$FRGE
Forge Global Holdings, Inc.

2021 Q1 Form 10-Q Financial Statement

#000110465921077672 Filed on June 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1
Revenue $32.06M
YoY Change
Cost Of Revenue $976.0K
YoY Change
Gross Profit $31.08M
YoY Change
Gross Profit Margin 96.96%
Selling, General & Admin $271.9K
YoY Change
% of Gross Profit 0.87%
Research & Development $1.434M
YoY Change
% of Gross Profit 4.61%
Depreciation & Amortization $1.396M
YoY Change
% of Gross Profit 4.49%
Operating Expenses $28.85M
YoY Change
Operating Profit $2.226M
YoY Change
Interest Expense $21.19M
YoY Change
% of Operating Profit 951.92%
Other Income/Expense, Net -$1.296M
YoY Change
Pretax Income $930.0K
YoY Change
Income Tax -$8.000K
% Of Pretax Income -0.86%
Net Earnings $938.0K
YoY Change
Net Earnings / Revenue 2.93%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 61.60M shares
Diluted Shares Outstanding 116.3M shares

Balance Sheet

Concept 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.231M
YoY Change
Cash & Equivalents $1.200M
Short-Term Investments
Other Short-Term Assets $552.0K
YoY Change
Inventory
Prepaid Expenses $552.0K
Receivables
Other Receivables
Total Short-Term Assets $1.783M
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 $1.783M
Total Long-Term Assets $414.1M
Total Assets $415.9M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.26K
YoY Change
Accrued Expenses $93.45K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $144.7K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $33.89M
YoY Change
Total Long-Term Liabilities $33.89M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $144.7K
Total Long-Term Liabilities $33.89M
Total Liabilities $34.04M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $4.999M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.123M
YoY Change
Total Liabilities & Shareholders Equity $415.9M
YoY Change

Cashflow Statement

Concept 2021 Q1
OPERATING ACTIVITIES
Net Income $938.0K
YoY Change
Depreciation, Depletion And Amortization $1.396M
YoY Change
Cash From Operating Activities -$1.243M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$117.0K
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 -$2.431M
YoY Change
NET CHANGE
Cash From Operating Activities -$1.243M
Cash From Investing Activities -$117.0K
Cash From Financing Activities -$2.431M
Net Change In Cash -$3.791M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$1.243M
Capital Expenditures $0.00
Free Cash Flow -$1.243M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q1 motv Working Capital Loans Convertible Into Warrants
WorkingCapitalLoansConvertibleIntoWarrants
1500000
CY2021Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
KY
CY2021Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 us-gaap Assets Current
AssetsCurrent
1782513
CY2020Q4 us-gaap Assets Current
AssetsCurrent
2326255
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
414080084
CY2020Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
414020525
CY2021Q1 motv Transition Report
TransitionReport
false
CY2021Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q1 us-gaap Assets
Assets
415862597
CY2020Q4 us-gaap Assets
Assets
416346780
CY2021Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001827821
CY2021Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2021Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
CY2021Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2021Q1 dei Amendment Flag
AmendmentFlag
false
CY2021Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
51255
CY2020Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
961
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q1 dei Document Type
DocumentType
10-Q
CY2021Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2021Q1 dei Document Period End Date
DocumentPeriodEndDate
2021-03-31
CY2021Q1 dei Document Transition Report
DocumentTransitionReport
false
CY2021Q1 dei Entity Registrant Name
EntityRegistrantName
MOTIVE CAPITAL CORP
CY2021Q1 dei Entity File Number
EntityFileNumber
001-39794
CY2021Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
98-1561111
CY2021Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
7 World Trade Center, 250 Greenwich St., FL 47
CY2021Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
New York
CY2021Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
NY
CY2021Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
10007
CY2021Q1 dei City Area Code
CityAreaCode
212
CY2021Q1 dei Local Phone Number
LocalPhoneNumber
651-0200
CY2021Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2021Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2021Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2021Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2021Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2021Q1 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2021Q1 dei Entity Shell Company
EntityShellCompany
true
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1230502
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1674650
CY2021Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
552011
CY2020Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
651605
CY2021Q1 motv Accrued Liabilities Excluding Offering Costs Current
AccruedLiabilitiesExcludingOfferingCostsCurrent
93450
CY2020Q4 motv Accrued Liabilities Excluding Offering Costs Current
AccruedLiabilitiesExcludingOfferingCostsCurrent
415560
CY2021Q1 us-gaap Liabilities Current
LiabilitiesCurrent
144705
CY2020Q4 us-gaap Liabilities Current
LiabilitiesCurrent
416521
CY2021Q1 motv Deferred Underwriting Compensation Noncurrent
DeferredUnderwritingCompensationNoncurrent
14490000
CY2020Q4 motv Deferred Underwriting Compensation Noncurrent
DeferredUnderwritingCompensationNoncurrent
14490000
CY2021Q1 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
19402100
CY2020Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
40532280
CY2021Q1 us-gaap Liabilities
Liabilities
34036805
CY2020Q4 us-gaap Liabilities
Liabilities
55438801
CY2021Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
376825790
CY2020Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
355907970
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2020Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
16798022
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4998595
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-11799629
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
5000002
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
5000009
CY2021Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
415862597
CY2020Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
416346780
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
271926
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-271926
CY2021Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-21130180
CY2021Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
59559
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
20917813
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
5000009
CY2021Q1 motv Common Stock Subject To Possible Redemption Value
CommonStockSubjectToPossibleRedemptionValue
20917820
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
20917813
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
5000002
CY2021Q1 us-gaap Profit Loss
ProfitLoss
20917813
CY2021Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-21130180
CY2021Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
59559
CY2021Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-99594
CY2021Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
50294
CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-322110
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-444148
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-444148
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1674650
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1230502
CY2021Q1 motv Change In Value Of Common Stock Subject To Possible Redemption
ChangeInValueOfCommonStockSubjectToPossibleRedemption
20917820
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1—Description of Organization and Business Operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Motive Capital Corp (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on September 28, 2020 under the name of MCF2 Acquisition Corp. On November 5, 2020 the Company’s name was changed to Motive Capital Corp. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (a “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">As of March 31, 2021, the Company had not commenced any operations. Our entire activity from January 1, 2021 through March 31, 2021, was in preparation for an Initial Public Offering, and since our Initial Public Offering, our activity has been limited to the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after completion of its Initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds of its Initial Public Offering and Private Placement described below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The registration statement for the Company’s Initial Public Offering was declared effective on December 10, 2020. On December 15, 2020, the Company consummated the Initial Public Offering of 41,400,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”) which includes the full exercise by the underwriter of its over-allotment option in the amount of 5,400,000 Units, at $10.00 per Unit, generating gross proceeds of $414,000,000.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 7,386,667 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant in a private placement to Motive Capital Funds Sponsor, LLC (the “Sponsor”), generating gross proceeds of $11,080,000. Transaction costs amounted to $23,650,262, consisting of $8,280,000 of underwriting fees, $14,490,000 of deferred underwriting fees and $880,262 of other offering costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Following the closing of the Initial Public Offering on December 15, 2020, an amount of $414,000,000 ($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 “Trust Account”), and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earliest of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company’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. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account (excluding the amount of any deferred underwriting discount held in the Trust Account). The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company will provide the holders of the public shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their public shares upon the completion of the Business Combination, either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares, equal to the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the consummation of the Business Combination (initially anticipated to be $10.00 per Public Share), including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to certain limitations as described in the prospectus. The per-share amount to be distributed to the Public Shareholders who properly redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 and, if the Company seeks shareholder approval, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder 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. Additionally, each Public Shareholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Notwithstanding the foregoing, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Sponsor has agreed (a) to waive its redemption rights with respect to any 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 Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment 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 Trust Account and not previously released to pay taxes, divided by the number of then issued and outstanding Public Shares.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company will have until December 15, 2022 to consummate a Business Combination (the “Combination Period”). However, if the Company has not completed 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 100% of 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 and not previously released to us to pay our taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the rights of the Public Shareholders as shareholders (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’s remaining Public Shareholders and its Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands 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’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Sponsor has agreed to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares it will receive if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares, 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).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">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 (other than the Company’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 the lesser of (1) $10.00 per Public Share and (2) 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 Public Share, due to reductions in the value of trust assets, in each case net of the interest that may be withdrawn to pay taxes. This liability will not apply to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and as 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”). 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 (other than the Company’s independent registered public accounting firm), prospective target businesses or 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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Liquidity and Capital Resources</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">As of March 31, 2021, the Company had approximately $1.2 million in cash and working capital of approximately $1.6 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. As of March 31, 2021, the Company had no outstanding borrowings under the Working Capital Loans.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;">Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of an Initial Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective Initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Initial Business Combination.</p>
CY2021Q1 motv Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2020Q4 motv Transaction Costs
TransactionCosts
23650262
CY2020Q4 motv Sale Of Stock Underwriting Fees
SaleOfStockUnderwritingFees
8280000
CY2020Q4 motv Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
14490000
CY2020Q4 motv Sale Of Stock Other Offering Costs
SaleOfStockOtherOfferingCosts
880262
CY2021Q1 motv Thres Hold Minimum Aggregate Fair Market Value As Percentage Of Net Assets Held Intrust Account
ThresHoldMinimumAggregateFairMarketValueAsPercentageOfNetAssetsHeldIntrustAccount
0.80
CY2021Q1 motv Thres Hold Percentage Of Outstanding Voting Securities Of Target To Be Acquired By Post Transaction Company To Complete Business Combination
ThresHoldPercentageOfOutstandingVotingSecuritiesOfTargetToBeAcquiredByPostTransactionCompanyToCompleteBusinessCombination
0.50
CY2021Q1 motv Condition For Future Business Combination Threshold Net Tangible Assets
ConditionForFutureBusinessCombinationThresholdNetTangibleAssets
5000001
CY2021Q1 motv Redemption Limit Percentage Without Prior Consent
RedemptionLimitPercentageWithoutPriorConsent
15
CY2021Q1 motv Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
CY2021Q1 motv Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
CY2021Q1 motv Maximum Allowed Dissolution Expenses
MaximumAllowedDissolutionExpenses
100000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1200000
CY2021Q1 motv Working Capital
WorkingCapital
1600000
CY2021Q1 motv Warrants Price Per Unit
WarrantsPricePerUnit
1.50
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;font-weight:normal;">Use of Estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The preparation of unaudited condensed financial statements in conformity with GAAP requires the Company’s 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. 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 unaudited 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. One of the more significant accounting estimates included in these unaudited condensed financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates.</p>
CY2021Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;font-weight:normal;">Concentration of Credit Risk</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $250,000 and investments held in Trust Account. As of March 31, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
CY2021Q1 motv Federal Depository Insurance Coverage
FederalDepositoryInsuranceCoverage
250000
CY2021Q1 motv Forward Purchase Per Unit
ForwardPurchasePerUnit
10.00
CY2021Q1 motv Number Of Forward Purchase Units
NumberOfForwardPurchaseUnits
14000000
CY2021Q1 motv Forward Purchase Per Unit
ForwardPurchasePerUnit
10.00
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21186667
CY2021Q1 motv Number Of Forward Purchase Units
NumberOfForwardPurchaseUnits
14000000
CY2021Q1 motv Underwriting Cash Discount Per Unit
UnderwritingCashDiscountPerUnit
0.35
CY2021Q1 motv Aggregate Underwriter Cash Discount
AggregateUnderwriterCashDiscount
14490000
CY2021Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2021Q1 motv Threshold Period For Filling Registration Statement After Business Combination
ThresholdPeriodForFillingRegistrationStatementAfterBusinessCombination
P15D
CY2021Q1 motv Threshold Issue Price For Capital Raising Purposes In Connection With Closing Of Business Combination
ThresholdIssuePriceForCapitalRaisingPurposesInConnectionWithClosingOfBusinessCombination
9.20
CY2021Q1 motv Percentage Of Gross Proceeds On Total Equity Proceeds
PercentageOfGrossProceedsOnTotalEquityProceeds
0.60
CY2021Q1 motv Threshold Trading Days For Calculating Market Value
ThresholdTradingDaysForCalculatingMarketValue
20
CY2021Q1 motv Class Of Warrant Or Right Adjustment Of Exercise Price Of Warrants Or Rights Percent Based On Market Value And Newly Issued Price
ClassOfWarrantOrRightAdjustmentOfExercisePriceOfWarrantsOrRightsPercentBasedOnMarketValueAndNewlyIssuedPrice
1.15
CY2021Q1 motv Class Of Warrant Or Right Adjustment Of Redemption Price Of Warrants Or Rights Percent Based On Market Value And Newly Issued Price1
ClassOfWarrantOrRightAdjustmentOfRedemptionPriceOfWarrantsOrRightsPercentBasedOnMarketValueAndNewlyIssuedPrice1
1
CY2021Q1 motv Class Of Warrant Or Right Adjustment Of Redemption Price Of Warrants Or Rights Percent Based On Market Value And Newly Issued Price2
ClassOfWarrantOrRightAdjustmentOfRedemptionPriceOfWarrantsOrRightsPercentBasedOnMarketValueAndNewlyIssuedPrice2
1.80
CY2021Q1 motv Threshold Period For Not To Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination
ThresholdPeriodForNotToTransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P30D
CY2021Q1 motv Forward Purchase Shares
ForwardPurchaseShares
14000000
CY2021Q1 motv Forward Purchase Per Unit
ForwardPurchasePerUnit
10.00
CY2021Q1 motv Forward Purchase Amount
ForwardPurchaseAmount
140000000
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q1 motv Automatic Conversion Upon Business Combination Ratio Percentage
AutomaticConversionUponBusinessCombinationRatioPercentage
0.20
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
40532280
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
19402100
CY2021Q1 motv Forward Purchase Per Unit
ForwardPurchasePerUnit
10.00
CY2021Q1 motv Warrant Redemption Condition Minimum Share Price
WarrantRedemptionConditionMinimumSharePrice
18.00

Files In Submission

Name View Source Status
0001104659-21-077672-index-headers.html Edgar Link pending
0001104659-21-077672-index.html Edgar Link pending
0001104659-21-077672.txt Edgar Link pending
0001104659-21-077672-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
motv-20210331.xsd Edgar Link pending
motv-20210331x10q.htm Edgar Link pending
motv-20210331x10q_htm.xml Edgar Link completed
motv-20210331xex31d1.htm Edgar Link pending
motv-20210331xex31d2.htm Edgar Link pending
motv-20210331xex32d1.htm Edgar Link pending
motv-20210331xex32d2.htm Edgar Link pending
motv-20210331_cal.xml Edgar Link unprocessable
motv-20210331_def.xml Edgar Link unprocessable
motv-20210331_lab.xml Edgar Link unprocessable
motv-20210331_pre.xml Edgar Link unprocessable
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
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.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