$BFLY
Butterfly Network, Inc.

2020 Q2 Form 10-Q Financial Statement

#000114036120018475 Filed on August 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q2
Revenue $11.79M
YoY Change
Cost Of Revenue $11.63M
YoY Change
Gross Profit $165.0K
YoY Change
Gross Profit Margin 1.4%
Selling, General & Admin $11.30M
YoY Change
% of Gross Profit 6846.06%
Research & Development $11.94M
YoY Change
% of Gross Profit 7236.36%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $23.24M
YoY Change
Operating Profit -$23.07M
YoY Change
Interest Expense $113.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$70.00K
YoY Change
Pretax Income -$23.23M
YoY Change
Income Tax $10.00K
% Of Pretax Income
Net Earnings -$23.24M
YoY Change
Net Earnings / Revenue -197.09%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.227K
COMMON SHARES
Basic Shares Outstanding 6.034M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $900.0K
YoY Change
Cash & Equivalents $73.43M
Short-Term Investments
Other Short-Term Assets $300.0K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.250M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $414.1M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $414.1M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.250M
Total Long-Term Assets $414.1M
Total Assets $415.3M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $67.67K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.60M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $14.60M
Total Long-Term Liabilities $0.00
Total Liabilities $14.56M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$64.10K
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$254.3M
YoY Change
Total Liabilities & Shareholders Equity $415.3M
YoY Change

Cashflow Statement

Concept 2020 Q2
OPERATING ACTIVITIES
Net Income -$23.24M
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$390.0K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$414.0M
YoY Change
Cash From Investing Activities -$414.0M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 415.3M
YoY Change
NET CHANGE
Cash From Operating Activities -390.0K
Cash From Investing Activities -414.0M
Cash From Financing Activities 415.3M
Net Change In Cash 910.0K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$390.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-weight: bold;">Concentration of Credit Risk</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">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. At June 30, 2020, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</div></div>
CY2020Q2 us-gaap Deferred Tax Assets Gross
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CY2020Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Income Tax Expense Benefit
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us-gaap Investment Income Interest
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us-gaap Nature Of Operations
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Longview Acquisition Corp. (the &#8220;Company&#8221;) was incorporated in Delaware on February 4, 2020. The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the &#8220;Business Combination&#8221;).</div><div><br /></div><div style="text-align: justify;">The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. 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.</div><div><br /></div><div style="text-align: justify;">As of June 30, 2020, the Company had not commenced any operations. All activity for the period from February 4, 2020 (inception) through June 30, 2020 relates to the Company&#8217;s formation and the initial public offering (&#8220;Initial Public Offering&#8221;), which is described below, and identifying 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.</div><div><br /></div><div style="text-align: justify;">The registration statements for the Company&#8217;s Initial Public Offering became effective on May 20, 2020. On May 26, 2020, the Company consummated the Initial Public Offering of 36,000,000 units (the &#8220;Units&#8221; and, with respect to the shares of common stock included in the Units sold, the &#8220;Public Shares&#8221;), generating gross proceeds of $360,000,000, which is described in Note 3.</div><div><br /></div><div style="text-align: justify;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 6,133,333 warrants (the &#8220;Private Placement Warrants&#8221;) at a price of $1.50 per Private Placement Warrant in a private placement to Longview Investors LLC (the &#8220;Sponsor&#8221;), generating gross proceeds of $9,200,000, which is described in Note 4.</div><div><br /></div><div style="text-align: justify;">Following the closing of the Initial Public Offering on May 26, 2020, an amount of $360,000,000 ($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 &#8220;Trust Account&#8221;) located in the United States and invested only 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 &#8220;Investment Company Act&#8221;), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company 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; (ii) the redemption of any Public Shares properly tendered in connection with a stockholder vote to amend the Company&#8217;s Amended and Restated Certificate of Incorporation (A) to modify the substance or timing of the Company&#8217;s obligation to allow redemption in connection with the Company&#8217;s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within 24 months from the closing of the Initial Public Offering or (B) with respect to any other provision relating to stockholders&#8217; rights or pre-initial business combination activity; and (iii) the distribution of the Trust Account, as described below.</div><div><br /></div><div style="text-align: justify;">On June 9, 2020, in connection with the underwriters&#8217; election to partially exercise their over-allotment option, the Company consummated the sale of an additional 4,000,000 Units at $10.00 per Unit, generating additional gross proceeds of $40,000,000.&#160;Simultaneously with the partial exercise of the over-allotment option, the Company sold an additional 533,333 Private Placement Warrants, at a purchase price of $1.50 per Private Placement Warrant, generating total gross proceeds of $800,000. A total of $40,000,000 of net proceeds were deposited in the Trust Account, bringing the aggregate proceeds held in the Trust Account to $400,000,000.</div><div><br /></div><div style="text-align: justify;">On June 26, 2020, the Company consummated the sale of an additional 1,400,000 Units at a price of $10.00 per Unit upon receiving notice of the underwriters&#8217; election to exercise their remaining over-allotment option, generating additional gross proceeds of $14,000,000. Simultaneously with the exercise of the remaining over-allotment option, the Company sold an additional 186,667 Private Placement Warrants, at a purchase price of $1.50 per Private Placement Warrant, generating gross proceeds of $280,000. A total of $14,000,000 of net proceeds were deposited in the Trust Account, bringing the aggregate proceeds held in the Trust Account to $414,000,000.</div><div><br /></div><div style="text-align: justify;">Transaction costs amounted to $23,491,852, consisting of $8,280,000 of underwriting fees (excluding the deferred portion), $14,490,000 of deferred underwriting fees and $721,852 of other offering costs.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">The Company&#8217;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. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete a Business Combination with one or more operating businesses or assets that together have an aggregate fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting commissions) at the time of the Company&#8217;s signing a definitive agreement in connection with its initial Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target business or assets sufficient for it not to be required to register as an investment company under the Investment Company Act.</div><div><br /></div><div style="text-align: justify;">The Company will provide its holders of the outstanding Public Shares (the &#8220;public stockholders&#8221;) 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 stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ($10.00 per Public Share, plus 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). There will be no redemption rights upon the completion of a Business Combination with respect to the Company&#8217;s warrants.</div><div><br /></div><div style="text-align: justify;">The Company will only proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 either prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by applicable law or stock exchange rules and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the &#8220;Amended and Restated Certificate of Incorporation&#8221;), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by applicable law or stock exchange rules, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder 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 during or after the Initial Public Offering in favor of approving a Business Combination and not to convert any shares in connection with a stockholder vote to approve a Business Combination or sell any shares to the Company in a tender offer in connection with a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the Initial transaction or do not vote at all.</div><div><br /></div><div style="text-align: justify;">Notwithstanding the above, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a &#8220;group&#8221; (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company.</div><div><br /></div><div style="text-align: justify;">The Sponsor has agreed (a) to waive its redemption rights with respect to its 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 Certificate of Incorporation (i) to modify the substance or timing of the Company&#8217;s obligation to allow redemption in connection with the Company&#8217;s initial Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination or (ii) with respect to any other provision relating to stockholders&#8217; rights or pre-initial business combination activity, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">The Company will have until May 26, 2022 to complete a Business Combination (the &#8220;Combination Period&#8221;). 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 not more than ten business days thereafter, redeem the 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 on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations (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 stockholders&#8217; rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company&#8217;s remaining stockholders and the Company&#8217;s board of directors, dissolve and liquidate, subject in each case to the Company&#8217;s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company&#8217;s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.</div><div><br /></div><div style="text-align: justify;">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 other 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).</div><div style="text-align: justify; text-indent: 18pt;"><br /></div><div style="text-align: justify;">In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party (other than the Company&#8217;s independent registered public accounting firm) for services rendered or products sold to the Company, or 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 the trust assets, in each case net of the interest which may be withdrawn to pay taxes (less up to $100,000 of interest to pay dissolution expenses), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company&#8217;s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). 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 (except the Company&#8217;s independent registered public accounting firm), prospective target businesses and 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.</div></div>
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us-gaap Use Of Estimates
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-weight: bold;">Use of Estimates</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">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 revenues and expenses during the reporting period.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">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 events. Accordingly, the actual results could differ significantly from those estimates.</div></div>
dei Amendment Flag
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dei Current Fiscal Year End Date
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--12-31
dei Document Period End Date
DocumentPeriodEndDate
2020-06-30
dei Entity Address State Or Province
EntityAddressStateOrProvince
NY
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Longview Acquisition Corp.
dei Entity Central Index Key
EntityCentralIndexKey
0001804176
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Type
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10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
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dei Entity Shell Company
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dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
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dei Entity Small Business
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lgvw Franchise And Income Tax Expenses
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CY2020Q2 lgvw Deferred Underwriting Fee Discount
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CY2020Q2 lgvw Payments To Invest Cash In Trust Account
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CY2020Q2 lgvw Payments To Invest Cash In Trust Account
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lgvw Initial Classification Of Common Stock Subject To Redemption
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lgvw Deferred Underwriting Commissions Assumed In Underwriting Agreement
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lgvw Limitation Period To Transfer Assign Or Sell Warrants
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Files In Submission

Name View Source Status
0001140361-20-018475-index-headers.html Edgar Link pending
0001140361-20-018475-index.html Edgar Link pending
0001140361-20-018475.txt Edgar Link pending
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