529,287 | | | | | | | | | | | | 633,046 | | |
Restricted cash
|
| | | | — | | | | | | 612 | | | | | | | | | | | | | | | | | | 612 | | |
Property and equipment – net
|
| | | | — | | | | | | 13,601 | | | | | | | | | | | | | | | | | | 13,601 | | |
Capitalized software, net
|
| | | | — | | | | | | 357 | | | | | | | | | | | | | | | | | | 357 | | |
Right-of-use assets
|
| | | | — | | | | | | 1,935 | | | | | | | | | | | | | | | | | | 1,935 | | |
Security deposit
|
| | | | 24 | | | | | | — | | | | | | | | | | | | | | | | | | 24 | | |
Goodwill
|
| | | | — | | | | | | 2,252 | | | | | | | | | | | | | | | | | | 2,252 | | |
Acquired technology, net
|
| | | | — | | | | | | 2,453 | | | | | | | | | | | | | | | | | | 2,453 | | |
Deferred transaction costs
|
| | | | — | | | | | | 2,741 | | | | | | (2,741) | | | | |
|
(B)
|
| | | | | — | | |
Marketable securities held in Trust
Account |
| | | | 305,410 | | | | | | — | | | | | | (305,350) | | | | |
|
(A)
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (60) | | | | |
|
(E)
|
| | | | | | | |
Total assets
|
| | | $ | 305,846 | | | | | $ | 127,298 | | | | | $ | 221,136 | | | | | | | | | | | $ | 654,280 | | |
|
| | |
As of
September 30, 2020 |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
As of
September 30, 2020 |
| |||||||||||||||
| | |
Trine
(Historical) (US GAAP) |
| |
Legacy
Desktop Metal (Historical) (US GAAP) |
| |
Pro Forma
Combined |
| |||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | — | | | | | | 6,604 | | | | | | 3 | | | | |
|
(F)
|
| | | | | 3,360 | | |
| | | | | | | | | | | | | | | | | (1) | | | | |
|
(E)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (3,246) | | | | |
|
(B)
|
| | | | | | | |
Accounts payable and accrued expenses
|
| | | | 2,676 | | | | | | — | | | | | | (2,676) | | | | |
|
(F)
|
| | | | | — | | |
Customer deposits
|
| | | | — | | | | | | 1,778 | | | | | | | | | | | | | | | | | | 1,778 | | |
Convertible promissory note – related
party |
| | | | 1,285 | | | | | | — | | | | | | 215 | | | | |
|
(D)
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (1,500) | | | | |
|
(D)
|
| | | | | | | |
Current portion of operating lease
liability |
| | | | — | | | | | | 858 | | | | | | | | | | | | | | | | | | 858 | | |
Accrued expenses and other current
liabilities |
| | | | — | | | | | | 6,055 | | | | | | 2,673 | | | | |
|
(F)
|
| | | | | 5,563 | | |
| | | | | | | | | | | | | | | | | (2,788) | | | | |
|
(B)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (96) | | | | |
|
(E)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (281) | | | | |
|
(G)
|
| | | | | | | |
Deferred revenue
|
| | | | | | | | | | 1,136 | | | | | | | | | | | | | | | | | | 1,136 | | |
Current portion of long-term debt, net of deferred financing costs
|
| | | | — | | | | | | 9,986 | | | | | | | | | | | | | | | | | | 9,986 | | |
Total current liabilities
|
| | | | 3,961 | | | | | | 26,417 | | | | | | (7,697) | | | | | | | | | | | | 22,681 | | |
Lease liability, net of current portion
|
| | | | — | | | | | | 2,375 | | | | | | | | | | | | | | | | | | 2,375 | | |
Deferred underwriting fee payable
|
| | | | 10,505 | | | | | | — | | | | | | (10,505) | | | | |
|
(B)
|
| | | | | — | | |
Total liabilities
|
| | | | 14,466 | | | | | | 28,792 | | | | | | (18,202) | | | | | | | | | | | | 25,056 | | |
Commitments and Contingences | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock subject to possible
redemption |
| | | | 286,380 | | | | | | — | | | | | | (286,380) | | | | |
|
(H)
|
| | | | | — | | |
Convertible Preferred Stock
|
| | | | — | | | | | | 436,533 | | | | | | (436,533) | | | | |
|
(I)
|
| | | | | — | | |
Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock
|
| | | | — | | | | | | 3 | | | | | | (3) | | | | |
|
(I)
|
| | | | | — | | |
Class A Common Stock (includes unvested
328,910 shares of restricted stock) |
| | | | — | | | | | | — | | | | | | 3 | | | | |
|
(H)
|
| | | | | 22 | | |
| | | | | | | | | | | | | | | | | 16 | | | | |
|
(I)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 3 | | | | |
|
(C)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 1 | | | | |
|
(J)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (1) | | | | |
|
(J)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | — | | | | |
|
(N)
|
| | | | | | | |
Class B Common Stock
|
| | | | 1 | | | | | | — | | | | | | (1) | | | | |
|
(J)
|
| | | | | — | | |
Additional paid in capital
|
| | | | 5,215 | | | | | | 21,254 | | | | | | 286,377 | | | | |
|
(H)
|
| | | | | 995,751 | | |
| | | | | | | | | | | | | | | | | 274,972 | | | | |
|
(C)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (29,828) | | | | |
|
(B)
|
| | | | | | | |
| | |
As of
September 30, 2020 |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
As of
September 30, 2020 |
| |||||||||||||||
| | |
Trine
(Historical) (US GAAP) |
| |
Legacy
Desktop Metal (Historical) (US GAAP) |
| |
Pro Forma
Combined |
| |||||||||||||||||||||
| | | | | | | | | | | | | | | | | 436,520 | | | | |
|
(I)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (216) | | | | |
|
(K)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 1 | | | | |
|
(J)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 221 | | | | |
|
(L)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 1,500 | | | | |
|
(D)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (265) | | | | |
|
(N)
|
| | | | | | | |
Retained earnings (deficit)
|
| | | | (216) | | | | | | (359,289) | | | | | | (7,185) | | | | |
|
(B)
|
| | | | | (366,554) | | |
| | | | | | | | | | | | | | | | | 281 | | | | |
|
(G)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 216 | | | | |
|
(K)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (221) | | | | |
|
(L)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (140) | | | | |
|
(M)
|
| | | | | | | |
Accumulated other comprehensive gain
|
| | | | — | | | | | | 5 | | | | | | | | | | | | | | | | | | 5 | | |
Total Stockholders’ Equity
|
| | | | 5,000 | | | | | | (338,027) | | | | | | 962,251 | | | | | | | | | | | | 629,224 | | |
Total Liabilities, Convertible Preferred
Stock and Stockholders’ Equity |
| | | $ | 305,846 | | | | | $ | 127,298 | | | | | $ | 221,136 | | | | | | | | | | | $ | 654,280 | | |
|
| | |
For the Nine Months
Ended September 30, 2020 |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
For the Nine
Months Ended September 30, 2020 |
| |||||||||||||||
| | |
Trine
(Historical) (US GAAP) |
| |
Legacy
Desktop Metal (Historical) (US GAAP) |
| |
Pro Forma
Combined |
| |||||||||||||||||||||
Revenue
|
| | | $ | — | | | | | $ | 8,101 | | | | | | | | | | | | | | | | | $ | 8,101 | | |
Cost of sales
|
| | | | — | | | | | | 21,510 | | | | | | | | | | | | | | | | | | 21,510 | | |
Gross Margin
|
| | | | — | | | | | | (13,409) | | | | | | — | | | | | | | | | | | | (13,409) | | |
Operating costs
|
| | | | 4,048 | | | | | | — | | | | | | (315) | | | | |
|
(AA)
|
| | | | | 3,733 | | |
Research and development
|
| | | | — | | | | | | 31,362 | | | | | | | | | | | | | | | | | | 31,362 | | |
Sales and marketing
|
| | | | — | | | | | | 9,994 | | | | | | | | | | | | | | | | | | 9,994 | | |
General and administration
|
| | | | — | | | | | | 11,004 | | | | | | | | | | | | | | | | | | 11,004 | | |
Total operating expenses
|
| | | | 4,048 | | | | | | 52,360 | | | | | | (315) | | | | | | | | | | | | 56,093 | | |
Loss from operations
|
| | | | (4,048) | | | | | | (65,769) | | | | | | 315 | | | | | | | | | | | | (69,502) | | |
Interest expense
|
| | | | — | | | | | | (253) | | | | | | | | | | | | | | | | | | (253) | | |
Interest and other income, net
|
| | | | — | | | | | | 995 | | | | | | | | | | | | | | | | | | 995 | | |
Interest income
|
| | | | 1,110 | | | | | | — | | | | | | (1,110) | | | | |
|
(BB)
|
| | | | | — | | |
Income (loss) before income taxes
|
| | | | (2,938) | | | | | | (65,027) | | | | | | (795) | | | | | | | | | | | | (68,760) | | |
Provision for income taxes
|
| | | | 36 | | | | | | — | | | | | | (36) | | | | |
|
(CC)
|
| | | | | — | | |
Net Income (loss)
|
| | | $ | (2,902) | | | | | $ | (65,027) | | | | | $ | (831) | | | | | | | | | | | $ | (68,760) | | |
Basic and diluted net loss per common
share |
| | | $ | (0.42) | | | | | | | | | | | | | | | | | | | | | | | $ | (0.31) | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 9,054,242 | | | | | | | | | | | | | | | | | | | | | | | | 224,525,194 | | |
| | |
For the Year
Ended December 31, 2019 |
| |
Transaction
Accounting Adjustments |
| | | | | | | |
For the Year
Ended December 31, 2019 |
| |||||||||||||||
| | |
Trine
(Historical) (US GAAP) |
| |
Legacy
Desktop Metal (Historical) (US GAAP) |
| |
Pro Forma
Combined |
| |||||||||||||||||||||
Revenue
|
| | | $ | — | | | | | $ | 26,439 | | | | | | | | | | | | | | | | | $ | 26,439 | | |
Cost of sales
|
| | | | — | | | | | | 50,796 | | | | | | | | | | | | | | | | | | 50,796 | | |
Gross Margin
|
| | | | — | | | | | | (24,357) | | | | | | — | | | | | | | | | | | | (24,357) | | |
Operating costs
|
| | | | 1,857 | | | | | | — | | | | | | (333) | | | | |
|
(AA)
|
| | | | | 1,524 | | |
Research and development
|
| | | | — | | | | | | 54,656 | | | | | | | | | | | | | | | | | | 54,656 | | |
Sales and marketing
|
| | | | — | | | | | | 18,749 | | | | | | | | | | | | | | | | | | 18,749 | | |
General and administration
|
| | | | — | | | | | | 11,283 | | | | | | | | | | | | | | | | | | 11,283 | | |
Total operating expenses
|
| | | | 1,857 | | | | | | 84,688 | | | | | | (333) | | | | | | | | | | | | 86,212 | | |
Loss from operations
|
| | | | (1,857) | | | | | | (109,045) | | | | | | 333 | | | | | | | | | | | | (110,569) | | |
Interest expense
|
| | | | — | | | | | | (503) | | | | | | | | | | | | | | | | | | (503) | | |
Interest and other income, net
|
| | | | — | | | | | | 5,952 | | | | | | — | | | | | | | | | | | | 5,952 | | |
Interest income
|
| | | | 5,142 | | | | | | — | | | | | | (5,142) | | | | |
|
(BB)
|
| | | | | — | | |
Unrealized gain on marketable securities
held in Trust Account |
| | | | 170 | | | | | | — | | | | | | (170) | | | | |
|
(BB)
|
| | | | | — | | |
Income (loss) before income taxes
|
| | | | 3,455 | | | | | | (103,596) | | | | | | (4,979) | | | | | | | | | | | | (105,120) | | |
Provision for income taxes
|
| | | | (726) | | | | | | — | | | | | | 726 | | | | |
|
(CC)
|
| | | | | — | | |
Net Income (loss)
|
| | | $ | 2,729 | | | | | $ | (103,596) | | | | | $ | (4,253) | | | | | | | | | | | $ | (105,120) | | |
Basic and diluted net loss per common
share |
| | | $ | (0.18) | | | | | | | | | | | | | | | | | | | | | | | $ | (0.47) | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 8,348,930 | | | | | | | | | | | | | | | | | | | | | | | | 224,525,194 | | |
(in thousands, except share and per share data)
|
| |
Nine Months Ended
September 30, 2020 |
| |
Year Ended
December 31, 2019 |
| ||||||
Pro forma net loss
|
| | | $ | (68,760) | | | | | $ | (105,120) | | |
Pro forma weighted average shares outstanding – basic and diluted
|
| | | | 224,525,194 | | | | | | 224,525,194 | | |
Pro forma net loss per share – basic and diluted
|
| | | $ | (0.31) | | | | | $ | (0.47) | | |
Pro forma weighted average shares outstanding – basic and diluted
|
| | | | | | | | | | | | |
Trine Public Shareholders
|
| | | | 29,988,951 | | | | | | 29,988,951 | | |
Trine Founders
|
| | | | 5,552,813 | | | | | | 5,552,813 | | |
Trine Independent Directors
|
| | | | 100,000 | | | | | | 100,000 | | |
Total Trine
|
| | | | 35,641,764 | | | | | | 35,641,764 | | |
Legacy Desktop Metal(1)
|
| | | | 161,385,931 | | | | | | 161,385,931 | | |
PIPE share holders
|
| | | | 27,497,500 | | | | | | 27,497,500 | | |
Pro forma weighted average shares outstanding – basic and diluted(2)
|
| | |
|
224,525,194
|
| | | |
|
224,525,194
|
| |
| | |
As of September 30, 2020
|
| | | | | | | | | | |
As of September 30, 2020
|
| ||||||||||||
| | |
Desktop Metal, Trine
Pro Forma Combined (Historical) (US GAAP) |
| |
EnvisionTEC
(Historical) (US GAAP |
| |
Transaction
Accounting Adjustments |
| |
(Note 4
References) |
| |
Pro Forma Combined
|
| ||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 566,731 | | | | | $ | 24,987 | | | | | $ | (150,000) | | | |
A
|
| | | $ | 441,718 | | |
Short-term investments
|
| | | | 53,180 | | | | | | — | | | | | | — | | | | | | | | | 53,180 | | |
Accounts receivable, net of allowance for doubtful accounts $1.3 million
|
| | | | 1,642 | | | | | | 5,480 | | | | | | — | | | | | | | | | 7,122 | | |
Inventory
|
| | | | 10,363 | | | | | | 8,973 | | | | | | — | | | | | | | | | 19,336 | | |
Prepaid expenses and other current assets
|
| | | | 1,130 | | | | | | 1,083 | | | | | | — | | | | | | | | | 2,213 | | |
Total current assets
|
| | | | 633,046 | | | | | | 40,523 | | | | | | (150,000) | | | | | | | | | 523,569 | | |
Restricted cash
|
| | | | 612 | | | | | | — | | | | | | — | | | | | | | | | 612 | | |
Property, plant and equipment, net
|
| | | | 13,601 | | | | | | 1,676 | | | | | | — | | | | | | | | | 15,277 | | |
Related party loan receivable
|
| | | | — | | | | | | 1,980 | | | | | | — | | | | | | | | | 1,980 | | |
Capitalized software,
net |
| | |