Fast Radius, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021029543 Filed on May 24, 2021

View on sec.gov

Income Statement

Concept 2021 Q1

Balance Sheet

Concept 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $479.3K
YoY Change
Cash & Equivalents $479.3K
Short-Term Investments
Other Short-Term Assets $725.5K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.205M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $345.0M
YoY Change
Other Assets $626.2K
YoY Change
Total Long-Term Assets $345.8M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.205M
Total Long-Term Assets $345.8M
Total Assets $347.0M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $123.6K
YoY Change
Accrued Expenses $94.09K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $223.0K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $26.77M
YoY Change
Total Long-Term Liabilities $26.77M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $223.0K
Total Long-Term Liabilities $26.77M
Total Liabilities $35.92M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$33.93M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.882M
YoY Change
Total Liabilities & Shareholders Equity $347.0M
YoY Change

Cashflow Statement

Concept 2021 Q1

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q1 ck1832351 Franchise Tax Payable
FranchiseTaxPayable
50000
CY2021Q1 ck1832351 Accrued Offering Costs
AccruedOfferingCosts
44089
CY2020Q4 ck1832351 Accrued Offering Costs
AccruedOfferingCosts
269192
CY2021Q1 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
5274
CY2021Q1 ck1832351 Deferred Underwriting Commission Noncurrent
DeferredUnderwritingCommissionNoncurrent
12075000
CY2021Q1 us-gaap Liabilities
Liabilities
26990351
CY2021Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4998844
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
5000008
CY2021Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
346840609
CY2021Q1 ck1832351 Amount Payable To Sponsor For Reimbursement Miscellaneous Expenses
AmountPayableToSponsorForReimbursementMiscellaneousExpenses
5274
CY2021Q1 ck1832351 Percentage Of Payments Holders Entitled
PercentageOfPaymentsHoldersEntitled
0.02
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q1 ck1832351 Registration Of Default Percentage Per Month
RegistrationOfDefaultPercentagePerMonth
0.02
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q1 ck1832351 Number Of Fractional Shares Issued Upon Exercise Of Public Warrant
NumberOfFractionalSharesIssuedUponExerciseOfPublicWarrant
0
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q1 ck1832351 Warrants Exercisable Period After Completion Of Business Combination
WarrantsExercisablePeriodAfterCompletionOfBusinessCombination
P30D
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
235544
CY2021Q1 ck1832351 Franchise Tax Expense
FranchiseTaxExpense
50000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-285544
CY2021Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-9055313
CY2021Q1 ck1832351 Offering Costs Allocated To Derivative Warrant Liabilities
OfferingCostsAllocatedToDerivativeWarrantLiabilities
750742
CY2021Q1 us-gaap Net Investment Income
NetInvestmentIncome
9612
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
8028639
CY2021Q1 ck1832351 Public Sale Of Units After Deduction Of Fair Value Of Public Warrants
PublicSaleOfUnitsAfterDeductionOfFairValueOfPublicWarrants
332119425
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
18855685
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
41360
CY2021Q1 ck1832351 Adjustments To Additional Paid In Capital Forward Purchase Warrants
AdjustmentsToAdditionalPaidInCapitalForwardPurchaseWarrants
1508461
CY2021Q1 ck1832351 Temporary Equity Subject To Possible Redemption Value
TemporaryEquitySubjectToPossibleRedemptionValue
-314850250
CY2021Q1 us-gaap Profit Loss
ProfitLoss
8028639
CY2021Q1 ck1832351 General And Administrative Expenses Paid By Related Party
GeneralAndAdministrativeExpensesPaidByRelatedParty
11775
CY2021Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
725543
CY2021Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
626153
CY2021Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
123625
CY2021Q1 ck1832351 Increase Decrease In Franchise Tax Payable
IncreaseDecreaseInFranchiseTaxPayable
50000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1451840
CY2021Q1 us-gaap Payments To Acquire Trust Preferred Investments
PaymentsToAcquireTrustPreferredInvestments
345000000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-345000000
CY2021Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
338100000
CY2021Q1 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
9400000
CY2021Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
182875
CY2021Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
410964
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
346906161
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
454321
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
24980
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
479301
CY2021Q1 ck1832351 Initial Classification Of Class A Common Stock Subject To Possible Redemption
InitialClassificationOfClassACommonStockSubjectToPossibleRedemption
306070895
CY2021Q1 ck1832351 Change In Value Of Class A Ordinary Shares Subject To Possible Redemption
ChangeInValueOfClassAOrdinarySharesSubjectToPossibleRedemption
8779355
CY2021Q1 ck1832351 Warrant Liabilities In Connection With Initial Public Offering Private Placement And Forward Purchase Agreement
WarrantLiabilitiesInConnectionWithInitialPublicOfferingPrivatePlacementAndForwardPurchaseAgreement
23747676
CY2020Q4 ck1832351 Deferred Offering Costs In Accrued Offering Costs And Accounts Payable
DeferredOfferingCostsInAccruedOfferingCostsAndAccountsPayable
369379
CY2021Q1 ck1832351 Deferred Offering Costs Paid Through Promissory Note Related Party
DeferredOfferingCostsPaidThroughPromissoryNoteRelatedParty
176374
CY2021Q1 ck1832351 Deferred Underwriting Commission
DeferredUnderwritingCommission
12075000
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.12%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed 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 condensed financial statements and the reported amounts of expenses during the reporting period.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.12%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 condensed 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.</p>
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentrations of Credit Risk</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.12%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentration 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. At March 31, 2021, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p>
CY2021Q1 ck1832351 Warrants Exercisable Period From Closing Of Initial Public Offering
WarrantsExercisablePeriodFromClosingOfInitialPublicOffering
P12M
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q1 ck1832351 Maximum Number Of Business Days After Closing Of Initial Business Combination To File With Sec And Have An Effective Registration Statement
MaximumNumberOfBusinessDaysAfterClosingOfInitialBusinessCombinationToFileWithSECAndHaveAnEffectiveRegistrationStatement
P20D
CY2021Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2020-10-29
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
345000000
CY2021Q1 ck1832351 Initial Public Offering Costs
InitialPublicOfferingCosts
19606427
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
18855685
CY2021Q1 ck1832351 Offering Costs Allocated To Derivative Warrant Liabilities
OfferingCostsAllocatedToDerivativeWarrantLiabilities
750742
CY2021Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2021Q1 ck1832351 Underwriters Deferred Discount
UnderwritersDeferredDiscount
12075000
CY2021Q1 ck1832351 Redeemable Percentage Of Public Shares
RedeemablePercentageOfPublicShares
1.00
CY2021Q1 ck1832351 Business Combination Maximum Completion Period
BusinessCombinationMaximumCompletionPeriod
P24M
CY2021Q1 ck1832351 Minimum Required Percentage Of Net Assets Held In Trust Account
MinimumRequiredPercentageOfNetAssetsHeldInTrustAccount
0.80
CY2021Q1 ck1832351 Minimum Target Percentage Of Outstanding Voting Securities
MinimumTargetPercentageOfOutstandingVotingSecurities
0.50
CY2021Q1 ck1832351 Minimum Amount Of Initial Public Offering Private Placement Warrants Held In Trust Account Per Unit
MinimumAmountOfInitialPublicOfferingPrivatePlacementWarrantsHeldInTrustAccountPerUnit
10.00
CY2021Q1 ck1832351 Money Market Funds Maturity Period
MoneyMarketFundsMaturityPeriod
P185D
CY2021Q1 ck1832351 Minimum Net Tangible Assets
MinimumNetTangibleAssets
5000001
CY2021Q1 ck1832351 Maximum Amount Of Interest To Pay Dissolution Expenses
MaximumAmountOfInterestToPayDissolutionExpenses
100000
CY2021Q1 ck1832351 Residual Assets Remaining Available For Distribution Price Per Share Initially Held In Trust Account
ResidualAssetsRemainingAvailableForDistributionPricePerShareInitiallyHeldInTrustAccount
10.00
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
479301
CY2021Q1 ck1832351 Working Capital
WorkingCapital
981856
CY2021Q1 ck1832351 Proceeds From Sale Of Founder Shares
ProceedsFromSaleOfFounderShares
25000
CY2021Q1 ck1832351 Advances From Sponsor
AdvancesFromSponsor
182875
CY2021Q1 ck1832351 Maximum Working Capital Loans Convertible Into Warrants
MaximumWorkingCapitalLoansConvertibleIntoWarrants
1500000
CY2021Q1 ck1832351 Working Capital Loans Convertible Price Per Warrant
WorkingCapitalLoansConvertiblePricePerWarrant
1.50
CY2021Q1 ck1832351 Borrowings Under Working Capital Loans
BorrowingsUnderWorkingCapitalLoans
0
CY2021Q1 us-gaap Cash
Cash
1991625
CY2021Q1 ck1832351 Warrant Proceeds Receivable
WarrantProceedsReceivable
846000
CY2021Q1 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
344154000
CY2021Q1 us-gaap Assets
Assets
346991625
CY2021Q1 ck1832351 Accrued Offering Costs
AccruedOfferingCosts
98052
CY2021Q1 ck1832351 Warrant Liabilities
WarrantLiabilities
23747676
CY2021Q1 ck1832351 Deferred Underwriting Compensation Noncurrent
DeferredUnderwritingCompensationNoncurrent
12075000
CY2021Q1 us-gaap Liabilities
Liabilities
35920728
CY2021Q1 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
306070895
CY2021Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2021Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
5749492
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-750742
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
5000002
CY2021Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
346991625
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q1 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
1125000
CY2021Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
12.00
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2021Q1 ck1832351 Warrant Expiration Period After Completion Of Business Combination Or Earlier Upon Redemption Or Liquidation
WarrantExpirationPeriodAfterCompletionOfBusinessCombinationOrEarlierUponRedemptionOrLiquidation
P5Y
CY2021Q1 ck1832351 Warrants Will Not Be Transferable Assignable Or Saleable Until Number Of Period After Completion Of Business Combination
WarrantsWillNotBeTransferableAssignableOrSaleableUntilNumberOfPeriodAfterCompletionOfBusinessCombination
P30D
CY2021Q1 ck1832351 Initial Business Combination Period
InitialBusinessCombinationPeriod
P150D
CY2021Q1 ck1832351 Trading Day Period
TradingDayPeriod
P30D
CY2021Q1 ck1832351 Sale Of Common Stock Per Share Trading Days
SaleOfCommonStockPerShareTradingDays
P20D
CY2021Q1 ck1832351 Warrant Liabilities
WarrantLiabilities
14692363
CY2021Q1 ck1832351 Public Warrants Threshold Waiting Period
PublicWarrantsThresholdWaitingPeriod
P52D
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0

Files In Submission

Name View Source Status
0001564590-21-029543-index-headers.html Edgar Link pending
0001564590-21-029543-index.html Edgar Link pending
0001564590-21-029543.txt Edgar Link pending
0001564590-21-029543-xbrl.zip Edgar Link pending
ck1832351-10q_20210331.htm Edgar Link pending
ck1832351-20210331.xml Edgar Link completed
ck1832351-20210331.xsd Edgar Link pending
ck1832351-20210331_cal.xml Edgar Link unprocessable
ck1832351-20210331_def.xml Edgar Link unprocessable
ck1832351-20210331_lab.xml Edgar Link unprocessable
ck1832351-20210331_pre.xml Edgar Link unprocessable
ck1832351-ex311_9.htm Edgar Link pending
ck1832351-ex312_8.htm Edgar Link pending
ck1832351-ex321_7.htm Edgar Link pending
ck1832351-ex322_6.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending