Tesla 2011 Annual Report Download - page 77

Table of Contents
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(2)
In January 2010, we issued a warrant to the Department of Energy (DOE) in connection with the closing of our DOE loan facility to
purchase shares of our Series E convertible preferred stock. This convertible preferred stock warrant became a warrant to purchase shares
of our common stock upon the closing of our initial public offering (IPO) in July 2010. Beginning on December 15, 2018 and until
December 14, 2022, the shares subject to purchase under the warrant will become exercisable in quarterly amounts depending on the
average outstanding balance of our the DOE loan facility during the prior quarter. Since the number of shares of common stock ultimately
issuable under the warrant will vary, this warrant will be carried at its estimated fair value with changes in the fair value of this common
stock warrant liability reflected in other income (expense), net, until its expiration or vesting. Potential shares of common stock issuable
upon exercise of the DOE warrant will be excluded from the calculation of diluted net loss per share of common stock until at least such
time as we generate a net profit in a given period.
(3)
Diluted net loss per share of common stock is computed excluding common stock subject to repurchase, and, if dilutive, potential shares of
common stock outstanding during the period. Potential shares of common stock consist of stock options to purchase shares of our common
stock and warrants to purchase shares of our convertible preferred stock (using the treasury stock method) and the conversion of our
convertible preferred stock and convertible notes payable (using the if-converted method). For purposes of these calculations, potential
shares of common stock have been excluded from the calculation of diluted net loss per share of common stock as their effect is
antidilutive since we generated a net loss in each period.
As of December 31,
2010
2009
2008
2007
2006
Consolidated Balance Sheet Data:
Cash and cash equivalents
$
99,558
$
69,627
$
9,277
$
17,211
$
35,401
Restricted cash
—
current (1)
73,597
—
—
—
—
Property, plant and equipment, net (2)
114,636
23,535
18,793
11,998
7,512
Working capital (deficit)
150,321
43,070
(56,508
)
(28,988
)
8,458
Total assets
386,082
130,424
51,699
34,837
44,466
Convertible preferred stock warrant liability (3)
—
1,734
2,074
191
227
Common stock warrant liability (3)
6,088
—
—
—
—
Capital lease obligations, less current portion
496
800
888
18
—
Long
-
term debt (4)
71,828
—
—
—
—
Convertible preferred stock
—
319,225
101,178
101,178
60,173
Total stockholders
’
equity (deficit)
207,048
(253,523
)
(199,714
)
(117,846
)
(43,923
)
(1)
Upon the completion of our IPO and concurrent Toyota private placement in July 2010, we set aside $100.0 million to fund a restricted
dedicated account as required under the provisions of our DOE loan facility. Through December 31, 2010, we transferred $26.4 million
from the dedicated account to our operating cash accounts in accordance with the provisions of the DOE loan facility.
(2)
In October 2010, we completed the purchase of our Fremont, California facility and certain of the manufacturing assets located thereon.
(3)
In January 2010, we issued a warrant to the DOE in connection with the closing of our DOE loan facility to purchase shares of our Series E
convertible preferred stock. This convertible preferred stock warrant became a warrant to purchase shares of our common stock upon the
closing of our initial public offering in July 2010.
(4)
In January 2010, we closed our DOE loan facility and began making draw downs under the loan facility.