2021 Q1 Form 10-Q Financial Statement
#000156459021029550 Filed on May 24, 2021
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 |
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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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Use Of Estimates
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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;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;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;">The preparation of these 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 these financial statements and the reported amounts of expenses during the reporting periods. Accordingly, the actual results could differ from those estimates.</p> | |
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DeferredOfferingCosts
|
0 | |
CY2021Q1 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2020Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2021Q1 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | |
CY2020Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | |
CY2021Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
0 | |
CY2020Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
0 | |
CY2021Q1 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
CY2020Q1 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
CY2021Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
CY2020 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
CY2021Q1 | dcrb |
Redemption Shares
RedemptionShares
|
17410551 | |
CY2020 | dcrb |
Redemption Shares
RedemptionShares
|
17521688 | |
CY2021Q1 | us-gaap |
Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
|
750000 | |
CY2021Q1 | dcrb |
Founder Shares Percentage
FounderSharesPercentage
|
0.200 | |
CY2021Q1 | us-gaap |
Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
|
750000 | |
CY2021Q1 | us-gaap |
Business Acquisition Description Of Acquired Entity
BusinessAcquisitionDescriptionOfAcquiredEntity
|
The Company’s initial stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of the Initial Business Combination or (B) subsequent to the Initial Business Combination, (x) if the last sale price of the Company’s Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. | |
CY2021Q1 | us-gaap |
Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
|
1984190 | |
CY2020Q4 | us-gaap |
Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
|
1324257 | |
CY2020Q4 | us-gaap |
Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
|
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. | |
CY2020Q4 | us-gaap |
Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
|
514500 | |
CY2021Q1 | us-gaap |
Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
|
0 | |
CY2020Q4 | us-gaap |
Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
|
0 | |
CY2021Q1 | us-gaap |
Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
|
10000 | |
CY2021Q1 | us-gaap |
Sponsor Fees
SponsorFees
|
30000 | |
CY2021Q1 | dcrb |
Underwriting Agreement Description
UnderwritingAgreementDescription
|
The underwriters are entitled to a deferred fee of $0.35 per Unit, or $7,900,376 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes an Initial Business Combination, subject to the terms of the underwriting agreement. | |
CY2021Q1 | us-gaap |
Sale Of Stock Price Per Share
SaleOfStockPricePerShare
|
0.35 | |
CY2021Q1 | us-gaap |
Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
|
7900376 | |
CY2021Q1 | us-gaap |
Business Acquisition Description Of Acquired Entity
BusinessAcquisitionDescriptionOfAcquiredEntity
|
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. | |
CY2021Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | |
CY2021Q1 | 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 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
CY2020Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
CY2021Q1 | us-gaap |
Warrant Exercise Price Increase
WarrantExercisePriceIncrease
|
11.50 | |
CY2021Q1 | us-gaap |
Business Acquisition Share Price
BusinessAcquisitionSharePrice
|
9.20 | |
CY2021Q1 | us-gaap |
Debt Instrument Redemption Price Percentage
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 |