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Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables) - Evolv Technologies Holdings Inc [Member]
3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Schedule of customers that represent 10% or more of the Company?s total revenue and accounts receivable

The following table presents customers that represent 10% or more of the Company’s total revenue:

 

 

 

 

 

 

 

 

    

Three Months Ended

 

 

 

March 31,

 

 

 

2021

    

2020

 

Customer A

 

18.3

%  

 —

 

Customer B

 

10.0

%  

 —

 

Customer H

 

 —

 

11.3

%

 

 

28.3

%  

11.3

%

 

As of March 31, 2021, no customers represented greater than 10% of the Company’s accounts receivable, net balance. As of December 31, 2020, two customers each represented greater than 10% of the Company’s accounts receivable, net balance. The following table presents customers that represent 10% or more of the Company’s accounts receivable, net:

 

 

 

 

 

 

 

 

    

March 31,

    

December 31,

 

 

 

2021

 

2020

 

 

 

 

 

 

 

Customer E

 

23.8

%  

  

 

Customer F

 

 —

%  

23.4

%

 

 

 —

%  

47.2

%

 

The following table presents customers that represent 10% or more of the Company’s total revenue:

 

 

 

 

 

 

 

    

Year ended December 31, 

 

 

 

2020

 

2019

 

Customer A

 

10.7

%  

 —

 

Customer B

 

 —

 

26.6

%

Customer C

 

 —

 

21.7

%

Customer D

 

 —

 

11.2

%

 

 

10.7

%  

59.5

%

 

As of December 31, 2020, two customers each represented greater than 10% of the Company’s accounts receivable, net balance. As of December 31, 2019, two customers each represented greater than 10% of the Company’s accounts receivable, net balance. The following table presents customers that represent 10% or more of the Company’s accounts receivable, net:

 

 

 

 

 

 

 

    

December 31, 

 

 

 

2020

 

2019

 

Customer C

 

 

 

56.3

%  

Customer E

 

23.8

%  

  

 

Customer F

 

23.4

%  

  

 

Customer G

 

 

 

21.9

%  

 

 

47.2

%  

78.2

%

 

Schedule of estimated useful life of property and equipment  

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset, as follows:

 

 

 

 

    

Estimated Useful Life

Computers and telecommunications equipment

 

3 years

Lab equipment

 

5 years

Software

 

4 years

Furniture and fixtures

 

5 years

Leasehold improvements

 

Shorter of remaining lease term or useful life

Leased equipment

 

7 years

 

Schedule of estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied

 

 

 

 

 

 

 

 

 

 

 

    

Less than

    

Greater than

    

 

 

 

 

1 year

 

1 year

 

Total

Product revenue

 

$

43

 

$

51

 

$

94

Subscription revenue

 

 

4,119

 

 

7,730

 

 

11,849

Service revenue

 

 

 —

 

 

 —

 

 

 —

Maintenance revenue

 

 

346

 

 

792

 

 

1,138

Total revenue

 

$

4,508

 

$

8,573

 

$

13,081

 

The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of December 31, 2020. Note that with respect to ASC 840, Subscription revenue includes maintenance in addition to the operating lease components of these transactions (in thousands).

 

 

 

 

 

 

 

 

 

 

 

    

Less than 1 year

    

Greater than 1 year

    

Total

Product revenue

 

 

 —

 

 

 —

 

 

 —

Subscription revenue

 

 

3,636

 

 

7,123

 

 

10,759

Service revenue

 

 

 —

 

 

 —

 

 

 —

Maintenance revenue

 

 

341

 

 

744

 

 

1,085

Total revenue

 

$

3,977

 

$

7,867

 

$

11,844

 

Schedule of future minimum payments on noncancelable leases

 

 

 

 

Year Ending December 31:

    

 

 

2021 (remaining nine months)

 

$

3,137

2022

 

 

3,775

2023

 

 

3,033

2024

 

 

1,748

2025

 

 

96

Thereafter

 

 

60

 

 

$

11,849

 

The amount of minimum future leases is based on expected income recognition. As of December 31, 2020, future minimum payments on noncancelable leases are as follows (in thousands):

 

 

 

 

Year Ending December 31:

    

 

  

2021

 

$

3,636

2022

 

 

3,241

2023

 

 

2,528

2024

 

 

1,254

2025

 

 

40

Thereafter

 

 

60

 

 

$

10,759

 

Summary of rollforward of deferred revenue

 

 

 

 

Balance at December 31, 2020

    

$

4,197

Revenue recognized

 

 

(1,570)

Revenue deferred

 

 

949

Balance at March 31, 2021

 

$

3,576

 

The following table provides a rollforward of deferred revenue (in thousands):

 

 

 

 

Contract Liabilities

    

 

  

Balance at December 31, 2018

 

$

484

Revenue recognized

 

 

(2,450)

Revenue deferred

 

 

3,822

Balance at December 31, 2019

 

 

1,856

Revenue recognized

 

 

(4,629)

Revenue deferred

 

 

6,970

Balance at December 31, 2020

 

$

4,197

 

Summary of company?s revenue by revenue stream

 

 

 

 

 

 

 

 

    

Three Months Ended

 

 

March 31,

 

 

2021

    

2020

Product revenue

 

$

2,502

 

$

56

Subscription revenue(1)

 

 

1,300

 

 

459

Service revenue

 

 

65

 

 

 5

Maintenance revenue

 

 

132

 

 

120

Total revenue

 

$

3,999

 

$

640


Subscription revenue is inclusive of $0.3 million and $0.1 million of maintenance revenue during the three months ended March 31, 2021 and 2020, respectively, determined based on a relative fair value allocation as prescribed by ASC 606.

The following table presents the Company’s revenue by revenue stream (in thousands):

 

 

 

 

 

 

 

 

 

Year ended December 31, 

 

    

2020

    

2019

Product revenue

 

 

1,279

 

 

4,192

Subscription revenue(1)

 

 

2,637

 

 

1,096

Service revenue

 

 

350

 

 

136

Maintenance revenue

 

 

519

 

 

422

Total revenue

 

$

4,785

 

$

5,846


(1)

Subscription revenue is inclusive of $0.6 million and $0.3 million of maintenance revenue in 2020 and 2019, respectively, determined based on a relative fair value allocation as prescribed by ASC 606.