10-Q Filing

LUCID GROUP, INC. CIK: 1811210 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-21-106466`
Period End Date	20210630
Filing Date	20210816
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	lcid-20210630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 32 Cash Flow Statement 30 Stockholders Equity 16

Balance Sheet 50 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$3.59M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash	`Cash`	$1.00M	USD	Point-in-time
Cash	`Cash`	$172.10K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$675.34K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$937.79K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.53M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.68M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$2.07B	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$2.07B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.07B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.07B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.45M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$827.21K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$23.58K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$81.42K	USD	Point-in-time
Convertible promissory note - related party, net of discount	`DueToRelatedPartiesCurrent`	$1.20M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.05M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.53M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$1.60B	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$142.20M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayableNonCurrent`	$72.45M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayableNonCurrent`	$72.45M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.67B	USD	Point-in-time
Total Liabilities	`Liabilities`	$216.18M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A common stock subject to possible redemption, 207,000,000 and 185,343,777 shares at redemption value as of June 30, 2021 and December 31, 2020, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$2.07B	USD	Point-in-time
Class A common stock subject to possible redemption, 207,000,000 and 185,343,777 shares at redemption value as of June 30, 2021 and December 31, 2020, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$1.85B	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-63.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.67B	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$24.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	-	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-1.67B	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-1.08B	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$2.07B	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$2.07B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Operating costs	`OperatingExpenses`	$3.65M	USD	2 Qtrs
Operating costs	`OperatingExpenses`	$562.19K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-562.19K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.65M	USD	2 Qtrs
Change in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	$1.40B	USD	2 Qtrs
Change in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	$587.38M	USD	1 Quarter
Interest expense - excess fair value of conversion liability	`GainLossOnInitialClassificationOfConversionOption`	$56.19M	USD	2 Qtrs
Interest expense - amortization of debt discount	`InterestExpense`	$1.20M	USD	2 Qtrs
Interest expense - amortization of debt discount	`InterestExpense`	$900.00K	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$27.45K	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$204.78K	USD	2 Qtrs
Unrealized gain on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$-3.96K	USD	1 Quarter
Other expense net	`NonoperatingIncomeExpense`	$-588.26M	USD	1 Quarter
Other expense net	`NonoperatingIncomeExpense`	$-1.46B	USD	2 Qtrs
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-588.82M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.46B	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.96K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$25.54K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-588.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.46B	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.00K	USD	1 Quarter
Basic and diluted weighted average shares outstanding, Class A common stock subject to redemption	`TemporaryEquityWeightedAverageNumberOfSharesOutstandingBasicAndDiluted`	201.68M	shares	2 Qtrs
Basic and diluted weighted average shares outstanding, Class A common stock subject to redemption	`TemporaryEquityWeightedAverageNumberOfSharesOutstandingBasicAndDiluted`	207.00M	shares	1 Quarter
Basic and diluted net income per share, Class A common stock subject to redemption	`TemporaryEquityEarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted net income per share, Class A common stock subject to redemption	`TemporaryEquityEarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted net income per share, Class A common stock subject to redemption	`TemporaryEquityEarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Basic and diluted weighted average shares outstanding, Non-redeemable common stock	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.75M	shares	1 Quarter
Basic and diluted weighted average shares outstanding, Non-redeemable common stock	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	45.00M	shares	1 Quarter
Basic and diluted weighted average shares outstanding, Non-redeemable common stock	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58.50M	shares	2 Qtrs
Basic and diluted net loss per share, Non-redeemable common stock	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted net loss per share, Non-redeemable common stock	`EarningsPerShareBasicAndDiluted`	$-24.97	USD	2 Qtrs
Basic and diluted net loss per share, Non-redeemable common stock	`EarningsPerShareBasicAndDiluted`	$-11.38	USD	1 Quarter

Cash Flow Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-588.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.46B	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.00K	USD	1 Quarter
Changes in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	$1.40B	USD	2 Qtrs
Changes in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	$587.38M	USD	1 Quarter
Interest expense - excess fair value of conversion liability	`GainLossOnInitialClassificationOfConversionOption`	$56.19M	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.20M	USD	2 Qtrs
Interest earned on marketable securities held in Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$204.78K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-262.44K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-619.74K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$1.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-57.84K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.09M	USD	2 Qtrs
Proceeds from issuance of Class B common stock to Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	1 Quarter
Proceeds from promissory note - related party	`ProceedsFromRelatedPartyDebt`	$1.50M	USD	2 Qtrs
Proceeds from promissory note - related party	`ProceedsFromRelatedPartyDebt`	$300.00K	USD	1 Quarter
Payment of convertible promissory note - related party	`RepaymentsOfRelatedPartyDebt`	$152.90K	USD	1 Quarter
Net cash provided by used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.50M	USD	2 Qtrs
Net cash provided by used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$172.10K	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.59M	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$172.10K	USD	1 Quarter
Cash - Beginning of period	`Cash`	$3.59M	USD	Point-in-time
Cash - Beginning of period	`Cash`	$1.00M	USD	Point-in-time
Cash - Beginning of period	`Cash`	$172.10K	USD	Point-in-time
Cash - End of period	`Cash`	$3.59M	USD	Point-in-time
Cash - End of period	`Cash`	$1.00M	USD	Point-in-time
Cash - End of period	`Cash`	$172.10K	USD	Point-in-time
Offering costs included in accrued offering costs	`DeferredOfferingCostsIncludedInAccruedExpenses`	$58.00K	USD	1 Quarter
Change in value of Class A common stock subject to possible redemption	`ChangeInValueOfCommonStockSubjectToRedemption`	$216.56M	USD	2 Qtrs
Initial classification of conversion option liability	`InitialClassificationOfConversionOptionLiability`	$57.69M	USD	2 Qtrs

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$24.00K	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.67B	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.08B	USD	Point-in-time
Change in value of common stock subject to possible redemption	`SharesSubjectToPossibleRedemptionValue`	$216.56M	USD	1 Quarter
Change in value of common stock subject to possible redemption	`SharesSubjectToPossibleRedemptionValue`	-	USD	1 Quarter
Issuance of Class B common stock to Sponsor	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	1 Quarter
Net loss	`NetIncomeLossAttributableToParentAndShareholders`	$-1.00K	USD	1 Quarter
Net loss	`NetIncomeLossAttributableToParentAndShareholders`	$-588.82M	USD	1 Quarter
Net loss	`NetIncomeLossAttributableToParentAndShareholders`	$-871.80M	USD	1 Quarter
Balance	`StockholdersEquity`	$24.00K	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.67B	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.08B	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.