Fast Radius, Inc.

2022 Q2 Form 10-Q Financial Statement

#000095017022009474 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q1

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.86M $57.36M $479.3K
YoY Change 18388.28% 11867.45%
Cash & Equivalents $37.86M $57.36M $479.3K
Short-Term Investments
Other Short-Term Assets $8.288M $11.20M $725.5K
YoY Change 61238.07% 1443.82%
Inventory $555.0K $766.0K
Prepaid Expenses
Receivables $7.753M $7.249M
Other Receivables $0.00 $0.00
Total Short-Term Assets $54.46M $76.58M $1.205M
YoY Change 5669.97% 6255.7%
LONG-TERM ASSETS
Property, Plant & Equipment $11.52M $10.53M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $345.0M
YoY Change
Other Assets $3.346M $3.555M $626.2K
YoY Change 492.08% 467.76%
Total Long-Term Assets $14.87M $14.08M $345.8M
YoY Change -95.7% -95.93%
TOTAL ASSETS
Total Short-Term Assets $54.46M $76.58M $1.205M
Total Long-Term Assets $14.87M $14.08M $345.8M
Total Assets $69.33M $90.66M $347.0M
YoY Change -79.99% -73.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.292M $3.764M $123.6K
YoY Change 3705.86% 2944.57%
Accrued Expenses $18.80M $22.88M $94.09K
YoY Change 2621.73% 24220.33%
Deferred Revenue $175.0K $95.00K
YoY Change
Short-Term Debt $0.00 $18.46M $0.00
YoY Change
Long-Term Debt Due $23.07M $18.46M
YoY Change
Total Short-Term Liabilities $48.34M $45.21M $223.0K
YoY Change 5123.43% 20172.21%
LONG-TERM LIABILITIES
Long-Term Debt $5.649M $10.46M $0.00
YoY Change
Other Long-Term Liabilities $53.00K $48.00K $26.77M
YoY Change -99.85% -99.82%
Total Long-Term Liabilities $5.702M $10.51M $26.77M
YoY Change -83.55% -60.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.34M $45.21M $223.0K
Total Long-Term Liabilities $5.702M $10.51M $26.77M
Total Liabilities $55.21M $58.21M $35.92M
YoY Change 55.1% 62.05%
SHAREHOLDERS EQUITY
Retained Earnings -$215.1M -$192.9M -$33.93M
YoY Change 507.12% 468.52%
Common Stock $229.2M $225.4M
YoY Change 16729.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.12M $32.45M $9.882M
YoY Change
Total Liabilities & Shareholders Equity $69.33M $90.66M $347.0M
YoY Change -79.99% -73.87%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q1

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CY2022Q1 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates in Condensed Consolidated Financial Statements</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, related disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses for the periods presented. The Company’s most significant estimates and judgements involve valuation of the Company’s debt and equity securities, including assumptions made in the fair value of warrants, derivatives, and stock-based compensation; the useful lives of fixed assets; and allowances for doubtful accounts. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from management’s estimates if these results differ from historical experience or other assumptions prove not to be substantially accurate, even if such assumptions are reasonable when made.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Other than the below, there have been no material changes to the Company's significant accounting policies from its audited consolidated financial statements included as Exhibit 99.1 to the Company’s Form 8-K/A filed with the SEC on March 30, 2022.</span></p>
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
15516639
CY2022Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2022Q1 fsrd Warrants Expiration Date
WarrantsExpirationDate
2027-02-04
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
850000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
535000
CY2022Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
592000
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
433000
CY2022Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
174000
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
16000
CY2022Q1 us-gaap Inventory Net
InventoryNet
766000
CY2021Q4 us-gaap Inventory Net
InventoryNet
449000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14504000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12853000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3978000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3325000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10526000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9528000
CY2022Q1 fsrd Concentration Of Risk Customer Benchmark
ConcentrationOfRiskCustomerBenchmark
0.10
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
31463000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
49907000
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2542000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
7403000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
28921000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
42504000
CY2022Q1 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
0
CY2021Q4 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
4395000
CY2022Q1 fsrd Long Term Debt And Derivative Liabilities
LongTermDebtAndDerivativeLiabilities
28921000
CY2021Q4 fsrd Long Term Debt And Derivative Liabilities
LongTermDebtAndDerivativeLiabilities
46899000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
12147000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
15160000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3949000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
207000
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
31463000
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
350000000
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote per share
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
73000000.0
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
73000000.0
CY2022Q1 fsrd Rsus Vested Not Yet Been Settled And Issued
RsusVestedNotYetBeenSettledAndIssued
1800000
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
32900000
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
15516667
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
15516639
CY2022Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2022Q1 fsrd Warrants Expiration Date
WarrantsExpirationDate
2027-02-04
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0
CY2022Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
0
CY2021Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
0
CY2022Q1 us-gaap Revenues
Revenues
6262000
CY2021Q1 us-gaap Revenues
Revenues
3796000
CY2022Q1 fsrd Business Combination Valuation Trigger Amount
BusinessCombinationValuationTriggerAmount
1500000000
CY2022Q1 fsrd Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Probability Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsProbabilityRate
0.95
CY2022Q1 fsrd Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Remain Private Probability Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRemainPrivateProbabilityRate
0.05
CY2022Q1 fsrd Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Market Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsMarketValue
736000000
CY2022Q1 fsrd Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Conversion Ratio
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsConversionRatio
0.02056
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.84
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0071
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P1Y4M24D
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20400000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
300000
CY2022Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-44600000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-12786000
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
60851683
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
39063996
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.73
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.33
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
43000000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
45000000

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