Quarterly report pursuant to Section 13 or 15(d)

EQUITY METHOD INVESTMENT

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EQUITY METHOD INVESTMENT
6 Months Ended
Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
EQUITY METHOD INVESTMENT

 

17. EQUITY METHOD INVESTMENT

 

The Company previously accounted for its investment in Dense Air, which prior to March 7, 2022, was a wholly-owned subsidiary of the Company, as an equity method investment. On March 7, 2022, the outstanding amount of Dense Air’s loan was converted into shares equating to 95% of the share capital of Dense Air. This conversion did not have a significant effect on the Company’s condensed consolidated balance sheets, statements of operations or cash flows.

 

The investment had no carrying value as of June 30, 2022 and December 31, 2021.