Fast Radius, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021057908 Filed on November 22, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2021 Q1

Balance Sheet

Concept 2021 Q3 2021 Q2 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.2K $204.8K $479.3K
YoY Change
Cash & Equivalents $133.2K $204.8K $479.3K
Short-Term Investments
Other Short-Term Assets $725.5K $13.51K $725.5K
YoY Change
Inventory
Prepaid Expenses $725.5K
Receivables
Other Receivables
Total Short-Term Assets $858.7K $943.9K $1.205M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $345.0M $345.0M $345.0M
YoY Change
Other Assets $260.4K $565.1K $626.2K
YoY Change
Total Long-Term Assets $345.3M $345.6M $345.8M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $858.7K $943.9K $1.205M
Total Long-Term Assets $345.3M $345.6M $345.8M
Total Assets $346.1M $346.5M $347.0M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $195.4K $165.3K $123.6K
YoY Change
Accrued Expenses $1.355M $690.6K $94.09K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.070M $925.4K $223.0K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $24.49M $34.67M $26.77M
YoY Change
Total Long-Term Liabilities $24.49M $34.67M $26.77M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.070M $925.4K $223.0K
Total Long-Term Liabilities $24.49M $34.67M $26.77M
Total Liabilities $26.56M $35.60M $35.92M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$26.77M -$35.43M -$33.93M
YoY Change
Common Stock $1.362M $1.362M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$25.41M -$2.808M $9.882M
YoY Change
Total Liabilities & Shareholders Equity $346.1M $346.5M $347.0M
YoY Change

Cashflow Statement

Concept 2021 Q3 2021 Q2 2021 Q1

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
195396
CY2021Q3 us-gaap Assets Current
AssetsCurrent
858697
CY2020Q4 us-gaap Deferred Costs
DeferredCosts
369379
CY2021Q3 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
345026384
CY2021Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
260400
CY2021Q3 us-gaap Assets
Assets
346145481
ennv Sale Of Common Stock Per Share Trading Days
SaleOfCommonStockPerShareTradingDays
P20D
ennv Trading Day Period
TradingDayPeriod
P30D
ennv Maximum Number Of Business Days After Closing Of Initial Business Combination To File With Sec And Have An Effective Registration Statement
MaximumNumberOfBusinessDaysAfterClosingOfInitialBusinessCombinationToFileWithSECAndHaveAnEffectiveRegistrationStatement
P20D
CY2021Q3 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
399702
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1355257
CY2021Q3 ennv Franchise Tax Payable
FranchiseTaxPayable
119400
ennv General And Administrative Expenses Paid By Related Party
GeneralAndAdministrativeExpensesPaidByRelatedParty
11775
CY2021Q3 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
1362100
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-26774667
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
-25411704
CY2021Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
346145481
ennv Offering Costs Allocated To Derivative Liabilities
OfferingCostsAllocatedToDerivativeLiabilities
750743
ennv Offering Costs On Founder Shares Issued To Related Party
OfferingCostsOnFounderSharesIssuedToRelatedParty
1249759
CY2021Q3 us-gaap Net Investment Income
NetInvestmentIncome
4440
us-gaap Net Investment Income
NetInvestmentIncome
26384
CY2021Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-8535903
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-9926785
CY2021Q3 ennv Fair Value Adjustment Of Forward Purchase Agreement
FairValueAdjustmentOfForwardPurchaseAgreement
-1648750
ennv Fair Value Adjustment Of Forward Purchase Agreement
FairValueAdjustmentOfForwardPurchaseAgreement
-1408461
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
8654803
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
24980
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
41360
CY2021Q1 ennv Accretion Of Common Stock To Redemption Value
AccretionOfCommonStockToRedemptionValue
33244721
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
8028639
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-25149742
CY2021Q2 ennv Adjustments To Additional Paid In Capital Share Based And Offering Cost On Founder Shares Issued To Related Party And Directors Compensation Value
AdjustmentsToAdditionalPaidInCapitalShareBasedAndOfferingCostOnFounderSharesIssuedToRelatedPartyAndDirectorsCompensationValue
2647500
CY2021Q2 ennv Accretion Of Common Stock To Redemption Value
AccretionOfCommonStockToRedemptionValue
1285400
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-10278865
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-34066507
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
8654803
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
-25411704
us-gaap Profit Loss
ProfitLoss
6404577
ennv Fair Value Adjustment Of Warrants And Forward Purchase Agreement
FairValueAdjustmentOfWarrantsAndForwardPurchaseAgreement
-11335246
us-gaap Net Investment Income
NetInvestmentIncome
26384
ennv Offering Costs Allocated To Derivative Warrant Liabilities
OfferingCostsAllocatedToDerivativeWarrantLiabilities
750743
ennv Share Based Compensation And Offering Costs On Founder Shares Issued To Related Party And Directors
ShareBasedCompensationAndOfferingCostsOnFounderSharesIssuedToRelatedPartyAndDirectors
1397741
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
725543
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
260400
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
180397
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1339494
ennv Increase Decrease In Franchise Tax Payable
IncreaseDecreaseInFranchiseTaxPayable
119400
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
399702
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
338100000
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
9400000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
459933
CY2021Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
345000000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
188149
CY2021Q2 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
1362100
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2143446
us-gaap Payments To Acquire Trust Preferred Investments
PaymentsToAcquireTrustPreferredInvestments
345000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-345000000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
347251620
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
108174
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
24980
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
133154
ennv Deferred Underwriting Fees Payable
DeferredUnderwritingFeesPayable
12075000
ennv Deferred Offering Costs Included In Accounts Payable
DeferredOfferingCostsIncludedInAccountsPayable
14999
ennv Deferred Offering Costs Included In Accrued Expenses
DeferredOfferingCostsIncludedInAccruedExpenses
15763
ennv Deferred Offering Costs Paid Through Promissory Note Related Party
DeferredOfferingCostsPaidThroughPromissoryNoteRelatedParty
-176374
CY2021Q3 ennv Deferred Offering Costs In Accrued Offering Costs And Accounts Payable
DeferredOfferingCostsInAccruedOfferingCostsAndAccountsPayable
369379
ennv Offering Costs Associated With Founder Shares Issued To Related Party Included In Apic
OfferingCostsAssociatedWithFounderSharesIssuedToRelatedPartyIncludedInAPIC
2457259
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2020-10-29
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
345000000
CY2021Q1 ennv Initial Public Offering Costs
InitialPublicOfferingCosts
19606427
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
18855685
CY2021Q1 ennv Offering Costs Allocated To Derivative Warrant Liabilities
OfferingCostsAllocatedToDerivativeWarrantLiabilities
750743
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
345000000
CY2021Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2021Q1 ennv Underwriters Deferred Discount
UnderwritersDeferredDiscount
12075000
ennv Redeemable Percentage Of Public Shares
RedeemablePercentageOfPublicShares
1
ennv Business Combination Maximum Completion Period
BusinessCombinationMaximumCompletionPeriod
P24M
ennv Minimum Required Percentage Of Net Assets Held In Trust Account
MinimumRequiredPercentageOfNetAssetsHeldInTrustAccount
0.80
ennv Minimum Target Percentage Of Outstanding Voting Securities
MinimumTargetPercentageOfOutstandingVotingSecurities
0.50
ennv Minimum Amount Of Initial Public Offering Private Placement Warrants Held In Trust Account Per Unit
MinimumAmountOfInitialPublicOfferingPrivatePlacementWarrantsHeldInTrustAccountPerUnit
10.00
CY2021Q3 ennv Minimum Net Tangible Assets To Proceed With Business Combination
MinimumNetTangibleAssetsToProceedWithBusinessCombination
5000001
ennv Maximum Amount Of Interest To Pay Dissolution Expenses
MaximumAmountOfInterestToPayDissolutionExpenses
100000
ennv Redeemable Percentage Of Public Shares
RedeemablePercentageOfPublicShares
1
ennv Maximum Amount Of Interest To Pay Dissolution Expenses
MaximumAmountOfInterestToPayDissolutionExpenses
100000
ennv Residual Assets Remaining Available For Distribution Price Per Share Initially Held In Trust Account
ResidualAssetsRemainingAvailableForDistributionPricePerShareInitiallyHeldInTrustAccount
10.00
ennv Protection Of Amount Held In Trust Account Description
ProtectionOfAmountHeldInTrustAccountDescription
In order to protect the amounts held in the Trust Account, 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 a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) 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”).
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
133154
CY2021Q3 ennv Working Capital Deficit
WorkingCapitalDeficit
1211058
CY2021Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-35429470
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-34066507
CY2021Q2 ennv Adjustments To Additional Paid In Capital Share Based And Offering Cost On Founder Shares Issued To Related Party And Directors Compensation Value
AdjustmentsToAdditionalPaidInCapitalShareBasedAndOfferingCostOnFounderSharesIssuedToRelatedPartyAndDirectorsCompensationValue
2647500
CY2021Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
345000000
CY2021Q2 ennv Accretion Of Common Stock To Redemption Value
AccretionOfCommonStockToRedemptionValue
1285400
ennv Adjustments To Additional Paid In Capital Share Based And Offering Cost On Founder Shares Issued To Related Party And Directors Compensation Value
AdjustmentsToAdditionalPaidInCapitalShareBasedAndOfferingCostOnFounderSharesIssuedToRelatedPartyAndDirectorsCompensationValue
2647500
ennv Accretion Of Common Stock To Redemption Value
AccretionOfCommonStockToRedemptionValue
34530121
CY2021Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
345000000
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-25150605
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-25149742
CY2021Q1 ennv Accretion Of Common Stock To Redemption Value
AccretionOfCommonStockToRedemptionValue
33244721
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-33929966
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-33929103
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:3.91%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated 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 consolidated financial statements and the reported amounts of expenses during the reporting period.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.91%;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 consolidated 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>
CY2021Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q3 us-gaap Cash
Cash
133154
CY2021Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
ennv Accretion Of Common Stock To Redemption Value
AccretionOfCommonStockToRedemptionValue
34530121
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:3.91%;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 September 30, 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>
ennv Registration Of Default Percentage Per Month
RegistrationOfDefaultPercentagePerMonth
0.02
CY2021Q3 ennv Number Of Fractional Shares Issued Upon Exercise Of Public Warrant
NumberOfFractionalSharesIssuedUponExerciseOfPublicWarrant
0
ennv Warrants Exercisable Period After Completion Of Business Combination
WarrantsExercisablePeriodAfterCompletionOfBusinessCombination
P30D
ennv Warrants Exercisable Period From Closing Of Initial Public Offering
WarrantsExercisablePeriodFromClosingOfInitialPublicOffering
P12M
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
ennv Warrant Expiration Period After Completion Of Business Combination Or Earlier Upon Redemption Or Liquidation
WarrantExpirationPeriodAfterCompletionOfBusinessCombinationOrEarlierUponRedemptionOrLiquidation
P5Y
ennv Warrants Will Not Be Transferable Assignable Or Saleable Until Number Of Period After Completion Of Business Combination
WarrantsWillNotBeTransferableAssignableOrSaleableUntilNumberOfPeriodAfterCompletionOfBusinessCombination
P30D
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
1125000
CY2021Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
12.00
ennv Initial Business Combination Period
InitialBusinessCombinationPeriod
P150D
CY2021Q3 ennv Liability Related To Conversion Option
LiabilityRelatedToConversionOption
0
ennv Percentage Of Payments Holders Entitled
PercentageOfPaymentsHoldersEntitled
0.02
CY2021Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
12412430
ennv Public Warrants Threshold Waiting Period
PublicWarrantsThresholdWaitingPeriod
P52D
CY2021Q3 ennv Forward Purchase Agreement Purchase Price Upon Business Combination
ForwardPurchaseAgreementPurchasePriceUponBusinessCombination
10
CY2021Q3 ennv Fair Value Transfers Between Levels Amount
FairValueTransfersBetweenLevelsAmount
0

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