0001193125-21-216554 | S-1 | XBRL Viewer

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Cover	3 Months Ended
Cover	Mar. 31, 2021
Cover [Abstract]
Document Type	S-1
Amendment Flag	false
Entity Registrant Name	ORIGIN MATERIALS, INC.
Entity Central Index Key	0001802457
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 0	$ 0
Cash	359,067	1,123,407
Prepaid expenses	241,813	220,867
Total Current Assets	600,880	1,344,274
Marketable securities held in Trust Account	724,779,404	724,716,476
TOTAL ASSETS	725,380,284	726,060,750
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses	168,614	220
Total Current Liabilities	168,614	220
Warrant liability	61,019,868	78,048,668
Deferred underwriting fee payable	25,357,500	25,357,500
Total Liabilities	86,545,982	103,406,388
Commitments
Shareholders' Equity
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Additional paid-incapital	14,689,698	30,869,475
Accumulated deficit	(9,692,410)	(25,872,350)
Total Shareholders' Equity	5,000,008	5,000,006
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	725,380,284	726,060,750
Micromidas, Inc.
Current assets
Cash and cash equivalents	8,872,007	1,309,183	$ 3,047,208
Restricted cash	564,520	564,520	564,520
Other receivables	27,349	47,804	1,055,036
Grants receivable			86,908
Prepaid expenses and other current assets	146,601	144,699	197,458
Total Current Assets	9,610,477	2,066,206	4,951,130
Property, plant, and equipment, net	46,356,326	45,103,857	42,551,530
Intangible assets, net	249,659	257,672	295,105
TOTAL ASSETS	56,216,462	47,427,735	47,797,765
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	2,731,027	2,700,463	1,497,950
Accrued expenses	1,442,839	593,246	149,821
Derivative liability	3,826,231	1,238,511	150,375
Stockholder convertible notes payable	12,741,507	3,232,033	780,858
Total Current Liabilities	20,741,604	7,764,253	2,579,004
PPP Loan	905,838	905,838
Canadian Government Research and Development Program Liability	6,270,836	6,197,053	3,534,814
Redeemable convertible preferred stock warrants liability	67,341,899	19,232,628	734,830
Stockholder note	5,189,169	5,189,169	5,189,169
Related party other liabilities, long-term	5,568,192	5,516,978	5,260,526
Other liabilities, long-term	2,500,000	2,500,000	2,500,000
Total Liabilities	108,517,538	47,305,919	19,798,343
Commitments
Total redeemable convertible preferred stock	95,982,863	95,982,863	95,982,863
Shareholders' Equity
Common stock	134	128	128
Additional paid-incapital	3,324,197	2,642,600	1,011,278
Accumulated deficit	(152,458,837)	(98,888,188)	(68,585,340)
Accumulated other comprehensive income	850,567	384,413	(409,507)
Total Shareholders' Equity	(148,283,939)	(95,861,047)	(67,983,441)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	56,216,462	47,427,735	47,797,765
Class A ordinary shares
LIABILITIES AND SHAREHOLDERS' EQUITY
Ordinary shares subject to possible redemption	633,834,294	617,654,356
Shareholders' Equity
Common stock	909	1,070
Class B ordinary shares
Shareholders' Equity
Common stock	1,811	1,811
Redeemable Convertible Preferred Stock Series A \| Micromidas, Inc.
LIABILITIES AND SHAREHOLDERS' EQUITY
Ordinary shares subject to possible redemption	31,477,562	31,477,562	31,477,562
Redeemable Convertible Preferred Stock Series B \| Micromidas, Inc.
LIABILITIES AND SHAREHOLDERS' EQUITY
Ordinary shares subject to possible redemption	41,125,321	41,125,321	41,125,321
Redeemable Convertible Preferred Stock Series C \| Micromidas, Inc.
LIABILITIES AND SHAREHOLDERS' EQUITY
Ordinary shares subject to possible redemption	$ 23,379,980	$ 23,379,980	$ 23,379,980

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Micromidas, Inc.
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	33,000,000	33,000,000	33,000,000
Common stock, shares issued	1,340,926	1,285,164	1,283,788
Common stock, shares outstanding	1,340,926	1,285,164	1,283,788
Class A ordinary shares
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	9,091,005	10,703,014
Common stock, shares outstanding	9,091,005	10,703,014
Common stock, redemption value	63,358,995	61,746,986
Class B ordinary shares
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	18,112,500	18,112,500
Common stock, shares outstanding	18,112,500	18,112,500
Redeemable Convertible Preferred Stock Series A \| Micromidas, Inc.
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001	$ 0.0001
Temporary Equity, shares authorized	15,500,000	15,500,000	15,500,000
Temporary Equity, shares issued	13,204,284	13,204,284	13,204,284
Common stock, redemption value	13,204,284	13,204,284	13,204,284
Redeemable convertible preferred stock, redemption value	$ 35,959,227	$ 35,959,227	$ 35,959,227
Redeemable Convertible Preferred Stock Series B \| Micromidas, Inc.
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001	$ 0.0001
Temporary Equity, shares authorized	7,000,000	7,000,000	7,000,000
Temporary Equity, shares issued	6,275,704	6,275,704	6,275,704
Common stock, redemption value	6,275,704	6,275,704	6,275,704
Redeemable convertible preferred stock, redemption value	$ 46,979,920	$ 46,979,920	$ 46,979,920
Redeemable Convertible Preferred Stock Series C \| Micromidas, Inc.
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001	$ 0.0001
Temporary Equity, shares authorized	6,800,000	6,800,000	6,800,000
Temporary Equity, shares issued	1,590,675	1,590,675	1,590,675
Common stock, redemption value	1,590,675	1,590,675	1,590,675
Redeemable convertible preferred stock, redemption value	$ 23,499,996	$ 23,499,996	$ 23,499,996

Condensed Consolidated Statements Of Operations - USD ($)	2 Months Ended	3 Months Ended		11 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
OPERATING EXPENSES
Operating and formation costs	$ 9,069	$ 911,788		$ 3,028,992
Loss from operations	(9,069)	(911,788)		(3,028,992)
Other income (loss):
Interest earned on marketable securities held in Trust Account		62,928		212,516
Unrealized gain on marketable securities held in Trust Account				3,960
Change in fair value of warrant liability		17,028,800		(23,059,834)
Other income (loss)				(22,843,358)
Net income (loss)	$ (9,069)	16,179,940		$ (25,872,350)
OTHER COMPREHENSIVE INCOME (LOSS)
Basic and diluted net loss per ordinary share				$ (1.23)
Basic and diluted weighted average shares outstanding				21,242,273
Micromidas, Inc.
OPERATING EXPENSES
Research and development		1,308,919	$ 1,217,933		$ 4,137,838	$ 6,704,147
General and administrative		3,948,123	598,906		6,563,179	3,706,333
Depreciation and amortization		114,912	104,275		479,355	645,756
Loss from operations		(5,371,954)	(1,921,114)		(11,180,372)	(11,056,236)
Other income (loss):
Interest expense, net of capitalized interest		279,441	62,999		341,639	51,589
Change in fair value of derivative liability		391,252	(2,669)		1,088,136
Change in fair value of redeemable convertible preferred stock warrants liability		48,109,271			18,497,798	(10,287,616)
Other income, net		(581,269)	(11,704)		(805,097)	(340,800)
Other income (loss)		(48,198,695)	(48,626)		(19,122,476)	10,576,827
Net income (loss)		(53,570,649)	(1,969,740)		(30,302,848)	(479,409)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of tax		466,154	(3,199,571)		793,920	1,746,949
Total comprehensive (loss) income		$ (53,104,495)	$ (5,169,311)		$ (29,508,928)	$ 1,267,540
Basic and diluted net loss per ordinary share		$ (39.51)	$ (1.53)		$ (23.58)	$ (0.37)
Basic and diluted weighted average shares outstanding		1,355,762	1,285,714		1,285,202	1,284,026
Common Stock Subject to Mandatory Redemption [Member]
OTHER COMPREHENSIVE INCOME (LOSS)
Basic and diluted net loss per ordinary share				$ 0.00
Basic and diluted weighted average shares outstanding				63,958,721
Common Stock Subject to Mandatory Redemption [Member] \| Class A ordinary shares
Other income (loss):
Interest earned on marketable securities held in Trust Account		$ 55,031		$ 181,127
Unrealized gain on marketable securities held in Trust Account		0		3,375
Net income (loss)		$ 55,031		$ 184,502
OTHER COMPREHENSIVE INCOME (LOSS)
Basic and diluted net loss per ordinary share	$ 0.00	$ 0.00		$ 0.00
Basic and diluted weighted average shares outstanding		61,746,986		63,958,721
Non Redeemable Common Stock [Member]
OTHER COMPREHENSIVE INCOME (LOSS)
Basic and diluted net loss per ordinary share	$ 0.00	$ 0.56
Basic and diluted weighted average shares outstanding	15,750,000	28,815,514
Non Redeemable Common Stock [Member] \| Class A ordinary shares
Other income (loss):
Net income (loss)	$ (9,069)	$ 16,179,940		$ (25,872,350)
OTHER COMPREHENSIVE INCOME (LOSS)
Basic and diluted net loss per ordinary share	$ 0.00	$ 0.56		$ (1.23)
Basic and diluted weighted average shares outstanding	15,750,000	28,815,514		21,242,273

Condensed Consolidated Statements Of Changes In Shareholders' Equity - USD ($)	Total	Micromidas, Inc.	Class A ordinary shares	Redeemable Convertible Preferred Stock Series A Micromidas, Inc.	Redeemable Convertible Preferred Stock Series B Micromidas, Inc.	Redeemable Convertible Preferred Stock Series C Micromidas, Inc.	Common Stock Micromidas, Inc.	Common Stock Class A ordinary shares	Common Stock Class B ordinary shares	Additional Paid-in Capital	Additional Paid-in Capital Micromidas, Inc.	Retained Earnings	Retained Earnings Micromidas, Inc.	AOCI Attributable to Parent [Member] Micromidas, Inc.
Temporary equity, Balance at Dec. 31, 2018				$ 31,477,562	$ 41,125,321	$ 23,379,980
Temporary equity, Balance, Shares at Dec. 31, 2018				13,204,284	6,275,704	1,590,675
Temporary equity, Balance at Dec. 31, 2019				$ 31,477,562	$ 41,125,321	$ 23,379,980
Temporary equity, Balance, Shares at Dec. 31, 2019				13,204,284	6,275,704	1,590,675
Balance beginning at Dec. 31, 2018		$ (69,297,462)					$ 128				$ 964,797		$ (2,156,456)	$ (68,105,931)
Balance beginning (Shares) at Dec. 31, 2018							1,282,588
Common stock issued upon exercise of stock options		2,716									2,716
Common stock issued upon exercise of stock options, shares							1,200
Stock-based compensation		43,765									43,765
Net income (loss)		(479,409)												(479,409)
Other comprehensive income		1,746,949											1,746,949
Balance ending at Dec. 31, 2019		(67,983,441)					$ 128				1,011,278		(409,507)	(68,585,340)
Balance ending (Shares) at Dec. 31, 2019							1,283,788
Temporary equity, Balance at Mar. 31, 2020				$ 31,477,562	$ 41,125,321	$ 23,379,980
Temporary equity, Balance, Shares at Mar. 31, 2020				13,204,284	6,275,704	1,590,675
Common stock issued upon exercise of stock options		1,073									1,073
Common stock issued upon exercise of stock options, shares							1,376
Stock-based compensation		9,026									9,026
Net income (loss)		(1,969,740)												(1,969,740)
Other comprehensive income		(3,199,571)											(3,199,571)
Balance ending at Mar. 31, 2020	$ 15,931	(73,142,653)					$ 128		$ 1,811	$ 23,189	1,021,377	$ (9,069)	(3,609,078)	(70,555,080)
Balance ending (Shares) at Mar. 31, 2020							1,285,164		18,112,500
Temporary equity, Balance at Dec. 31, 2019				$ 31,477,562	$ 41,125,321	$ 23,379,980
Temporary equity, Balance, Shares at Dec. 31, 2019				13,204,284	6,275,704	1,590,675
Temporary equity, Balance at Dec. 31, 2020			$ 617,654,356	$ 31,477,562	$ 41,125,321	$ 23,379,980
Temporary equity, Balance, Shares at Dec. 31, 2020			61,746,986	13,204,284	6,275,704	1,590,675
Balance beginning at Dec. 31, 2019		(67,983,441)					$ 128				1,011,278		(409,507)	(68,585,340)
Balance beginning (Shares) at Dec. 31, 2019							1,283,788
Common stock issued upon exercise of stock options		1,073									1,073
Common stock issued upon exercise of stock options, shares							1,376
Stock-based compensation		1,630,249									1,630,249
Net income (loss)		(30,302,848)												(30,302,848)
Other comprehensive income		793,920											793,920
Balance ending at Dec. 31, 2020	5,000,006	(95,861,047)					$ 128	$ 1,070	$ 1,811	30,869,475	2,642,600	(25,872,350)	384,413	(98,888,188)
Balance ending (Shares) at Dec. 31, 2020							1,285,164	10,703,014	18,112,500
Temporary equity, Balance at Mar. 31, 2020				$ 31,477,562	$ 41,125,321	$ 23,379,980
Temporary equity, Balance, Shares at Mar. 31, 2020				13,204,284	6,275,704	1,590,675
Balance beginning at Jan. 24, 2020	0							$ 0	$ 0	0		0
Balance beginning (Shares) at Jan. 24, 2020								0	0
Issuance of Class B ordinary shares to Sponsor	25,000								$ 1,811	23,189
Issuance of Class B ordinary shares to Sponsor (Shares)									18,112,500
Net income (loss)	(9,069)											(9,069)
Balance ending at Mar. 31, 2020	15,931	(73,142,653)					$ 128		$ 1,811	23,189	1,021,377	(9,069)	(3,609,078)	(70,555,080)
Balance ending (Shares) at Mar. 31, 2020							1,285,164		18,112,500
Temporary equity, Balance at Sep. 30, 2020			$ 638,639,487
Balance beginning at Jan. 24, 2020	0							$ 0	$ 0	0		0
Balance beginning (Shares) at Jan. 24, 2020								0	0
Net income (loss)	(4,887,218)
Temporary equity, Balance at Dec. 31, 2020			$ 617,654,356	$ 31,477,562	$ 41,125,321	$ 23,379,980
Temporary equity, Balance, Shares at Dec. 31, 2020			61,746,986	13,204,284	6,275,704	1,590,675
Balance beginning at Jan. 24, 2020	0							$ 0	$ 0	0		0
Balance beginning (Shares) at Jan. 24, 2020								0	0
Issuance of Class B ordinary shares to Sponsor	$ 25,000							$ 0	$ 1,811	23,189		0
Issuance of Class B ordinary shares to Sponsor (Shares)	72,450,000							0	18,112,500
Sale of 72,450,000 Units, net of underwriting discounts and offering costs	$ 703,483,301							$ 7,245	$ 0	703,483,301		0
Sale of 72,450,000 Units, net of underwriting discounts and offering costs (Shares)								72,450,000	0
Initial classification of warrant liability	(54,988,834)									(54,988,834)
Change in value of ordinary share subject to redemption	(617,654,356)							$ (6,175)	$ 0	(617,648,181)		0
Change in value of ordinary share subject to redemption (Shares)								(61,746,986)	0
Net income (loss)	(25,872,350)								$ 0	0		(25,872,350)
Balance ending at Dec. 31, 2020	5,000,006	(95,861,047)					$ 128	$ 1,070	$ 1,811	30,869,475	2,642,600	(25,872,350)	384,413	(98,888,188)
Balance ending (Shares) at Dec. 31, 2020							1,285,164	10,703,014	18,112,500
Temporary equity, Balance at Mar. 31, 2021			$ 633,834,294	$ 31,477,562	$ 41,125,321	$ 23,379,980
Temporary equity, Balance, Shares at Mar. 31, 2021			63,358,995	13,204,284	6,275,704	1,590,675
Common stock issued upon exercise of stock options		54,622					$ 6				54,616
Common stock issued upon exercise of stock options, shares							55,762
Stock-based compensation		626,981									626,981
Change in value of ordinary share subject to redemption	16,179,938							$ 161		16,179,777
Change in value of ordinary share subject to redemption (Shares)								(1,612,009)
Net income (loss)	16,179,940	(53,570,649)										16,179,940		(53,570,649)
Other comprehensive income		466,154											466,154
Balance ending at Mar. 31, 2021	$ 5,000,008	$ (148,283,939)					$ 134	$ 909	$ 1,811	$ 14,869,698	$ 3,324,197	$ (9,692,410)	$ 850,567	$ (152,458,837)
Balance ending (Shares) at Mar. 31, 2021							1,340,926	9,091,005	18,112,500

Condensed Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)	11 Months Ended
	Dec. 31, 2020 shares
Statement of Stockholders' Equity [Abstract]
Net of underwriting discounts and offering costs	72,450,000

Condensed Consolidated Statements Of Cash Flows - USD ($)	2 Months Ended	3 Months Ended		11 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net income (loss)	$ (9,069)	$ 16,179,940		$ (25,872,350)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Interest earned on marketable securities held in Trust Account		(62,928)		(212,516)
Change in fair value of redeemable convertible preferred stock warrants liability		(17,028,800)		23,059,834
Non-cash compensation expense related to private placement warrants				566,333
Allocation of initial public offering proceeds to derivative liability				2,121,032
Unrealized gain on marketable securities held in Trust Account				(3,960)
Changes in operating assets and liabilities:
Prepaid expenses		(20,946)		(220,867)
Accrued expenses	9,069	168,394		220
Net cash used in operating activities		(764,340)		(562,274)
Cash flows from investing activities
Investment of cash in Trust Account				(724,500,000)
Net cash used in investing activities				(724,500,000)
Cash flows from financing activities
Issuance of common stock				710,010,000
Proceeds from sale of Private Placement Warrants				16,990,000
Proceeds from promissory note - related party	76,500			215,215
Repayment of promissory note - related party				(215,215)
Payment of offering costs	(76,500)			(814,319)
Net cash from financing activities				726,185,681
Net Change in Cash		(764,340)		1,123,407
Cash - Beginning		1,123,407
Cash - Ending		359,067		1,123,407	$ 1,123,407
Non-Cash Investing and Financing Activities:
Initial classification of Class A ordinary shares subject to possible redemption redemption				640,817,776
Change in value of Class A ordinary shares subject to possible redemption		16,179,938		(23,163,420)
Deferred underwriting fee payable				25,357,500
Initial classification of warrant liability				54,988,834
Change in value of warrant liability		(17,028,800)		23,059,834
Deferred offering costs paid directly by Sponsor from proceeds from issuance of Class B ordinary shares	25,000			25,000
Deferred offering costs included in accrued offering costs	381,329
Micromidas, Inc.
Cash Flows from Operating Activities:
Net income (loss)		(53,570,649)	$ (1,969,740)		(30,302,848)	$ (479,409)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		114,912	104,275		479,355	645,756
Stock-based compensation		626,981	9,026		1,630,249	43,765
Amortization of debt issuance costs		4,931	120,356		90,267	30,089
Accretion of debt discount		14,087	20,160		100,700	21,500
Change in fair value of derivative liability		391,252	(2,669)		1,088,136
Change in fair value of redeemable convertible preferred stock warrants liability		48,109,271			18,497,798	(10,287,616)
Changes in operating assets and liabilities:
Other receivables		20,455	993,207		1,007,232	(427,650)
Grants receivable			7,077		86,908	48,045
Prepaid expenses and other current assets		(1,902)	(11,406)		52,759	249,653
Accounts payable		30,564	(310,418)		1,202,513	192,185
Accrued expenses and related party, other liabilities		900,807	238,932
Accrued expenses					605,231	2,635,794
Net cash used in operating activities		(3,359,291)	(801,200)		(5,461,700)	(7,327,888)
Cash flows from investing activities
Purchases of property, plant, and equipment, net of grants		(741,310)	(295,617)		(1,785,824)	(6,916,782)
Capitalized interest on plant construction		(51,776)	(105,085)		(268,043)	(233,012)
Net cash used in investing activities		(793,086)	(400,702)		(2,053,867)	(7,149,794)
Cash flows from financing activities
Proceeds from notes payable, net of debt issuance costs of $120,356		11,686,923			3,166,046	879,644
Proceeds from Canadian Government Research and Development Program	883,461	73,783	883,461	2,662,239	2,662,239	3,534,814
Issuance of common stock		54,622	1,073		1,073	2,716
Net cash from financing activities		11,815,328	884,534		5,829,358	4,417,174
EFFECT ON EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(100,127)	241,520		(51,816)	425,221
Cash - Beginning		1,309,183	3,047,208		3,047,208
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		7,562,824	(75,848)		(1,738,025)	(9,635,287)
Cash - Ending		8,872,007		1,309,183	1,309,183	3,047,208
Cash and cash equivalents, and restricted cash, beginning of the period		1,873,703	3,611,728		3,611,728	13,247,015
Non-Cash Investing and Financing Activities:
Change in value of warrant liability		48,109,271			18,497,798	(10,287,616)
Cash and cash equivalents, and restricted cash, end of the period	$ 3,535,880	9,436,527	$ 3,535,880	$ 1,873,703	$ 1,873,703	$ 3,611,728
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Debt discount related to derivative liability		$ 2,196,468

Condensed Consolidated Statements Of Cash Flows (Parenthetical) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Micromidas, Inc.
Debt issuance costs	$ 19,724	$ 19,724	$ 120,356	$ 120,356

DESCRIPTION OF OPERATIONS	3 Months Ended	12 Months Ended
DESCRIPTION OF OPERATIONS	Mar. 31, 2021	Dec. 31, 2020
DESCRIPTION OF OPERATIONS	NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Artius Acquisition Inc. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on January 24, 2020. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (“Business Combination”). The Company has one subsidiary, Zero Carbon Merger Sub, Inc., a direct wholly owned subsidiary incorporated in Delaware on February 11, 2021. Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus on technology enabled businesses that directly or indirectly offer specific technology solutions, broader technology software and services, or financial and transactional services to companies of all sizes. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of March 31, 2021, the Company had not commenced any operations. All activity for the period from January 24, 2020 (inception) through March 31, 2021 relates to the Company’s formation, its initial public offering (“Initial Public Offering”), which is described below, and the search for a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statements for the Company’s Initial Public Offering became effective on July 13, 2020. On July 16, 2020, the Company consummated the Initial Public Offering of 72,450,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”), which includes the full exercise by the underwriters of the over-allotment option to purchase an additional 9,450,000 Units, at $10.00 per Unit, generating gross proceeds of $724,500,000 which is described in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 11,326,667 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to Artius Acquisition Partners LLC (the “Sponsor”), generating gross proceeds of $16,990,000, which is described in Note 4. Transaction costs amounted to $40,686,819, consisting of $14,490,000 of underwriting fees, $25,357,500 of deferred underwriting fees and $839,319 of other offering costs. Following the closing of the Initial Public Offering on July 16, 2020, an amount of $724,500,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) located in the United States and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. So long as the Company obtains and maintains a listing for its securities on Nasdaq, the Company must complete its initial Business Combination with one or more target businesses that together have a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of the Company signing a definitive agreement in connection with the Company’s initial Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share), calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations, provided that the Company shall not redeem shares that would cause the Company’s net tangible assets to be less than $5,000,001 following such redemptions. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such completion of a Business Combination and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company. If a shareholder vote is not required under applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased in or after the Initial Public Offering in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination. Additionally, each public shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. The Company will have until July 16, 2022 (the “Combination Period”) to consummate a Business Combination. If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00). The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. *Going Concern Consideration* At March 31, 2021, we have $359,067 in our operating bank accounts, $725,779,404 in cash and marketable securities held in the Trust Account, to be used if the Proposed Business Combination (or an alternative initial business combination transaction) is consummated to redeem the Public Shares with respect to which Artius stockholders have properly exercised their redemption rights, to pay certain expenses in connection with such business combination transaction and the Artius IPO and thereafter for general corporate purposes, and working capital of $432,266. If the Proposed Business Combination is not consummated, the Company will use the funds not held in the Trust Account to identify and evaluate alternative prospective acquisition candidates, perform due diligence on alternative prospective target businesses, pay related costs and expenses, select an alternative target company to acquire, and negotiate and consummate an initial business combination transaction. If the Proposed Business Combination is not consummated, the Company will need to raise additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through one year from the date of these financial statements if a Proposed Business Combination (or an alternative initial business combination transaction) is not consummated. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. *Risks and Uncertainties* Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.	NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Artius Acquisition Inc. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on January 24, 2020. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (“Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus on technology enabled businesses that directly or indirectly offer specific technology solutions, broader technology software and services, or financial and transactional services to companies of all sizes. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2020, the Company had not commenced any operations. All activity for the period from January 24, 2020 (inception) through December 31, 2020 relates to the Company’s formation, its initial public offering (“Initial Public Offering”), which is described below, and the search for a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statements for the Company’s Initial Public Offering became effective on July 13, 2020. On July 16, 2020, the Company consummated the Initial Public Offering of 72,450,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”), which includes the full exercise by the underwriters of the over-allotment option to purchase an additional 9,450,000 Units, at $10.00 per Unit, generating gross proceeds of $724,500,000 which is described in Note 4. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 11,326,667 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to Artius Acquisition Partners LLC (the “Sponsor”), generating gross proceeds of $16,990,000, which is described in Note 6. Transaction costs amounted to $40,686,819, consisting of $14,490,000 of underwriting fees, $25,357,500 of deferred underwriting fees and $839,319 of other offering costs. Following the closing of the Initial Public Offering on July 16, 2020, an amount of $724,500,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. So long as the Company obtains and maintains a listing for its securities on Nasdaq, the Company must complete its initial Business Combination with one or more target businesses that together have a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of the Company signing a definitive agreement in connection with the Company’s initial Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share), calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations, provided that the Company shall not redeem shares that would cause the Company’s net tangible assets to be less than $5,000,001 following such redemptions. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such completion of a Business Combination and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company. If a shareholder vote is not required under applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 6) and any Public Shares purchased in or after the Initial Public Offering in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination. Additionally, each public shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. The Company will have until July 16, 2022 (the “Combination Period”) to consummate a Business Combination. If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00). The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. *Risks and Uncertainties* Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Micromidas, Inc.
DESCRIPTION OF OPERATIONS	NOTE 1 – DESCRIPTION OF OPERATIONS *Operations* Micromidas, Inc. dba Origin Materials, (Micromidas, or the Company) is a Delaware corporation incorporated in November 2008. The Company’s mission to help enable the world’s transition to sustainable materials by replacing petroleum-based materials with decarbonized materials in a wide range of end products, such as food and beverage packaging, clothing, textiles, plastics, car parts, carpeting, tires, adhesives, soil amendments and more. The Company’s technology converts sustainable feedstocks, such as sustainably harvested wood, agricultural waste, wood waste and corrugated cardboard, into materials and products that are currently made from fossil feedstocks, such as petroleum and natural gas. The Company’s products are intended to compete directly with petroleum-derived products on both performance and price, as well as provide a significant unit cost advantage over products made from other low-carbon feedstocks. The Company is currently developing and constructing its first manufacturing plant in Ontario, Canada (Origin 1), which is expected to become operational by 2022. The Company is also currently in the planning phase for the construction of a significantly larger manufacturing plant (Origin 2), with which is expected to become operational in 2025. *Pending Business Combination* On February 16, 2021, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Artius Acquisition Inc., a Cayman Islands exempted company (“Artius”), and Zero Carbon Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of Artius (“Merger Sub”). Upon the terms and subject to the satisfaction of the conditions described in the Merger Agreement, including approval of the transaction by Artius’ stockholders and Micromidas’ stockholders, Merger Sub will be merged with and into Micromidas (the “Merger”), with Micromidas surviving the Merger as a wholly-owned subsidiary of Artius. At the effective time of the Merger (the “Effective Time”): (a) each share of Micromidas capital stock outstanding immediately prior to the Effective Time (including shares of Micromidas common stock issuable prior to the closing of the Merger (the “Closing”) upon termination of warrants and stock options held by former employees and service providers of the Company) will be converted solely into the right to receive a number of Artius common stock equal to the applicable exchange ratios described in the Merger Agreement, and (b) each other Micromidas option, whether vested or unvested, will be assumed by Artius and converted into an option to purchase shares of Artius common stock based on the exchange ratio applicable to shares of Micromidas common stock. Under the exchange ratio formula in the Merger Agreement, following the Closing, the former Micromidas security holders immediately before the Merger are expected to own approximately 42% (on a fully diluted basis) of the aggregate number of the outstanding securities of Artius, and the securityholders of Artius immediately before the Merger are expected to own approximately 47% (on a fully diluted basis) of the aggregate number of the outstanding securities of Artius, subject to certain assumptions and subject to adjustment pre-closing of the Merger based on Micromidas’ net cash balance at the time of the Closing. *Liquidity and Capital Resources* The Company has incurred losses since its inception, has a working capital deficit of $11,131,127, and has an accumulated deficit at March 31, 2021 of $152,458,837. As of March 31, 2021, the Company had $18,836,514 of outstanding indebtedness which includes stockholder convertible notes payable, PPP loan, and stockholder note. During the 12 months ended December 31, 2020, the Company received $550,000 from the admission of an additional member to the consortium agreement (see Note 6), $2,662,239 from the Canadian government under several different grant programs and $2,260,208 from the issuance of convertible bridge notes and $905,838 from a Payroll Protection Program loan (“PPP loan”). In February of 2021 the Company issued $10,000,000 of new, unsecured convertible notes (the “Convertible Notes”) (see Note 8). The Company also received an additional $1,706,649 from the Bridge Notes originally entered into in November 2019 (see Note 8). The Company has used debt proceeds principally to fund general operations and capital projects. The Company issued $10,000,000 in convertible notes in February 2021 (see Note 8). The Company’s plan is to seek additional funding through the completion of the Merger, which is subject to approval of the stockholders of both companies, and other customary closing conditions. Based on progress through the customary closing conditions there is not substantial doubt of continuing as a going concern and is operating the Company in anticipation that the transaction will be consummated. However, if the Company does not complete the Merger, the Company would need to find additional sources of liquidity to meet its anticipated obligations over the next year. *COVID-19 Update* In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. The pandemic has resulted in governments around the world implementing increasingly stringent measures to help control the spread of the virus, including quarantines, “shelter in place” and “stay at home” orders, travel restrictions, business curtailments, school closures and other measures. In addition, governments and central banks in several parts of the world have enacted fiscal and monetary stimulus measures to counteract the impacts of the COVID-19 pandemic. As a response to the COVID-19 pandemic, the Company transitioned most of its employees to remote work and implemented a controlled schedule, social distancing, mask requirements for employees permitted to use the office, implementation of an infectious disease prevention policy, prohibited business travel and required quarantine for out of state travel of any kind before returning to work. The Company considered the emergence and pervasive economic impact of the COVID-19 pandemic in its assessment of its financial position, results of operations, cash flows, and certain accounting. The Company received a PPP loan and issued $10,000,000 in unsecured convertible notes (see Note 8) in order to mitigate risk to its financial position from the effect of the COVID-19 pandemic. The Company has not identified any specific impairment trigger event from circumstances originating from COVID-19. Due to the evolving and uncertain nature of the COVID-19 pandemic, it is possible that the effects of the COVID-19 pandemic could materially impact the Company’s estimates and consolidated financial statements in future reporting periods.	NOTE 1 – DESCRIPTION OF OPERATIONS Operations – Micromidas, Inc. dba Origin Materials, (Micromidas, or the Company) is a Delaware corporation incorporated in November 2008. The Company’s mission to help enable the world’s transition to sustainable materials by replacing petroleum-based materials with decarbonized materials in a wide range of end products, such as food and beverage packaging, clothing, textiles, plastics, car parts, carpeting, tires, adhesives, soil amendments and more. The Company’s technology converts sustainable feedstocks, such as sustainably harvested wood, agricultural waste, wood waste and corrugated cardboard, into materials and products that are currently made from fossil feedstocks, such as petroleum and natural gas. The Company’s products are intended to compete directly with petroleum-derived products on both performance and price, as well as provide a significant unit cost advantage over products made from other low-carbon feedstocks. The Company is currently developing and constructing its first manufacturing plant in Ontario, Canada (Origin 1), which is expected to become operational by 2022. The Company is also currently in the planning phase for the construction of a significantly larger manufacturing plant (Origin 2), with which is expected to become operational in 2025. Pending Business Combination – On February 16, 2021, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Artius Acquisition Inc., a Cayman Islands exempted company (“Artius”), and Zero Carbon Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of Artius (“Merger Sub”). Upon the terms and subject to the satisfaction of the conditions described in the Merger Agreement, including approval of the transaction by Artius’s stockholders and Micromidas’s stockholders, Merger Sub will be merged with and into Micromidas (the “Merger”), with Micromidas surviving the Merger as a wholly-owned subsidiary of Artius. At the effective time of the Merger (the “Effective Time”): (a) each share of Micromidas capital stock outstanding immediately prior to the Effective Time (including shares of Micromidas common stock issuable prior to the closing of the Merger (the “Closing”) upon termination of warrants and stock options held by former employees and service providers of the Company) will be converted solely into the right to receive a number of Artius common stock equal to the applicable exchange ratios described in the Merger Agreement, and (b) each other Micromidas option, whether vested or unvested, will be assumed by Artius and converted into an option to purchase shares of Artius common stock based on the exchange ratio applicable to shares of Micromidas common stock. Under the exchange ratio formula in the Merger Agreement, following the Closing, the former Micromidas security holders immediately before the Merger are expected to own approximately 42% (on a fully diluted basis) of the aggregate number of the outstanding securities of Artius, and the securityholders of Artius immediately before the Merger are expected to own approximately 47% (on a fully diluted basis) of the aggregate number of the outstanding securities of Artius, subject to certain assumptions and subject to adjustment pre-closing of the Merger based on Micromidas’ net cash balance at the time of the Closing. Liquidity and Capital Resources – The Company has incurred losses since its inception, has a working capital deficit of $5,698,047, and has an accumulated deficit at December 31, 2020 of $98,888,188. As of December 31, 2020, the Company had $9,327,040 of outstanding indebtedness which includes stockholder convertible notes payable, PPP loan, and stockholder notes. During the 12 months ended December 31, 2020, the Company received $550,000 from the admission of an additional member to the consortium agreement (see note 6), $2,662,239 from the Canadian Government under several different grant programs, $2,260,208 from the issuance of convertible bridge notes and $905,838 from a Payroll Protection Program loan (“PPP loan”). The Company has used debt proceeds principally to fund general operations and capital projects. The Company’s plan is to seek additional funding through the completion of the Merger, which is subject to approval of the stockholders of both companies, and other customary closing conditions. The Company issued $10,000,000 in convertible notes in February 2021 (see Note 16). If the Company does not complete the Merger, the Company has sufficient liquidity to meet its anticipated obligations over the next year from the date of issuance of these financial statements, however, this would involve slowing spending on Origin 1 and thus delaying completion of Origin 1 until additional capital was secured. Management has determined that the issuance of the convertible notes are sufficient to fund the working capital needs of the Company until the earlier of the consummation of the Merger or one year from the date of issuance of these financial statements. COVID-19 Update – In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. The pandemic has resulted in governments around the world implementing increasingly stringent measures to help control the spread of the virus, including quarantines, “shelter in place” and “stay at home” orders, travel restrictions, business curtailments, school closures and other measures. In addition, governments and central banks in several parts of the world have enacted fiscal and monetary stimulus measures to counteract the impacts of the COVID-19 pandemic. As a response to the COVID-19 pandemic, the Company transitioned most of its employees to remote work and implemented a controlled schedule, social distancing, mask requirements for employees permitted to use the office, implementation of an infectious disease prevention policy, prohibited business travel and required quarantine for out of state travel of any kind before returning to work. The Company considered the emergence and pervasive economic impact of the COVID-19 pandemic in its assessment of its financial position, results of operations, cash flows, and certain accounting estimates as of and for the year ended December 31, 2020. The Company received a PPP loan (see Note 8) and issued $10,000,000 in unsecured convertible notes (see Note 16) in order to mitigate risk to business operations from the effect of the COVID-19 pandemic. The Company has not identified any specific impairment trigger event from circumstances originating from COVID-19. Due to the evolving and uncertain nature of the COVID-19 pandemic, it is possible that the effects of the COVID-19 pandemic could materially impact the Company’s estimates and consolidated financial statements in future reporting periods.

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

The Company previously accounted for its outstanding Public Warrants (as defined in Note 4) and Private Placement Warrants (collectively, with the Public Warrants, the “Warrants”) issued in connection with its Initial Public Offering as components of equity instead of as derivative liabilities. The warrant agreement governing the Warrants includes a provision that provides for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant. In Addition, the warrant agreement includes a provision that in the event of a tender offer or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of a single class of stock, all holders of the Warrants would be entitled to receive cash for their Warrants (the “tender offer provision”).

On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the Securities and Exchange Commission together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Statement”). Specifically, the SEC Statement focused on certain settlement terms and provisions related to certain tender offers following a business combination, which terms are similar to those contained in the warrant agreement, dated as of July 13, 2020, between the Company and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agreement”).

In further consideration of the SEC Statement, the Company’s management further evaluated the Warrants under Accounting Standards Codification (“ASC”) Subtopic 815-40, Contracts in Entity’s Own Equity. ASC Section 815-40-15 addresses equity versus liability treatment and classification of equity-linked financial instruments, including warrants, and states that a warrant may be classified as a component of equity only if, among other things, the warrant is indexed to the issuer’s common stock. Under ASC Section 815-40-15, a warrant is not indexed to the issuer’s common stock if the terms of the warrant require an adjustment to the exercise price upon a specified event and that event is not an input to the fair value of the warrant. Based on management’s evaluation, the Company’s audit committee, in consultation with management, concluded that the Company’s Private Placement Warrants are not indexed to the Company’s common stock in the manner contemplated by ASC Section 815-40-15 because the holder of the instrument is not an input into the pricing of a fixed-for-fixed option on equity shares. In addition, based on management’s evaluation, the Company’s audit committee, in consultation with management, concluded that the tender offer provision fails the “classified in stockholders’ equity” criteria as contemplated by ASC Section 815-40-25.

As a result of the above, the Company should have classified the Warrants as derivative liabilities in its previously issued financial statements. Under this accounting treatment, the Company is required to measure the fair value of the Warrants at the end of each reporting period as well as re-evaluate the treatment of the warrants (including on July 16, 2020, September 30, 2020 and December 31, 2020) and recognize changes in the fair value from the prior period in the Company’s operating results for the current period.

The Company’s accounting for the Warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported investments held in trust, operating expenses, cash flows or cash.


	As Previously Reported			Adjustments			As Restated
Balance sheet as of July 16, 2020 (audited)
Warrant Liability	$	—		$	54,988,834		$	54,988,834
Class A Common Stock Subject to Possible Redemption		695,806,610			(54,988,834	)		640,817,776
Class A Common Stock		287			550			837
Additional Paid-in Capital		5,019,473			2,686,814			7,706,287
Accumulated Deficit		(21,169	)		(2,687,365	)		(2,708,534	)

Balance sheet as of September 30, 2020 (unaudited)
Warrant Liability	$	—		$	57,117,434		$	57,117,434
Class A Common Stock Subject to Possible Redemption		695,756,921			(57,117,434	)		638,639,487
Class A Common Stock		288			571			859
Additional Paid-in Capital		5,069,161			4,815,393			9,884,554
Accumulated Deficit		(71,254	)		(4,815,964	)		(4,887,218	)

Balance sheet as of December 31, 2020 (audited)
Warrant Liability	$	—		$	78,048,668		$	78,048,668
Class A Common Stock Subject to Possible Redemption		695,703,020			(78,048,664	)		617,654,356
Common Stock		290			780			1,070
Additional Paid-in Capital		5,123,060			25,746,415			30,869,475
Accumulated Deficit		(125,151	)		(25,747,199	)		(25,872,350	)
Stockholders’ Equity		5,000,010			(4	)		5,000,006

Statement of Operations for the Period from January 24, 2020 (inception) to September 30, 2020 (unaudited)
Formation and operational costs		(149,341	)		(2,687,365	)		(2,836,706	)
Change in fair value of warrant liability	$	—		$	(2,128,600	)	$	(2,128,600	)
Net loss		(71,254	)		(4,815,964	)		(4,887,218	)
Weighted average shares outstanding, Common stock subject to possible redemption								64,081,778
Basic and diluted net income per share, Common stock subject to possible redemption					—			0.00
Weighted average shares outstanding, Common stock		17,406,749			1,741,313			19,148,062
Basic and diluted net loss per share, Common stock		(0.01	)		(0.12	)		(0.13	)

Statement of Operations for the Period from January 24, 2020 (inception) to December 31, 2020 (audited)
Formation and operational costs		(341,627	)		(2,687,365	)		(3,028,992	)
Change in fair value of warrant liability	$	—		$	(23,059,834	)	$	(23,059,834	)
Net loss		(125,151	)		(25,747,199	)		(25,872,350	)
Weighted average shares outstanding, Common stock subject to possible redemption								63,958,721
Basic and diluted net income per share, Common stock subject to possible redemption								0.00
Weighted average shares outstanding, Common stock		18,400,891			2,841,382			21,242,273
Basic and diluted net loss per share, Common stock		(0.02	)		(1.21	)		(1.23	)
Cash Flow Statement for the Period from January 24, 2020 (inception) to September 30, 2020 (unaudited)
Net loss		(71,254	)		(4,815,964	)		(4,887,218	)
Non-cash compensation expense related to private placement warrants		—			566,333			566,333
Allocation of initial public offering costs to derivative liability		—			2,121,032			2,121,032
Change in fair value of warrant liability		—			2,128,600			2,128,600
Initial classification of warrant liability		—			54,988,834			54,988,834
Initial classification of common stock subject to possible redemption		695,806,610			(54,988,834	)		640,817,776
Change in value of common stock subject to possible redemption		(49,689	)		(2,128,600	)		(2,178,289	)

Cash Flow Statement for the Period from January 24, 2020 (inception) to December 31, 2020 (audited)
Net loss	$	(125,151	)	$	(25,747,199	)	$	(25,872,350	)
Non-cash compensation expense related to private placement warrants		—			566,333			566,333
Allocation of initial public offering costs to derivative liability		—			2,121,032			2,121,032
Change in fair value of warrant liability		—			23,059,834			23,059,834
Initial classification of warrant liability		—			54,988,834			54,988,834
Initial classification of common stock subject to possible redemption		695,806,610			(54,988,834	)		640,817,776
Change in value of common stock subject to possible redemption		(103,590	)		(23,059,830	)		(23,163,420	)

Micromidas, Inc.

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 2 – RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

The Company has restated its audited consolidated financial statements as of and for the periods ended December 31, 2020 and December 31, 2019 to correct misstatements associated with the Company’s accounting and presentation for all classes of redeemable convertible preferred stock and for additional paid-in-capital. Due to the contingently redeemable nature of the preferred stock, the Company classifies the preferred stock as temporary equity in the mezzanine section of the balance sheet. Redeemable convertible preferred stock should have been recorded and disclosed at their issuance prices, which approximated fair value at time of issuance, net of issuance costs, but was previously recorded and disclosed at their par values on the consolidated balance sheets and the consolidated statements of redeemable convertible preferred stock and stockholders’ deficit, with the difference recorded and presented in additional paid-in-capital. Reclassification adjustments were made in order to properly state additional paid-in-capital and the redeemable convertible preferred stock balances on the consolidated balance sheets and the consolidated statements of redeemable convertible preferred stock and stockholders’ deficit.

The impact of the restatement is reflected throughout the remaining footnotes and adjustments reflected in the tables below did not have any impact on the Company’s consolidated statements of operations and comprehensive income (loss) or consolidated statements of cash flows for any period previously presented. The following tables summarize the adjustments to the specific line items presented in the Company’s consolidated financial statements:


	December 31, 2020 (As previously reported)		Effect of restatement			December 31, 2020 (As restated)
Consolidated balance sheet as of December 31, 2020
Redeemable convertible preferred stock, Series A, $0.0001 par value, 15,500,000 shares authorized; 13,204,284 issued and outstanding, redemption value of $35,959,227 as of March 31, 2021 and December 31, 2020, respectively	$	1,320	$	31,476,242		$	31,477,562
Redeemable convertible preferred stock, Series B, $0.0001 par value, 7,000,000 shares authorized; 6,275,704 issued and outstanding, redemption value of $46,979,920 as of March 31, 2021 and December 31, 2020, respectively		628		41,125,693			41,125,321
Redeemable convertible preferred stock, Series C, $0.0001 par value, 6,800,000 shares authorized; 1,590,675 issued and outstanding redemption value of $23,499,996 as of March 31, 2021 and December 31, 2020, respectively		159		23,379,821			23,379,980
Total redeemable convertible preferred stock		2,107		95,980,756			95,982,863
Additional paid-in capital		98,623,356		(95,980,756	)		2,642,600
Total stockholders’ deficit		119,709		(95,980,756	)		(95,861,047	)


	December 31, 2020 (As previously reported)		Effect of restatement			December 31, 2020 (As restated)
Consolidated statement of redeemable convertible preferred stock and stockholders’ deficit as of December 31, 2020
Redeemable convertible preferred stock, Series A	$	1,320	$	31,476,242		$	31,477,562
Redeemable convertible preferred stock, Series B		628		41,125,321			41,125,321
Redeemable convertible preferred stock, Series C		159		23,379,980			23,379,980
Additional paid-in capital		98,623,356		(95,980,756	)		2,642,600
Total stockholders’ deficit		119,709		(95,980,756	)		(95,861,047	)

NOTE 2 – RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS


	December 31, 2019 as Previously Reported		Effect of Restatement			December 31, 2019 as Restated
Consolidated balance sheet as of December 31, 2019
Redeemable convertible preferred stock, Series A, $0.0001 par value, 15,500,000 shares authorized; 13,204,284 issued and outstanding, redemption value of $35,959,227 as of December 31, 2020 and 2019, respectively		1,320		31,476,242			31,477,562
Redeemable convertible preferred stock, Series B, $0.0001 par value, 7,000,000 shares authorized; 6,275,704 issued and outstanding redemption value of $46,979,920 as of December 31, 2020 and 2019, respectively		628		41,124,693			41,125,321
Redeemable convertible preferred stock, Series C, $0.0001 par value, 6,800,000 shares authorized; 1,590,675 issued and outstanding redemption value of $23,499,996 as of December 31, 2020 and 2019, respectively		159		23,379,821			23,379,980
Total redeemable convertible preferred stock		—		95,982,863			95,982,863
Additional paid-in capital		96,992,034		(95,980,756	)		1,011,278
Total stockholders’ deficit		27,997,315		(95,980,756	)		(67,983,441	)

Consolidated statement of redeemable convertible preferred stock and stockholders’ deficit as of December 31, 2019
Redeemable convertible preferred stock, Series A		1,320		31,476,242			31,477,562
Redeemable convertible preferred stock, Series B		628		41,124,693			41,125,321
Redeemable convertible preferred stock, Series C		159		23,379,821			23,379,980
Additional paid-in capital		96,992,034		(95,980,756	)		1,011,278
Total stockholders’ deficit		27,997,315		(95,980,756	)		(67,983,441	)

	December 31, 2020 as Previously Reported		Effect of Restatement			December 31, 2020 as Restated
Consolidated balance sheet as of December 31, 2020
Redeemable convertible preferred stock, Series A, $0.0001 par value, 15,500,000 shares authorized; 13,204,284 issued and outstanding, redemption value of $35,959,227 as of December 31, 2020 and 2019, respectively		1,320		31,476,242			31,477,562
Redeemable convertible preferred stock, Series B, $0.0001 par value, 7,000,000 shares authorized; 6,275,704 issued and outstanding redemption value of $46,979,920 as of December 31, 2020 and 2019, respectively		628		41,124,693			41,125,321
Redeemable convertible preferred stock, Series C, $0.0001 par value, 6,800,000 shares authorized; 1,590,675 issued and outstanding redemption value of $23,499,996 as of December 31, 2020 and 2019, respectively		159		23,379,821			23,379,980
Total redeemable convertible preferred stock		—		95,982,863			95,982,863
Additional paid-in capital		98,623,356		(95,980,756	)		2,642,600
Total stockholders’ deficit		119,709		(95,980,756	)		(95,861,047	)

Consolidated statement of redeemable convertible preferred stock and stockholders’ deficit as of December 31, 2020
Redeemable convertible preferred stock, Series A		1,320		31,476,242			31,477,562
Redeemable convertible preferred stock, Series B		628		41,124,693			41,125,321
Redeemable convertible preferred stock, Series C		159		23,379,821			23,379,980
Additional paid-in capital		98,623,356		(95,980,756	)		2,642,600
Total stockholders’ deficit		119,709		(95,980,756	)		(95,861,047	)

SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s annual report on Form 10-K/A as filed with the SEC on May 3, 2021. The interim results for the three months ended March 31, 2021 and the period January 24, 2020 to March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of March 31, 2021 and December 31, 2020.

Marketable Securities Held in Trust Account

At March 31, 2021 and December 31, 2020, substantially all of the assets held in the Trust Account were held in U.S. Treasury securities.

Warrant Liability

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The fair value of the warrants was estimated using a Monte Carlo simulation approach (see Note 8).

Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s condensed balance sheets.

Income Taxes

The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2021 and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented.

Net Loss Per Ordinary Share

Net income (loss) per share is computed by dividing net income by the weighted-average number of shares of ordinary shares outstanding during the period. The Company has not considered the effect of the warrants sold in the Public Offering and Private Placement to purchase an aggregate of 35,476,667 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. As a result, diluted net income (loss) per common share is the same as basic net income (loss) per common share for the period presented.

The Company’s statement of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to the two-class method of income (loss) per share. Net income (loss) per ordinary share, basic and diluted, for ordinary shares subject to possible redemption is calculated by dividing the proportionate share of income or loss on marketable securities held by the Trust Account, net of applicable franchise and income taxes by the weighted average number of ordinary shares subject to possible redemption outstanding since original issuance.

Net income (loss) per share, basic and diluted, for non-redeemable ordinary shares is calculated by dividing the net income (loss), adjusted for income or loss on marketable securities attributable to ordinary shares subject to possible redemption, by the weighted average number of non-redeemable ordinary shares outstanding for the period.

Non-redeemable ordinary shares includes Founder Shares and non-redeemable ordinary shares as these shares do not have any redemption features. Non-redeemable ordinary shares participates in the income or loss on marketable securities based on non-redeemable ordinary shares’ proportionate interest.

The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts):


	Three Months Ended March 31, 2021			For the Period from January 24, 2020 (Inception) through March 31, 2020
Class A ordinary shares subject to possible redemption
Numerator: Earnings attributable to ordinary shares subject to possible redemption
Interest earned on marketable securities held in Trust Account	$	55,031		$	—
Unrealized gain (loss) on marketable securities held in Trust Account		—			—
Less: interest available to be withdrawn for payment of taxes		—			—

Net income attributable	$	55,031		$	—

Denominator: Weighted Average Class A ordinary shares subject to possible redemption
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		61,746,986			—

Basic and diluted net income per share, Class A ordinary shares subject to possible redemption	$	0.00		$	0.00


Non-Redeemable Ordinary Shares
Numerator: Net Loss minus Net Earnings
Net loss	$	16,179,940		$	(9,069	)
Less: Net income allocable to Class A ordinary shares subject to possible redemption		(55,031	)		—

Non-Redeemable Net Loss	$	16,124,909		$	(9,069	)

Denominator: Weighted Average Non-redeemable ordinary shares
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares		28,815,514			15,750,000

Basic and diluted net loss per share, Non-redeemable ordinary shares	$	0.56		$	(0.00	)

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying condensed balance sheet, primarily due to their short-term nature.

Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

•

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

•

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

•

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying condensed consolidated financial statements.

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.

Emerging Growth Company

Use of Estimates

Cash and Cash Equivalents

Marketable Securities Held in Trust Account

At December 31, 2020, substantially all of the assets held in the Trust Account were held in U.S. Treasury securities.

Warrant Liability

The Company accounts for the Warrants in accordance with the guidance contained in ASC 815-40-15-7D and 7F under which the Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Warrants as liabilities at their fair value and adjust the Warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. The Private Warrants and the Public Warrants for periods where no observable traded price was available are valued using a Monte Carlo simulation. For periods subsequent to the detachment of the Public Warrants from the Units, the Public Warrant quoted market price was used as the fair value as of each relevant date.

Class A Ordinary Shares Subject to Possible Redemption

Income Taxes

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

Net Loss Per Ordinary Share

Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding for the period. The Company applies the two-class method in calculating earnings per share. Ordinary shares subject to possible redemption at December 31, 2020, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic net loss per ordinary share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of warrants sold in the Initial Public Offering and the private placement to purchase 35,476,667 ordinary shares in the calculation of diluted loss per share, since the exercise of the warrants into ordinary shares is contingent upon the occurrence of future events. As a result, diluted net loss per ordinary share is the same as basic net loss per ordinary share for the period presented.

Net Loss Per Common Share

Net income (loss) per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the Public Offering and Private Placement to purchase an aggregate of 35,476,667 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.

The Company’s statement of operations includes a presentation of income (loss) per share for common shares subject to possible redemption in a manner similar to the two-class method of income (loss) per share. Net income per common share, basic and diluted, for Common stock subject to possible redemption is calculated by dividing the proportionate share of income or loss on marketable securities held by the Trust Account, net of applicable franchise and income taxes, by the weighted average number of Common stock subject to possible redemption outstanding since original issuance.

Net loss per share, basic and diluted, for non-redeemable common stock is calculated by dividing the net loss, adjusted for income or loss on marketable securities attributable to Common stock subject to possible redemption, by the weighted average number of non-redeemable common stock outstanding for the period.

Non-redeemable common stock includes Founder Shares and non-redeemable shares of common stock as these shares do not have any redemption features. Non-redeemable common stock participates in the income or loss on marketable securities based on non-redeemable common stock shares’ proportionate interest.


	For the Period from January 24, 2020 (Inception) through December 31, 2020
Common stock subject to possible redemption
Numerator: Earnings allocable to Class A Common stock subject to possible redemption
Interest earned on marketable securities held in Trust Account		181,127
Unrealized gain on marketable securities held in Trust Account		3,375

Net income allocable to shares subject to possible redemption	$	184,502

Denominator: Weighted Average Class A Common stock subject to possible redemption

Basic and diluted weighted average shares outstanding		63,958,721

Basic and diluted net income per share	$	0.00


Non-Redeemable Common Stock
Numerator: Net Loss minus Net Earnings
Net loss	$	(25,872,350	)
Net income allocable to Class A Common stock subject to possible redemption		184,502

Non-Redeemable Net Loss	$	(26,056,852	)

Denominator: Weighted Average Non-Redeemable Common Stock
Basic and diluted weighted average shares outstanding		21,242,273


Basic and diluted net loss per share	$	(1.23	)

Concentration of Credit Risk

Fair Value of Financial Instruments

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

Micromidas, Inc.

SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and on a basis consistent with the annual consolidated financial statements, and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the periods presented. These unaudited interim financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s annual consolidated financial statements for the fiscal year ended December 31, 2020 included elsewhere in this filing.

There has been no material change to the Company’s significant accounting policies during the three months ended March 31, 2021, as compared to the significant accounting policies described in Note 3 of the “Notes to Consolidated Financial Statements” in the Company’s annual consolidated financial statements for the fiscal year ended December 31, 2020 included elsewhere in this filing.

Principles of consolidation

The unaudited interim consolidated financial statements have been prepared in accordance with U.S. GAAP and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) and include the accounts of the Company and its wholly-owned subsidiaries, Micromidas Pioneer, LLC, Origin Materials Canada Holding Limited, Origin Materials Canada Polyesters Limited, Origin Material Canada Pioneer Limited, and Origin Materials Canada Research Limited, (collectively the “Company”). All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of revenue and expenses. Actual results could differ from these estimates. Any effects on the business, financial position or results of operations from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known.

Significant items subject to estimates and assumptions include the carrying amount and useful lives of property and equipment and intangible assets, impairment assessments, stockholder convertible notes, redeemable convertible preferred stock warrants, income taxes, and stock-based compensation expense.

Concentration of credit risk

Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company maintains its cash and cash equivalents accounts with a financial institution where, at times, deposits exceed federal insurance limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at financial institutions that management believes to be of high credit quality. The Company has not experienced any losses on these deposits.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an initial maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains such funds in cash deposits and money market accounts.

Restricted Cash

Restricted cash consists of cash held in a control account as collateral for the Company’s credit card services, escrow services, and standby letter of credit. These restricted cash balances have been excluded from cash and cash equivalents balance and are included within other current assets in the consolidated balance sheets based on the respective maturity dates.

At March 31, 2021 and December 31, 2020, the Company had $75,000, of restricted cash held as collateral for the Company’s credit card services.

In October 2019, the Company entered into an escrow agreement for $1,341,725, whereby the funds would be used for construction and transportation services in connection with Origin 1. At March 31, 2021 and December 31, 2020, the escrow account had a balance of $313,820.

In October 2018, the Company entered into a standby letter of credit, whereby the funds may be used for the completion of work, services, and improvements in connection with Origin 1. The standby letter of credit matures and automatically renews in October of each year. At March 31, 2021 and December 31, 2020, the standby letter of credit was $175,700.

Cash, cash equivalents, and restricted cash consisted of the following:


	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	8,872,007	$	1,309,183
Restricted cash		564,520		564,519

Total cash, cash equivalents, and restricted cash shown in the statement of cash flows		9,436,527		1,873,703

Other Receivable

Other receivable consists of amounts due from foreign governmental entities related to the Canadian harmonized sales tax (HST) and goods and services tax (GST) for goods and services transacted in Canada.

AgriScience Grant

In January 2019, the Company entered into an agreement in which it will participate in the AgriScience Program Cluster Component grant through the Canadian Agricultural Partnership, whereby the Company will receive reimbursements for eligible expenditures up to approximately $2,700,000 Canadian dollars through March 2022. Grants are received through reimbursements from the Canadian government and recognized, upon completion of scope of services on a quarterly basis. Grants are recognized as a reduction of property, plant, and equipment or expense based on the nature of the cost the grant is reimbursing. During the three months ended March 31, 2021 and 2020 the Company received $80,173 and $0 in grants, recorded in other income, net on the consolidated statements of operations and comprehensive loss.

Property, Plant, and Equipment

Property, plant, and equipment are recorded at cost and depreciated or amortized using the straight-line method over the estimated useful lives of the respective assets. Existing useful lives range from three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the lease term. Major additions and improvements are capitalized, while replacements, repairs, and maintenance that do not extend the life of an asset are charged to operations. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation or amortization are removed from the accounts. Construction in progress relates to costs capitalized in conjunction with major improvements that have not yet been placed in service, and accordingly are not currently being depreciated. The Company capitalizes interest cost incurred on funds used to construct property, plant and equipment. The estimated useful lives of assets are as follows:


Computer Equipment			3 years
Office Furniture			5 years
Machinery and Equipment			5 years
Leasehold Improvements			1-5 years

Intangible Assets

Intangible assets are recorded at cost and are amortized using the straight-line method over the estimated useful lives of the respective assets, ranging from 7 to 15 years. The cost of servicing the Company’s patents is expensed as incurred. Upon retirement or sale, the cost of intangible assets is disposed of and the related accumulated amortization is removed from the accounts.

Impairment of Long-Lived Assets

The Company reviews its long-lived assets, including property, equipment, software and intangibles, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If indicators of impairment exist, management identifies the asset group which includes the potentially impaired long-lived asset, at the lowest level at which there are separate, identifiable cash flows. If the total of the expected undiscounted future net cash flows for the asset group is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. For the three-month period ended March 31, 2021 and 2020, no impairment was identified.

Stock-Based Compensation

The Company has issued common stock options under two equity incentive plans. The Company estimates the calculated value of stock options granted using the Black-Scholes option-pricing formula. This fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period.

Assumptions used to value the equity instruments are as follows:

•

Expected term – The expected term of the options is based on the simplified method, which takes into consideration the grant’s contractual life and vesting period and assumes that all options will be exercised between the vesting date and the contractual term of the option which averages an award’s vesting term and its contractual term.

•

Expected volatility – The Company uses the trading history of various companies in its industry sector in determining an estimated volatility factor.

•

Expected dividend – The Company has not declared common stock dividends and does not anticipate declaring any common stock dividends in the foreseeable future.

•

Forfeiture – The Company estimates forfeitures based on historical activity and considers voluntary and involuntary termination behavior as well as analysis of actual historical option forfeitures, netting the estimated expense by the derived forfeiture rate.

•

Risk-free interest rate – The Company bases the risk-free interest rate on the implied yield currently available on U.S. Treasury zero-coupon issues with the same or substantially equivalent remaining term.

Basic and Diluted Net Loss Per Share

Basic earnings per share is computed by dividing income (loss) by the weighted average number of common shares outstanding for the periods presented. The calculation of basic earnings per share for the three months ended March 31, 2021 and 2020, includes the weighted average of common shares outstanding. Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of common and common equivalent shares outstanding during the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity, such as convertible preferred stock, common stock options, convertible preferred stock warrants or convertible notes.

Income Taxes

Deferred income taxes are determined using the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is recorded when the expected recognition of a deferred income tax asset is considered to be unlikely.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to income tax matters as a component of income tax expense.

Debt Issuance Costs

The costs incurred in connection with the issuance of debt obligations, principally financing and legal costs, are capitalized. These costs are accreted over the term of the debt using the interest method. During the three months ended March 31, 2021 and 2020, accretion expense for debt issuance cost was $4,931 and $120,356, respectively.

Redeemable Convertible Preferred Stock Warrants

The Company accounts for its warrants to purchase shares of redeemable convertible preferred stock as liabilities based upon the characteristics and provisions of each instrument. Warrants classified as derivative liabilities and other derivative financial instruments that require separate accounting as liabilities are recorded on the Company’s unaudited consolidated balance sheets at their fair value on the date of issuance and are revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded in the unaudited consolidated statements of operations and comprehensive loss.

Fair value of Financial Instruments

The Company applies the fair value measurement accounting standard whenever other accounting pronouncements require or permit fair value measurements. Fair value is defined in the accounting standard as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy under current accounting guidance prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2, and Level 3).

Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability and reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk) in a principal market.

The carrying amounts of working capital balances approximate their fair values due to the short maturity of these items. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest rate, currency, or credit risks arising from its financial instruments. The fair value of debt approximates its carrying value based on prevailing market rates.

The fair values of the derivative liability and redeemable convertible preferred stock warrant liability were estimated using Level 3 inputs.

Functional currency translation

The functional currency of the Company’s wholly-owned subsidiaries is the Canadian dollar, whereby their assets and liabilities are translated at period-end exchange rates except for nonmonetary capital transactions and balances, which are translated at historical rates. All income and expense amounts of the Company are translated at average exchange rates for the respective period. Translation gains and losses are not included in determining net loss but are accumulated in a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included in the determination of net loss in the period in which they occur. These amounts are included in other income, net, of the unaudited consolidated statements of operations and comprehensive loss.

Comprehensive Loss

The Company’s comprehensive income or loss consists of net income or loss and other comprehensive loss. Foreign currency translation gains and losses are included in the Company’s other comprehensive income or loss.

Segment Reporting

The Company operates in a single segment. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company has determined that its Co-Chief Executive Officers are the CODM. To date, the Company’s CODM has made such decisions and assessed performance at the Company level.

As of March 31, 2021 and December 31, 2020, the Company had $46,669,780 and $45,417,949, respectively, of assets located outside of the United States.

Government loans

Government loans are classified as a noncurrent liability and recorded at amortized cost. Forgiveness of the balances due is recorded through earnings and occurs when there is confirmation from the governmental authority that the Company has complied with the conditions for forgiveness attached to the loan.

Subsequent events

Subsequent events are events or transactions that occur after the consolidated balance sheet date but before the consolidated financial statements are issued. The Company recognizes in the consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the consolidated balance sheet, including the estimates inherent in the process of preparing the consolidated financial statements. The Company’s consolidated financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the date of the consolidated balance sheet but arose after the consolidated balance sheet date and before consolidated financial statements were available to be issued. The Company has evaluated subsequent events through May 18, 2021, which is the date the unaudited consolidated financial statements were available to be issued.

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), to simplify the accounting for income taxes. The new guidance changes various subtopics of accounting for income taxes including, but not limited to, accounting for “hybrid” tax regimes, tax basis step-up in goodwill obtained in a transaction that is not a business combination, intraperiod tax allocation exception to incremental approach, ownership changes in investments, interim-period accounting for enacted changes in tax law, and year-to-date loss limitation in interim-period tax accounting. The Company early adopted the new standard as of January 1, 2021. The adoption of the standard had no material impact on the Company’s financial results.

Recently Issued Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended, with guidance regarding the accounting for and disclosure of leases. This update requires lessees to recognize the liabilities related to all leases, including operating leases, with a term greater than 12 months on the balance sheets. This update also requires lessees and lessors to disclose key information about their leasing transactions. This guidance will become effective for the Company for annual reporting periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact of this standard on its unaudited consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which requires a financial asset (or a group of financial assets) measured on the basis of amortized cost to be presented at the net amount expected to be collected. This ASU requires that the income statement reflect the measurement of credit losses for newly recognized financial assets as well as the increases or decreases of expected credit losses that have taken place during the period. This ASU requires that credit losses of debt securities designated as available-for-sale be recorded through an allowance for credit losses and limits the credit loss to the amount by which fair value is below amortized cost. This guidance will become effective for the Company for annual reporting periods beginning after December 15, 2022 and interim periods therein. The Company is currently evaluating the impact of this standard on its unaudited consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. The guidance is effective for fiscal years beginning on or after December 15, 2023, with early adoption permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of the guidance on its unaudited consolidated financial statements.

In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, Reference Rate Reform, which provides temporary optional guidance to companies impacted by the transition away from the London Interbank Offered Rate (“LIBOR”). The guidance provides certain expedients and exceptions to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that reference LIBOR as a benchmark rate are modified. The provisions of the new standard may be adopted as of the beginning of the reporting period when the election is made until December 31, 2022. The Company is evaluating the impact this ASU will have on its financial position, results of operations, cash flows, and disclosures. The Company has not elected an adoption date.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation – The consolidated financial statements include the accounts of Micromidas and its wholly-owned subsidiaries, Micromidas Pioneer, LLC, Origin Materials Canada Holding Limited, Origin Materials Canada Polyesters Limited, Origin Material Canada Pioneer Limited, and Origin Materials Canada Research Limited, (collectively the “Company”). Micromidas Pioneer, LLC was dissolved in September 2019. All significant intercompany accounts and transactions have been eliminated in consolidation.

Basis of presentation – The significant accounting policies of Micromidas, which are summarized below, are consistent with accounting principles generally accepted in the United States (U.S. GAAP) and reflect practices appropriate to the businesses in which they operate.

Use of estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of revenue and expenses. Actual results could differ from these estimates. Any effects on the business, financial position or results of operations from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known.

Concentration of credit risk – Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, and accounts receivable. The Company maintains its cash and cash equivalents accounts with a financial institution where, at times, deposits exceed federal insurance limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at financial institutions that management believes to be of high credit quality. The Company has not experienced any losses on these deposits.

Cash and cash equivalents – The Company considers all highly liquid investments with an initial maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains such funds in cash deposits and money market accounts.

Restricted cash –Restricted cash consists of cash held in a control account as collateral for the Company’s credit card services, escrow services, and standby letter of credit.

At December 31, 2020 and 2019, the Company had $75,000, of restricted cash held as collateral for the Company’s credit card services.

In October 2019, the Company entered into an escrow agreement for $1,341,725, whereby the funds would be used for construction and transportation services in connection with Origin 1. At December 31, 2020 and 2019, the escrow account had a balance of $313,820.

In October 2018, the Company entered into a standby letter of credit, whereby the funds may be used for the completion of work, services, and improvements in connection with Origin 1. The standby letter of credit matures and automatically renews in October of each year. At December 31, 2020 and 2019, the standby letter of credit was $175,700.

Cash, cash equivalents, and restricted cash consisted of the following at December 31:


	2020		2019
Cash and cash equivalents	$	1,309,183	$	3,047,208
Restricted cash		564,520		564,520

Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	1,873,703	$	3,611,728

Other receivable – Other receivable consists of amounts due from foreign governmental entities related to the Canadian harmonized sales tax (HST) and goods and services tax (GST) for goods and services transacted in Canada.

AgriScience grant – In January 2019, the Company entered into an agreement in which it will participate in the AgriScience Program Cluster Component grant through the Canadian Agricultural Partnership, whereby the Company will receive reimbursements for eligible expenditures up to approximately $2,700,000 Canadian dollars through March 2022. Grants are received through reimbursements from the Canadian government and recognized, upon completion of scope of services on a quarterly basis. Grants are recognized as a reduction of property, plant, and equipment or expense based on the nature of the cost the grant is reimbursing. At December 31, 2020 and 2019, the Company recorded a grant receivable of zero and $86,908, respectively, on the consolidated balance sheets.

Property, plant, and equipment – Property, plant, and equipment are recorded at cost and depreciated or amortized using the straight-line method over the estimated useful lives of the respective assets. Existing useful lives range from three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the lease term. Major additions and improvements are capitalized, while replacements, repairs, and maintenance that do not extend the life of an asset are charged to operations. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation or amortization are removed from the accounts. Construction in progress relates to costs capitalized in conjunction with major improvements that have not yet been placed in service, and accordingly are not currently being depreciated. The Company capitalizes interest cost incurred on funds used to construct property, plant and equipment. The estimated useful lives of assets are as follows:


Computer equipment			3 Years
Office furniture			5 Years
Machinery and equipment			5 Years
Leasehold Improvements			1-5 Years

Impairment of long-lived assets – The Company reviews its long-lived assets, including property, equipment, software and intangibles, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If indicators of impairment exist, management identifies the asset group which includes the potentially impaired long-lived asset, at the lowest level at which there are separate, identifiable cash flows. If the total of the expected undiscounted future net cash flows for the asset group is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. No impairment was identified for the year ended December 31, 2020 and 2019.

Intangible assets – Intangible assets are recorded at cost and are amortized using the straight-line method over the estimated useful lives of the respective assets, ranging from 7 to 15 years. The cost of servicing the Company’s patents is expensed as incurred. Upon retirement or sale, the cost of intangible assets is disposed of and the related accumulated amortization is removed from the accounts.

Stock-based compensation – The Company has issued common stock options under two equity incentive plans. The Company estimates the calculated value of stock options granted using the Black-Scholes option-pricing formula. This fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period.

Assumptions used to value the equity instruments are as follows:

Expected volatility – The Company uses the trading history of various companies in its industry sector in determining an estimated volatility factor.

Expected dividend – The Company has not declared common stock dividends and does not anticipate declaring any common stock dividends in the foreseeable future.

Net loss per share – Basic earnings per share is computed by dividing income (loss) by the weighted average number of common shares outstanding for the periods presented. The calculation of basic earnings per share for the years ended December 31, 2020 and December 31, 2019, respectively, includes the weighted average of common shares outstanding. Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of common and common equivalent shares outstanding during the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity, such as convertible preferred stock, common stock options, convertible preferred stock warrants or convertible notes.

Income taxes – Deferred income taxes are determined using the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is recorded when the expected recognition of a deferred income tax asset is considered to be unlikely.

Debt issuance costs – The costs incurred in connection with the issuance of debt obligations, principally financing and legal costs, are capitalized. These costs are accreted over the term of the debt using the interest method. During 2020 and 2019, accretion expense for debt issuance cost was $90,267 and $30,089, respectively.

Redeemable convertible preferred stock warrants – The Company accounts for its warrants to purchase shares of redeemable convertible preferred stock as liabilities based upon the characteristics and provisions of each instrument. Warrants classified as derivative liabilities and other derivative financial instruments that require separate accounting as liabilities are recorded on the Company’s consolidated balance sheets at their fair value on the date of issuance and are revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded in the consolidated statements of operations.

Fair value of financial instruments – The Company applies the fair value measurement accounting standard whenever other accounting pronouncements require or permit fair value measurements. Fair value is defined in the accounting standard as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy under current accounting guidance prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2, and Level 3).

The fair values of the derivative liability and redeemable convertible preferred stock warrant liability were estimated using Level 3 inputs.

Functional currency translation – The functional currency of the Company’s wholly-owned subsidiaries is the Canadian dollar, whereby their assets and liabilities are translated at period-end exchange rates except for nonmonetary capital transactions and balances, which are translated at historical rates. All income and expense amounts of the Company are translated at average exchange rates for the respective period. Translation gains and losses are not included in determining net loss but are accumulated in a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included in the determination of net loss in the period in which they occur. The foreign currency loss for 2020 was $3,391, while the foreign currency gain for 2019 was $24,460. These amounts are included in other income, net, of the consolidated statements of operations and comprehensive loss.

Comprehensive loss – The Company’s comprehensive income or loss consists of net income or loss and other comprehensive loss. Foreign currency translation gains and losses are included in the Company’s other comprehensive income or loss.

Segment Reporting – The Company operates in a single segment. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company has determined that its Co-Chief Executive Officers are the CODM. To date, the Company’s CODM has made such decisions and assessed performance at the Company level.

As of December 31, 2020 and 2019, the Company had $45,417,949 and $43,813,351, respectively, of assets located outside of the United States.

Government loans – Government loans are classified as a noncurrent liability and recorded at amortized cost. Forgiveness of the balances due is recorded through earnings and occurs when there is confirmation from the governmental authority that the Company has complied with the conditions for forgiveness attached to the loan.

Subsequent events – Subsequent events are events or transactions that occur after the consolidated balance sheet date but before the consolidated financial statements are issued. The Company recognizes in the consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the consolidated balance sheet, including the estimates inherent in the process of preparing the consolidated financial statements. The Company’s consolidated financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the date of the consolidated balance sheet but arose after the consolidated balance sheet date and before consolidated financial statements were available to be issued. The Company has evaluated subsequent events through March 8, 2021, which is the date the consolidated financial statements were available to be issued.

Recently Adopted Accounting Pronouncements – In May 2014, the FASB issued ASC 606, Revenue from Contracts with Customers (“ASC 606”). This guidance applies to any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance supersedes existing revenue recognition guidance, including most industry-specific guidance, as well as certain related guidance on accounting for contract costs. The Company early adopted ASC 606 upon its inception. As the Company does not have any contracts with customers, the adoption of this guidance did not have any impact on the Company’s consolidated financial statements.

In June 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-07, Compensation – Stock Compensation (ASC Topic 718) (“ASU 2018-07”). This update is intended to reduce cost and complexity and to improve financial reporting for share-based payments issued to non-employees (for example, service providers, external legal counsel, suppliers, etc.). The ASU expands the scope of Topic 718, Compensation—Stock Compensation, which currently only includes share-based payments issued to employees, to also include share-based payments issued to non-employees for goods and services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. The Company early adopted ASU 2018-07 upon its inception. The adoption of this ASU did not have a material effect on the Company’s consolidated financial statements at inception.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (“ASC Topic 820”), which modifies, removes and adds certain disclosure requirements on fair value measurements based on the FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. The amendments on changes in unrealized gains and losses, the range and weighted-average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted ASU 2018-13 as of January 1, 2020 for the annual period and it will be applied to interim periods after December 31, 2020. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230), which requires the statement of cash flows to explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The Company adopted ASU 2016-18 for the annual period beginning January 1, 2019, and applied it on a retrospective basis for cash flow presentation. The adoption did not have any impact on the Company’s other consolidated financial statements as of December 31, 2020.

Recently Issued Accounting Pronouncements not yet adopted –

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended, with guidance regarding the accounting for and disclosure of leases. This update requires lessees to recognize the liabilities related to all leases, including operating leases, with a term greater than 12 months on the balance sheets. This update also requires lessees and lessors to disclose key information about their leasing transactions. This guidance will become effective for the Company for annual reporting periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact of this standard on its financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), to simplify the accounting for income taxes. The new guidance changes various subtopics of accounting for income taxes including, but not limited to, accounting for “hybrid” tax regimes, tax basis step-up in goodwill obtained in a transaction that is not a business combination, intraperiod tax allocation exception to incremental approach, ownership changes in investments, interim-period accounting for enacted changes in tax law, and year-to-date loss limitation in interim-period tax accounting. The guidance is effective for fiscal years beginning on or after December 15, 2021, with early adoption permitted. The Company is currently evaluating this new guidance to determine the impact it may have on the Consolidated Financial Statements.

INITIAL PUBLIC OFFERING	3 Months Ended	12 Months Ended
INITIAL PUBLIC OFFERING	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
INITIAL PUBLIC OFFERING	NOTE 3. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 72,450,000 Units, which includes the full exercise by the underwriters of their option to purchase an additional 9,450,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 8).	NOTE 4. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 72,450,000 Units, which includes the full exercise by the underwriters of their option to purchase an additional 9,450,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 8).

PRIVATE PLACEMENT	3 Months Ended	12 Months Ended
PRIVATE PLACEMENT	Mar. 31, 2021	Dec. 31, 2020
Text Block [Abstract]
PRIVATE PLACEMENT	NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 11,326,667 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, for an aggregate purchase price of $16,990,000. The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. Each Private Placement Warrant is exercisable for one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 8). If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.	NOTE 5. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 11,326,667 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, for an aggregate purchase price of $16,990,000. The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. Each Private Placement Warrant is exercisable for one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 8). If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

RELATED PARTY TRANSACTIONS	3 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares On February 4, 2020, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration of 11,500,000 of the Company’s Class B ordinary shares (the “Founder Shares”). On June 24, 2020 and July 13, 2020, the Company effected share capitalizations resulting in the Sponsor holding an aggregate of 18,112,500 Founder Shares. The Founder Shares will automatically convert into Class A ordinary shares at the time of the completion of a Business Combination on a one-for-one basis, subject to certain adjustments, as described in Note 7. The Founder Shares included an aggregate of up to 2,362,500 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the number of Founder Shares would collectively represent 20% of the Company’s issued and outstanding shares upon the completion of the Initial Public Offering. As a result of the underwriters’ election to fully exercise their over-allotment option, no Founder Shares are currently subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination; and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Administrative Services Agreement The Company entered into an agreement whereby, commencing on July 14, 2020, the Company will pay an affiliate of the Sponsor up to $25,000 per month for accounting, bookkeeping, office space, IT support, professional, secretarial and administrative services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the three months ended March 31, 2021 and the period from January 24, 2020 through March 31, 2020, the Company incurred and paid $75,000 and $0, respectively, in fees for these services. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of the notes may be converted upon completion of a Business Combination into warrants at a price of $1.50 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.	NOTE 6. RELATED PARTY TRANSACTIONS *Founder Shares* On February 4, 2020, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration of 11,500,000 of the Company’s Class B ordinary shares (the “Founder Shares”). On June 24, 2020 and July 13, 2020, the Company effected share capitalizations resulting in the Sponsor holding an aggregate of 18,112,500 Founder Shares. The Founder Shares will automatically convert into Class A ordinary shares at the time of the completion of a Business Combination on a one-for-one basis, subject to certain adjustments, as described in Note 8. The Founder Shares included an aggregate of up to 2,362,500 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the number of Founder Shares would collectively represent 20% of the Company’s issued and outstanding shares upon the completion of the Initial Public Offering. As a result of the underwriters’ election to fully exercise their over-allotment option, no Founder Shares are currently subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earliest to occur of: (i) 365 days after the date of the Closing; (ii) the first day after the date on which the closing price of the Public Shares (or any successor securities thereto) equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the date of the Closing; or (iii) the date on which Artius completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of Artius’s Public Shareholders having the right to exchange their Public Shares (or any successor securities thereto) for cash, securities or other property. *Promissory Note—Related Party* On February 4, 2020, the Company issued the Promissory Note to the Sponsor, pursuant to which the Company could borrow up to an aggregate principal amount of $300,000, The Promissory Note was non-interest bearing and payable on the earlier of (i) December 31, 2020 and (ii) the completion of the Initial Public Offering. The outstanding balance under the Promissory Note of $215,215 was repaid in full upon the closing of the Initial Public Offering. *Administrative Services Agreement* The Company entered into an agreement whereby, commencing on July 14, 2020, the Company will pay an affiliate of the Sponsor up to $25,000 per month for accounting, bookkeeping, office space, IT support, professional, secretarial and administrative services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the period from January 24, 2020 (inception) through December 31, 2020, the Company incurred and paid $137,500, in fees for these services. *Related Party Loans* In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of the notes may be converted upon completion of a Business Combination into warrants at a price of $1.50 per warrant. Such warrants would be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

COMMITMENTS

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

COMMITMENTS

NOTE 6. COMMITMENTS

Registration Rights

Pursuant to a registration rights agreement entered into on July 13, 2020, the holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights requiring the Company to register such securities and any other equity securities that such persons may hold from time to time for resale (in the case of the Founder Shares, only after conversion to the Company’s Class A ordinary shares). The holders of 20% of these securities will be entitled to make up to four demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriters are entitled to a deferred fee of $0.35 per Unit, or $25,357,500 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

Consulting Arrangements

In September 2020, the Company entered into an acquisition support agreement with an unrelated party. Under the terms of the agreement, the Company will pay $215,000 a week plus expenses for services rendered. Payment for such services will become due and payable only upon the closing of the Company’s initial Business Combination. Interest will be charged at a rate of 8% per annum on fees incurred under the terms of the agreement. For the three months ended March 31, 2021, fees for services provided are approximately $450,000.

Agreement and Plan Merger and Reorganization

On February 16, 2021, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) by and between the Company, Zero Carbon Merger Inc., a Delaware corporation and our direct, wholly owned subsidiary (“Merger Sub”), and Micromidas, Inc., a Delaware corporation doing business as Origin Materials (“Micromidas”).

Pursuant to the Merger Agreement, (i) the Company will domesticate from a Cayman Islands exempted company to a Delaware corporation (the “Domestication”) and (ii) Merger Sub will merge with and into Micromidas with Micromidas continuing as the surviving entity and a wholly owned subsidiary of the Company (the “Merger” and together with the Domestication and the other transactions contemplated by the Merger Agreement, the “Proposed Business Combination”). In connection with the Domestication, the Company will change its name to “Origin Materials, Inc.” We refer to the Company following the Business Combination as “Origin.”

As a result of the Proposed Business Combination, each issued and outstanding Class A ordinary share and Class B ordinary share of the Company will convert into a share of Class A common stock of Origin (“Class A Common Stock”), and each issued and outstanding warrant to purchase Class A ordinary shares of the Company will be exercisable by its terms to purchase an equal number of shares of Class A Common Stock. The aggregate stock consideration to be distributed to Micromidas’s holders at the effective time of the Merger (the “Effective Time”) is 78,213,000 shares of Class A Common Stock, which is subject to certain downward adjustments pursuant to the Merger Agreement. At the Effective Time, by virtue of the Merger and without any action on the part of the Company, Merger Sub, Micromidas or the holders of any of Micromidas’s securities:

(a)

each share of Micromidas common stock (“Micromidas Common Stock”), series A preferred stock (“Micromidas Series A Preferred Stock”), series B preferred stock (“Micromidas Series B Preferred Stock”) and series C preferred stock (“Micromidas Series C Preferred Stock”), in each case outstanding immediately prior to the Effective Time will be canceled and converted into the right to receive a number of shares of Class A Common Stock equal to the Common Exchange Ratio, Series A Exchange Ratio, Series B Exchange Ratio and Series C Exchange Ratio, respectively, each as defined in the Merger Agreement (subject to certain adjustments as described in the Merger Agreement);

(b)	any shares of Micromidas capital stock held in the treasury of Micromidas or owned by the Company, Merger Sub or Micromidas immediately prior to the Effective Time will be canceled without any conversion thereof and no payment or distribution shall be made with respect thereto;

(c)	each issued and outstanding share of common stock of Merger Sub will be converted into and become one validly issued, fully paid and non-assessable share of common stock of the surviving corporation in the Merger; and

(d)

each warrant to purchase Micromidas stock will terminate, be cancelled and cease to exist and will be deemed to have been exercised immediately prior to the closing of the Merger (the “Closing”) and settled in the applicable number of shares of Micromidas Series A Preferred Stock or Micromidas Series B Preferred Stock, as applicable, rounded down to the nearest whole share, and then treated in the manner described in (a), above;

(e)

each option to purchase Micromidas Common Stock that is outstanding under Micromidas’s 2010 Stock Incentive Plan and the 2020 Equity Incentive Plan (the “Equity Incentive Plans”) (each, a “Company Option”) held by a former employee or service provider of Micromidas, Inc. (each, a “Former Employee Option”) that is vested and outstanding immediately prior to the Effective Time shall be deemed to have been exercised, on a net exercise basis with respect to the applicable exercise price and any required withholding or employment taxes thereon, immediately prior to the Closing and settled in the applicable number of shares of Micromidas Common Stock, rounded down to the nearest whole share, and treated in accordance with clause (a) above. Each Former Employee Option that is unvested and outstanding immediately prior to the Effective Time shall be automatically cancelled at the Closing without the payment of consideration. From and after the Closing, except with respect to the holder’s right to receive Class A Common Stock, if any, the Former Employee Option shall be cancelled and cease to be outstanding and the holder shall cease to have any rights with respect thereto;

(f)

each Company Option (other than a Former Employee Option), whether vested or unvested, will be assumed by Artius and converted into an option to purchase shares of Class A Common Stock (each, a “Converted Option”) equal to the product (rounded down to the nearest whole number) of (a) the number of shares of Micromidas Common Stock subject to such Company Option immediately prior to the Effective Time and (b) the Common Exchange Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (i) the exercise price per share of such Company Option immediately prior to the Effective Time divided by (ii) the Common Exchange Ratio; provided, however, that the exercise price and the number of shares of Class A Common Stock purchasable pursuant to such Converted Options shall be determined in a manner consistent with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”); provided, further, however, that in the case of such Company Option to which Section 422 of the Code applies, the exercise price and the number of shares of Class A Common Stock purchasable pursuant to such option shall be determined in accordance with the foregoing, subject to such adjustments in a manner consistent with Treasury Regulation Section 1.424-1, such that the Converted Option will not constitute a modification of such Company Option for purposes of Section 409A or Section 424 of the Code. Except as specifically provided above, following the Effective Time, each Converted Option shall continue to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the corresponding former Company Option immediately prior to the Effective Time. At or prior to the Effective Time, the Company shall take any actions that are necessary to effectuate the treatment of the Company Options pursuant to this paragraph.

As additional consideration for the Merger, after the Effective Time, Origin will issue to certain holders of Micromidas’s securities up to 25 million additional shares of Class A Common Stock (the “Earnout Shares”) as follows: (i) one third of the Earnout Shares will be issued when the volume weighted average price of Class A Common Stock (“VWAP”) equals or exceeds $15.00 for 10 consecutive trading days during the three year period following the closing of the Proposed Business Combination, (ii) one third of the Earnout Shares will be issued when VWAP equals or exceeds $20.00 for 10 consecutive trading days during the four year period following the closing of the Proposed Business Combination, and (iii) one third of the Earnout Shares will be issued when VWAP equals or exceeds $25.00 for 10 consecutive trading days during the five year period following the closing of the Proposed Business Combination.

Under the Merger Agreement, the obligations of the parties to consummate the transactions contemplated thereby are subject to the satisfaction or waiver of certain customary closing conditions, including, the Company obtaining the requisite approval of its shareholders, which the company expects to seek at a special meeting of the Company. The Merger Agreement may be terminated at any time prior to the Closing by mutual written consent of the Company and Micromidas and, among other things, if the Proposed Business Combination has not occurred by August 31, 2021. As such, the Closing cannot be assured.

Concurrently with the execution of the Merger Agreement, the Company entered into the following agreements:

•

Subscription Agreements with certain qualified institutional buyers and accredited investors (collectively, the “Investors”), pursuant to which, among other things, the Investors agreed to subscribe for and purchase, and the Company agreed to issue and sell to the Investors, an aggregate of 20,000,000 newly issued shares of Class A Common Stock in connection with the closing of the Proposed Business Combination for aggregate gross proceeds of $200,000,000 (the “PIPE Placement”);

•

A Sponsor Letter Agreement, pursuant to which the Sponsor agreed to, among other things, (i) vote in favor of the Artius Stockholder Voting Matters (as defined in the Merger Agreement), (ii) pay any excess of Artius Transaction Expenses (as defined in the Merger Agreement) over the Artius Transaction Expense Cap (as defined in the Sponsor Letter Agreement), and (iii) subject 4,500,000 of its Class B ordinary shares to certain vesting and forfeiture provisions pursuant to the Sponsor Letter Agreement, as further described below under “Sponsor Letter Agreement”.

•

A Transaction Support Stockholder Support Agreement with Micromidas and certain stockholders of Micromidas pursuant to which the parties agreed, as promptly as practicable following the effectiveness of the proxy statement/prospectus relating to the approval by Artius shareholders of the Merger, to execute and deliver a written consent with respect to certain securities of Micromidas adopting the Merger Agreement and approving the Merger, delivered promptly, and in any event within one business day after (i) the registration statement related to the Merger is declared effective and (ii) the Company has requested such delivery. The securities of Micromidas owned by its stockholders who are party to the Company Transaction Stockholder Support Agreements and subject to such the agreements are sufficient to approve the adoption of the Merger Agreement.

•

A Lock-up Agreement, pursuant to which the Sponsor, certain executive officers and directors of Micromidas and certain existing stockholders of Micromidas agreed to restrict, among other things, the transfer of Company securities held by such holders immediately following the Closing until the earliest to occur of (i) 365 days after the date of the Closing, (ii) the first day after the date on which the closing price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the date of the Closing, or (iii) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction after the Closing date that results in all of the public stockholders of the Company having the right to exchange their shares of Class A Common Stock for cash, securities or other property.

NOTE 7. COMMITMENTS

Registration Rights

Underwriting Agreement

Consulting Arrangements

In September 2020, the Company entered into an acquisition support agreement with an unrelated party. Under the terms of the agreement, the Company will pay $215,000 a week plus expenses for services rendered. Payment for such services will become due and payable only upon the closing of the Company’s initial Business Combination. Interest will be charged at a rate of 8% per annum on fees incurred under the terms of the agreement. There have been no services provided under the agreement for the period ended December 31, 2020. For the period from January 1, 2021 through March 3, 2021 fees for services provided are approximately $450,000.

Micromidas, Inc.

COMMITMENTS

NOTE 15 – COMMITMENTS AND CONTINGENCIES

Commitments

The Company leases office space and research and development space in Sacramento, California under noncancelable lease agreements, that expire in October 2025. Rental expense was $93,508 and $68,492 for the three months ended March 31, 2021 and 2020, respectively.

In May 2018, the Company executed operating and maintenance agreements for certain services, to facilitate the development and thus bring Origin 1 to the condition necessary for its intended use, commencing in different periods between July 2018 and September 2019, and all generally for five-year periods. The agreements are generally automatically extended for one-year periods thereafter. The agreements include annual fixed payments subject to escalation clauses at the beginning of each calendar year, as defined in the agreement. The minimum fixed payments are $350,000 (in Canadian dollars) per year over the fixed term. Certain of the agreements include quantities that are based on volumes, as defined in the applicable agreements. The Company is also responsible for applicable taxes under these agreements. During the three months ended March 31, 2021 and 2020, the total amount capitalized into Property, Plant and Equipment, Net under the agreement was $116,855 and $109,354, respectively.

In May 2019, the Company also concurrently executed a take-or-pay steam supply agreement commencing by October 1, 2019, through December 31, 2022, whereby the Company will receive up to 25% for the first year and 50% thereafter of the steam generated, up to 140,000 MMBtus per year. The price paid for the steam is based on a fixed amount plus the supplier’s cost of natural gas, as defined in the agreement. During the three months ended March 31, 2021 and 2020, the total amount capitalized into Property, Plant and Equipment, Net under the agreement was $58,851 and $0, respectively.

In May 2018, the Company entered into a joint development agreement (the “JDA”) with a stockholder to evaluate alternative uses for one of the Company’s products. The term of the JDA is the later of (i) three years from the JDA effective date and (ii) the final expected development program completion date as specified in the JDA. There were no expenses under this agreement for the three months ended March 31, 2021 or 2020.

Patent licenses

In July 2017, the Company entered into a patent license agreement for $50,000, which expires upon expiration of the last patent in December 2025. Under this agreement, the Company will pay minimum royalty payments of $5,000 per year and, if the Company develops and sells certain products based on the patent, up to a maximum of $25,000 per year. Certain products that Origin is currently developing and anticipates selling are expected to utilize these patents.

In December 2016, the Company entered into a patent license agreement for $500,000, which expires upon expiration of the patent. Under this agreement, if the Company develops and sells specific products based on the patent, the Company would pay a royalty up to a cumulative $500,000 from Origin 1, whereby no further payments will be due for any production at Origin 1. If production of those products occurs at subsequent facilities, the Company will pay an upfront license fee royalty and a variable royalty based on production at that subsequent facility, capped at an aggregate $10,000,000 per facility. Certain products that the Company is currently developing and anticipates selling are expected to utilize these patents. No payments were made during the three months ended March 31, 2021 or 2020.

In November 2016, the Company entered into a patent license agreement for $35,000, which expires upon expiration of the patent. Under this agreement, if the Company produces products based on the patent, the Company will pay an annual royalty upon commencement of operations on Origin 1 of $25,000 up to a cumulative $1,000,000. The pipeline of Company products and sales are not currently expected to be subject to this patent. No payments were made during the three months ended March 31, 2021 or 2020.

In August 2015, the Company entered into a patent license agreement, which expires upon expiration of the patent. Under this agreement, if the Company develops and sells specific products based on the patent, the Company would pay a royalty up to $2,000,000 per year and $10,000,000 in the aggregate. Certain products that the Company is currently developing and anticipates selling are expected to utilize these patents. No payments were made during the three months ended March 31, 2021 or 2020.

In June 2011, the Company entered into a nonexclusive patents license agreement, which expires upon expiration of the last patent to expire. Under this agreement, the Company pays a royalty of $5,000 annually and if the Company develops and sells specific products based on the patent, 0.4% of net sales. The pipeline of Company products and sales are not currently expected to be subject to this patent.

For the three months ended March 31, 2021 and 2020, royalties expense was $40,353 and $41,347, respectively, under the license agreements.

Contingencies

At times there may be claims and legal proceedings generally incidental to the normal course of business that are pending or threatened against the Company. Although the Company cannot predict the outcome of these matters when they arise, in the opinion of management, any liability arising from them will not have a material adverse effect on the consolidated financial position, results of operations, or liquidity of the Company. At March 31, 2021 and December 31, 2020, there were no claims or legal proceedings.

NOTE 15 – COMMITMENTS AND CONTINGENCIES

Commitments – The Company leases office space and research and development space in Sacramento, California under noncancelable lease agreements, that expire in October 2025. Rental expense was $265,671 and $274,547 during 2020 and 2019, respectively. The Company has annual future minimum lease payments of approximately $216,000 to $252,000 through 2025.

In May 2018, the Company executed operating and maintenance agreements for certain services, to facilitate the development and thus bring Origin 1 to the condition necessary for its intended use, commencing in different periods between July 2018 and September 2019, and all generally for five-year periods. The agreements are generally automatically extended for one-year periods thereafter. The agreements include annual fixed payments subject to escalation clauses at the beginning of each calendar year, as defined in the agreement. The minimum fixed payments are $350,000 (in Canadian dollars) per year over the fixed term. Certain of the agreements include quantities that are based on volumes, as defined in the applicable agreements. The Company is also responsible for applicable taxes under these agreements. During 2020 and 2019, the total amount capitalized into Property, Plant and Equipment, Net under the agreement was $257,910 and $210,577, respectively.

In May 2019, the Company also concurrently executed a take-or-pay steam supply agreement commencing by October 1, 2019, through December 31, 2022, whereby the Company will receive up to 25% for the first year and 50% thereafter of the steam generated, up to 140,000 MMBtus per year. The price paid for the steam is based on a fixed amount plus the supplier’s cost of natural gas, as defined in the agreement. During 2020 and 2019, the total amount capitalized into Property, Plant and Equipment, Net under the agreement was $110,140 and zero, respectively.

In May 2018, the Company entered into a joint development agreement (the “JDA”) with a stockholder to evaluate alternative uses for one of the Company’s products. The term of the JDA is the later of (i) three years from the JDA effective date and (ii) the final expected development program completion date as specified in the JDA. During 2020 and 2019, general and administrative expenses under the agreement totaled approximately zero and $2,876, respectively.

Patent licenses – In July 2017, the Company entered into a patent license agreement for $50,000, which expires upon expiration of the last patent in December 2025. Under this agreement, the Company will pay minimum royalty payments of $5,000 per year and, if the Company develops and sells certain products based on the patent, up to a maximum of $25,000 per year. Certain products that Origin is currently developing and anticipate selling are expected to utilize these patents.

In December 2016, the Company entered into a patent license agreement for $500,000, which expires upon expiration of the patent. Under this agreement, if the Company develops and sells specific products based on the patent, the Company would pay a royalty up to a cumulative $500,000 from Origin 1, whereby no further payments will be due for any production at Origin 1. If production of those products occurs at subsequent facilities, the Company will pay an upfront license fee royalty and a variable royalty based on production at that subsequent facility, capped at an aggregate $10,000,000 per facility. Certain products that the Company is currently developing and anticipate selling are expected to utilize these patents. No payments were made during 2020 or 2019.

In August 2015, the Company entered into a patent license agreement, which expires upon expiration of the patent. Under this agreement, if the Company develops and sells specific products based on the patent, the Company would pay a royalty up to $2,000,000 per year and $10,000,000 in the aggregate. Certain products that the Company is currently developing and anticipate selling are expected to utilize these patents. No payments were made during 2020 or 2019.

During 2020 and 2019, royalties expense was $41,346 and $46,491, respectively, under the license agreements.

Contingencies – At times there are claims and legal proceedings generally incidental to the normal course of business that are pending or threatened against the Company. Although the Company cannot predict the outcome of these matters when they arise, in the opinion of management, any liability arising from them will not have a material adverse effect on the consolidated financial position, results of operations, or liquidity of the Company. At December 31, 2020 and 2019, there were no claims or legal proceedings.

SHAREHOLDERS' EQUITY

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Equity [Abstract]

SHAREHOLDERS' EQUITY

NOTE 7. SHAREHOLDERS’ EQUITY

Preference Shares—The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001. The Company’s board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The board of directors will be able to, without shareholder approval, issue preferred shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. At March 31, 2021 and December 31, 2020, there were no preference shares issued or outstanding.

Class A Ordinary Shares—The Company is authorized to issue 400,000,000 Class A ordinary shares, with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. At March 31, 2021, there were 9,091,005 Class A ordinary shares issued and outstanding, excluding 63,358,995 Class A ordinary shares subject to possible redemption. At December 31, 2020, there were 10,703,014 Class A ordinary shares issued and outstanding, excluding 61,746,986 Class A ordinary shares subject to possible redemption.

Class B Ordinary Shares—The Company is authorized to issue 50,000,000 Class B ordinary shares, with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At March 31, 2021 and December 31, 2020, there were 18,112,500 Class B ordinary shares issued and outstanding.

Only holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of the Company’s shareholders except as otherwise required by law.

The Class B Shares will automatically convert into Class A ordinary shares at the time of a Business Combination, on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all ordinary shares issued and outstanding upon completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the Business Combination and any private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company).

NOTE 8. SHAREHOLDERS’ EQUITY

Preference Shares—The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001. The Company’s board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The board of directors will be able to, without shareholder approval, issue preferred shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. At December 31, 2020, there were no preference shares issued or outstanding.

Class A Ordinary Shares—The Company is authorized to issue 400,000,000 Class A ordinary shares, with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. At December 31, 2020, there were 10,703,014 Class A ordinary shares issued and outstanding, excluding 61,746,986 Class A ordinary shares subject to possible redemption.

Class B Ordinary Shares—The Company is authorized to issue 50,000,000 Class B ordinary shares, with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At December 31, 2020, there were 18,112,500 Class B ordinary shares issued and outstanding.

Warrants—Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations described below with respect to registration, or a valid exemption from registration is available. No Public Warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their Public Warrants, unless the issuance of the shares upon such exercise is registered, qualified or deemed to be exempt under the securities laws of the state of the exercising holder, or an exemption from registration is available.

The Company has agreed that as soon as practicable, but in no event later than 15 business days, after the closing of a Business Combination, it will use its best efforts to file with the SEC a registration statement registering the issuance, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the Public Warrants. The Company will use its best efforts to cause the same to become effective within 60 business days after the closing of the Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if the Company’s Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will be required to use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants:

•

in whole and not in part;

•

at a price of $0.01 per Public Warrant;

•

upon a minimum of 30 days’ prior written notice of redemption to each warrant holder and

•

if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like), for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

•

in whole and not in part;

•

at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Class A ordinary shares; and

•

if, and only if, the closing price of the Class A ordinary shares equals or exceeds $10.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company send the notice of redemption to warrant holders.

The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.

In addition, if (x) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the completion of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the Public Warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price and the “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that (x) the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until the earliest to occur of: (i) 365 days after the date of the Closing; (ii) the first day after the date on which the closing price of the Public Shares (or any successor securities thereto) equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the date of the Closing; or (iii) the date on which Artius completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of Artius’s Public Shareholders having the right to exchange their Public Shares (or any successor securities thereto) for cash, securities or other property, subject to certain limited exceptions, (y) the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, except if the reference value equals or exceeds $10.00 and is less than $18.00 (as described above), so long as they are held by the initial purchasers or their permitted transferees and (z) the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants will be entitled to registration rights. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable under all redemption scenarios by the Company and exercisable by such holders on the same basis as the Public Warrants.

FAIR VALUE MEASUREMENTS

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 9. FAIR VALUE MEASUREMENTS

The Company follows the guidance in ASC Topic 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:



Level 1:		Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:		Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3:		Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


Description	Level		March 31, 2021		December 31, 2020
Assets:
Marketable securities held in Trust Account		1	$	724,779,404	$	724,716,476
Liabilities:
Warrant liability – Public Warrants		1		41,538,000		53,130,000
Warrant Liability – Private Placement Warrants		2		19,481,868		24,918,668

The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on our balance sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the statement of operations.

The Warrants were valued as of July 16, 2020 using a Monte Carlo simulation, which is considered to be a Level 3 fair value measurement. The Monte Carlo simulation’s primary unobservable input utilized in determining the fair value of the Warrants is the probability adjusted volatility considering the probability of consummation of a Business Combination. The probability adjusted volatility as of the IPO date was derived from observable public warrant pricing on comparable `blank-check’ companies without an identified target. The subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units is classified as Level 1 due to the use of an observable market quote in an active market under the ticker AACQW. For the subsequent measurements of the Private Warrants after the detachment of the Public Warrants from the Units, the Company determined that the fair value of each Private Placement Warrant is equivalent to that of each Public Warrant. As such, the Private Placement Warrants are classified as Level 2.

The following table presents the changes in the fair value of warrant liabilities:


	Private			Public			Warrant
Fair value as of January 1, 2021	$	24,918,668		$	53,130,000		$	78,048,668
Change in valuation		(5,436,800	)		(11,592,000	)		(17,028,800	)

Fair value as of March 31, 2021	$	19,481,868		$	41,538,000		$	61,019,868

NOTE 9. FAIR VALUE MEASUREMENTS


Level 1:		Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:		Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3:		Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


Description	Level		December 31, 2020
Assets:
Marketable securities held in Trust Account		1	$	724,716,476
Liabilities:
Warrant Liability – Public Warrants		1		53,130,000
Warrant Liability – Private Placement Warrants		2		24,918,668

The following table presents the changes in the fair value of warrant liabilities:


	Private		Public		Warrant
Fair value as of January 24, 2020	$	—	$	—	$	—
Initial measurement on July 16, 2020		17,556,334		37,432,500		54,988,834
Change in valuation inputs or other¹		7,362,334		15,697,500		23,059,834

Fair value as of December 31, 2020	$	24,918,668	$	53,130,000	$	78,048,668

Due to the use of quoted prices in an active market (Level 1) and the use of observable inputs for similar assets or liabilities (Level 2) to measure the fair values of the Public Warrants and Private Placement Warrants, respectively, subsequent to initial measurement, the Company had transfers out of Level 3 totaling $23,059,834 during the period from July 16, 2020 through December 31, 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

SUBSEQUENT EVENTS

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

SUBSEQUENT EVENTS

NOTE 10. SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

NOTE 10. SUBSEQUENT EVENTS

As a result of the Proposed Business Combination, each issued and outstanding Class A ordinary share and Class B ordinary share of the Company will convert into a share of Class A common stock and Class B common stock of Artius, respectively, and then such shares will each convert into a share of common stock of Origin (“Common Stock”), and each issued and outstanding warrant to purchase Class A ordinary shares of the Company will be exercisable by its terms to purchase an equal number of shares of Common Stock following the Business Combination. The aggregate stock consideration to be distributed to Micromidas’s holders at the effective time of the Merger (the “Effective Time”) is 78,213,000 shares of Common Stock, which is subject to certain downward adjustments pursuant to the Merger Agreement. At the Effective Time, by virtue of the Merger and without any action on the part of the Company, Merger Sub, Micromidas or the holders of any of Micromidas’s securities:

(a)

each share of Micromidas common stock (“Micromidas Common Stock”), series A preferred stock (“Micromidas Series A Preferred Stock”), series B preferred stock (“Micromidas Series B Preferred Stock”) and series C preferred stock (“Micromidas Series C Preferred Stock”), in each case outstanding immediately prior to the Effective Time will be canceled and converted into the right to receive a number of shares of Common Stock equal to the Common Exchange Ratio, Series A Exchange Ratio, Series B Exchange Ratio and Series C Exchange Ratio, respectively, each as defined in the Merger Agreement (subject to certain adjustments as described in the Merger Agreement);

(b)	any shares of Micromidas capital stock held in the treasury of Micromidas or owned by the Company, Merger Sub or Micromidas immediately prior to the Effective Time will be canceled without any conversion thereof and no payment or distribution shall be made with respect thereto;

(c)	each issued and outstanding share of common stock of Merger Sub will be converted into and become one validly issued, fully paid and non-assessable share of common stock of the surviving corporation in the Merger; and

(d)

(e)

each option to purchase Micromidas Common Stock that is outstanding under Micromidas’s 2010 Stock Incentive Plan and the 2020 Equity Incentive Plan (the “Equity Incentive Plans”) (each, a “Company Option”) held by a former employee or service provider of Micromidas, Inc. (each, a “Former Employee Option”) that is vested and outstanding immediately prior to the Effective Time shall be deemed to have been exercised, on a net exercise basis with respect to the applicable exercise price and any required withholding or employment taxes thereon, immediately prior to the Closing and settled in the applicable number of shares of Micromidas Common Stock, rounded down to the nearest whole share, and treated in accordance with clause (a) above. Each Former Employee Option that is unvested and outstanding immediately prior to the Effective Time shall be automatically cancelled at the Closing without the payment of consideration. From and after the Closing, except with respect to the holder’s right to receive Common Stock, if any, the Former Employee Option shall be cancelled and cease to be outstanding and the holder shall cease to have any rights with respect thereto;

(f)

each Company Option (other than a Former Employee Option), whether vested or unvested, will be assumed by Artius and converted into an option to purchase shares of Common Stock (each, a “Converted Option”) equal to the product (rounded down to the nearest whole number) of (a) the number of shares of Micromidas Common Stock subject to such Company Option immediately prior to the Effective Time and (b) the Common Exchange Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (i) the exercise price per share of such Company Option immediately prior to the Effective Time divided by (ii) the Common Exchange Ratio; provided, however, that the exercise price and the number of shares of Common Stock purchasable pursuant to such Converted Options shall be determined in a manner consistent with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”); provided, further, however, that in the case of such Company Option to which Section 422 of the Code applies, the exercise price and the number of shares of Common Stock purchasable pursuant to such option shall be determined in accordance with the foregoing, subject to such adjustments in a manner consistent with Treasury Regulation Section 1.424-1, such that the Converted Option will not constitute a modification of such Company Option for purposes of Section 409A or Section 424 of the Code. Except as specifically provided above, following the Effective Time, each Converted Option shall continue to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the corresponding former Company Option immediately prior to the Effective Time. At or prior to the Effective Time, the Company shall take any actions that are necessary to effectuate the treatment of the Company Options pursuant to this paragraph.

As additional consideration for the Merger, after the Effective Time, Origin will issue to certain holders of Micromidas’s securities up to 25 million additional shares of Common Stock (the “Earnout Shares”) as follows: (i) one third of the Earnout Shares will be issued when the volume weighted average price of Common Stock (“VWAP”) equals or exceeds $15.00 for 10 consecutive trading days during the three year period following the closing of the Proposed Business Combination, (ii) one third of the Earnout Shares will be issued when VWAP equals or exceeds $20.00 for 10 consecutive trading days during the four year period following the closing of the Proposed Business Combination, and (iii) one third of the Earnout Shares will be issued when VWAP equals or exceeds $25.00 for 10 consecutive trading days during the five year period following the closing of the Proposed Business Combination.

Concurrently with the execution of the Merger Agreement, the Company entered into the following agreements:

•

Subscription Agreements with certain qualified institutional buyers and accredited investors (collectively, the “Investors”), pursuant to which, among other things, the Investors agreed to subscribe for and purchase, and the Company agreed to issue and sell to the Investors, an aggregate of 20,000,000 newly issued shares of Common Stock in connection with the closing of the Proposed Business Combination for aggregate gross proceeds of $200,000,000 (the “PIPE Placement”);

•

A Lock-up Agreement, pursuant to which the Sponsor, certain executive officers and directors of Micromidas and certain existing stockholders of Micromidas agreed to restrict, among other things, the transfer of Company securities held by such holders immediately following the Closing until the earliest to occur of (i) 365 days after the date of the Closing, (ii) the first day after the date on which the closing price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the date of the Closing, or (iii) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction after the Closing date that results in all of the public stockholders of the Company having the right to exchange their shares of Common Stock for cash, securities or other property.

Micromidas, Inc.

SUBSEQUENT EVENTS

NOTE 16 – SUBSEQUENT EVENTS

In January of 2021, the Company amended the Bridge Notes to extend the maturity date from March 31, 2021 to September 30, 2021. The amendment also added a SPAC transaction to the conversion provision such that the Bridge Notes convert if the Company issues at least $50,000,000 of shares of a new series of preferred stock or closes a SPAC transaction (each a “Qualified Financing”) prior to maturity. In a Qualified Financing that is a preferred stock issuance, the notes convert at 70% of the cash price paid per share for the preferred shares. In a Qualified Financing that is a SPAC transaction, the notes convert at the lesser of (i) 70% of the per share value attributed to the shares of the Company’s common stock as set forth in the Merger Agreement or (ii) the per share value that would be attributed to the Company’s common stock assuming a pre-transaction valuation of the Company in connection with the SPAC transaction of $700,000,000.

In February of 2021 the Company issued $10,000,000 of new, unsecured convertible notes (the “Convertible Notes”). The Convertible Notes bear an annual interest rate of 8% and mature on September 30, 2021, unless converted. If the Company issues at least $50,000,000 worth of shares of a new series of preferred stock prior to maturity or closes a SPAC transaction (each a Qualified Financing), the outstanding principal and unpaid accrued interest will convert at 80% of the per share price of the new series of preferred stock or, in the case of a SPAC transaction, at 80% of the per share value attributed to the shares of the Company’s common stock as set forth in the Merger Agreement. Upon a Change of Control (other than a Qualified Financing), as defined in the Convertible Notes, the Company will repay purchasers in cash an amount equal to the outstanding principal and accrued interest plus a repayment premium equal to 100% of the outstanding principal amount of the notes.

On February 16, 2021, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Artius Acquisition Inc. (See Note 1).

WARRANT LIABILITY

3 Months Ended

Mar. 31, 2021

Text Block [Abstract]

WARRANT LIABILITY

NOTE 8. WARRANT LIABILITY

Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants:

•

in whole and not in part;

•

at a price of $0.01 per Public Warrant;

•

upon not less than 30 days’ prior written notice of redemption to each warrant holder and

•

if, and only if, the last reported sale price of the Company’s Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like).

Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00. Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

•

in whole and not in part;

•

at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the “fair market value” of the Company’s Class A ordinary shares;

•

if, and only if, the Reference Value (as defined above under “— Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like); and

PROPERTY, PLANT AND EQUIPMENT, NET

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Micromidas, Inc.

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 4 – PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant, and equipment, net consisted of the following:


	March 31, 2021			December 31, 2020
Land	$	39,950		$	39,480
Pilot plant		5,282,159			5,236,939
Lab equipment		1,959,016			1,958,290
Machinery and equipment		655,350			655,350
Computer and other equipment		295,066			294,973
Construction in process		45,277,774			43,961,280

		53,509,315			52,146,312
Less accumulated depreciation and amortization		(7,152,988	)		(7,042,455	)

Total property, plant, and equipment, net	$	46,356,326		$	45,103,857

For the three months ended March 31, 2021 and 2020, depreciation expense totaled $103,894 and $100,313, respectively.

At March 31, 2021 and December 31, 2020, the Company capitalized $780,237 and $719,890, respectively, of interest cost into Origin 1.

NOTE 4 – PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment consisted of the following at December 31:


	2020			2019
Land	$	39,480		$	96,267
Pilot plant		5,236,939			5,209,333
Lab equipment		1,958,290			1,957,002
Machinery and equipment		655,350			655,350
Computer and other equipment		294,973			294,806
Construction in process		43,961,280			40,929,442

		52,146,312			49,142,200
Less accumulated depreciation and amortization		(7,042,455	)		(6,590,670	)

Total property, plant, and equipment, net	$	45,103,857		$	42,551,530

Depreciation expense totaled $437,399 and $601,464 during 2020 and 2019, respectively.

At December 31, 2020 and 2019, the Company capitalized $719,890 and $442,301, respectively, of interest cost into Origin 1.

INTANGIBLE ASSETS

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Micromidas, Inc.

INTANGIBLE ASSETS

NOTE 5 – INTANGIBLE ASSETS, NET

Intangible assets, net consisted of the following:


	March 31, 2021			December 31, 2020
Patents	$	435,096		$	429,977
Less accumulated amortization		(185,437	)		(172,305	)

	$249,659			$257,672

The weighted average useful life of the intangible assets was 9.87 years. For the three months ended March 31, 2021 and 2020, amortization expense was $11,018 and $3,962, respectively.

NOTE 5 – INTANGIBLE ASSETS

Intangible assets consisted of the following at December 31:


	2020			2019
Patents	$	429,977		$	420,893
Less accumulated amortization		(172,305	)		(125,788	)

	$	257,672		$	295,105

The weighted average useful life of the intangible assets was 9.87 years. Amortization expense was $41,956 and $44,292 during 2020 and 2019, respectively.

The Company’s estimated future intangible assets amortization expense is as follows:


Years Ending December 31,
2021	$	42,954
2022		42,954
2023		42,954
2024		42,954
2025		42,954
Thereafter		42,902

	$	257,672

CONSORTIUM AGREEMENT	3 Months Ended	12 Months Ended
CONSORTIUM AGREEMENT	Mar. 31, 2021	Dec. 31, 2020
Micromidas, Inc.
CONSORTIUM AGREEMENT	NOTE 6 – CONSORTIUM AGREEMENT In December 2016, the Company entered into a consortium agreement with two Series B preferred stock investors to collaborate on development of a process to commercialize bio-based, decarbonizing materials for application on an industrial scale at a competitive price. Under the consortium agreement, the Company received $500,000. The agreement expires once performance of the research and development program has been completed. In August 2018, the agreement was amended, whereby a Series C preferred stock investor (the “Series C Investor”, and collectively with the two Series B investors, the “Investors”) was added to the agreement and committed to invest $1,500,000 of research and development in the consortium. As of March 31, 2021, the Series C Investor had not invested any funds in the consortium. In 2020 an additional counterparty, that is an unrelated party, was added to the consortium agreement. During the three months ended March 31, 2021 and 2020, the Company received $450,000 and $0, respectively, under the consortium agreement which was recorded as other income, net in the consolidated statement of operations and comprehensive loss.	NOTE 6 – CONSORTIUM AGREEMENT In December 2016, the Company entered into a consortium agreement with two Series B preferred stock investors to collaborate on development of a process to commercialize bio-based, decarbonizing materials for application on an industrial scale at a competitive price. Under the consortium agreement, the Company received $500,000. The agreement expires once performance of the research and development program has been completed. In August 2018, the agreement was amended, whereby a Series C preferred stock investor (the “Series C Investor”, and collectively with the two Series B investors, the “Investors”) was added to the agreement and committed to invest $1,500,000 of research and development in the consortium. As of December 31, 2020, the Series C Investor had not invested any funds in the consortium. In 2020 an additional counterparty, that is an unrelated party, was added to the consortium agreement. During 2020 and 2019, the Company received $550,000 and zero, respectively, under the consortium agreement which was recorded as other income, net in the consolidated statement of operations and comprehensive income and loss.

OFFTAKE ARRANGEMENTS	3 Months Ended	12 Months Ended
OFFTAKE ARRANGEMENTS	Mar. 31, 2021	Dec. 31, 2020
Micromidas, Inc.
OFFTAKE ARRANGEMENTS	NOTE 7 – OFFTAKE ARRANGEMENTS The Company maintains four separate offtake supply agreements (the “Offtake Agreements”). All are with stockholders or affiliates of stockholders. Pursuant to the Offtake Agreements, the Company will construct manufacturing plants with specific capacity and product quality requirements within certain timeframes for the manufacture of product for sale to the counterparties to the agreements, and the counterparties will make minimum annual purchases at a set price, subject to adjustments, all as defined in the agreements. The Offtake Agreements allow the customers to terminate the agreements if specified construction and product delivery requirements are not satisfied. For example, under two of these agreements, if Origin 1 has not commenced commercial operation by December 31, 2021 or Origin has not delivered specified product volume from Origin 1 by September 30, 2022, then the customer may terminate the agreement and any outstanding secured promissory notes resulting from advance payments made to Origin will become due immediately (see Note 8). These outstanding obligations, together with accrued interest, totaled an aggregate of $10,757,361 and $10,706,147 as of March 31, 2021 and December 31, 2020 respectively (see Notes 8 and 10). These agreements also require the Company to pay liquidated damages up to an aggregate of $856,080 if Origin 1 has not commenced commercial operation by December 31, 2020 or the Company has not delivered specified product volume from Origin 1 by September 30, 2021. In September 2020, the counterparties to these agreements agreed to waive compliance with the milestones and their right to liquidated damages until June 30, 2021, in order to facilitate the negotiation of amendment to the agreements, including the milestone achievement dates. A third offtake agreement is terminable by the customer if commercial operation or delivery of product from Origin 1 has not occurred by December 31, 2021. Origin believes enforcement of the liquidated damages provisions was not probable and expects to secure amendments to these offtake agreements pursuant to its ongoing discussions with these customers. However, Origin cannot guarantee that it will be successful in amending these offtake agreements. One of the Offtake Agreements provides the counterparty the option, exercisable within one year of the first delivery of product from Origin 1, to enter into a contract to purchase a range of quantities of product from Origin 2 for a maximum term of 10 years. If the option is exercised and the Company directly or indirectly constructs Origin 2, the Company must either enter into an agreement with the counterparty within 90 days or pay a fee. The are no impacts to these unaudited consolidated financial statements from this stipulation.	NOTE 7– OFFTAKE AGREEMENTS The Company maintains four separate offtake supply agreements (the “Offtake Agreements”). All are with stockholders or affiliates of stockholders. Pursuant to the Offtake Agreements, the Company will construct manufacturing plants with specific capacity and product quality requirements within certain timeframes for the manufacture of product for sale to the counterparties to the agreements, and the counterparties will make minimum annual purchases at a set price, subject to adjustments, all as defined in the agreements. The Offtake Agreements allow the customers to terminate the agreements if specified construction and product delivery requirements are not satisfied. For example, under two of these agreements, if Origin 1 has not commenced commercial operation by December 31, 2021 or Origin has not delivered specified product volume from Origin 1 by September 30, 2022, then the customer may terminate the agreement and any outstanding secured promissory notes resulting from advance payments made to Origin will become due immediately (see Note 8). These outstanding obligations, together with accrued interest, totaled an aggregate of $10,706,147 as of December 31, 2020 (see Notes 8 and 10). These agreements also require the Company to pay liquidated damages up to an aggregate of $856,080 if Origin 1 has not commenced commercial operation by December 31, 2020 or the Company has not delivered specified product volume from Origin 1 by September 30, 2021. In September 2020, the counterparties to these agreements agreed to waive compliance with the milestones and their right to liquidated damages until June 30, 2021, in order to facilitate the negotiation of amendment to the agreements, including the milestone achievement dates. A third offtake agreement is terminable by the customer if commercial operation or delivery of product from Origin 1 has not occurred by December 31, 2021. Origin believes enforcement of the liquidated damages provisions was not probable and expects to secure amendments to these offtake agreements pursuant to its ongoing discussions with these customers. However, Origin cannot guarantee that it will be successful in amending these offtake agreements. One of the Offtake Agreements provides the counterparty the option, exercisable within one year of the first delivery of product from Origin 1, to enter into a contract to purchase a range of quantities of product from Origin 2 for a maximum term of 10 years. If the option is exercised and the Company directly or indirectly constructs Origin 2, the Company must either enter into an agreement with the counterparty within 90 days or pay a fee. The are no impacts to these financial statements from this stipulation.

DEBT	3 Months Ended	12 Months Ended
DEBT	Mar. 31, 2021	Dec. 31, 2020
Micromidas, Inc.
DEBT	NOTE 8 – DEBT *PPP Loan* In April 2020, the Company executed a promissory note (the “PPP Note”) evidencing an unsecured loan in the amount of $905,838 under the Paycheck Protection Program (the “PPP Loan”). The Paycheck Protection Program (or “PPP”) was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and is administered by the U.S. Small Business Administration (“SBA”). The Loan has been made through First Republic Bank (the “Lender”). The PPP Loan has a two-year term and bears interest at a rate of 1.00% per annum, accruing upon funding. Unless the PPP Loan is forgiven, the Company will be required to make monthly payments of principal and interest to the Lender. The Company does not intend to seek forgiveness of the PPP loan. The PPP Note contains customary events of default relating to, among other things, payment defaults, providing materially false and misleading representations to the SBA or Lender, or breaching the terms of the PPP Loan documents. The occurrence of an event of default may result in the immediate repayment of all amounts outstanding, collection of all amounts owing from the Company, or filing suit and obtaining judgment. Under the terms of the CARES Act, PPP Loan recipients can apply for and be granted forgiveness for all or a portion of the loan granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. However, no assurance is provided that forgiveness for any portion of the PPP Loan will be obtained. *Stockholder Convertible Notes Payable* In November 2019, the Company entered into secured convertible note agreements (“Bridge Notes”) with certain preferred stockholders, whereby the Company can borrow up to $6,000,000. The Bridge Notes bear an annual interest rate of 10% and mature on March 31, 2021, unless converted. If the Company issues shares of a new series of preferred stock prior to maturity, the outstanding principal and unpaid accrued interest will convert at 70% of the per share price of the new series of preferred stock. Upon a liquidation event, as defined in the agreements, the Company will repay purchasers in cash an amount equal to 200% of the outstanding principal amount plus the outstanding principal and accrued interest. The Bridge Notes are collateralized by substantially all of the Company’s assets. At March 31, 2021 and December 31, 2020, there was $4,966,857 and $3,260,208, respectively, outstanding on the Bridge Notes. The conversion and liquidation features were deemed to be derivatives under ASC 815 (see Note 9) and separately measured and recognized from the Bridge Notes through a debt discount. The balance of the debt discount was $14,088 and $28,175 at March 31, 2021 and December 31, 2020, respectively. In January of 2021, the Company amended the Bridge Notes to extend the maturity date from March 31, 2021 to September 30, 2021. The amendment also added a SPAC transaction to the conversion provision such that the Bridge Notes convert if the Company issues at least $50,000,000 of shares of a new series of preferred stock or closes a SPAC transaction (each a “Qualified Financing”) prior to maturity. In a Qualified Financing that is a preferred stock issuance, the notes convert at 70% of the cash price paid per share for the preferred shares. In a Qualified Financing that is a SPAC transaction, the notes convert at the lesser of (i) 70% of the per share value attributed to the shares of the Company’s common stock as set forth in the Merger Agreement or (ii) the per share value that would be attributed to the Company’s common stock assuming a pre-transaction valuation of the Company in connection with the SPAC transaction of $700,000,000. In February of 2021 the Company issued $10,000,000 of new, unsecured convertible notes (the “Convertible Notes”). The Convertible Notes bear an annual interest rate of 8% and mature on September 30, 2021, unless converted. If the Company issues at least $50,000,000 worth of shares of a new series of preferred stock prior to maturity or closes a SPAC transaction (each a “Qualified Financing”), the outstanding principal and unpaid accrued interest will convert at 80% of the per share price of the new series of preferred stock or, in the case of a SPAC transaction, at 80% of the per share value attributed to the shares of the Company’s common stock as set forth in the Merger Agreement. Upon a Change of Control (other than a Qualified Financing), as defined in the Convertible Notes, the Company will repay purchasers in cash an amount equal to the outstanding principal and accrued interest plus a repayment premium equal to 100% of the outstanding principal amount of the notes. Debt issuance costs are recorded against the outstanding payable balance. Those costs at March 31, 2021 were $14,793. *Stockholder Note* In November 2016, the Company received a $5,000,000 prepayment from a stockholder for product from Origin 1 pursuant to an Offtake Agreement (see Note 7). The prepayment was to be credited against the purchase of products over the term of the Offtake Agreement. The prepayment was secured by a promissory note (the “Promissory Note”) to be repaid in cash in the event that the prepayment could not be credited against the purchase of product, for example, if Origin 1 was never constructed. The Promissory Note was collateralized substantially by Origin 1 and other assets of Origin Material Canada Pioneer Limited. In May 2019, the Company and stockholder amended the Offtake Agreement and Promissory Note. The amendment added accrued interest of $189,169 to the principal balance of the prepayment and provided for the prepayment amount to be repaid in three annual installments rather than being applied against the purchase of product from Origin 1. The Promissory Note would bear interest at 3.50% per annum and be repaid in three installments of $2,204,733, $2,139,611, and $2,069,806 (inclusive of accrued but unpaid interest) on December 20, 2024, December 19, 2025, and December 18, 2026, respectively, unless the Bridge Notes have not been converted or repaid by December 30, 2021, in which case the Promissory Note maturity date would be December 31, 2021. At March 31, 2021 and December 31, 2020, the total debt outstanding was $5,189,169. The Promissory Note is subordinate to the Bridge Notes. At March 31, 2021 and December 31, 2020 accrued interest totaled $340,035 and $294,630, respectively, and is included in accrued expenses in the unaudited consolidated balance sheets.	NOTE 8 – DEBT PPP Loan In April 2020, the Company executed a promissory note (the “PPP Note”) evidencing an unsecured loan in the amount of $905,838 under the Paycheck Protection Program (the “PPP Loan”). The Paycheck Protection Program (or “PPP”) was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and is administered by the U.S. Small Business Administration (“SBA”). The Loan has been made through First Republic Bank (the “Lender”). The PPP Loan has a two-year term and bears interest at a rate of 1.00% per annum, accruing upon funding. Unless the PPP Loan is forgiven, the Company will be required to make monthly payments of principal and interest to the Lender. The Company does not intend to seek forgiveness of the PPP loan. The PPP Note contains customary events of default relating to, among other things, payment defaults, providing materially false and misleading representations to the SBA or Lender, or breaching the terms of the PPP Loan documents. The occurrence of an event of default may result in the immediate repayment of all amounts outstanding, collection of all amounts owing from the Company, or filing suit and obtaining judgment. Under the terms of the CARES Act, PPP Loan recipients can apply for and be granted forgiveness for all or a portion of the loan granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. However, no assurance is provided that forgiveness for any portion of the PPP Loan will be obtained. Stockholder Convertible Notes Payable In November 2019, the Company entered into secured convertible note agreements (“Bridge Notes”) with certain preferred stockholders, whereby the Company can borrow up to $6,000,000. The Bridge Notes bear an annual interest rate of 10% and mature on March 31, 2021, unless converted. If the Company issues shares of a new series of preferred stock prior to maturity, the outstanding principal and unpaid accrued interest will convert at 70% of the per share price of the new series of preferred stock. Upon a liquidation event, as defined in the agreements, the Company will repay purchasers in cash an amount equal to 200% of the outstanding principal amount plus the outstanding principal and accrued interest. The Bridge Notes are collateralized by substantially all of the Company’s assets. At December 31, 2020 and 2019 there were $3,260,208 and $1,000,000, respectively, outstanding on the Bridge Notes. Debt issuance costs are recorded against the outstanding payable balances. Those costs at December 31, 2020 and 2019 were zero and $90,267, respectively. The conversion and liquidation features were deemed to be derivatives under ASC 815 (see Note 9) and separately measured and recognized from the Bridge Notes through a debt discount. The balance of the debt discount was $28,175 and $128,875 at December 31, 2020 and 2019, respectively. The Bridge Notes were amended in January 2021 to extend the maturity date and add a SPAC transaction as a conversion event (see Note 16). Stockholder Note In November 2016, the Company received a $5,000,000 prepayment from a stockholder for product from Origin 1 pursuant to an Offtake Agreement (see Note 7). The prepayment was to be credited against the purchase of products over the term of the Offtake Agreement. The prepayment was secured by a promissory note (the “Promissory Note”) to be repaid in cash in the event that the prepayment could not be credited against the purchase of product, for example, if Origin 1 was never constructed. The Promissory Note was collateralized substantially by Origin 1 and other assets of Origin Material Canada Pioneer Limited. In May 2019, the Company and stockholder amended the Offtake Agreement and Promissory Note. The amendment added accrued interest of $189,169 to the principal balance of the prepayment and provided for the prepayment amount to be repaid in three annual installments rather than being applied against the purchase of product from Origin 1. The Promissory Note would bear interest at 3.50% per annum and be repaid in three installments of $2,204,733, $2,139,611, and $2,069,806 (inclusive of accrued but unpaid interest) on December 20, 2024, December 19, 2025, and December 18, 2026, respectively, unless the Bridge Notes have not been converted or repaid by December 30, 2021, in which case the Promissory Note maturity date would be December 31, 2021. At December 31, 2020 and 2019, the total debt outstanding was $5,189,169. The Promissory Note is subordinate to the Bridge Notes. At December 31, 2020 and 2019 accrued interest totaled $294,630 and $113,009, respectively, and is included in other liabilities, long-term, on the consolidated balance sheets.

DERIVATIVE LIABILITY	3 Months Ended	12 Months Ended
DERIVATIVE LIABILITY	Mar. 31, 2021	Dec. 31, 2020
Micromidas, Inc.
DERIVATIVE LIABILITY	NOTE 9 – DERIVATIVE LIABILITY The Company evaluated the Bridge Notes in accordance with ASC 815 Derivatives and Hedging and determined that the embedded components of these contracts qualify as a derivative to be separately accounted for as a liability. The Company records the fair value of the embedded components in accordance with ASC 815, Derivatives and Hedging. The fair value of the derivatives was calculated using a model that estimated the value that would be paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value of the derivative liabilities is revalued on each balance sheet date with a corresponding gain or loss recorded in the consolidated statement of operations. For the three months ended March 31, 2021 and 2020, the Company recorded a loss on the change in the fair value of derivative liability of $391,251 and a gain of $2,669, respectively. For the three months ended March 31, 2021 and 2020 an additional derivative liability was recorded for $2,196,469 and $0, respectively. At March 31, 2021 and December 31, 2020, the Company recorded a derivative liability of $3,826,232 and $1,238,511, respectively.	NOTE 9– DERIVATIVE LIABILITY The Company evaluated the Bridge Notes in accordance with ASC 815 Derivatives and Hedging and determined that the embedded components of these contracts qualify as a derivative to be separately accounted for as a liability. The Company records the fair value of the embedded components in accordance with ASC 815, Derivatives and Hedging. The fair value of the derivatives was calculated using a model that estimated the value that would be paid to transfer the liability in an orderly transaction between market participants at the measurement date. The fair value of the derivative liabilities is revalued on each balance sheet date with a corresponding gain or loss recorded in the consolidated statement of operations. For the years ended December 31, 2020 and 2019, the Company recorded a loss on the change in the fair value of derivative liability of $1,088,136 and zero, respectively. At December 31, 2020 and 2019, the Company recorded a derivative liability of $1,238,511 and $150,375, respectively.

OTHER LIABILITIES, LONG-TERM AND RELATED PARTY OTHER LIABILITIES, LONG-TERM	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Micromidas, Inc.
OTHER LIABILITIES, LONG-TERM AND RELATED PARTY OTHER LIABILITIES, LONG-TERM	NOTE 10 – OTHER LIABILITIES, LONG-TERM AND RELATED PARTY OTHER LIABILITIES, LONG-TERM *Other Liabilities, Long-term* In September 2019, the Company entered into a $5,000,000 prepayment agreement for the purchase of products from Origin 2. The prepayment is to be made in two equal installments: the first $2,500,000 was in October 2019 and the remaining $2,500,000 is due within 30 days of the customer confirming that a sample from Origin 1 meets the customer’s specifications. The Company and customer agreed to work in good faith to execute an Offtake Agreement, the agreed terms of which are set forth in the prepayment agreement, whereby 100% of the prepayment will be applied against future purchases. The prepayment agreement provides the customer a capacity reservation of up to a specified annual volume of product from Origin 1 for a term of ten years, pursuant to the terms of an Offtake Agreement. At March 31, 2021 and December 31, 2020, the total amount outstanding on this agreement was $2,500,000. *Related Party Other Liabilities, Long-term* In November 2016, the Company received a $5,000,000 prepayment from a stockholder for product from Origin 1 pursuant to an Offtake Agreement (see Note 7). The prepayment is to be credited against the purchase of products from Origin 1 over the term of the Offtake Agreement. Specifically, repayment is effected by applying a credit to product purchases each month over the first five years of operation of Origin 1 up to $7,500,000, which is equal to 150% of the prepayment amount. If product purchases are not sufficient to recover the advances, the application of the credit to purchases as payment of the advances will continue until fully repaid. The prepayment is secured by a note to be repaid in cash in the event the prepayment cannot be credited against the purchase of product, for example, if Origin 1 is never constructed. The note is collateralized substantially by Origin 1 and other assets of Origin Material Canada Pioneer Limited. If repaid in cash, the note bears an annual interest rate of the three-month London Interbank Offered Rate (LIBOR) plus 0.25% (0.44% at March 31, 2021) and matures five years from the commercial operation date of Origin 1, unless the Bridge Notes have not been converted or repaid by December 30, 2021, in which case the Promissory Note maturity date would be December 31, 2021. The note is subordinated to the Bridge Notes. At March 31, 2021 and December 31, 2020 the total note principal outstanding was $5,105,055 and accrued interest outstanding was $123,102 and $117,292 respectively.	NOTE 10 – OTHER LIABILITIES, LONG-TERM AND RELATED PARTY OTHER LIABILITIES, LONG-TERM Other Liabilities, Long-term In September 2019, the Company entered into a $5,000,000 prepayment agreement for the purchase of products from Origin 2. The prepayment is to be made in two equal installments: the first $2,500,000 was in October 2019 and the remaining $2,500,000 is due within 30 days of the customer confirming that a sample from Origin 1 meets the customer’s specifications. The Company and customer agreed to work in good faith to execute an Offtake Agreement, the agreed terms of which are set forth in the prepayment agreement, whereby 100% of the prepayment will be applied against future purchases. The prepayment agreement provides the customer a capacity reservation of up to a specified annual volume of product from Origin 1 for a term of ten years, pursuant to the terms of an Offtake Agreement. At December 31, 2020 and 2019, the total amount outstanding on this agreement was $2,500,000. Related Party Other Liabilities, Long-term In November 2016, the Company received a $5,000,000 prepayment from a stockholder for product from Origin 1 pursuant to an Offtake Agreement (see Note 7). The prepayment is to be credited against the purchase of products from Origin 1 over the term of the Offtake Agreement. Specifically, repayment is effected by applying a credit to product purchases each month over the first five years of operation of Origin 1 up to $7.5 million, which is equal to 150% of the prepayment amount. If product purchases are not sufficient to recover the advances, the application of the credit to purchases as payment of the advances will continue until fully repaid. The prepayment is secured by a note to be repaid in cash in the event the prepayment cannot be credited against the purchase of product, for example, if Origin 1 is never constructed. The note is collateralized substantially by Origin 1 and other assets of Origin Material Canada Pioneer Limited. If repaid in cash, the note bears an annual interest rate of the three-month London Interbank Offered Rate (LIBOR) plus 0.25% (2.16% at December 31, 2020) and matures five years from the commercial operation date of Origin 1. The note is subordinated to the Bridge Notes. At December 31, 2020 and 2019 the total note principal outstanding was $5,105,055 and $5,000,000 plus accrued interest of $117,293 and $42,462, respectively.

CANADIAN GOVERNMENT RESEARCH AND DEVELOPMENT PROGRAM LIABILITY	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Micromidas, Inc.
CANADIAN GOVERNMENT RESEARCH AND DEVELOPMENT PROGRAM LIABILITY	NOTE 11 – CANADIAN GOVERNMENT RESEARCH AND DEVELOPMENT PROGRAM LIABILITY In April 2019, the Company entered into a contribution agreement related to the research and development and construction associated with the operation of Origin 1 in which the Company will participate in a Canadian government research and development program (the “R&D Agreement”). Pursuant to the R&D Agreement, the Company will receive funding for eligible expenditures through March 31, 2023 up to the lesser of approximately 22.14% of eligible costs and $23,000,000 (in Canadian dollars). The funding will be repaid over 15 years after completion of Origin 1, commencing no sooner than the third fiscal year of consecutive revenues from a commercial plant, but no later than the fifth year following the earlier of (i) the year in which the Company completes construction of Origin 1 or (ii) March 2023. Repayment of the funding will be reduced by 50% if the Company begins construction before December 31, 2024 of one or more commercial plants that operate in Canada, with costs exceeding $500,000,000 (in Canadian dollars), and the plants being constructed and operational within 30 months of the final investment decision, as defined in the R&D Agreement. Once begun, repayments will be paid annually by April of each year through March 31, 2037. Payments will be determined by a formula of the funded amount based on the fiscal year gross business revenue, as defined in the R&D Agreement. At March 31, 2021 and December 31, 2020, the Company recorded a liability for the amount received of $6,270,836 and $6,197,053, respectively.	NOTE 11 – CANADIAN GOVERNMENT RESEARCH AND DEVELOPMENT PROGRAM LIABILITY In April 2019, the Company entered into a contribution agreement related to the research and development and construction associated with the operation of Origin 1 in which the Company will participate in a Canadian government research and development program (the “R&D Agreement”). Pursuant to the R&D Agreement, the Company will receive funding for eligible expenditures through March 31, 2023 up to the lesser of approximately 22.14% of eligible costs and $23,000,000 (in Canadian dollars). The funding will be repaid over 15 years after completion of Origin 1, commencing no sooner than the third fiscal year of consecutive revenues from a commercial plant, but no later than the fifth year following the earlier of (i) the year in which the Company completes construction of Origin 1 or (ii) March 2023. Repayment of the funding will be reduced by 50% if the Company begins construction before December 31, 2024 of one or more commercial plants that operate in Canada, with costs exceeding $500,000,000 (in Canadian dollars), and the plants being constructed and operational within 30 months of the final investment decision, as defined in the R&D Agreement. Once begun, repayments will be paid annually by April of each year through March 31, 2037. Payments will be determined by a formula of the funded amount based on the fiscal year gross business revenue, as defined in the R&D Agreement. At December 31, 2020 and 2019, the Company recorded a liability for the amount received of $6,197,053 and $3,534,814, respectively.

REDEEMABLE CONVERTIBLE PREFERRED STOCK WARRANTS LIABILITY

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Micromidas, Inc.

REDEEMABLE CONVERTIBLE PREFERRED STOCK WARRANTS LIABILITY

NOTE 12 – REDEEMABLE CONVERTIBLE PREFERRED STOCK WARRANTS LIABILITY

In connection with the issuance of Series A preferred stock during 2012, the Company issued preferred stock warrants to purchase 1,000,000 shares of Series A preferred stock at an exercise price of $2.7233 per share. These warrants were initially exercisable any time within 10 years of issuance. In November 2019, as part of the Bridge Notes issuance (see Note 8), these Series A preferred stock warrants had their contractual exercise period extended 10 years to October 2032.

In connection with the issuance of Series A preferred stock during 2015, the Company issued preferred stock warrants to purchase 1,134,653 shares of Series A preferred stock at an exercise price of $2.7233 per share. These warrants were initially exercisable any time within 10 years of issuance. In November 2019, as part of the Bridge Notes issuance (see Note 8), these Series A preferred stock warrants had their contractual exercise period extended 10 years to October 2035.

In connection with the issuance of Series A preferred stock during April 2016, the Company issued a preferred stock warrant to purchase 122,400 shares of Series A preferred stock at an exercise price of $2.7233 per share. As of March 31, 2021, this warrant is exercisable and expires in April 2036.

In connection with the issuance of convertible promissory notes in 2016, the Company in 2016 and 2017 issued preferred stock warrants to purchase 331,927 and 35,412 shares, respectively, of Series B preferred stock at an exercise price of $7.486 per share. These preferred stock warrants are exercisable and expire from June through July 2026 and June 2036 through January 2037.

As of March 31, 2021, the Company had 2,257,053 Series A preferred stock warrants and 367,339 Series B preferred stock warrants, respectively, outstanding.

The following schedule rolls forward the fair value of the redeemable convertible preferred stock warrants liability:


	March 31, 2021		December 31, 2020
Balance at beginning of the year	$	19,232,628	$	734,830
Change in fair value of preferred stock warrants		48,109,271		18,497,798

Balance at end of the year	$	67,341,899	$	19,232,628

At March 31, 2021 and December 31, 2020, the fair value of the preferred stock warrants was determined using the probability-weighted expected return method which estimates the fair value of the warrants through an analysis of future values for the Company, assuming various future outcomes. A Black-Scholes option pricing model (BSM) is utilized in this method, to the extent necessary, based on current conditions. At March 31, 2021, due to the increasing likelihood of the merger, the BSM was not necessary to execute the model. A summary of key assumptions in the BSM for determining the fair value of redeemable convertible preferred stock warrants include:


	December 31, 2020
Expected life (years)		3.00
Risk-free interest rate		0.17	%
Expected volatility		70.00	%
Dividend yield		0	%

NOTE 12 – REDEEMABLE CONVERTIBLE PREFERRED STOCK WARRANTS LIABILITY

In connection with the issuance of Series A preferred stock during April 2016, the Company issued a preferred stock warrant to purchase 122,400 shares of Series A preferred stock at an exercise price of $2.7233 per share. As of December 31, 2020, this warrant is exercisable and expires in April 2036.

As of December 31, 2020, the Company had 2,257,053 Series A preferred stock warrants and 367,339 Series B preferred stock warrants, respectively, outstanding.

The following schedule rolls forward the fair value of the redeemable convertible preferred stock warrants liability during 2020 and 2019:


	2020		2019
Balance at beginning of the year	$	734,830	$	11,022,446
Change in fair value of preferred stock warrants		18,497,798		(10,287,616	)

Balance at end of the year	$	19,232,628	$	734,830

At December 31, 2020 and 2019, the fair value of the preferred stock warrants was determined using a Black-Scholes option pricing model (OPM). The Company estimates the fair value of these liabilities using an OPM and assumptions that are based on the individual characteristics of the warrants on the valuation date, as well as assumptions for future financings, expected volatility, expected life, yield, and risk-free interest rate. A summary of key assumptions for determining the fair value of redeemable convertible preferred stock warrants at December 31, 2020 and 2019 include:


	2020			2019
Expected life (years)		3.00			4.00
Risk-free interest rate		0.17	%		1.66	%
Expected volatility		70.00	%		50.00	%
Dividend yield		0	%		0	%

REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Micromidas, Inc.

REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT

NOTE 13 – REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

The Company is authorized to issue two classes of stock, which are designated as common and preferred stock. There are three types of redeemable convertible preferred stock – Series A, Series B, and Series C.

Common stock

The Company has reserved shares of common stock for future issuances as follows:


	March 31, 2021		December 31, 2020
Series A preferred stock	$	13,204,284	$	13,204,284
Series B preferred stock		6,275,704		6,275,704
Series C preferred stock		1,590,675		1,590,675
Series A preferred stock warrants		2,257,053		2,257,053
Series B preferred stock warrants		367,339		367,339
Options outstanding		3,829,351		3,885,113

	$27,524,406		$27,580,168

Dividends – Holders of Series A, Series B, and Series C preferred stock are entitled to receive cumulative dividends prior and in preference to any declaration or payment of any dividend on the common stock at the rate of $0.2179, $0.5989, and $1.1819 per share per annum on each outstanding share of Series A, Series B, and Series C preferred stock, respectively. At March 31, 2021, the cumulative dividends for Series A, Series B, and Series C preferred stock were approximately $21,059,796 $16,075,467 and $4,856,715, respectively. At December 31, 2020, the cumulative dividends for Series A, Series B, and Series C preferred stock were approximately $20,521,000, $15,381,000, and $4,538,000, respectively.

After payment of the full amount of any dividends to holders of Series A, Series B, and Series C preferred stock, any additional dividends are distributed among all holders of common stock and Series A, Series B, Series C preferred stock in proportion to the number of shares of common stock that would be held by each such holder if all shares of such series of Series A, Series B, and Series C preferred stock were converted to common stock at the then effective conversion rate for such series of preferred stock.

Liquidation rights – Holders of Series A, Series B, and Series C preferred stock are entitled to a liquidation preference for each share of stock held by them, of one times the original issue price of $2.7233, $7.4860, and $14.7736 per share, respectively, plus unpaid cumulative dividends thereon. Holders of Series A, Series B, and Series C preferred stock will share distributions ratably in proportion to their full preferential amount.

After the payment to the holders of Series A, Series B, and Series C preferred stock of the full amounts specified, the entire remaining assets of the Company legally available for distribution are distributed to the holders of the common stock.

Conversion rights – Each share of Series A, Series B, and Series C preferred stock is convertible, at the option of the holder, at any time into such number of fully paid and nonassessable shares of common stock as is determined by dividing the original issue price by the conversion price. At March 31, 2020, the conversion price was $2.7233 for Series A preferred stock, $7.4860 for Series B preferred stock, and $14.7736 for Series C preferred stock.

Voting – Each holder of Series A, Series B, and Series C preferred stock has the same voting rights as the holders of common stock, and the holders of common stock and preferred stock will vote together as a single class, except in each case as set forth in the Company’s certificate of incorporation. Each holder of common stock is entitled to one vote for each share of common stock held and each holder of preferred stock has voting rights equal to the number of shares of common stock into which the holder’s preferred stock is convertible at the record date.

Stock option plan – As of March 31, 2021 there were 5,166,276 shares of common stock reserved under the Company’s 2010 Stock Incentive Plan and 2020 Equity Incentive Plan, each as amended (together, the “Stock Plan”). Under the Stock Plan, options must be issued at prices no less than the estimated fair value of the stock on the date of grant and are exercisable for a period not exceeding 10 years from the date of grant. Options granted to employees under the Stock Plan generally vest 25% one year from the vesting commencement date and 1/36th per month thereafter, although certain arrangements call for vesting over other periods. Options granted to nonemployees under the Stock Plan vest over periods determined by the Company’s Board of Directors (generally immediate to four years).

The following tables summarize the activity under the Stock Plan:


	Outstanding Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)
Balance at December 31, 2020		3,885,113		$	0.40		8.30
Granted		—			—
Exercised		(55,762	)		0.98
Forfeited / canceled		—			—

Balance as of March 31, 2021		3,829,351		$	0.40		8.06

Vested and expected to vest at March 31, 2021		3,438,992

During the quarter ended March 31, 2021, the Company did not grant any stock options.

As of March 31, 2021 and December 31, 2020, there were 1,199,029 options available for grant under the Stock Plan. As of March 31, 2021 and December 31, 2020 there were 1,083,619 and 1,016,289 exercisable options, respectively. The aggregate intrinsic value of options vested and expected to vest at March 31, 2021 is $57,670,897.

The Company issued 1,380,000 of performance and market based stock options during 2020. During the quarter ended March 31, 2021, the Company modified the vesting schedule of 250,000 of these performance and market based stock options such that vesting would commence upon signing of a business combination agreement or similar agreement in connection with a business combination of the Company with a special purpose acquisition company pursuant to which all or substantially all of the outstanding shares of capital stock of the Company and all or substantially all other securities of the Company issuable or convertible into such capital stock are converted into cash and/or shares of such Special Purpose Acquisition Company. The Company entered into the Merger Agreement on February 16, 2021 resulting in the commencement of expense recognition related to these 250,000 options. For the remaining 1,130,000 performance and market based stock options, no expense has been recorded as the performance event was deemed not probable of being achieved.

During the three months ended March 31, 2021 and 2020, stock compensation expense of $474,860 and $4,848, respectively, was recognized in general and administrative expenses on the unaudited consolidated statements of operations and comprehensive income and loss. During the three months ended March 31, 2021 and 2020 stock compensation expense of $152,121 and $4,178, respectively, was recognized in research and development expenses on the unaudited consolidated statements of operations and comprehensive income and loss. Total remaining compensation expense to be recognized under the Stock Plan is $9,267,930 as of March 31, 2021 and will be amortized on a straight-line basis over the remaining vesting periods of approximately four years.

NOTE 13 – REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

Common stock – As of December 31, 2020 and 2019, the Company has reserved shares of common stock for future issuances as follows:


	2020		2019
Series A preferred stock		13,204,284		13,204,284
Series B preferred stock		6,275,704		6,275,704
Series C preferred stock		1,590,675		1,590,675
Series A preferred stock warrants		2,257,053		2,257,053
Series B preferred stock warrants		367,339		367,339
Options outstanding		3,885,113		1,041,855

		27,580,168		24,736,910

Dividends – Holders of Series A, Series B, and Series C preferred stock are entitled to receive cumulative dividends prior and in preference to any declaration or payment of any dividend on the common stock at the rate of $0.2179, $0.5989, and $1.1819 per share per annum on each outstanding share of Series A, Series B, and Series C preferred stock, respectively. At December 31, 2020, the cumulative dividends for Series A, Series B, and Series C preferred stock were approximately $20,512,000, $15,381,000, and $4,538,000, respectively. At December 31, 2019, the cumulative dividends for Series A, Series B, and Series C preferred stock were approximately $17,636,000, $11,612,000, and $2,653,000, respectively.

Conversion rights – Each share of Series A, Series B, and Series C preferred stock is convertible, at the option of the holder, at any time into such number of fully paid and nonassessable shares of common stock as is determined by dividing the original issue price by the conversion price. At December 31, 2020, the conversion price was $2.7233 for Series A preferred stock, $7.4860 for Series B preferred stock, and $14.7736 for Series C preferred stock.

Voting –Each holder of Series A, Series B, and Series C preferred stock has the same voting rights as the holders of common stock, and the holders of common stock and preferred stock will vote together as a single class, except in each case as set forth in the Company’s certificate of incorporation. Each holder of common stock is entitled to one vote for each share of common stock held and each holder of preferred stock has voting rights equal to the number of shares of common stock into which the holder’s preferred stock is convertible at the record date.

Stock option plan – As of December 31, 2020 there were 5,166,276 shares of common stock reserved under the Company’s 2010 Stock Incentive Plan and 2020 Equity Incentive Plan, each as amended (together, the “Stock Plan”). Under the Stock Plan, options must be issued at prices no less than the estimated fair value of the stock on the date of grant and are exercisable for a period not exceeding 10 years from the date of grant. Options granted to employees under the Stock Plan generally vest 25% one year from the vesting commencement date and 1/36^th per month thereafter, although certain arrangements call for vesting over other periods. Options granted to nonemployees under the Stock Plan vest over periods determined by the Company’s Board of Directors (generally immediate to four years).

The following tables summarize the activity under the Stock Plan for 2020 and 2019:


	Outstanding Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)




Balance at January 1, 2019		1,049,353		$	0.70		4.36
Granted		365,000		$	2.56
Exercised		(1,200	)	$	2.26
Forfeited / canceled		(371,298	)	$	2.32

Balance at December 31, 2019		1,041,855		$	0.77		3.89
Granted		2,974,895		$	0.30
Exercised		(1,376	)	$	0.78
Forfeited / canceled		(130,261	)	$	0.90

Balance as of December 31, 2020		3,885,113		$	0.40		8.30

Vested and expected to vest at December 31, 2020		3,472,989
Vested and expected to vest at December 31, 2020		3,472,989

A summary of key assumptions for determining the fair value of stock option grants at December 31, 2020 and 2019 include:


	2020			2019
Expected life (years)		6.25		6.08
Risk-free interest rate		0.38% - 0.72	%	1.53% - 2.36%
Expected volatility		71.9% - 77.0	%	86.6% - 90.3%
Dividend yield		0	%	0%

As of December 31, 2020 and 2019, there were 1,199,029 and 1,050,813 options, respectively, available for grant under the Stock Plan. As of December 31, 2020 and 2019, there were 1,016,289 and 1,019,305 exercisable options, respectively. The aggregate intrinsic value of options vested and expected to vest at December 31, 2020 is $16,067,662. The weighted-average grant date fair value per share for stock options granted during the year ended December 31, 2020 and 2019 was $7.24 and $0.43, respectively. The total fair value of options granted was $11,547,389 and $156,087 in 2020 and 2019, respectively. The Company issued 1,380,000 of performance and market based stock options during 2020. No expense has been recorded for these options as the performance event was deemed not probable of being achieved.

During 2020 and 2019 stock compensation expense of $1,493,035 and $27,306, respectively, was recognized in general and administrative expenses on the consolidated statements of operations and comprehensive income and loss. During 2020 and 2019 stock compensation expense of $137,214 and $16,459, respectively, was recognized in research and development expenses on the consolidated statements of operations and comprehensive income and loss. Total remaining compensation expense to be recognized under the Stock Plan is $8,345,850 as of December 31, 2020, and will be amortized on a straight-line basis over the remaining vesting periods of approximately four years.

INCOME TAXES

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Micromidas, Inc.

INCOME TAXES

NOTE 14 – INCOME TAXES

The provision for income taxes is recorded at the end of each interim period based on the Company’s best estimate of its effective income tax rate expected to be applicable for the full fiscal year. There is no provision for income taxes because the Company has incurred operating losses since inception. The Company’s effective income tax rate was 0% for the three months ended March 31, 2021 and 2020 and the realization of any deferred tax assets is not more likely than not.

NOTE 14 – INCOME TAXES

A reconciliation of the income tax provision to that computed by applying the statutory federal income tax rate to the income before the provision for income taxes is as follows for the years ended December 31:


	2020			2019
Federal income tax benefit at statutory federal rate	$	(6,363,637	)	$	(100,676	)
State income tax expense, net of federal taxes		25,306			(14,674	)
Permanent differences		3,983,030			(2,155,884	)
Valuation allowance		1,943,881			2,328,324
Foreign Rate Differential		(62,730	)		(81,953	)
Stock based compensation		449,720			—
Other		24,430			24,863

Total income tax expense	$	—		$	—

Deferred income tax amounts result from temporary differences between financial statements and income tax reporting. Components of the Company’s net deferred tax assets at December 31 are as follows:


	2020			2019
Deferred income tax assets
Net operating loss carryforwards	$	18,400,304		$	16,546,428
Other		149,027			33,011
Depreciation and amortization		113,873			139,885

Total deferred income tax assets		18,663,204			16,719,324
Valuation allowance		(18,663,204	)		(16,719,324	)

Total deferred income tax assets, net of valuation allowance	$	—		$	—

Loss before provision for income taxes on the accompanying statement of operations and comprehensive income and loss included the following:


	2020			2019
Domestic		(29,162,313	)		1,009,544
Foreign		(1,140,535	)		(1,488,953	)

Total worldwide		(30,302,848	)		(479,409	)

As of December 31, 2020 and 2019, deferred income tax assets of $18,663,204 and $16,719,324, respectively, arising principally as a result of the Company’s net operating loss carryforwards, property, plant, and equipment tax basis differences, non-qualified stock options, and certain accruals and reserves not deductible for tax purposes, were fully offset by a valuation allowance as the Company believes it is more likely than not that it will not recover its deferred income tax assets as of December 31, 2020 and 2019. During 2020 and 2019, the net change in the valuation allowance was an increase of approximately $1,900,000 and $2,400,000, respectively.

At December 31, 2020, the Company had federal net operating loss carryforwards of approximately $71,600,000 to offset future federal taxable income, with $45,000,000 available through 2037 and $26,600,000 available indefinitely. At December 31, 2020, the Company had state and foreign net operating loss carryforward of approximately $40,300,000 and $4,800,000, respectively, that may offset future state and foreign taxable income through 2040.

The Company has research and development credit carryforwards for foreign income tax purposes of approximately $27,800 as of December 31, 2020 and 2019. If not utilized, the foreign credit carryforwards of $27,800 will expire in 2038.

Under certain provisions of the Internal Revenue Code of 1986, as amended, a portion of the federal and state net operating loss carryforwards may be subject to an annual utilization limitation as a result of a change in ownership of the Company. Federal and California tax laws impose significant restrictions on the utilization of net operating loss carryforwards in the event of a change in ownership of the Company, as defined by Internal Revenue Code Section 382 (“Section 382”). The Company believes a change in ownership, as defined by Section 382, has occurred but a formal study has not been completed. In addition, in the future the Company may experience ownership changes, which may limit the utilization of net operating loss carryforwards or other tax attributes.

There were no unrecognized tax benefits in the years ended December 31, 2020, and 2019. The Company files income tax returns in the United States, various US states, and Canada. All tax years remain open in all jurisdictions. The Company is not currently under examination by income tax authorities in federal, state or other foreign jurisdictions. The Company does not anticipate any significant changes within 12 months of this reporting date of its uncertain tax positions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

BASIC AND DILUTED NET LOSS PER SHARE	3 Months Ended	12 Months Ended
BASIC AND DILUTED NET LOSS PER SHARE	Mar. 31, 2021	Dec. 31, 2020
Micromidas, Inc.
BASIC AND DILUTED NET LOSS PER SHARE	NOTE 16 – BASIC AND DILUTED NET LOSS PER SHARE Basic net loss per share includes no dilution and is computed by dividing income (loss) by the weighted average number of common shares outstanding for the periods presented. The calculation of basic net loss per share for the three months ended March 31, 2021 and 2020, includes the weighted average of common shares outstanding. Diluted net loss per share reflect the potential dilution of securities that could share in the earnings of an entity, such as convertible preferred stock, stock options, warrants or convertible securities. Due to their anti-dilutive effect, the calculation of diluted net loss per share for the three months ended March 31, 2021 and 2020 excludes: 1) options to purchase 3,829,351 and 1,007,059 shares, respectively, of common stock, 2) warrants to purchase 2,257,053 shares of series A redeemable convertible preferred stock, 3) warrants to purchase 367,339 shares of series B redeemable convertible preferred stock, 4) redeemable convertible series A preferred stock which is convertible into 13,189,261 shares of common stock, 4) redeemable convertible series B preferred stock which is convertible into 5,107,614 shares of common stock, and 5) redeemable convertible series C preferred stock which is convertible into 1,590,675 shares of common stock.	NOTE 17 – NET LOSS PER SHARE Basic earnings per share includes no dilution and is computed by dividing income (loss) by the weighted average number of common shares outstanding for the periods presented. The calculation of basic earnings per share for the years ended December 31, 2020 and December 31, 2019, respectively, includes the weighted average of common shares outstanding. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity, such as convertible preferred stock, stock options, warrants or convertible securities. Due to their anti-dilutive effect, the calculation of diluted earnings per share for the years ended December 31, 2020 and December 31, 2019 excludes: 1) options to purchase 3,885,113 and 1,047,855 shares, respectively, of common stock, 2) warrants to purchase 2,257,053 shares of series A redeemable convertible preferred stock, 3) warrants to purchase 367,339 shares of series B redeemable convertible preferred stock, 4) redeemable convertible series A preferred stock which is convertible into 13,189,261 shares of common stock, 4) redeemable convertible series B preferred stock which is convertible into 5,107,614 shares of common stock, and 5) redeemable convertible series C preferred stock which is convertible into 1,590,675 shares of common stock.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Basis of Presentation

Basis of Presentation

Basis of Presentation

Emerging Growth Company

Emerging Growth Company

Emerging Growth Company

Use of Estimates

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and Cash Equivalents

Marketable Securities Held in Trust Account

Marketable Securities Held in Trust Account

At March 31, 2021 and December 31, 2020, substantially all of the assets held in the Trust Account were held in U.S. Treasury securities.

Marketable Securities Held in Trust Account

At December 31, 2020, substantially all of the assets held in the Trust Account were held in U.S. Treasury securities.

Warrant Liability

Warrant Liability

Warrant Liability

Class A Ordinary Shares Subject to Possible Redemption

Class A Ordinary Shares Subject to Possible Redemption

Class A Ordinary Shares Subject to Possible Redemption

Income Taxes

Income Taxes

Income Taxes

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

Basic and Diluted Net Loss Per Share

Net Loss Per Ordinary Share

The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts):


	Three Months Ended March 31, 2021			For the Period from January 24, 2020 (Inception) through March 31, 2020
Class A ordinary shares subject to possible redemption
Numerator: Earnings attributable to ordinary shares subject to possible redemption
Interest earned on marketable securities held in Trust Account	$	55,031		$	—
Unrealized gain (loss) on marketable securities held in Trust Account		—			—
Less: interest available to be withdrawn for payment of taxes		—			—

Net income attributable	$	55,031		$	—

Denominator: Weighted Average Class A ordinary shares subject to possible redemption
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		61,746,986			—

Basic and diluted net income per share, Class A ordinary shares subject to possible redemption	$	0.00		$	0.00


Non-Redeemable Ordinary Shares
Numerator: Net Loss minus Net Earnings
Net loss	$	16,179,940		$	(9,069	)
Less: Net income allocable to Class A ordinary shares subject to possible redemption		(55,031	)		—

Non-Redeemable Net Loss	$	16,124,909		$	(9,069	)

Denominator: Weighted Average Non-redeemable ordinary shares
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares		28,815,514			15,750,000

Basic and diluted net loss per share, Non-redeemable ordinary shares	$	0.56		$	(0.00	)

Net Loss Per Ordinary Share

Net Loss Per Common Share

Net Loss Per Common Share


	For the Period from January 24, 2020 (Inception) through December 31, 2020
Common stock subject to possible redemption
Numerator: Earnings allocable to Class A Common stock subject to possible redemption
Interest earned on marketable securities held in Trust Account		181,127
Unrealized gain on marketable securities held in Trust Account		3,375

Net income allocable to shares subject to possible redemption	$	184,502

Denominator: Weighted Average Class A Common stock subject to possible redemption

Basic and diluted weighted average shares outstanding		63,958,721

Basic and diluted net income per share	$	0.00


Non-Redeemable Common Stock
Numerator: Net Loss minus Net Earnings
Net loss	$	(25,872,350	)
Net income allocable to Class A Common stock subject to possible redemption		184,502

Non-Redeemable Net Loss	$	(26,056,852	)

Denominator: Weighted Average Non-Redeemable Common Stock
Basic and diluted weighted average shares outstanding		21,242,273


Basic and diluted net loss per share	$	(1.23	)

Concentration of Credit Risk

Concentration of Credit Risk

Concentration of Credit Risk

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Recent Accounting Standards

Recent Accounting Standards

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

Fair Value Measurements

Fair Value Measurements

•

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

•

Derivative Financial Instruments

Derivative Financial Instruments

Micromidas, Inc.

Principles of consolidation

Principles of consolidation

Basis of Presentation

Basis of presentation

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

Restricted Cash

Restricted Cash

At March 31, 2021 and December 31, 2020, the Company had $75,000, of restricted cash held as collateral for the Company’s credit card services.

Cash, cash equivalents, and restricted cash consisted of the following:


	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	8,872,007	$	1,309,183
Restricted cash		564,520		564,519

Total cash, cash equivalents, and restricted cash shown in the statement of cash flows		9,436,527		1,873,703

Restricted cash –Restricted cash consists of cash held in a control account as collateral for the Company’s credit card services, escrow services, and standby letter of credit.

At December 31, 2020 and 2019, the Company had $75,000, of restricted cash held as collateral for the Company’s credit card services.

In October 2019, the Company entered into an escrow agreement for $1,341,725, whereby the funds would be used for construction and transportation services in connection with Origin 1. At December 31, 2020 and 2019, the escrow account had a balance of $313,820.

In October 2018, the Company entered into a standby letter of credit, whereby the funds may be used for the completion of work, services, and improvements in connection with Origin 1. The standby letter of credit matures and automatically renews in October of each year. At December 31, 2020 and 2019, the standby letter of credit was $175,700.

Cash, cash equivalents, and restricted cash consisted of the following at December 31:


	2020		2019
Cash and cash equivalents	$	1,309,183	$	3,047,208
Restricted cash		564,520		564,520

Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	1,873,703	$	3,611,728

Other Receivable

Other Receivable

AgriScience Grant

AgriScience Grant

Income Taxes

Income Taxes

Property, Plant, and Equipment

Property, Plant, and Equipment


Computer Equipment			3 years
Office Furniture			5 years
Machinery and Equipment			5 years
Leasehold Improvements			1-5 years


Computer equipment			3 Years
Office furniture			5 Years
Machinery and equipment			5 Years
Leasehold Improvements			1-5 Years

Basic and Diluted Net Loss Per Share

Basic and Diluted Net Loss Per Share

Debt Issuance Costs

Debt Issuance Costs

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Redeemable Convertible Preferred Stock Warrants

Redeemable Convertible Preferred Stock Warrants

Intangible Assets

Intangible Assets

Concentration of Credit Risk

Concentration of credit risk

Stock-Based Compensation

Stock-Based Compensation

Assumptions used to value the equity instruments are as follows:

•

Expected volatility – The Company uses the trading history of various companies in its industry sector in determining an estimated volatility factor.

•

Expected dividend – The Company has not declared common stock dividends and does not anticipate declaring any common stock dividends in the foreseeable future.

•

Assumptions used to value the equity instruments are as follows:

Expected volatility – The Company uses the trading history of various companies in its industry sector in determining an estimated volatility factor.

Expected dividend – The Company has not declared common stock dividends and does not anticipate declaring any common stock dividends in the foreseeable future.

Fair Value of Financial Instruments

Fair value of Financial Instruments

The fair values of the derivative liability and redeemable convertible preferred stock warrant liability were estimated using Level 3 inputs.

Recent Accounting Standards

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements not yet adopted –

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), to simplify the accounting for income taxes. The new guidance changes various subtopics of accounting for income taxes including, but not limited to, accounting for “hybrid” tax regimes, tax basis step-up in goodwill obtained in a transaction that is not a business combination, intraperiod tax allocation exception to incremental approach, ownership changes in investments, interim-period accounting for enacted changes in tax law, and year-to-date loss limitation in interim-period tax accounting. The guidance is effective for fiscal years beginning on or after December 15, 2021, with early adoption permitted. The Company is currently evaluating this new guidance to determine the impact it may have on the Consolidated Financial Statements.

Functional currency translation

Functional currency translation

Comprehensive Loss

Comprehensive Loss

Segment Reporting

Segment Reporting

As of March 31, 2021 and December 31, 2020, the Company had $46,669,780 and $45,417,949, respectively, of assets located outside of the United States.

As of December 31, 2020 and 2019, the Company had $45,417,949 and $43,813,351, respectively, of assets located outside of the United States.

Government loans

Government loans

Subsequent events

Subsequent events

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Summary of restatement of warrants in financial statements


	As Previously Reported			Adjustments			As Restated
Balance sheet as of July 16, 2020 (audited)
Warrant Liability	$	—		$	54,988,834		$	54,988,834
Class A Common Stock Subject to Possible Redemption		695,806,610			(54,988,834	)		640,817,776
Class A Common Stock		287			550			837
Additional Paid-in Capital		5,019,473			2,686,814			7,706,287
Accumulated Deficit		(21,169	)		(2,687,365	)		(2,708,534	)

Balance sheet as of September 30, 2020 (unaudited)
Warrant Liability	$	—		$	57,117,434		$	57,117,434
Class A Common Stock Subject to Possible Redemption		695,756,921			(57,117,434	)		638,639,487
Class A Common Stock		288			571			859
Additional Paid-in Capital		5,069,161			4,815,393			9,884,554
Accumulated Deficit		(71,254	)		(4,815,964	)		(4,887,218	)

Balance sheet as of December 31, 2020 (audited)
Warrant Liability	$	—		$	78,048,668		$	78,048,668
Class A Common Stock Subject to Possible Redemption		695,703,020			(78,048,664	)		617,654,356
Common Stock		290			780			1,070
Additional Paid-in Capital		5,123,060			25,746,415			30,869,475
Accumulated Deficit		(125,151	)		(25,747,199	)		(25,872,350	)
Stockholders’ Equity		5,000,010			(4	)		5,000,006

Statement of Operations for the Period from January 24, 2020 (inception) to September 30, 2020 (unaudited)
Formation and operational costs		(149,341	)		(2,687,365	)		(2,836,706	)
Change in fair value of warrant liability	$	—		$	(2,128,600	)	$	(2,128,600	)
Net loss		(71,254	)		(4,815,964	)		(4,887,218	)
Weighted average shares outstanding, Common stock subject to possible redemption								64,081,778
Basic and diluted net income per share, Common stock subject to possible redemption					—			0.00
Weighted average shares outstanding, Common stock		17,406,749			1,741,313			19,148,062
Basic and diluted net loss per share, Common stock		(0.01	)		(0.12	)		(0.13	)

Statement of Operations for the Period from January 24, 2020 (inception) to December 31, 2020 (audited)
Formation and operational costs		(341,627	)		(2,687,365	)		(3,028,992	)
Change in fair value of warrant liability	$	—		$	(23,059,834	)	$	(23,059,834	)
Net loss		(125,151	)		(25,747,199	)		(25,872,350	)
Weighted average shares outstanding, Common stock subject to possible redemption								63,958,721
Basic and diluted net income per share, Common stock subject to possible redemption								0.00
Weighted average shares outstanding, Common stock		18,400,891			2,841,382			21,242,273
Basic and diluted net loss per share, Common stock		(0.02	)		(1.21	)		(1.23	)
Cash Flow Statement for the Period from January 24, 2020 (inception) to September 30, 2020 (unaudited)
Net loss		(71,254	)		(4,815,964	)		(4,887,218	)
Non-cash compensation expense related to private placement warrants		—			566,333			566,333
Allocation of initial public offering costs to derivative liability		—			2,121,032			2,121,032
Change in fair value of warrant liability		—			2,128,600			2,128,600
Initial classification of warrant liability		—			54,988,834			54,988,834
Initial classification of common stock subject to possible redemption		695,806,610			(54,988,834	)		640,817,776
Change in value of common stock subject to possible redemption		(49,689	)		(2,128,600	)		(2,178,289	)

Cash Flow Statement for the Period from January 24, 2020 (inception) to December 31, 2020 (audited)
Net loss	$	(125,151	)	$	(25,747,199	)	$	(25,872,350	)
Non-cash compensation expense related to private placement warrants		—			566,333			566,333
Allocation of initial public offering costs to derivative liability		—			2,121,032			2,121,032
Change in fair value of warrant liability		—			23,059,834			23,059,834
Initial classification of warrant liability		—			54,988,834			54,988,834
Initial classification of common stock subject to possible redemption		695,806,610			(54,988,834	)		640,817,776
Change in value of common stock subject to possible redemption		(103,590	)		(23,059,830	)		(23,163,420	)

Micromidas, Inc.

Schedule of Condensed Financial Statements

The following tables summarize the adjustments to the specific line items presented in the Company’s consolidated financial statements:


	December 31, 2020 (As previously reported)		Effect of restatement			December 31, 2020 (As restated)
Consolidated balance sheet as of December 31, 2020
Redeemable convertible preferred stock, Series A, $0.0001 par value, 15,500,000 shares authorized; 13,204,284 issued and outstanding, redemption value of $35,959,227 as of March 31, 2021 and December 31, 2020, respectively	$	1,320	$	31,476,242		$	31,477,562
Redeemable convertible preferred stock, Series B, $0.0001 par value, 7,000,000 shares authorized; 6,275,704 issued and outstanding, redemption value of $46,979,920 as of March 31, 2021 and December 31, 2020, respectively		628		41,125,693			41,125,321
Redeemable convertible preferred stock, Series C, $0.0001 par value, 6,800,000 shares authorized; 1,590,675 issued and outstanding redemption value of $23,499,996 as of March 31, 2021 and December 31, 2020, respectively		159		23,379,821			23,379,980
Total redeemable convertible preferred stock		2,107		95,980,756			95,982,863
Additional paid-in capital		98,623,356		(95,980,756	)		2,642,600
Total stockholders’ deficit		119,709		(95,980,756	)		(95,861,047	)


	December 31, 2020 (As previously reported)		Effect of restatement			December 31, 2020 (As restated)
Consolidated statement of redeemable convertible preferred stock and stockholders’ deficit as of December 31, 2020
Redeemable convertible preferred stock, Series A	$	1,320	$	31,476,242		$	31,477,562
Redeemable convertible preferred stock, Series B		628		41,125,321			41,125,321
Redeemable convertible preferred stock, Series C		159		23,379,980			23,379,980
Additional paid-in capital		98,623,356		(95,980,756	)		2,642,600
Total stockholders’ deficit		119,709		(95,980,756	)		(95,861,047	)

The following tables summarize the adjustments to the specific line items presented in the Company’s consolidated financial statements:


	December 31, 2019 as Previously Reported		Effect of Restatement			December 31, 2019 as Restated
Consolidated balance sheet as of December 31, 2019
Redeemable convertible preferred stock, Series A, $0.0001 par value, 15,500,000 shares authorized; 13,204,284 issued and outstanding, redemption value of $35,959,227 as of December 31, 2020 and 2019, respectively		1,320		31,476,242			31,477,562
Redeemable convertible preferred stock, Series B, $0.0001 par value, 7,000,000 shares authorized; 6,275,704 issued and outstanding redemption value of $46,979,920 as of December 31, 2020 and 2019, respectively		628		41,124,693			41,125,321
Redeemable convertible preferred stock, Series C, $0.0001 par value, 6,800,000 shares authorized; 1,590,675 issued and outstanding redemption value of $23,499,996 as of December 31, 2020 and 2019, respectively		159		23,379,821			23,379,980
Total redeemable convertible preferred stock		—		95,982,863			95,982,863
Additional paid-in capital		96,992,034		(95,980,756	)		1,011,278
Total stockholders’ deficit		27,997,315		(95,980,756	)		(67,983,441	)

Consolidated statement of redeemable convertible preferred stock and stockholders’ deficit as of December 31, 2019
Redeemable convertible preferred stock, Series A		1,320		31,476,242			31,477,562
Redeemable convertible preferred stock, Series B		628		41,124,693			41,125,321
Redeemable convertible preferred stock, Series C		159		23,379,821			23,379,980
Additional paid-in capital		96,992,034		(95,980,756	)		1,011,278
Total stockholders’ deficit		27,997,315		(95,980,756	)		(67,983,441	)

	December 31, 2020 as Previously Reported		Effect of Restatement			December 31, 2020 as Restated
Consolidated balance sheet as of December 31, 2020
Redeemable convertible preferred stock, Series A, $0.0001 par value, 15,500,000 shares authorized; 13,204,284 issued and outstanding, redemption value of $35,959,227 as of December 31, 2020 and 2019, respectively		1,320		31,476,242			31,477,562
Redeemable convertible preferred stock, Series B, $0.0001 par value, 7,000,000 shares authorized; 6,275,704 issued and outstanding redemption value of $46,979,920 as of December 31, 2020 and 2019, respectively		628		41,124,693			41,125,321
Redeemable convertible preferred stock, Series C, $0.0001 par value, 6,800,000 shares authorized; 1,590,675 issued and outstanding redemption value of $23,499,996 as of December 31, 2020 and 2019, respectively		159		23,379,821			23,379,980
Total redeemable convertible preferred stock		—		95,982,863			95,982,863
Additional paid-in capital		98,623,356		(95,980,756	)		2,642,600
Total stockholders’ deficit		119,709		(95,980,756	)		(95,861,047	)

Consolidated statement of redeemable convertible preferred stock and stockholders’ deficit as of December 31, 2020
Redeemable convertible preferred stock, Series A		1,320		31,476,242			31,477,562
Redeemable convertible preferred stock, Series B		628		41,124,693			41,125,321
Redeemable convertible preferred stock, Series C		159		23,379,821			23,379,980
Additional paid-in capital		98,623,356		(95,980,756	)		2,642,600
Total stockholders’ deficit		119,709		(95,980,756	)		(95,861,047	)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Summary of basic and diluted loss per ordinary share

The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts):


	Three Months Ended March 31, 2021			For the Period from January 24, 2020 (Inception) through March 31, 2020
Class A ordinary shares subject to possible redemption
Numerator: Earnings attributable to ordinary shares subject to possible redemption
Interest earned on marketable securities held in Trust Account	$	55,031		$	—
Unrealized gain (loss) on marketable securities held in Trust Account		—			—
Less: interest available to be withdrawn for payment of taxes		—			—

Net income attributable	$	55,031		$	—

Denominator: Weighted Average Class A ordinary shares subject to possible redemption
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		61,746,986			—

Basic and diluted net income per share, Class A ordinary shares subject to possible redemption	$	0.00		$	0.00


Non-Redeemable Ordinary Shares
Numerator: Net Loss minus Net Earnings
Net loss	$	16,179,940		$	(9,069	)
Less: Net income allocable to Class A ordinary shares subject to possible redemption		(55,031	)		—

Non-Redeemable Net Loss	$	16,124,909		$	(9,069	)

Denominator: Weighted Average Non-redeemable ordinary shares
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares		28,815,514			15,750,000

Basic and diluted net loss per share, Non-redeemable ordinary shares	$	0.56		$	(0.00	)


	For the Period from January 24, 2020 (Inception) through December 31, 2020
Common stock subject to possible redemption
Numerator: Earnings allocable to Class A Common stock subject to possible redemption
Interest earned on marketable securities held in Trust Account		181,127
Unrealized gain on marketable securities held in Trust Account		3,375

Net income allocable to shares subject to possible redemption	$	184,502

Denominator: Weighted Average Class A Common stock subject to possible redemption

Basic and diluted weighted average shares outstanding		63,958,721

Basic and diluted net income per share	$	0.00


Non-Redeemable Common Stock
Numerator: Net Loss minus Net Earnings
Net loss	$	(25,872,350	)
Net income allocable to Class A Common stock subject to possible redemption		184,502

Non-Redeemable Net Loss	$	(26,056,852	)

Denominator: Weighted Average Non-Redeemable Common Stock
Basic and diluted weighted average shares outstanding		21,242,273


Basic and diluted net loss per share	$	(1.23	)

Micromidas, Inc.

Schedule of Cash, Cash Equivalents, and Restricted Cash

Cash, cash equivalents, and restricted cash consisted of the following:


	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	8,872,007	$	1,309,183
Restricted cash		564,520		564,519

Total cash, cash equivalents, and restricted cash shown in the statement of cash flows		9,436,527		1,873,703

Cash, cash equivalents, and restricted cash consisted of the following at December 31:


	2020		2019
Cash and cash equivalents	$	1,309,183	$	3,047,208
Restricted cash		564,520		564,520

Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	1,873,703	$	3,611,728

Schedule of Estimated Useful Lives of Assets

The estimated useful lives of assets are as follows:


Computer Equipment			3 years
Office Furniture			5 years
Machinery and Equipment			5 years
Leasehold Improvements			1-5 years

The estimated useful lives of assets are as follows:


Computer equipment			3 Years
Office furniture			5 Years
Machinery and equipment			5 Years
Leasehold Improvements			1-5 Years

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Summary Of Assets And Laibilities Measured At Fair Value


Description	Level		March 31, 2021		December 31, 2020
Assets:
Marketable securities held in Trust Account		1	$	724,779,404	$	724,716,476
Liabilities:
Warrant liability – Public Warrants		1		41,538,000		53,130,000
Warrant Liability – Private Placement Warrants		2		19,481,868		24,918,668


Description	Level		December 31, 2020
Assets:
Marketable securities held in Trust Account		1	$	724,716,476
Liabilities:
Warrant Liability – Public Warrants		1		53,130,000
Warrant Liability – Private Placement Warrants		2		24,918,668

Summary Of Reconciliation Of Warrant Liabilities Measured At Fair Value

The following table presents the changes in the fair value of warrant liabilities:


	Private			Public			Warrant
Fair value as of January 1, 2021	$	24,918,668		$	53,130,000		$	78,048,668
Change in valuation		(5,436,800	)		(11,592,000	)		(17,028,800	)

Fair value as of March 31, 2021	$	19,481,868		$	41,538,000		$	61,019,868

The following table presents the changes in the fair value of warrant liabilities:


	Private		Public		Warrant
Fair value as of January 24, 2020	$	—	$	—	$	—
Initial measurement on July 16, 2020		17,556,334		37,432,500		54,988,834
Change in valuation inputs or other¹		7,362,334		15,697,500		23,059,834

Fair value as of December 31, 2020	$	24,918,668	$	53,130,000	$	78,048,668

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Micromidas, Inc.

Schedule of Property Plant and equipment

Property, plant, and equipment, net consisted of the following:


	March 31, 2021			December 31, 2020
Land	$	39,950		$	39,480
Pilot plant		5,282,159			5,236,939
Lab equipment		1,959,016			1,958,290
Machinery and equipment		655,350			655,350
Computer and other equipment		295,066			294,973
Construction in process		45,277,774			43,961,280

		53,509,315			52,146,312
Less accumulated depreciation and amortization		(7,152,988	)		(7,042,455	)

Total property, plant, and equipment, net	$	46,356,326		$	45,103,857

Property, plant, and equipment consisted of the following at December 31:


	2020			2019
Land	$	39,480		$	96,267
Pilot plant		5,236,939			5,209,333
Lab equipment		1,958,290			1,957,002
Machinery and equipment		655,350			655,350
Computer and other equipment		294,973			294,806
Construction in process		43,961,280			40,929,442

		52,146,312			49,142,200
Less accumulated depreciation and amortization		(7,042,455	)		(6,590,670	)

Total property, plant, and equipment, net	$	45,103,857		$	42,551,530

INTANGIBLE ASSETS (Tables) - Micromidas, Inc.

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Schedule of Intangible Assets

Intangible assets, net consisted of the following:


	March 31, 2021			December 31, 2020
Patents	$	435,096		$	429,977
Less accumulated amortization		(185,437	)		(172,305	)

	$249,659			$257,672

Intangible assets consisted of the following at December 31:


	2020			2019
Patents	$	429,977		$	420,893
Less accumulated amortization		(172,305	)		(125,788	)

	$	257,672		$	295,105

Schedule of Estimated Future Intangible Assets Amortization Expense

The Company’s estimated future intangible assets amortization expense is as follows:


Years Ending December 31,
2021	$	42,954
2022		42,954
2023		42,954
2024		42,954
2025		42,954
Thereafter		42,902

	$	257,672

REDEEMABLE CONVERTIBLE PREFERRED STOCK WARRANTS LIABILITY (Tables) - Micromidas, Inc.

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Schedule of Fair Value of Redeemable Convertible Preferred Stock Warrants Liability

The following schedule rolls forward the fair value of the redeemable convertible preferred stock warrants liability:


	March 31, 2021		December 31, 2020
Balance at beginning of the year	$	19,232,628	$	734,830
Change in fair value of preferred stock warrants		48,109,271		18,497,798

Balance at end of the year	$	67,341,899	$	19,232,628

The following schedule rolls forward the fair value of the redeemable convertible preferred stock warrants liability during 2020 and 2019:


	2020		2019
Balance at beginning of the year	$	734,830	$	11,022,446
Change in fair value of preferred stock warrants		18,497,798		(10,287,616	)

Balance at end of the year	$	19,232,628	$	734,830

Summary of Key Assumptions for Determining Fair Value of Redeemable Convertible Preferred Stock Warrants

A summary of key assumptions in the BSM for determining the fair value of redeemable convertible preferred stock warrants include:


	December 31, 2020
Expected life (years)		3.00
Risk-free interest rate		0.17	%
Expected volatility		70.00	%
Dividend yield		0	%

A summary of key assumptions for determining the fair value of redeemable convertible preferred stock warrants at December 31, 2020 and 2019 include:


	2020			2019
Expected life (years)		3.00			4.00
Risk-free interest rate		0.17	%		1.66	%
Expected volatility		70.00	%		50.00	%
Dividend yield		0	%		0	%

REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (Tables) - Micromidas, Inc.

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Schedule of Common Stock Shares Reserved for Future Issuance

The Company has reserved shares of common stock for future issuances as follows:


	March 31, 2021		December 31, 2020
Series A preferred stock	$	13,204,284	$	13,204,284
Series B preferred stock		6,275,704		6,275,704
Series C preferred stock		1,590,675		1,590,675
Series A preferred stock warrants		2,257,053		2,257,053
Series B preferred stock warrants		367,339		367,339
Options outstanding		3,829,351		3,885,113

	$27,524,406		$27,580,168

Common stock – As of December 31, 2020 and 2019, the Company has reserved shares of common stock for future issuances as follows:


	2020		2019
Series A preferred stock		13,204,284		13,204,284
Series B preferred stock		6,275,704		6,275,704
Series C preferred stock		1,590,675		1,590,675
Series A preferred stock warrants		2,257,053		2,257,053
Series B preferred stock warrants		367,339		367,339
Options outstanding		3,885,113		1,041,855

		27,580,168		24,736,910

Summary of Stock Option Activity

The following tables summarize the activity under the Stock Plan:


	Outstanding Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)
Balance at December 31, 2020		3,885,113		$	0.40		8.30
Granted		—			—
Exercised		(55,762	)		0.98
Forfeited / canceled		—			—

Balance as of March 31, 2021		3,829,351		$	0.40		8.06

Vested and expected to vest at March 31, 2021		3,438,992

The following tables summarize the activity under the Stock Plan for 2020 and 2019:


	Outstanding Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)




Balance at January 1, 2019		1,049,353		$	0.70		4.36
Granted		365,000		$	2.56
Exercised		(1,200	)	$	2.26
Forfeited / canceled		(371,298	)	$	2.32

Balance at December 31, 2019		1,041,855		$	0.77		3.89
Granted		2,974,895		$	0.30
Exercised		(1,376	)	$	0.78
Forfeited / canceled		(130,261	)	$	0.90

Balance as of December 31, 2020		3,885,113		$	0.40		8.30

Vested and expected to vest at December 31, 2020		3,472,989
Vested and expected to vest at December 31, 2020		3,472,989

Schedule of Key Assumptions for Determining Fair Value of Stock Options

A summary of key assumptions for determining the fair value of stock option grants at December 31, 2020 and 2019 include:


	2020			2019
Expected life (years)		6.25		6.08
Risk-free interest rate		0.38% - 0.72	%	1.53% - 2.36%
Expected volatility		71.9% - 77.0	%	86.6% - 90.3%
Dividend yield		0	%	0%

INCOME TAXES (Tables) - Micromidas, Inc.

12 Months Ended

Dec. 31, 2020

Schedule of reconciliation of federal income tax rate


	2020			2019
Federal income tax benefit at statutory federal rate	$	(6,363,637	)	$	(100,676	)
State income tax expense, net of federal taxes		25,306			(14,674	)
Permanent differences		3,983,030			(2,155,884	)
Valuation allowance		1,943,881			2,328,324
Foreign Rate Differential		(62,730	)		(81,953	)
Stock based compensation		449,720			—
Other		24,430			24,863

Total income tax expense	$	—		$	—

Schedule of net deferred tax assets

Components of the Company’s net deferred tax assets at December 31 are as follows:


	2020			2019
Deferred income tax assets
Net operating loss carryforwards	$	18,400,304		$	16,546,428
Other		149,027			33,011
Depreciation and amortization		113,873			139,885

Total deferred income tax assets		18,663,204			16,719,324
Valuation allowance		(18,663,204	)		(16,719,324	)

Total deferred income tax assets, net of valuation allowance	$	—		$	—

Schedue of income tax provision

Loss before provision for income taxes on the accompanying statement of operations and comprehensive income and loss included the following:


	2020			2019
Domestic		(29,162,313	)		1,009,544
Foreign		(1,140,535	)		(1,488,953	)

Total worldwide		(30,302,848	)		(479,409	)

Description of Organization and Business Operations - Additional Information (Detail) - USD ($)				1 Months Ended	3 Months Ended	11 Months Ended	12 Months Ended
	Jul. 16, 2022	Feb. 16, 2021	Jul. 16, 2020	Nov. 30, 2019	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2020	Feb. 28, 2021	Sep. 30, 2020	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Entity incorporation, date of incorporation					Jan. 24, 2020	Jan. 24, 2020
Issue of common stocks, Initial public offering						72,450,000
Proceeds from Issuance of Initial Public Offering			$ 724,500,000
Warrants issued, price per warrants			$ 10.00
Proceeds from Issuance of Warrants			$ 724,500,000
Transaction costs			40,686,819
Underwriting fees Paid			14,490,000
Deferred underwriting fees			25,357,500		$ 25,357,500	$ 25,357,500
Other offering costs			$ 839,319
Percentage of fair market value of target business to net assets held in the trust account			80.00%
Percentage of redeeming shares of public shares without the company's prior written consent			15.00%
Percentage of timing of the company's obligation to redeem public shares before business combination			100.00%
Operating bank accounts					359,067	1,123,407	$ 1,123,407
Accumulated deficit			$ (2,708,534)		(9,692,410)	(25,872,350)	$ (25,872,350)		$ (4,887,218)
Going Concern Consideration [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Operating bank accounts					359,067
Securities held in trust account					725,779,404
Working capital					$ 432,266
Forecast
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Percentage of timing of the company's obligation to redeem public shares before business combination	100.00%
Estimated costs of winding up	$ 100,000
Redemption Of Common Stock [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Net tangible assets			$ 5,000,001
Assets Held in Trust
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Redemption of share, price per share			$ 10.00
Minimum
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Business combination issued and outstanding voting securities			50.00%
Business combination, net tangible assets acquired			$ 5,000,001
Private Placement Warrants
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Warrants issued during the period			11,326,667
Warrants issued, price per warrants			$ 1.50
Proceeds from Issuance of Warrants			$ 16,990,000
Zero Carbon Merger Sub Inc [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Entity incorporation, date of incorporation					Feb. 11, 2021
IPO [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Issue of common stocks, Initial public offering					35,476,667
Over-Allotment Option \| IPO [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock shares subject to forfeiture			9,450,000
Class A ordinary shares \| IPO [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Issue of common stocks, Initial public offering	72,450,000
Shares issued, price per share			$ 10.00
Class A ordinary shares \| Over-Allotment Option
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Issue of common stocks, Initial public offering			72,450,000
Micromidas, Inc.
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Entity incorporation, date of incorporation							Nov. 30, 2008
Percentage of outstanding securities subject to certain assumptions of net cash balances		42.00%
Percentage of outstanding securities subject to adjustment pre-closing of net cash balances		47.00%
Working capital					$ 11,131,127	5,698,047	$ 5,698,047
Accumulated deficit					(152,458,837)	$ (98,888,188)	(98,888,188)			$ (68,585,340)
Outstanding indebtedness					$ 18,836,514		9,327,040
Proceeds from issuance of equity							550,000
Proceeds from Canadian Government Research and Development Program							2,662,239
Proceeds from convertible bridge notes							2,260,208
Proceeds from Payroll Protection Program loan							905,838
Proceeds from additional bridge notes				$ 1,706,649
Micromidas, Inc. \| Consortium Agreement [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Proceeds from issuance of equity							$ 550,000
Micromidas, Inc. \| Convertible Notes
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Unsecured convertible notes								$ 10,000,000
Micromidas, Inc. \| Convertible Notes \| COVID19 [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Unsecured convertible notes								$ 10,000,000
Micromidas, Inc. \| Merger Agreement
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Percentage of outstanding securities subject to certain assumptions of net cash balances		42.00%
Percentage of outstanding securities subject to adjustment pre-closing of net cash balances		47.00%

Restatement of Previously Issued Financial Statements - Summary Of Restatement Of Warrants In Financial Statements (Detail) - USD ($)	2 Months Ended	3 Months Ended	8 Months Ended	11 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Sep. 30, 2020	Dec. 31, 2020	Jul. 16, 2020	Jan. 24, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Warrant liability		$ 61,019,868	$ 57,117,434	$ 78,048,668	$ 54,988,834
Additional Paid-in Capital		14,689,698	9,884,554	30,869,475	7,706,287
Accumulated deficit		(9,692,410)	(4,887,218)	(25,872,350)	(2,708,534)
Stockholders' Equity	$ 15,931	5,000,008		5,000,006		$ 0
Formation and operational costs	9,069	911,788	(2,836,706)	3,028,992
Change in fair value of warrant liability		17,028,800	(2,128,600)	(23,059,834)
Net income(loss)	$ (9,069)	16,179,940	$ (4,887,218)	$ (25,872,350)
Weighted average shares outstanding, Common stock subject to possible redemption			19,148,062	21,242,273
Non-cash compensation expense related to private placement warrants			$ 566,333	$ 566,333
Basic and diluted net income per share, Common stock subject to possible redemption			$ (0.13)	$ (1.23)
Allocation of initial public offering costs to derivative liability			$ 2,121,032	$ 2,121,032
Initial classification of warrant liability			54,988,834	54,988,834
Initial classification of common stock subject to possible redemption			640,817,776	640,817,776
Change in value of common stock subject to possible redemption		16,179,938	$ (2,178,289)	$ (23,163,420)
Common Stock Subject to Mandatory Redemption [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Weighted average shares outstanding, Common stock subject to possible redemption			64,081,778	63,958,721
Basic and diluted net income per share, Common stock subject to possible redemption			$ 0.00	$ 0.00
Class A ordinary shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Class A Common Stock Subject to Possible Redemption		633,834,294	$ 638,639,487	$ 617,654,356	640,817,776
Common stock		909	859	1,070	837
Class A ordinary shares \| Common Stock Subject to Mandatory Redemption [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income(loss)		$ 55,031		$ 184,502
Weighted average shares outstanding, Common stock subject to possible redemption		61,746,986		63,958,721
Basic and diluted net income per share, Common stock subject to possible redemption	$ 0.00	$ 0.00		$ 0.00
Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Warrant liability			0	$ 0	0
Additional Paid-in Capital			5,069,161	5,123,060	5,019,473
Accumulated deficit			(71,254)	(125,151)	(21,169)
Stockholders' Equity				5,000,010
Formation and operational costs			(149,341)	341,627
Change in fair value of warrant liability			0	$ 0
Net income(loss)			$ (71,254)
Weighted average shares outstanding, Common stock subject to possible redemption			17,406,749	18,400,891
Basic and diluted net income per share, Common stock subject to possible redemption			$ (0.01)	$ (0.02)
Initial classification of warrant liability			$ 0	$ 0
Initial classification of common stock subject to possible redemption			695,806,610	695,806,610
Change in value of common stock subject to possible redemption			(49,689)	(103,590)
Previously Reported [Member] \| Class A ordinary shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Class A Common Stock Subject to Possible Redemption			695,756,921	695,703,020	695,806,610
Common stock			288	290	287
Revision of Prior Period, Reclassification, Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Warrant liability			57,117,434	78,048,668	54,988,834
Additional Paid-in Capital			4,815,393	25,746,415	2,686,814
Accumulated deficit			(4,815,964)	(25,747,199)	(2,687,365)
Stockholders' Equity				(4)
Formation and operational costs			(2,687,365)	2,687,365
Change in fair value of warrant liability			(2,128,600)	$ (23,059,834)
Net income(loss)			$ (4,815,964)
Weighted average shares outstanding, Common stock subject to possible redemption			1,741,313	2,841,382
Non-cash compensation expense related to private placement warrants			$ 566,333	$ 566,333
Basic and diluted net income per share, Common stock subject to possible redemption			$ (0.12)	$ (1.21)
Allocation of initial public offering costs to derivative liability			$ 2,121,032	$ 2,121,032
Initial classification of warrant liability			54,988,834	54,988,834
Initial classification of common stock subject to possible redemption			(54,988,834)	(54,988,834)
Change in value of common stock subject to possible redemption			(2,128,600)	$ (23,059,830)
Revision of Prior Period, Reclassification, Adjustment [Member] \| Common Stock Subject to Mandatory Redemption [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Basic and diluted net income per share, Common stock subject to possible redemption				$ 0.00
Revision of Prior Period, Reclassification, Adjustment [Member] \| Class A ordinary shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Class A Common Stock Subject to Possible Redemption			(57,117,434)	$ (78,048,664)	(54,988,834)
Common stock			$ 571	$ 780	$ 550

Summary of Significant Accounting Policies - Additional Information (Detail)	1 Months Ended	3 Months Ended		11 Months Ended	12 Months Ended
	Mar. 31, 2022 CAD ($)	Mar. 31, 2021 USD ($) shares	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2020 USD ($) Segment	Dec. 31, 2019 USD ($)	Oct. 31, 2019 USD ($)
Significant Accounting Policies [Line Items]
Cash and cash equivalents, at carrying value		$ 0		$ 0	$ 0
Weighted average number of ordinary shares outstanding \| shares				35,476,667
Federal depository insurance coverage		250,000		$ 250,000
Stock issued during period, new issues \| shares				72,450,000
Impairment of long-lived assets					0	$ 0
Assets		$ 725,380,284		$ 726,060,750	726,060,750
IPO [Member]
Significant Accounting Policies [Line Items]
Stock issued during period, new issues \| shares		35,476,667
Standby Letters of Credit [Member]
Significant Accounting Policies [Line Items]
Letter of credit						175,700
Micromidas, Inc.
Significant Accounting Policies [Line Items]
Cash and cash equivalents, at carrying value		$ 8,872,007		1,309,183	1,309,183	3,047,208
Restricted cash		75,000		75,000	75,000	75,000
Escrow deposit fair value							$ 1,341,725
Escrow deposit		313,820		313,820	313,820	313,820
Reimbursement for eligible expenditure	$ 2,700,000
Grants receivable				0	0	86,908
Accretion expense					90,267	30,089
Foreign currency transaction gain(loss)					$ (3,391)	24,460
Number of operating segments \| Segment					1
Assets		56,216,462		47,427,735	$ 47,427,735	47,797,765
Grants received		80,173	$ 0
Impairment of long lived assets		$ 0	0
Number of equity incentive plans		2
Accretion expense for debt issuance cost		$ 4,931	$ 120,356
Micromidas, Inc. \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives		5 years			5 years
Intangible assets, estimated useful lives		15 years			15 years
Micromidas, Inc. \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives		3 years			3 years
Intangible assets, estimated useful lives		7 years			7 years
Micromidas, Inc. \| Outside United States
Significant Accounting Policies [Line Items]
Assets				45,417,949	$ 45,417,949	$ 43,813,351
Micromidas, Inc. \| Outside United States [Member]
Significant Accounting Policies [Line Items]
Assets		$ 46,669,780		45,417,949	$ 45,417,949
Micromidas, Inc. \| Forecast \| Maximum
Significant Accounting Policies [Line Items]
Reimbursement for eligible expenditure	$ 2,700,000
Micromidas, Inc. \| Standby Letters of Credit [Member]
Significant Accounting Policies [Line Items]
Letter of credit, description		In October 2018, the Company entered into a standby letter of credit, whereby the funds may be used for the completion of work, services, and improvements in connection with Origin 1. The standby letter of credit matures and automatically renews in October of each year.			In October 2018, the Company entered into a standby letter of credit, whereby the funds may be used for the completion of work, services, and improvements in connection with Origin 1. The standby letter of credit matures and automatically renews in October of each year.
Letter of credit		$ 175,700		$ 175,700	$ 175,700

Summary of Significant Accounting Policies - Summary of Basic and Diluted Loss Per Ordinary Share (Detail) - USD ($)	2 Months Ended	3 Months Ended	8 Months Ended	11 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Sep. 30, 2020	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Interest earned on marketable securities held in Trust Account		$ 62,928		$ 212,516
Unrealized gain (loss) on marketable securities held in Trust Account				3,960
Net income allocable to shares subject to possible redemption	$ (9,069)	$ 16,179,940	$ (4,887,218)	$ (25,872,350)
Basic and diluted weighted average shares outstanding			19,148,062	21,242,273
Basic and diluted net income (loss) per share			$ (0.13)	$ (1.23)
Common Stock Subject to Mandatory Redemption [Member]
Significant Accounting Policies [Line Items]
Basic and diluted weighted average shares outstanding			64,081,778	63,958,721
Basic and diluted net income (loss) per share			$ 0.00	$ 0.00
Non Redeemable Common Stock [Member]
Significant Accounting Policies [Line Items]
Basic and diluted weighted average shares outstanding	15,750,000	28,815,514
Basic and diluted net income (loss) per share	$ 0.00	$ 0.56
Class A ordinary shares \| Common Stock Subject to Mandatory Redemption [Member]
Significant Accounting Policies [Line Items]
Interest earned on marketable securities held in Trust Account		$ 55,031		$ 181,127
Unrealized gain (loss) on marketable securities held in Trust Account		0		3,375
Net income allocable to shares subject to possible redemption		$ 55,031		$ 184,502
Basic and diluted weighted average shares outstanding		61,746,986		63,958,721
Basic and diluted net income (loss) per share	$ 0.00	$ 0.00		$ 0.00
Class A ordinary shares \| Non Redeemable Common Stock [Member]
Significant Accounting Policies [Line Items]
Net income allocable to shares subject to possible redemption	$ (9,069)	$ 16,179,940		$ (25,872,350)
Less: Net income allocable to Class A ordinary shares subject to possible redemption		(55,031)		184,502
Non-Redeemable Net Loss	$ (9,069)	$ 16,124,909		$ (26,056,852)
Basic and diluted weighted average shares outstanding	15,750,000	28,815,514		21,242,273
Basic and diluted net income (loss) per share	$ 0.00	$ 0.56		$ (1.23)

Initial Public Offering - Additional Information (Detail) - $ / shares			3 Months Ended	11 Months Ended
	Jul. 16, 2022	Jul. 16, 2020	Mar. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Issue of common stocks, Initial public offering				72,450,000
Public Warrants
Class of Stock [Line Items]
Exercise price of warrants		$ 11.50
IPO [Member]
Class of Stock [Line Items]
Issue of common stocks, Initial public offering			35,476,667
IPO [Member] \| Class A ordinary shares
Class of Stock [Line Items]
Issue of common stocks, Initial public offering	72,450,000
Share issue price		$ 10.00
Over-Allotment Option \| Class A ordinary shares
Class of Stock [Line Items]
Issue of common stocks, Initial public offering		9,450,000

Private Placement - Additional Information (Detail)	Jul. 16, 2020 USD ($) $ / shares shares
Class of Warrant or Right [Line Items]
Proceeds from issue of warrants \| $	$ 724,500,000
Warrants issued, price per warrants	$ 10.00
Sponsor
Class of Warrant or Right [Line Items]
Proceeds from issue of warrants \| $	$ 16,990,000
Exercise price of warrants	$ 11.50
Warrants issued during the period \| shares	11,326,667
Warrants issued, price per warrants	$ 1.50

Related Party Transactions - Additional Information (Detail) - USD ($)				2 Months Ended	3 Months Ended	11 Months Ended
	Jul. 14, 2020	Jul. 13, 2020	Feb. 04, 2020	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020	Jun. 13, 2020
Related Party Transaction [Line Items]
Repayment of notes payable to related party current		$ 215,215				$ 215,215
Debt instrument convertible portion					$ 1,500,000	$ 1,500,000
Debt instrument conversion price per unit					$ 1.50	$ 1.50
Sponsor
Related Party Transaction [Line Items]
Percentage of founder shares to total issued and outstanding shares					20.00%	20.00%
Sponsor \| Maximum
Related Party Transaction [Line Items]
Debt instrument face value			$ 300,000
Sponsor \| Administrative Services
Related Party Transaction [Line Items]
Related party transaction amounts of transaction	$ 25,000			$ 0	$ 75,000	$ 137,500
Sponsor \| Offering Costs
Related Party Transaction [Line Items]
Related party transaction amounts of transaction	$ 25,000		$ 25,000
Sponsor \| Founder Shares
Related Party Transaction [Line Items]
Stock issued during the period for services			11,500,000
Common stock shares outstanding							18,112,500
Common stock shares subject to forfeiture					2,362,500	2,362,500
Share transfer, trigger price price per share					$ 12.00	$ 12.00
Number of consecutive trading days for determining share price					20 days	20 days
Number of trading days for determining share price					30 days	30 days

Commitments - Additional Information (Detail)				2 Months Ended	3 Months Ended	11 Months Ended
Commitments - Additional Information (Detail)	Feb. 16, 2021 USD ($) Trading_Days $ / shares shares	Sep. 30, 2020 USD ($)	Jul. 16, 2020 USD ($)	Mar. 03, 2021 USD ($)	Mar. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares shares	Jul. 13, 2020
Percentage of holders entitled to make demands							20.00%
Underwriting fee, per unit \| $ / shares					$ 0.35	$ 0.35
Deferred underwriting fees \| $			$ 25,357,500		$ 25,357,500	$ 25,357,500
Deferred compensation expense for services rendered \| $					$ 450,000
Issue of common stocks, Initial public offering						72,450,000
Proceeds from sale of Units, net of underwriting discounts paid \| $						$ 710,010,000
Subsequent Event
Deferred compensation expense for services rendered \| $				$ 450,000
Acquisition Support Agreement
Deferred compensation expense for services rendered \| $		$ 215,000
Deferred interest rate on fees		8.00%
Merger Agreement
Business acquisition, equity interest issued or issuable, number of shares	78,213,000
Merger Agreement \| Subsequent Event
Business acquisition, equity interest issued or issuable, number of shares	78,213,000
Earnout Consideration \| Merger Agreement
Business Acquisition, Equity Interest Issued or Issuable, Additional Number of Shares	25,000,000
Earnout Consideration \| Merger Agreement \| Subsequent Event
Business Acquisition, Equity Interest Issued or Issuable, Additional Number of Shares	25,000,000
Subscription Agreements \| Investor
Issue of common stocks, Initial public offering	20,000,000
Proceeds from sale of Units, net of underwriting discounts paid \| $	$ 200,000,000
Subscription Agreements \| Investor \| Subsequent Event
Issue of common stocks, Initial public offering	20,000,000
Proceeds from sale of Units, net of underwriting discounts paid \| $	$ 200,000,000
Sponsor Letter Agreement \| Class B ordinary shares
Shares subject to vesting and forfeiture provisions	4,500,000
Sponsor Letter Agreement \| Class B ordinary shares \| Subsequent Event
Shares subject to vesting and forfeiture provisions	4,500,000
Share Price Greater Than Or Equals To Dollar Twelve \| Lockup Agreement
Share Transfer Restrictions, Lock In Period	365 days
Share transfer restrictions, trigger price per share \| $ / shares	$ 12.00
Share Transfer Restrictions, Threshold Consecutive Trading Days \| Trading_Days	20
Share transfer restrictions, threshold trading days \| Trading_Days	30
Share Transfer Restrictions, Threshold Number Of Days After Closing Of Business Combination	150 days
Share Price Greater Than Or Equals To Dollar Twelve \| Lockup Agreement \| Subsequent Event
Share Transfer Restrictions, Lock In Period	365 days
Share transfer restrictions, trigger price per share \| $ / shares	$ 12.00
Share Transfer Restrictions, Threshold Consecutive Trading Days \| Trading_Days	20
Share transfer restrictions, threshold trading days \| Trading_Days	30
Share Transfer Restrictions, Threshold Number Of Days After Closing Of Business Combination	150 days

Shareholder' s Equity - Additional Information (Detail) - $ / shares	3 Months Ended	11 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Jan. 24, 2020
Class of Stock [Line Items]
Preferred shares authorised	1,000,000	1,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred shares issued	0	0
Preferred stock, shares outstanding	0	0
Percentage of the common stock outstanding when common stock is converted from class to another	20.00%	20.00%
Share price	$ 9.20	$ 9.20
Public Warrants
Class of Stock [Line Items]
Term of warrants	5 years	5 years
Private Warrant
Class of Stock [Line Items]
Warrant instrument redemption threshold consecutive trading days		20 days
Share price		$ 12.00
Minimum lock In period required for warrant exercise from the date of business combination	30 days	365 days
Number of days for a particular event to get over for determining trading period		150 days
Minimum
Class of Stock [Line Items]
Class of warrants, exercise price adjustment percentage	115.00%	115.00%
Maximum
Class of Stock [Line Items]
Class of warrants, exercise price adjustment percentage	180.00%	180.00%
Event Triggering Warrant Redemption When The Share Issue Price Is Less Than The Threshold
Class of Stock [Line Items]
Percentage of capital raised for business combination to total equity proceeds	60.00%		60.00%
Number of trading days for determining volume weighted average share price	20 days	20 days
Share Trigger Price One
Class of Stock [Line Items]
Warrant instrument redemption threshold consecutive trading days	30 days	20 days
Warrant instrument redemption threshold trading days	20 days	30 days
Share Trigger Price One \| Public Warrants
Class of Stock [Line Items]
Class of warrants redemption notice period	30 days	30 days
Class of warrants redemption price per unit	$ 0.01	$ 0.01
Share Trigger Price Two \| Public Warrants
Class of Stock [Line Items]
Class of warrants redemption notice period	30 days
Class of warrants redemption price per unit	$ 0.10	$ 0.10
Class A ordinary shares
Class of Stock [Line Items]
Common stock, shares authorized	400,000,000	400,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock shares issued	9,091,005	10,703,014
Common stock, shares outstanding	9,091,005	10,703,014
Temporary Equity, shares outstanding	63,358,995	61,746,986
Common stock description of voting rights	One vote for each share	one vote for each share
Class A ordinary shares \| Share Trigger Price One
Class of Stock [Line Items]
Share redemption trigger price per share	$ 18.00	$ 18.00
Class A ordinary shares \| Share Trigger Price Two
Class of Stock [Line Items]
Share redemption trigger price per share	$ 10.00	$ 10.00
Class B ordinary shares
Class of Stock [Line Items]
Common stock, shares authorized	50,000,000	50,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock shares issued	18,112,500	18,112,500
Common stock, shares outstanding	18,112,500	18,112,500
Common stock description of voting rights	One vote for each share.	one vote for each share

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jul. 16, 2020
Liabilities:
Warrant liability	$ 61,019,868	$ 78,048,668	$ 57,117,434	$ 54,988,834
Fair Value, Recurring [Member]
Assets:
Marketable securities held in Trust Account	724,779,404	724,716,476
Fair Value, Recurring [Member] \| Public Warrants
Liabilities:
Warrant liability	41,538,000	53,130,000
Fair Value, Recurring [Member] \| Private Placement Warrants
Liabilities:
Warrant liability	$ 19,481,868	$ 24,918,668

Fair Value Measurements - Summary of Reconciliation of Warrant Liabilities Measured at Fair Value (Detail) - Fair Value, Recurring [Member] - USD ($)	3 Months Ended	11 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value as of Beginning	$ 78,048,668
Initial measurement on July 16, 2020		$ 54,988,834
Change in valuation	(17,028,800)	23,059,834
Fair value as of Ending	61,019,868	78,048,668
Private Placement Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value as of Beginning	24,918,668
Initial measurement on July 16, 2020		17,556,334
Change in valuation	(5,436,800)	7,362,334
Fair value as of Ending	19,481,868	24,918,668
Public Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value as of Beginning	53,130,000
Initial measurement on July 16, 2020		37,432,500
Change in valuation	(11,592,000)	15,697,500
Fair value as of Ending	$ 41,538,000	$ 53,130,000

Fair Value Measurements - Summary of Reconciliation of Warrant Liabilities Measured at Fair Value (Parenthetical) (Detail)	11 Months Ended
	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3	$ 23,059,834

Subsequent Events - Additional Information (Detail)		1 Months Ended		3 Months Ended		11 Months Ended	12 Months Ended
Subsequent Events - Additional Information (Detail)	Feb. 16, 2021 USD ($) Trading_Days $ / shares shares	Feb. 28, 2021 USD ($) shares	Jan. 31, 2021 USD ($) shares	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Subsequent Event [Line Items]
Issue of common stocks, Initial public offering						72,450,000
Proceeds from sale of Units, net of underwriting discounts paid \| $						$ 710,010,000
Subscription Agreements \| Investor
Subsequent Event [Line Items]
Issue of common stocks, Initial public offering	20,000,000
Proceeds from sale of Units, net of underwriting discounts paid \| $	$ 200,000,000
Sponsor Letter Agreement \| Class B ordinary shares
Subsequent Event [Line Items]
Shares subject to vesting and forfeiture provisions	4,500,000
Share Price Greater Than Or Equals To Dollar Twelve \| Lockup Agreement
Subsequent Event [Line Items]
Share Transfer Restrictions, Lock In Period	365 days
Share transfer restrictions, trigger price per share \| $ / shares	$ 12.00
Share Transfer Restrictions, Threshold Consecutive Trading Days \| Trading_Days	20
Share transfer restrictions, threshold trading days \| Trading_Days	30
Share Transfer Restrictions, Threshold Number Of Days After Closing Of Business Combination	150 days
Micromidas, Inc.
Subsequent Event [Line Items]
Proceeds from sale of Units, net of underwriting discounts paid \| $				$ 54,622	$ 1,073		$ 1,073	$ 2,716
Merger Agreement
Subsequent Event [Line Items]
Business acquisition, equity interest issued or issuable, number of shares	78,213,000
Merger Agreement \| Earnout Consideration
Subsequent Event [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Additional Number of Shares	25,000,000
Subsequent Event \| Subscription Agreements \| Investor
Subsequent Event [Line Items]
Issue of common stocks, Initial public offering	20,000,000
Proceeds from sale of Units, net of underwriting discounts paid \| $	$ 200,000,000
Subsequent Event \| Sponsor Letter Agreement \| Class B ordinary shares
Subsequent Event [Line Items]
Shares subject to vesting and forfeiture provisions	4,500,000
Subsequent Event \| Share Price Greater Than Or Equals To Dollar Twelve \| Lockup Agreement
Subsequent Event [Line Items]
Share Transfer Restrictions, Lock In Period	365 days
Share transfer restrictions, trigger price per share \| $ / shares	$ 12.00
Share Transfer Restrictions, Threshold Consecutive Trading Days \| Trading_Days	20
Share transfer restrictions, threshold trading days \| Trading_Days	30
Share Transfer Restrictions, Threshold Number Of Days After Closing Of Business Combination	150 days
Subsequent Event \| Earnout Consideration \| VWAP Greater Than Or Equals To Dollar Fifteen
Subsequent Event [Line Items]
Business Acquisition, Earnout Shares Issuance Ratio	33.33
Minimum Volume Weighted Average Share Price Required To Trigger Issuance Of Earnout Shares \| $ / shares	$ 15.00
Business Acquisition, Threshold Consecutive Trading Days To Trigger Issuance Of Earnout Shares	10 days
Business Acquisition, Earnout Shares Issuance Term	3 years
Subsequent Event \| Earnout Consideration \| VWAP Greater Than Or Equals To Dollar Twenty
Subsequent Event [Line Items]
Business Acquisition, Earnout Shares Issuance Ratio	33.33
Minimum Volume Weighted Average Share Price Required To Trigger Issuance Of Earnout Shares \| $ / shares	$ 20.00
Business Acquisition, Threshold Consecutive Trading Days To Trigger Issuance Of Earnout Shares	10 days
Business Acquisition, Earnout Shares Issuance Term	4 years
Subsequent Event \| Earnout Consideration \| VWAP Greater Than Or Equals To Dollar Twenty Five
Subsequent Event [Line Items]
Business Acquisition, Earnout Shares Issuance Ratio	33.33
Minimum Volume Weighted Average Share Price Required To Trigger Issuance Of Earnout Shares \| $ / shares	$ 25.00
Business Acquisition, Threshold Consecutive Trading Days To Trigger Issuance Of Earnout Shares	10 days
Business Acquisition, Earnout Shares Issuance Term	5 years
Subsequent Event \| Micromidas, Inc. \| Bridge Notes
Subsequent Event [Line Items]
Debt maturity date			Sep. 30, 2021
Debt conversion provision, percentage of cash price paid per share			70.00%
SPAC Transaction value \| $			$ 700,000,000
Bridge Notes, amended conversion feature			In January of 2021, the Company amended the Bridge Notes to extend the maturity date from March 31, 2021 to September 30, 2021. The amendment also added a SPAC transaction to the conversion provision such that the Bridge Notes convert if the Company issues at least $50,000,000 of shares of a new series of preferred stock or closes a SPAC transaction (each a “Qualified Financing”) prior to maturity. In a Qualified Financing that is a preferred stock issuance, the notes convert at 70% of the cash price paid per share for the preferred shares. In a Qualified Financing that is a SPAC transaction, the notes convert at the lesser of (i) 70% of the per share value attributed to the shares of the Company’s common stock as set forth in the Merger Agreement or (ii) the per share value that would be attributed to the Company’s common stock assuming a pre-transaction valuation of the Company in connection with the SPAC transaction of $700,000,000.
Subsequent Event \| Micromidas, Inc. \| Bridge Notes \| Minimum
Subsequent Event [Line Items]
Debt conversion provision, number of preferred stock to be issued			50,000,000
Subsequent Event \| Micromidas, Inc. \| Convertible Notes
Subsequent Event [Line Items]
Debt maturity date		Sep. 30, 2021
Debt conversion provision, percentage of cash price paid per share		80.00%
Convertible Notes issued \| $		$ 10,000,000
Debt, interest rate		8.00%
Change of control, percentage of Outstanding Principal Equals to Interest and Repayment Premium		100.00%
Subsequent Event \| Micromidas, Inc. \| Convertible Notes \| Minimum
Subsequent Event [Line Items]
Debt conversion provision, number of preferred stock to be issued		50,000,000
Subsequent Event \| Merger Agreement
Subsequent Event [Line Items]
Business acquisition, equity interest issued or issuable, number of shares	78,213,000
Subsequent Event \| Merger Agreement \| Earnout Consideration
Subsequent Event [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Additional Number of Shares	25,000,000

Warrant Liability - Additional Information (Detail) - $ / shares	3 Months Ended	11 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Jan. 24, 2020
Class of Stock [Line Items]
Share price	$ 9.20	$ 9.20
Maximum
Class of Stock [Line Items]
Class of warrants, exercise price adjustment percentage	180.00%	180.00%
Minimum
Class of Stock [Line Items]
Class of warrants, exercise price adjustment percentage	115.00%	115.00%
Share Trigger Price One
Class of Stock [Line Items]
Warrant instrument redemption threshold trading days	20 days	30 days
Warrant instrument redemption threshold consecutive trading days	30 days	20 days
Share Trigger Price One \| Class A ordinary shares
Class of Stock [Line Items]
Share redemption trigger price per share	$ 18.00	$ 18.00
Share Trigger Price Two \| Class A ordinary shares
Class of Stock [Line Items]
Share redemption trigger price per share	$ 10.00	$ 10.00
Event Triggering Warrant Redemption When The Share Issue Price Is Less Than The Threshold
Class of Stock [Line Items]
Number of trading days for determining volume weighted average share price	20 days	20 days
Percentage of capital raised for business combination to total equity proceeds	60.00%		60.00%
Public Warrants
Class of Stock [Line Items]
Term of warrants	5 years	5 years
Public Warrants \| Share Trigger Price One
Class of Stock [Line Items]
Class of warrants redemption price per unit	$ 0.01	$ 0.01
Class of warrants redemption notice period	30 days	30 days
Public Warrants \| Share Trigger Price Two
Class of Stock [Line Items]
Class of warrants redemption price per unit	$ 0.10	$ 0.10
Class of warrants redemption notice period	30 days
Private Warrant
Class of Stock [Line Items]
Minimum lock In period required for warrant exercise from the date of business combination.	30 days	365 days
Warrant instrument redemption threshold consecutive trading days		20 days
Share price		$ 12.00

Restatement of Previously Issued Financial Statements - Schedule of Condensed Financial Statements - Balance Sheet (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jul. 16, 2020	Mar. 31, 2020	Jan. 24, 2020	Dec. 31, 2019	Dec. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Additional Paid-in Capital	$ 14,689,698	$ 30,869,475	$ 9,884,554	$ 7,706,287
Total stockholders' deficit	5,000,008	5,000,006			$ 15,931	$ 0
Previously Reported [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Additional Paid-in Capital		5,123,060	5,069,161	5,019,473
Total stockholders' deficit		5,000,010
Revision of Prior Period, Reclassification, Adjustment [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Additional Paid-in Capital		25,746,415	$ 4,815,393	$ 2,686,814
Total stockholders' deficit		(4)
Micromidas, Inc.
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Total redeemable convertible preferred stock	95,982,863	95,982,863					$ 95,982,863
Additional Paid-in Capital	3,324,197	2,642,600					1,011,278
Total stockholders' deficit	(148,283,939)	(95,861,047)			(73,142,653)		(67,983,441)	$ (69,297,462)
Micromidas, Inc. \| Previously Reported [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Additional Paid-in Capital		98,623,356					96,992,034
Total stockholders' deficit		119,709					27,997,315
Micromidas, Inc. \| Revision of Prior Period, Reclassification, Adjustment [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Total redeemable convertible preferred stock		95,980,756					95,982,863
Additional Paid-in Capital		(95,980,756)					(95,980,756)
Total stockholders' deficit		(95,980,756)					(95,980,756)
Micromidas, Inc. \| Redeemable Convertible Preferred Stock Series A
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Redeemable convertible preferred stock,value	31,477,562	31,477,562			31,477,562		31,477,562	31,477,562
Micromidas, Inc. \| Redeemable Convertible Preferred Stock Series A \| Previously Reported [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Redeemable convertible preferred stock,value		1,320					1,320
Micromidas, Inc. \| Redeemable Convertible Preferred Stock Series A \| Revision of Prior Period, Reclassification, Adjustment [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Redeemable convertible preferred stock,value		31,476,242					31,476,242
Micromidas, Inc. \| Redeemable Convertible Preferred Stock Series B
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Redeemable convertible preferred stock,value	41,125,321	41,125,321			41,125,321		41,125,321	41,125,321
Micromidas, Inc. \| Redeemable Convertible Preferred Stock Series B \| Previously Reported [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Redeemable convertible preferred stock,value		628					628
Micromidas, Inc. \| Redeemable Convertible Preferred Stock Series B \| Revision of Prior Period, Reclassification, Adjustment [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Redeemable convertible preferred stock,value		41,124,693					41,124,693
Micromidas, Inc. \| Redeemable Convertible Preferred Stock Series C
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Redeemable convertible preferred stock,value	$ 23,379,980	23,379,980			$ 23,379,980		23,379,980	$ 23,379,980
Micromidas, Inc. \| Redeemable Convertible Preferred Stock Series C \| Previously Reported [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Redeemable convertible preferred stock,value		159					159
Micromidas, Inc. \| Redeemable Convertible Preferred Stock Series C \| Revision of Prior Period, Reclassification, Adjustment [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Redeemable convertible preferred stock,value		$ 23,379,821					$ 23,379,821

Restatement of Previously Issued Financial Statements - Schedule of Condensed Financial Statements - Balance Sheet (Parenthetical) (Detail) - Micromidas, Inc. - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Redeemable Convertible Preferred Stock Series A
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001		$ 0.0001
Temporary Equity, shares authorized	15,500,000	15,500,000		15,500,000
Temporary Equity, shares issued	13,204,284	13,204,284		13,204,284
Temporary Equity, shares outstanding	13,204,284	13,204,284	13,204,284	13,204,284	13,204,284
Redeemable convertible preferred stock, redemption value	$ 35,959,227	$ 35,959,227		$ 35,959,227
Redeemable Convertible Preferred Stock Series B
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001		$ 0.0001
Temporary Equity, shares authorized	7,000,000	7,000,000		7,000,000
Temporary Equity, shares issued	6,275,704	6,275,704		6,275,704
Temporary Equity, shares outstanding	6,275,704	6,275,704	6,275,704	6,275,704	6,275,704
Redeemable convertible preferred stock, redemption value	$ 46,979,920	$ 46,979,920		$ 46,979,920
Redeemable Convertible Preferred Stock Series C
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001		$ 0.0001
Temporary Equity, shares authorized	6,800,000	6,800,000		6,800,000
Temporary Equity, shares issued	1,590,675	1,590,675		1,590,675
Temporary Equity, shares outstanding	1,590,675	1,590,675	1,590,675	1,590,675	1,590,675
Redeemable convertible preferred stock, redemption value	$ 23,499,996	$ 23,499,996		$ 23,499,996

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and cash equivalents	$ 359,067	$ 1,123,407
Micromidas, Inc.
Cash and cash equivalents	8,872,007	1,309,183		$ 3,047,208
Restricted cash	564,520	564,520		564,520
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 9,436,527	$ 1,873,703	$ 3,535,880	$ 3,611,728	$ 13,247,015

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Detail) - Micromidas, Inc.	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years	5 years
Computer Equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years	3 years
Office Furniture
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years	5 years
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years	5 years
Leasehold Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	1 year	1 year
Leasehold Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years	5 years

Property Plant and Equipment Net - Schedule of Property Plant and Equipment (Detail) (Detail) - Micromidas, Inc. - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 53,509,315	$ 52,146,312	$ 49,142,200
Less accumulated depreciation and amortization	(7,152,988)	(7,042,455)	(6,590,670)
Total property, plant, and equipment, net	46,356,326	45,103,857	42,551,530
Land
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	39,950	39,480	96,267
Pilot Plant
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	5,282,159	5,236,939	5,209,333
Lab Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,959,016	1,958,290	1,957,002
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	655,350	655,350	655,350
Computer And Other Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	295,066	294,973	294,806
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 45,277,774	$ 43,961,280	$ 40,929,442

Property Plant and Equipment - Additional Information (Detail) (Detail) - Micromidas, Inc. - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 103,894	$ 100,313	$ 437,399	$ 601,464
Capitalized interest cost	$ 780,237		$ 719,890	$ 442,301

Intangible Assets - Schedule of Intangible Assets (Detail) - Micromidas, Inc. - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Patents	$ 435,096	$ 429,977	$ 420,893
Less accumulated amortization	(185,437)	(172,305)	(125,788)
Intangible assets, net	$ 249,659	$ 257,672	$ 295,105

Intangible Assets - Additional Information (Detail) - Micromidas, Inc. - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Intangible assets weighted average useful life	9 years 10 months 13 days		9 years 10 months 13 days
Amortization expense	$ 11,018	$ 3,962	$ 41,956	$ 44,292

Intangible Assets - Schedule of Estimated Future Intangible Assets Amortization Expense (Detail) - Micromidas, Inc. - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
2021		$ 42,954
2022		42,954
2023		42,954
2024		42,954
2025		42,954
Thereafter		42,902
Intangible assets, net	$ 249,659	$ 257,672	$ 295,105

Consortium Agreement - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Aug. 31, 2018	Dec. 31, 2016	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Pledged Financial Instruments, Not Separately Reported, Securities, by Type of Agreement [Abstract]
Company received amount from agreement		$ 500,000
Invested amount for research and development	$ 1,500,000
Other income			$ 450,000	$ 0	$ 550,000	$ 0

Offtake Arrangements - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Deferred Compensation Arrangements [Abstract]
Accrued interest	$ 10,757,361	$ 10,706,147
Liquidated damages	$ 856,080	$ 856,080

Debt - Additional Information (Detail) - Micromidas, Inc. - USD ($)	1 Months Ended						3 Months Ended	12 Months Ended
	Feb. 28, 2021	Jan. 31, 2021	Apr. 30, 2020	Nov. 30, 2019	May 31, 2019	Nov. 30, 2016	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Line Items]
Prepayment from stockholder						$ 5,000,000
Debt instrument, increase, accrued interest					$ 189,169
Total debt outstanding							$ 5,189,169	$ 5,189,169	$ 5,189,169
Other liabilities, long-term [Member]
Debt Disclosure [Line Items]
Debt instrument, increase, accrued interest							340,035	294,630	113,009
Unsecured Convertible Notes [Member]
Debt Disclosure [Line Items]
Debt instrument, interest rate	8.00%
Debt instrument, maturity date	Sep. 30, 2021
Debt issuance costs							14,793
Debt conversion, converted instrument, amount	$ 50,000,000
Debt conversion, description	The Convertible Notes bear an annual interest rate of 8% and mature on September 30, 2021, unless converted. If the Company issues at least $50,000,000 worth of shares of a new series of preferred stock prior to maturity or closes a SPAC transaction (each a "Qualified Financing"), the outstanding principal and unpaid accrued interest will convert at 80% of the per share price of the new series of preferred stock or, in the case of a SPAC transaction, at 80% of the per share value attributed to the shares of the Company's common stock as set forth in the Merger Agreement. Upon a Change of Control (other than a Qualified Financing), as defined in the Convertible Notes, the Company will repay purchasers in cash an amount equal to the outstanding principal and accrued interest plus a repayment premium equal to 100% of the outstanding principal amount of the notes.
Convertible notes	$ 10,000,000
Promissory Note [Member]
Debt Disclosure [Line Items]
Debt instrument, interest rate					350.00%
Debt instrument, maturity date					Dec. 31, 2021
Long-term debt, maturity, December 20, 2024							2,204,733	2,204,733
Long-term debt, maturity, December 19, 2025							2,139,611	2,139,611
Long-term debt, maturity, December 18, 2026							2,069,806	2,069,806
Bridge Notes [Member]
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity				$ 6,000,000
Line of credit facility, interest rate				10.00%
Debt instrument, maturity date		Sep. 30, 2021		Mar. 31, 2021
Conversion percentage of outstanding principal and unpaid accrued interest				70.00%
Percentage of repay purchasers in cash amount during liquidation				200.00%
Bridge loan							4,966,857	3,260,208	1,000,000
Debt issuance costs								0	90,267
Debt Instrument, discount							$ 14,088	$ 28,175	$ 128,875
Debt conversion, converted instrument, amount		$ 50,000,000
Debt conversion, description		The amendment also added a SPAC transaction to the conversion provision such that the Bridge Notes convert if the Company issues at least $50,000,000 of shares of a new series of preferred stock or closes a SPAC transaction (each a "Qualified Financing") prior to maturity. In a Qualified Financing that is a preferred stock issuance, the notes convert at 70% of the cash price paid per share for the preferred shares. In a Qualified Financing that is a SPAC transaction, the notes convert at the lesser of (i) 70% of the per share value attributed to the shares of the Company's common stock as set forth in the Merger Agreement or (ii) the per share value that would be attributed to the Company's common stock assuming a pre-transaction valuation of the Company in connection with the SPAC transaction of $700,000,000.
SPAC transaction		$ 700,000,000
Pay Check Protection Program [Member]
Debt Disclosure [Line Items]
Unsecured loan			$ 905,838
Debt instrument, term			2 years
Debt instrument, interest rate			1.00%

Derivative Liability - Additional Information (Detail) - Micromidas, Inc. - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Derivative Liabilities [Line Items]
Derivative loss	$ 391,251		$ 1,088,136	$ 0
Derivative liability	3,826,231		$ 1,238,511	$ 150,375
Derivative gain		$ 2,669
Increase in derivative liability	$ 2,196,469	$ 0

Other Liabilities, Long-term and Related Party Other Liabilities, Long-term - Additional Information (Detail) - Micromidas, Inc. - USD ($)	1 Months Ended			3 Months Ended	12 Months Ended
	Sep. 30, 2019	May 31, 2019	Nov. 30, 2016	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities [Line Items]
Prepayment from stockholder			$ 5,000,000
Debt instrument, accrued interest		$ 189,169
Stockholder [Member]
Other Liabilities [Line Items]
Other long-term debt				$ 5,105,055	$ 5,105,055	$ 5,000,000
Prepayment from stockholder			$ 5,000,000
Repayment period			5 years
Amount of repayment under prepayment agreement			$ 7,500,000
Repayment percentage of prepayment agreement amount			150.00%
Loan facility interest rate			0.25%	2.16%	2.16%
Loan facility term			5 years
Debt instrument, accrued interest				$ 123,102	$ 117,293	42,462
Prepayment Agreement [Member]
Other Liabilities [Line Items]
Other long-term debt	$ 5,000,000			$ 2,500,000	$ 2,500,000	$ 2,500,000
Percentage of prepayment applied against future purchases	100.00%
Period of customer capacity reservation	10 years
Prepayment Agreement [Member] \| Installment One [Member]
Other Liabilities [Line Items]
Debt instrument periodic payment	$ 2,500,000
Date of payment of prepayment agreement	2019-10
Prepayment Agreement [Member] \| Installment Two [Member]
Other Liabilities [Line Items]
Debt instrument periodic payment	$ 2,500,000
Period of payment of prepayment agreement	30 days

Canadian Government Research and Development Program Liability - Additional Information (Detail) - Micromidas, Inc.	1 Months Ended
	Apr. 30, 2019 USD ($)	Apr. 30, 2019 CAD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Schedule Of Research And Development [Line Items]
Lesser eligible costs, percentage	22.14%	22.14%
Date of receive funding for eligible expenditures	Mar. 31, 2023	Mar. 31, 2023
lesser eligible costs	$ 23,000,000
Funding repayment period	15 years	15 years
Description of funding	The funding will be repaid over 15 years after completion of Origin 1, commencing no sooner than the third fiscal year of consecutive revenues from a commercial plant, but no later than the fifth year following the earlier of (i) the year in which the Company completes construction of Origin 1 or (ii) March 2023. Repayment of the funding will be reduced by 50% if the Company begins construction before December 31, 2024 of one or more commercial plants that operate in Canada, with costs exceeding $500,000,000 (in Canadian dollars), and the plants being constructed and operational within 30 months of the final investment decision, as defined in the R&D Agreement. Once begun, repayments will be paid annually by April of each year through March 31, 2037. Payments will be determined by a formula of the funded amount based on the fiscal year gross business revenue, as defined in the R&D Agreement.	The funding will be repaid over 15 years after completion of Origin 1, commencing no sooner than the third fiscal year of consecutive revenues from a commercial plant, but no later than the fifth year following the earlier of (i) the year in which the Company completes construction of Origin 1 or (ii) March 2023. Repayment of the funding will be reduced by 50% if the Company begins construction before December 31, 2024 of one or more commercial plants that operate in Canada, with costs exceeding $500,000,000 (in Canadian dollars), and the plants being constructed and operational within 30 months of the final investment decision, as defined in the R&D Agreement. Once begun, repayments will be paid annually by April of each year through March 31, 2037. Payments will be determined by a formula of the funded amount based on the fiscal year gross business revenue, as defined in the R&D Agreement.
Commercial plants constructed and operational period	30 months	30 months
Funding liability			$ 6,270,836	$ 6,197,053	$ 3,534,814
CANADA
Schedule Of Research And Development [Line Items]
Minimum costs of commercial plants		$ 500,000,000

Redeemable Convertible Preferred Stock Warrants Liability - Additional Information (Detail) - Micromidas, Inc. - $ / shares	1 Months Ended		12 Months Ended
	Nov. 30, 2019	Apr. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2012	Mar. 31, 2021	Dec. 31, 2020
Series A Preferred Stock Warrants
Class of Warrant or Right [Line Items]
Warrants issued		122,400
Warrants exercise price		$ 2.7233
Warrants expiration period		2036-04
Warrants outstanding							2,257,053	2,257,053
Series A Preferred Stock Warrants \| Warrant Issued Two Thousand Twelve
Class of Warrant or Right [Line Items]
Warrants issued						1,000,000
Warrants exercise price						$ 2.7233
Warrants exercise period						10 years
Warrants exercise period, extended	10 years
Warrants contractual exercise period	2032-10
Series A Preferred Stock Warrants \| Warrant Issued Two Thousand Fifteen
Class of Warrant or Right [Line Items]
Warrants issued					1,134,653
Warrants exercise price					$ 2.7233
Warrants exercise period					10 years
Warrants exercise period, extended	10 years
Warrants contractual exercise period	2035-10
Series B Preferred Stock Warrants
Class of Warrant or Right [Line Items]
Warrants issued			35,412	331,927
Warrants exercise price			$ 7.486	$ 7.486
Warrants outstanding							367,339	367,339
Series B Preferred Stock Warrants \| Minimum
Class of Warrant or Right [Line Items]
Warrants expiration period			2036-06	2026-06
Series B Preferred Stock Warrants \| Maximum
Class of Warrant or Right [Line Items]
Warrants expiration period			2037-01	2026-07

Redeemable Convertible Preferred Stock Warrants Liability - Schedule of Fair Value of Redeemable Convertible Preferred Stock Warrants Liability (Detail) - Micromidas, Inc. - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Warrant or Right [Line Items]
Change in fair value of preferred stock warrants	$ 48,109,271	$ 18,497,798	$ (10,287,616)
Redeemable Convertible Preferred Stock Warrants
Class of Warrant or Right [Line Items]
Balance at beginning of the year	19,232,628	734,830	11,022,446
Change in fair value of preferred stock warrants	48,109,271	18,497,798	(10,287,616)
Balance at end of the year	$ 67,341,899	$ 19,232,628	$ 734,830

Redeemable Convertible Preferred Stock Warrants Liability - Summary of Key Assumptions for Determining Fair Value of Redeemable Convertible Preferred Stock Warrants (Detail) - Micromidas, Inc. - Redeemable Convertible Preferred Stock Warrants	Dec. 31, 2020	Dec. 31, 2019
Expected Life (Years)
Class of Warrant or Right [Line Items]
Fair value measurements inputs	3.00	4.00
Risk-Free Interest Rate
Class of Warrant or Right [Line Items]
Fair value measurements inputs	0.0017	0.0166
Expected Volatility
Class of Warrant or Right [Line Items]
Fair value measurements inputs	0.7000	0.5000
Dividend Yield
Class of Warrant or Right [Line Items]
Fair value measurements inputs	0.00	0.00

Redeemable Convertible Preferred Stock and Stockholders' Deficit - Schedule of Common Stock Shares Reserved for Future Issuance (Detail) - Micromidas, Inc. - shares	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Total shares of common stock reserved for future issuance	27,524,406	27,580,168	24,736,910
Series A Preferred Stock
Class of Stock [Line Items]
Total shares of common stock reserved for future issuance	13,204,284	13,204,284	13,204,284
Series B Preferred Stock
Class of Stock [Line Items]
Total shares of common stock reserved for future issuance	6,275,704	6,275,704	6,275,704
Series C Preferred Stock
Class of Stock [Line Items]
Total shares of common stock reserved for future issuance	1,590,675	1,590,675	1,590,675
Series A Preferred Stock Warrants
Class of Stock [Line Items]
Total shares of common stock reserved for future issuance	2,257,053	2,257,053	2,257,053
Series B Preferred Stock Warrants
Class of Stock [Line Items]
Total shares of common stock reserved for future issuance	367,339	367,339	367,339
Share-based Payment Arrangement, Option [Member]
Class of Stock [Line Items]
Total shares of common stock reserved for future issuance	3,829,351	3,885,113	1,041,855

Redeemable Convertible Preferred Stock and Stockholders' Deficit - Additional Information (Detail)		3 Months Ended		12 Months Ended
	Feb. 16, 2021 shares	Mar. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2020 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Class of Stock [Line Items]
Stock issue price \| $ / shares		$ 9.20		$ 9.20
Micromidas, Inc.
Class of Stock [Line Items]
Common stock, entitled votes per share		1		1
Common stock shares reserved		27,524,406		27,580,168	24,736,910
Stock Option available for grant		1,199,029		1,199,029	1,050,813
Stock Option, exercisable		1,083,619		1,016,289	1,019,305
Stock Option, aggregate intrinsic value \| $		$ 57,670,897		$ 16,067,662
Stock options granted, weighted average grant date fair value \| $ / shares				$ 7.24	$ 0.43
Fair value of options granted \| $				$ 11,547,389	$ 156,087
Stock options issued during the period				2,974,895	365,000
Stock compensation expense \| $		626,981	$ 9,026	$ 1,630,249	$ 43,765
Stock compensation not yet recognized \| $		$ 9,267,930		$ 8,345,850
Stock compensation not yet recognized, vesting period		4 years		4 years
Micromidas, Inc. \| General and Administrative Expense [Member]
Class of Stock [Line Items]
Stock compensation expense \| $		$ 474,860	4,848	$ 1,493,035	27,306
Micromidas, Inc. \| Research and Development Expense [Member]
Class of Stock [Line Items]
Stock compensation expense \| $		$ 152,121	$ 4,178	$ 137,214	16,459
Micromidas, Inc. \| Series A Preferred Stock
Class of Stock [Line Items]
Dividend payment per share \| $ / shares		$ 0.2179		$ 0.2179
Dividend payment amount \| $		$ 21,059,796		$ 20,521,000	$ 17,636,000
Stock issue price \| $ / shares		$ 2.7233		$ 2.7233
Conversion price \| $ / shares			$ 2.7233	$ 2.7233
Common stock shares reserved		13,204,284		13,204,284	13,204,284
Micromidas, Inc. \| Series B Preferred Stock
Class of Stock [Line Items]
Dividend payment per share \| $ / shares		$ 0.5989		$ 0.5989
Dividend payment amount \| $		$ 16,075,467		$ 15,381,000	$ 11,612,000
Stock issue price \| $ / shares		$ 7.4860		$ 7.4860
Conversion price \| $ / shares			7.4860	$ 7.4860
Common stock shares reserved		6,275,704		6,275,704	6,275,704
Micromidas, Inc. \| Series C Preferred Stock
Class of Stock [Line Items]
Dividend payment per share \| $ / shares		$ 1.1819		$ 1.1819
Dividend payment amount \| $		$ 4,856,715		$ 4,538,000	$ 2,653,000
Stock issue price \| $ / shares		$ 14.7736		$ 14.7736
Conversion price \| $ / shares			$ 14.7736	$ 14.7736
Common stock shares reserved		1,590,675		1,590,675	1,590,675
Micromidas, Inc. \| Performance And Market Based Awards [Member]
Class of Stock [Line Items]
Stock options issued during the period				1,380,000
Stock compensation expense \| $		$ 0		$ 0
Stock options vested	250,000
Micromidas, Inc. \| Stock Options, Vesting One [Member] \| Performance And Market Based Awards [Member]
Class of Stock [Line Items]
Stock options, outstanding		250,000
Micromidas, Inc. \| Stock Options, Vesting Two [Member] \| Performance And Market Based Awards [Member]
Class of Stock [Line Items]
Stock options, outstanding		1,130,000
Micromidas, Inc. \| Stock Plan [Member]
Class of Stock [Line Items]
Common stock shares reserved		5,166,276		5,166,276
Stock option plan, exercisable period		10 years		10 years
Stock option plan, description		Options granted to employees under the Stock Plan generally vest 25% one year from the vesting commencement date and 1/36th per month thereafter, although certain arrangements call for vesting over other periods.		Options granted to employees under the Stock Plan generally vest 25% one year from the vesting commencement date and 1/36th per month thereafter, although certain arrangements call for vesting over other periods.
Micromidas, Inc. \| Stock Plan [Member] \| Share-based Payment Arrangement, Nonemployee [Member]
Class of Stock [Line Items]
Stock option plan, exercisable period		4 years		4 years
Micromidas, Inc. \| Stock Plan [Member] \| One year from the vesting commencement date
Class of Stock [Line Items]
Stock option plan, vesting percentage		25.00%		25.00%
Micromidas, Inc. \| Stock Plan [Member] \| Thereafter
Class of Stock [Line Items]
Stock option plan, vesting percentage per month		1/36th per month		1/36th per month
Micromidas, Inc. \| Previously Reported [Member] \| Series A Preferred Stock
Class of Stock [Line Items]
Dividend payment amount \| $				$ 20,512,000

Redeemable Convertible Preferred Stock and Stockholders' Deficit - Summary of Stock Options Activity (Detail) - Micromidas, Inc. - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding beginning balance	3,885,113	1,041,855	1,049,353
Granted		2,974,895	365,000
Exercised	(55,762)	(1,376)	(1,200)
Forfeited / canceled		130,261	371,298
Number of Shares, Outstanding ending balance	3,829,351	3,885,113	1,041,855	1,049,353
Number of Shares, Vested and expected to vest	3,438,992	3,472,989
Weighted Average Exercise Price Per share, Outstanding beginning balance	$ 0.40	$ 0.77	$ 0.70
Granted		0.30	2.56
Exercised	0.98	0.78	2.26
Forfeited / canceled		0.90	2.32
Weighted Average Exercise Price Per share, Outstanding ending balance	$ 0.40	$ 0.40	$ 0.77	$ 0.70
Weighted Average Remaining Contractual Term, Outstanding	8 years 21 days	8 years 3 months 18 days	3 years 10 months 20 days	4 years 4 months 9 days

Redeemable Convertible Preferred Stock and Stockholders' Deficit - Schedule of Key Assumptions for Determining Fair Value of Stock Options (Detail) - Micromidas, Inc.	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	6 years 3 months	6 years 29 days
Risk-free interest rate, minimum	0.38%	1.53%
Risk-free interest rate, maximum	0.72%	2.36%
Expected volatility, minimum	71.90%	86.60%
Expected volatility, minimum	77.00%	90.30%
Dividend yield	0.00%	0.00%

Income Tax - Schedule of reconciliation of federal income tax rate (Detail) - Micromidas, Inc. - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Federal income tax benefit at statutory federal rate	$ (6,363,637)	$ (100,676)
State income tax expense, net of federal taxes	25,306	(14,674)
Permanent differences	3,983,030	(2,155,884)
Valuation allowance	1,943,881	2,328,324
Foreign Rate Differential	(62,730)	(81,953)
Stock based compensation	449,720
Other	24,430	24,863
Total income tax expense	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Tax - Schedule of net deferred tax assets (Detail) - Micromidas, Inc. - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax assets
Net operating loss carryforwards	$ 18,400,304	$ 16,546,428
Other	149,027	33,011
Depreciation and amortization	113,873	139,885
Total deferred income tax assets	18,663,204	16,719,324
Valuation allowance	(18,663,204)	(16,719,324)
Total deferred income tax assets, net of valuation allowance	$ 0	$ 0

Income Tax - Schedule of income tax provision (Detail) - USD ($)	2 Months Ended	3 Months Ended		8 Months Ended	11 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Net loss	$ (9,069)	$ 16,179,940		$ (4,887,218)	$ (25,872,350)
Micromidas, Inc.
Net loss		$ (53,570,649)	$ (1,969,740)			$ (30,302,848)	$ (479,409)
Micromidas, Inc. \| Domestic Tax Authority [Member]
Net loss						(29,162,313)	1,009,544
Micromidas, Inc. \| Foreign Tax Authority [Member]
Net loss						$ (1,140,535)	$ (1,488,953)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

Income Tax - Additional Information (Detail) - Micromidas, Inc. - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax assets			$ 18,663,204	$ 16,719,324
Change in valuation allowance			1,900,000	2,400,000
Net operating loss carry forward			18,400,304	16,546,428
Unrecognized tax benefits			$ 0	0
Effective income tax rate	0.00%	0.00%
Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Expiration Date			Dec. 31, 2038
Research and development credit carryforwards			$ 27,800	$ 27,800
Federal Income Tax [Member]
Net operating loss carry forward			$ 71,600,000
Tax Credit Carryforward, Expiration Date			Dec. 31, 2037
Federal Income Tax [Member] \| Available through 2037 [Member]
Net operating loss carry forward			$ 45,000,000
Federal Income Tax [Member] \| Available indefinitely [Member]
Net operating loss carry forward			26,600,000
State and Local Jurisdiction [Member]
Net operating loss carry forward			40,300,000
Foreign Tax Authority [Member]
Net operating loss carry forward			$ 4,800,000

Commitments and Contingencies - Additional Information (Detail) - Micromidas, Inc.	1 Months Ended							3 Months Ended		12 Months Ended
	May 31, 2019 MMBTU	May 31, 2018 CAD ($)	Jul. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Nov. 30, 2016 USD ($)	Aug. 31, 2015 USD ($)	Jun. 30, 2011 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Commitments and Contingencies [Line Items]
Rental expense								$ 93,508	$ 68,492	$ 265,671	$ 274,547
Property, plant and equipment, net								46,356,326		45,103,857	42,551,530
Royalties expense								40,353	41,347	41,346	46,491
Maximum
Commitments and Contingencies [Line Items]
Future minimum lease payments, 2021										252,000
Future minimum lease payments, 2022										252,000
Future minimum lease payments, 2023										252,000
Future minimum lease payments, 2024										252,000
Future minimum lease payments, 2025										252,000
Minimum
Commitments and Contingencies [Line Items]
Future minimum lease payments, 2021										216,000
Future minimum lease payments, 2022										216,000
Future minimum lease payments, 2023										216,000
Future minimum lease payments, 2024										216,000
Future minimum lease payments, 2025										216,000
Operating and Maintenance Agreement [Member]
Commitments and Contingencies [Line Items]
Agreement description		The Company executed operating and maintenance agreements for certain services, to facilitate the development and thus bring Origin 1 to the condition necessary for its intended use, commencing in different periods between July 2018 and September 2019, and all generally for five-year periods. The agreements are generally automatically extended for one-year periods thereafter.
Service agreement, periods		5 years
Operating and maintenance agreements, automatic extension periods		1 year
Property, plant and equipment, net								116,855	109,354	257,910	210,577
Operating and Maintenance Agreement [Member] \| Minimum
Commitments and Contingencies [Line Items]
Operating and maintenance agreements, fixed payments per year		$ 350,000
Take Or Pay Steam Supply Agreement Member]
Commitments and Contingencies [Line Items]
Agreement description	The Company also concurrently executed a take-or-pay steam supply agreement commencing by October 1, 2019, through December 31, 2022, whereby the Company will receive up to 25% for the first year and 50% thereafter of the steam generated, up to 140,000 MMBtus per year.
Property, plant and equipment, net								58,851	0	110,140	0
Service agreement, percentage of steam receivable thereafter	50.00%
Take Or Pay Steam Supply Agreement Member] \| Maximum
Commitments and Contingencies [Line Items]
Service agreement, percentage of steam receivable during first year	25.00%
Service agreement, MMBtus per year generated \| MMBTU	140,000
Patent License Agreement [Member]
Commitments and Contingencies [Line Items]
License agreement, description			In July 2017, the Company entered into a patent license agreement for $50,000, which expires upon expiration of the last patent in December 2025.
License agreement term			2025-12
License agreement amount			$ 50,000	$ 500,000	$ 35,000
Royalty payment per year					25,000
Royalty payment, cumulative amount				500,000		$ 10,000,000
Upfront license fee royalty and a variable royalty, aggregate cap per facility				$ 10,000,000
License payment, royalty payment								0	0	0	0
Patent License Agreement [Member] \| Maximum
Commitments and Contingencies [Line Items]
Royalty payment per year			25,000			$ 2,000,000
Royalty payment, cumulative amount					$ 1,000,000
Patent License Agreement [Member] \| Minimum
Commitments and Contingencies [Line Items]
Royalty payment per year			$ 5,000
Nonexclusive Patents Llicense Agreement [Member]
Commitments and Contingencies [Line Items]
Royalty payment per year							$ 5,000
Percentage of net sales Percentage							0.40%
Joint Development Agreements [Member]
Commitments and Contingencies [Line Items]
Agreement description		The Company entered into a joint development agreement (the "JDA") with a stockholder to evaluate alternative uses for one of the Company's products. The term of the JDA is the later of (i) three years from the JDA effective date and (ii) the final expected development program completion date as specified in the JDA.
Service agreement, periods		3 years
Property, plant and equipment, net								$ 0	$ 0	$ 0	$ 2,876

Basic and Diluted Net Loss Per Share - Additional Information (Detail) - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Series A Redeemable Convertible Preferred Stock [Member]
Potentially Dilutive Securities Outstanding [Line Items]
Anti-dilutive Securities Excluded from Computation of Earnings Per Share Amount	13,189,261		13,189,261
Series B Redeemable Convertible Preferred Stock [Member]
Potentially Dilutive Securities Outstanding [Line Items]
Anti-dilutive Securities Excluded from Computation of Earnings Per Share Amount	5,107,614		5,107,614
Series C Redeemable Convertible Preferred Stock [Member]
Potentially Dilutive Securities Outstanding [Line Items]
Anti-dilutive Securities Excluded from Computation of Earnings Per Share Amount	1,590,675		1,590,675
Share-based Payment Arrangement, Option [Member]
Potentially Dilutive Securities Outstanding [Line Items]
Anti-dilutive Securities Excluded from Computation of Earnings Per Share Amount	3,829,351	1,007,059	3,885,113	1,047,855
Warrant [Member] \| Series A Redeemable Convertible Preferred Stock [Member]
Potentially Dilutive Securities Outstanding [Line Items]
Anti-dilutive Securities Excluded from Computation of Earnings Per Share Amount	2,257,053		2,257,053
Warrant [Member] \| Series B Redeemable Convertible Preferred Stock [Member]
Potentially Dilutive Securities Outstanding [Line Items]
Anti-dilutive Securities Excluded from Computation of Earnings Per Share Amount	367,339		367,339