Document and Entity Information - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Mar. 10, 2021 |
Jun. 30, 2020 |
|
| Document Information [Line Items] | |||
| Document Type | 10-K/A | ||
| Document Annual Report | true | ||
| Document Transition Report | false | ||
| Document Period End Date | Dec. 31, 2020 | ||
| Entity File Number | 001-38835 | ||
| Entity Registrant Name | DESKTOP METAL, INC. | ||
| Entity Incorporation, State or Country Code | DE | ||
| Entity Tax Identification Number | 83-2044042 | ||
| Entity Address, Address Line One | 63 3rd Avenue | ||
| Entity Address, City or Town | Burlington | ||
| Entity Address, State or Province | MA | ||
| Entity Address, Postal Zip Code | 01803 | ||
| City Area Code | 978 | ||
| Local Phone Number | 224-1244 | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Interactive Data Current | Yes | ||
| Entity Filer Category | Non-accelerated Filer | ||
| Entity Small Business | true | ||
| Entity Emerging Growth Company | true | ||
| Entity Shell Company | false | ||
| Entity Common Stock, Shares Outstanding | 244,448,748 | ||
| Entity Public Float | $ 95,050 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Document Fiscal Year Focus | 2020 | ||
| Document Fiscal Period Focus | FY | ||
| Entity Central Index Key | 0001754820 | ||
| Amendment Flag | true | ||
| Amendment Description | EXPLANATORY NOTE This Amendment No. 2 to the Annual Report on Form 10-K/A (this "Amendment") amends the Annual Report on Form 10-K of Desktop Metal, Inc. (the "Company"), for the year ended December 31, 2020, originally filed with the U.S. Securities and Exchange Commission ("SEC") on March 15, 2021, and amended on April 30, 2021 to provide the information required by Items 10 through 14 of Part III of the Annual Report on Form 10-K (as amended, the "Original Filing"). On May 14, 2021, the Company filed a Current Report on Form 8-K with the SEC disclosing the determination by the audit committee of the board of directors. On April 12, 2021, the staff of the Securities and Exchange Commission (the "SEC Staff") issued a public statement entitled "Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies ("SPACs")" (the "SEC Statement"). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC's balance sheet as opposed to being treated as equity. Since the consummation of the business combination with Trine Acquisition Corp. on December 9, 2020, our outstanding warrants to purchase common stock were accounted for as equity within our balance sheet. As a result of the Staff Statement, the Company reevaluated the accounting treatment of the warrants assumed in the business combination with Trine on December 9, 2020 which were recorded in equity in the Company's consolidated balance sheet. The Company concluded that the exercise and settlement features of the private placement warrants may change with a change in the holder, which precludes the private placement warrants from being considered indexed to the Company's own stock and therefore, precludes the private placement warrants from meeting the scope exception from derivative accounting prescribed by Accounting Standards Codification 815, Derivatives and Hedging ("ASC 815"). As such, the private placement warrants do not meet the conditions to be classified within equity under the Statement and should be presented as a liability. The Company has concluded that the private placement warrants are to be classified as a liability measured at fair value on the Company's consolidated balance sheet at December 31, 2020, with subsequent changes in fair value from the date of acquisition on December 9, 2020 through December 31, 2020, as well as subsequent changes in fair value reported in our statement of operations each reporting period. The change in accounting for the private placement warrants did not have any impact on the Company's liquidity, cash flows, revenues, or operating expenses within its consolidated financial statements. As disclosed in Item 9A, as of December 31, 2020, Management has determined that the Company did not maintain effective internal control over financial reporting due to the existence of material weaknesses. Management also concluded that the Company's disclosure controls and procedures were not effective as of December 31, 2020 due to the existence of material weaknesses. We are filing this Amendment to amend and restate the Original Filing as necessary to reflect the restatements required to classify the private placement warrants as a liability rather than equity. The following items have been amended to reflect the restatements: Part I, Item 1A. Risk Factors Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Part II, Item 8. Financial Statements and Supplementary Data Part II, Item 9A. Controls and Procedures. In addition, the Company's Chief Executive Officer and Chief Financial Officer have provided new certifications dated as of the date of this (Exhibits 31.1, 31.2, 32.1 and 32.2). | ||
| Entity Ex Transition Period | false | ||
| ICFR Auditor Attestation Flag | false | ||
| Common Stock | |||
| Document Information [Line Items] | |||
| Title of 12(b) Security | Common Stock, $0.0001 Par Value per Share | ||
| Trading Symbol | DM | ||
| Security Exchange Name | NYSE | ||
| Debentures 6.55% Due 2030 | |||
| Document Information [Line Items] | |||
| Title of 12(b) Security | Warrants to purchase common stock | ||
| Trading Symbol | DM.WS | ||
| Security Exchange Name | NYSE |