2021 Q1 Form 10-Q Financial Statement

#000156459021029550 Filed on May 24, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.146M $5.477M
YoY Change 307603.37%
% of Gross Profit
Research & Development $627.0K
YoY Change
% of Gross Profit
Depreciation & Amortization $100.0K
YoY Change
% of Gross Profit
Operating Expenses $3.773M $5.477M
YoY Change 307603.37%
Operating Profit -$3.773M -$859.00
YoY Change 439131.66%
Interest Expense -$4.588M -$15.49M
YoY Change
% of Operating Profit
Other Income/Expense, Net -$4.616M -$654.7K
YoY Change 208.31%
Pretax Income -$8.389M -$21.62M
YoY Change 9997.28%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$8.147M -$21.62M -$859.00
YoY Change 948328.41% 9997.28%
Net Earnings / Revenue
Basic Earnings Per Share -$0.05 -$859.00
Diluted Earnings Per Share -$0.05 -$802.3K $0.00
COMMON SHARES
Basic Shares Outstanding 166.2M shares
Diluted Shares Outstanding 166.2M shares 5.000M

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.77M $0.00
YoY Change
Cash & Equivalents $48.17M $17.14M
Short-Term Investments
Other Short-Term Assets $7.830M
YoY Change
Inventory $626.0K
Prepaid Expenses
Receivables $191.0K
Other Receivables $0.00
Total Short-Term Assets $56.42M $0.00
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $5.820M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.201M $225.7M
YoY Change
Total Long-Term Assets $170.2M $226.8M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $56.42M $0.00
Total Long-Term Assets $170.2M $226.8M
Total Assets $226.6M $226.8M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $591.0K $1.324M
YoY Change
Accrued Expenses $3.544M $3.573M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.703M $5.072M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $49.44M $0.00
YoY Change
Other Long-Term Liabilities $1.257M $41.50M
YoY Change
Total Long-Term Liabilities $50.70M $41.50M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.703M $5.072M
Total Long-Term Liabilities $50.70M $41.50M
Total Liabilities $47.54M $46.57M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$22.95M -$21.84M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.000M $5.000M $23.74K
YoY Change
Total Liabilities & Shareholders Equity $226.6M $226.8M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$8.147M -$21.62M -$859.00
YoY Change 948328.41% 9997.28%
Depreciation, Depletion And Amortization $100.0K
YoY Change
Cash From Operating Activities -$9.500M -$1.644M
YoY Change 41004.0%
INVESTING ACTIVITIES
Capital Expenditures $3.950M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$123.0K -$225.7M
YoY Change
Cash From Investing Activities -$4.073M -$225.7M
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 $44.60M 227.1M
YoY Change
NET CHANGE
Cash From Operating Activities -$9.500M -1.644M
Cash From Investing Activities -$4.073M -225.7M
Cash From Financing Activities $44.60M 227.1M
Net Change In Cash $31.03M -315.2K
YoY Change 7781.25%
FREE CASH FLOW
Cash From Operating Activities -$9.500M -$1.644M
Capital Expenditures $3.950M
Free Cash Flow -$13.45M
YoY Change

Facts In Submission

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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.85%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.85%;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 concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
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the Sponsor and affiliate of the Company’s chief executive officer advanced $600,000 to the Company to cover the purchase of additional Private Placement Warrants if the over-allotment is exercised in full. Simultaneously with the closing of the sale of the Over-allotment Units, the Company utilized the advance from the Sponsor and the affiliate of the Company’s chief executive officer to issue an additional 514,500 Private Placement Warrants at a price of $1.00 per Private Placement Warrant (see Note 2 for further information regarding the accounting treatment of the Private Placement Warrants). The over-allotment option expired on December 3, 2020, resulting in the return of $85,500 of the advancement not utilized. As of March 31, 2021 and December 31, 2020, there were no advances outstanding.
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the Company entered into a business combination agreement and plan of reorganization (the “Business Combination Agreement”) with DCRB Merger Sub Inc., a Delaware corporation and our wholly owned subsidiary (“Merger Sub”), and Hyzon Motors, Inc., a Delaware corporation (“Hyzon”), pursuant to which Merger Sub will be merged with and into Hyzon (the “Merger,” together with the other transactions related thereto, the “Proposed Transactions”), with Hyzon surviving the Merger as our wholly owned subsidiary. The parties expect the Proposed Transactions to be completed in the second quarter of 2021, subject to, among other things, the approval of the Proposed Transactions by the Company’s stockholders, satisfaction of the conditions stated in the Business Combination Agreement and other customary closing conditions.
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DebtInstrumentRedemptionPricePercentage
1.15
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2021Q1 dcrb Warrant Price
WarrantPrice
0.10
CY2021Q1 dcrb Common Stock Exceeds Price
CommonStockExceedsPrice
10.00
CY2021Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
338584
CY2021Q1 us-gaap Assets Held In Trust
AssetsHeldInTrust
225731056
CY2021Q1 dcrb Fair Value Of Assets And Liabilities Transferred Between Levels
FairValueOfAssetsAndLiabilitiesTransferredBetweenLevels
0

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