10-K Filing

ARCHER AVIATION INC. CIK: 1824502 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001628280-22-006078`
Period End Date	20211231
Filing Date	20220314
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	achr-20211231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 30 Cash Flow Statement 84 Stockholders Equity 24

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$746.90M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$36.60M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$800.00K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$7.60M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$300.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$37.40M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$754.80M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.90M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.60M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	59.85M	shares	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$500.00K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$500.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	232.64M	shares	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$4.50M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.30M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$2.70M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	-	USD	Point-in-time
Total assets	`Assets`	$41.80M	USD	Point-in-time
Total assets	`Assets`	$768.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.10M	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.10M	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$800.00K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$9.50M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$600.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherLiabilitiesCurrent`	$12.30M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherLiabilitiesCurrent`	$300.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.30M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$9.30M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$300.00K	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.20M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.50M	USD	Point-in-time
Warrant liabilities	`WarrantLiabilitiesNoncurrent`	-	USD	Point-in-time
Warrant liabilities	`WarrantLiabilitiesNoncurrent`	$30.30M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$400.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$300.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$69.50M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.90M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2021 and 2020	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2021 and 2020	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$61.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.07B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-25.80M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-373.60M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$35.90M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.90M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$698.90M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$768.40M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$41.80M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$64.30M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$21.10M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$3.50M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$176.70M	USD	Annual
Other warrant expense	`OtherWarrantExpense`	-	USD	Annual
Other warrant expense	`OtherWarrantExpense`	$117.30M	USD	Annual
Total operating expenses	`OperatingExpenses`	$358.30M	USD	Annual
Total operating expenses	`OperatingExpenses`	$24.60M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-358.30M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-24.60M	USD	Annual
Gain on forgiveness of PPP loan	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Gain on forgiveness of PPP loan	`GainsLossesOnExtinguishmentOfDebt`	$900.00K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	-	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$10.60M	USD	Annual
Interest expense	`InterestExpense`	$200.00K	USD	Annual
Interest expense	`InterestExpense`	$1.00M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-347.80M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-24.80M	USD	Annual
Net loss	`NetIncomeLoss`	$-347.80M	USD	Annual
Net loss	`NetIncomeLoss`	$-24.80M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-24.80M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-347.80M	USD	Annual
Net loss per share, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.49	USD	Annual
Net loss per share, basic (in dollars per share)	`EarningsPerShareBasic`	$-3.14	USD	Annual
Net loss per share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.49	USD	Annual
Net loss per share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-3.14	USD	Annual
Weighted-average common shares, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.16M	shares	Annual
Weighted-average common shares, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	110.84M	shares	Annual
Weighted-average common shares, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	110.84M	shares	Annual
Weighted-average common shares, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.16M	shares	Annual

Cash Flow Statement 84 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-347.80M	USD	Annual
Net loss	`NetIncomeLoss`	$-24.80M	USD	Annual
Depreciation and amortization	`OtherDepreciationAndAmortization`	$1.30M	USD	Annual
Depreciation and amortization	`OtherDepreciationAndAmortization`	$200.00K	USD	Annual
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	$200.00K	USD	Annual
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$200.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$123.60M	USD	Annual
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	-	USD	Annual
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-10.40M	USD	Annual
Non-cash interest	`PaidInKindInterest`	$300.00K	USD	Annual
Non-cash interest	`PaidInKindInterest`	-	USD	Annual
Non-cash lease expense	`OperatingLeaseExpense`	$1.70M	USD	Annual
Non-cash lease expense	`OperatingLeaseExpense`	-	USD	Annual
Research and development warrant expense	`OtherResearchAndDevelopmentExpense`	$7.00M	USD	Annual
Research and development warrant expense	`OtherResearchAndDevelopmentExpense`	-	USD	Annual
Other warrant expense	`OtherWarrantExpense`	-	USD	Annual
Other warrant expense	`OtherWarrantExpense`	$117.30M	USD	Annual
Gain on forgiveness of PPP loan	`GainsLossesOnExtinguishmentOfDebt`	$900.00K	USD	Annual
Gain on forgiveness of PPP loan	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$6.80M	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$800.00K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	-	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$300.00K	USD	Annual
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$2.70M	USD	Annual
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.60M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-800.00K	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$200.00K	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$12.10M	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	-	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-1.90M	USD	Annual
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	-	USD	Annual
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$300.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-22.80M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-108.40M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.50M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.40M	USD	Annual
Purchase of domain names	`PaymentsToAcquireIntangibleAssets`	$500.00K	USD	Annual
Purchase of domain names	`PaymentsToAcquireIntangibleAssets`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.50M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.90M	USD	Annual
Proceeds from issuance of debt	`ProceedsFromIssuanceOfDebt`	$900.00K	USD	Annual
Proceeds from issuance of debt	`ProceedsFromIssuanceOfDebt`	$20.00M	USD	Annual
Proceeds from PIPE financing	`ProceedsFromIssuanceOfPrivatePlacement`	$600.00M	USD	Point-in-time
Proceeds from PIPE financing	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	Annual
Proceeds from PIPE financing	`ProceedsFromIssuanceOfPrivatePlacement`	$600.00M	USD	Annual
Recapitalization transaction	`ProceedsFromRecapitalizationTransaction`	$257.60M	USD	Annual
Recapitalization transaction	`ProceedsFromRecapitalizationTransaction`	$257.60M	USD	Point-in-time
Recapitalization transaction	`ProceedsFromRecapitalizationTransaction`	-	USD	Annual
Recapitalization transaction costs	`PaymentsForReverseRecapitalizationTransactionCosts`	-	USD	Annual
Recapitalization transaction costs	`PaymentsForReverseRecapitalizationTransactionCosts`	$55.80M	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$500.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	Annual
Proceeds from exercise of stock warrants	`ProceedsFromWarrantExercises`	-	USD	Annual
Proceeds from exercise of stock warrants	`ProceedsFromWarrantExercises`	$100.00K	USD	Annual
Proceeds from issuance of preferred stock, net	`ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock`	-	USD	Annual
Proceeds from issuance of preferred stock, net	`ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock`	$50.30M	USD	Annual
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$200.00K	USD	Annual
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$822.20M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$51.20M	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$26.50M	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$710.30M	USD	Annual
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.10M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$746.90M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.60M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.10M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$746.90M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.60M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	-	USD	Annual
Cash paid for interest	`InterestPaidNet`	$700.00K	USD	Annual
Purchases of property and equipment included in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$2.10M	USD	Annual
Purchases of property and equipment included in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$300.00K	USD	Annual
Promissory notes and interest settled with preferred shares	`NotesReduction`	-	USD	Annual
Promissory notes and interest settled with preferred shares	`NotesReduction`	$5.30M	USD	Annual
Allocation of debt proceeds to stock warrants	`AllocationOfDebtProceedsToStockWarrants`	$1.20M	USD	Annual
Allocation of debt proceeds to stock warrants	`AllocationOfDebtProceedsToStockWarrants`	-	USD	Annual
Conversion of preferred stock	`ConversionOfStockAmountConverted1`	-	USD	Annual
Conversion of preferred stock	`ConversionOfStockAmountConverted1`	$61.50M	USD	Annual
PIPE financing issuance costs settled with the issuance of Class A common stock	`PIPEFinancingIssuanceCostsSettledWithTheIssuance`	$7.00M	USD	Annual
PIPE financing issuance costs settled with the issuance of Class A common stock	`PIPEFinancingIssuanceCostsSettledWithTheIssuance`	-	USD	Annual
Recapitalization transaction costs settled with the issuance of Class A common stock	`RecapitalizationTransactionCostsSettledWithTheIssuanceOfClassACommonStock`	-	USD	Annual
Recapitalization transaction costs settled with the issuance of Class A common stock	`RecapitalizationTransactionCostsSettledWithTheIssuanceOfClassACommonStock`	$8.10M	USD	Annual

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Stockholders' Equity, beginning balance	`StockholdersEquity`	$35.90M	USD	Point-in-time
Stockholders' Equity, beginning balance	`StockholdersEquity`	$4.90M	USD	Point-in-time
Stockholders' Equity, beginning balance	`StockholdersEquity`	$698.90M	USD	Point-in-time
Conversion of notes and accrued interest to preferred stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$5.30M	USD	Annual
Issuance of restricted stock (in shares)	`StockIssuedDuringPeriodSharesRestrictedStockAwardGross`	10.00M	shares	Point-in-time
Issuance of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	-	USD	Annual
Issuance of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$118.10M	USD	Annual
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	4.74M	shares	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$500.00K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	Annual
Issuance of warrants and warrant expense	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$124.30M	USD	Annual
Exercise of warrants	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$100.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$200.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.50M	USD	Annual
Issuance of preferred stock (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	61.51M	shares	Point-in-time
Issuance of preferred stock	`StockIssuedDuringPeriodValueNewIssues`	$50.30M	USD	Annual
Issuance of Class A common stock pursuant to the Business Combination Agreement (in shares)	`StockIssuedDuringPeriodSharesReverseRecapitalization`	101.27M	shares	Point-in-time
Issuance of Class A common stock pursuant to the Business Combination Agreement	`StockIssuedDuringPeriodValueReverseRecapitalization`	$162.30M	USD	Annual
PIPE financing	`StockIssuedDuringPeriodValuePIPEFinancing`	$600.00M	USD	Annual
Net loss	`NetIncomeLoss`	$-347.80M	USD	Annual
Net loss	`NetIncomeLoss`	$-24.80M	USD	Annual
Stockholders' Equity, ending balance	`StockholdersEquity`	$35.90M	USD	Point-in-time
Stockholders' Equity, ending balance	`StockholdersEquity`	$4.90M	USD	Point-in-time
Stockholders' Equity, ending balance	`StockholdersEquity`	$698.90M	USD	Point-in-time

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