Debt (Details) - USD ($) |
1 Months Ended | 3 Months Ended | |||
|---|---|---|---|---|---|
Apr. 11, 2020 |
Mar. 25, 2021 |
May 31, 2017 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
| Debt (Details) [Line Items] | |||||
| Maturity date description | Pursuant to the Sub Agreement, a final payment of $0.7 million was payable at the maturity date in April 2023. | ||||
| Amortized discount of interest expense | $ 34,000 | ||||
| Interest expense | $ 200,000 | ||||
| Remaining unamortized debt discount | $ 200,000 | ||||
| Discount to interest | $ 12,600 | ||||
| Investment agreement, description | The Company and Lender also entered into a Co-Investment Agreement which grants to the Lender and its affiliates a right to purchase in the Company’s future equity financings up to a total of $3.0 million at the same per share purchase price and terms as other investors in such equity financings. | ||||
| Loan and Security Agreement [Member] | |||||
| Debt (Details) [Line Items] | |||||
| Description of debt | the Company entered into the Loan and Security Agreement (the “Loan Agreement”) with Eastward Capital Partners (the “Lender”) to establish a loan facility that provided for borrowings in the aggregate principal amount of up to $17.0 million, which were available to be drawn in two tranches. The first tranche of $15.0 million was funded on March 31, 2021. The second tranche of $2.0 million was available, at the Company’s request, between October 30, 2021 and November 30, 2021, provided the Company achieved at least $6.0 million in revenue and a maximum Earnings before interest, taxes, depreciation and amortization (“EBITDA”) loss of $4.8 million, in each case for the third fiscal quarter of 2021. There were no borrowings under the second tranche. Outstanding borrowings under the Loan Agreement are secured by a first priority lien on substantially all of the personal property assets of the Company, including the Company’s intellectual property. The Company is required to pay only interest during the first 18 months after funding of the first tranche and thereafter, the Company shall repay such loan amount in 30 consecutive equal monthly installments of principal plus accrued interest. The loan facility bears an annual interest rate of the prime rate as published in the Wall Street Journal, subject to a floor of 3.25%, plus 8.75%. The annual interest rate was 12.25% and 12% as of March 31, 2022 and December 31, 2021, respectively. On the final repayment date, Company is also obligated to pay a final payment fee equal to seven and one-half percent (7.5%) of the amount of the applicable advance. | In connection with the Loan Agreement, the Company issued the Lender warrants with a fair value of $0.4 million, which was recorded as a discount to the loan, to purchase up to 346,500 shares of common stock that were immediately vested upon funding with an exercise price of $3.00 per share and a term of the earlier of i) March 24, 2031 and ii) the third anniversary of the Company’s listing on Nasdaq. As the Company listed on Nasdaq on October 26, 2021, the expiration date of the warrants is October 26, 2024. The warrants also provide that any shares issued pursuant to the warrants are entitled to the registration rights afforded to holders of the Company’s stock, all as set forth in the certain outstanding Registration Rights Agreement dated as of October 5, 2020. The Company recorded the final payment of $1.1 million as both a discount and an increase to the principal amount of the debt. The Company also capitalized certain lender and legal costs associated with the Loan Agreement totaling $0.2 million, which were recorded as a discount to the loan. The aggregate discount of $1.8 million is being amortized to interest expense over the repayment term of the Loan Agreement. The Company amortized $0.2 million of the discount to interest expense during the three months ended March 31, 2022. At March 31, 2022, the remaining unamortized discount was $1.1 million. | |||
| Sub Agreement [Member] | |||||
| Debt (Details) [Line Items] | |||||
| Borrowings amount | $ 10,000,000 | ||||
| Interest rate | 12.00% | ||||
| Final payment | $ 700,000 | ||||
| Legal cost | 300,000 | ||||
| Amortized discount of interest expense | $ 1,200,000 | ||||
| PPP Loan [Member] | |||||
| Debt (Details) [Line Items] | |||||
| Interest rate | 1.00% | ||||
| Principal amount | $ 2,200,000 | ||||
| Description of debt | The PPP Loan was to mature in two years from the issuance date and bore interest at a rate of 1% per year, with all payments deferred through the six-month anniversary of the date of the PPP Loan. Principal plus accrued unpaid interest was to be paid in one payment two years after the date of this note and may have been prepaid by the Company at any time prior to maturity without penalty. The Company applied for forgiveness of amounts due under the PPP Loan, with the amount of potential loan forgiveness calculated in accordance with the requirements of the CARES Act based on payroll costs, any mortgage interest payments, any covered rent payments and any covered utilities payments during the 8-24 week period after the origination date of the Loan. | ||||