$LOGC
ContextLogic Inc.

2024 Q4 Form 10-Q Financial Statement

#000095017024123378 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $0.00
YoY Change -100.0%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $0.00
YoY Change -100.0%
Gross Profit Margin
Selling, General & Admin $3.000M
YoY Change -94.64%
% of Gross Profit
Research & Development $0.00
YoY Change -100.0%
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $3.000M
YoY Change -96.81%
Operating Profit -$3.000M
YoY Change -96.25%
Interest Expense $2.000M
YoY Change -33.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.000M
YoY Change -98.7%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.000M
YoY Change -98.75%
Net Earnings / Revenue
Basic Earnings Per Share -$0.04
Diluted Earnings Per Share -$0.04
COMMON SHARES
Basic Shares Outstanding 26.29M 26.27M
Diluted Shares Outstanding 26.28M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.0M
YoY Change -66.29%
Cash & Equivalents $33.00M
Short-Term Investments $117.0M
Other Short-Term Assets $8.000M
YoY Change -70.37%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $158.0M
YoY Change -66.95%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $158.0M
Total Long-Term Assets $0.00
Total Assets $158.0M
YoY Change -67.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.000M
YoY Change -97.14%
Accrued Expenses $4.000M
YoY Change -95.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.000M
YoY Change -97.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.000M
Total Long-Term Liabilities $0.00
Total Liabilities $5.000M
YoY Change -97.73%
SHAREHOLDERS EQUITY
Retained Earnings -$3.328B
YoY Change 4.72%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $153.0M
YoY Change
Total Liabilities & Shareholders Equity $158.0M
YoY Change -67.89%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$1.000M
YoY Change -98.75%
Depreciation, Depletion And Amortization $0.00
YoY Change -100.0%
Cash From Operating Activities -$2.000M
YoY Change -97.67%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$68.00M
YoY Change -194.44%
Cash From Investing Activities -$68.00M
YoY Change -194.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -2.000M
Cash From Investing Activities -68.00M
Cash From Financing Activities 0.000
Net Change In Cash -70.00M
YoY Change 366.67%
FREE CASH FLOW
Cash From Operating Activities -$2.000M
Capital Expenditures $0.00
Free Cash Flow -$2.000M
YoY Change -97.67%

Facts In Submission

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us-gaap Use Of Estimates
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<p style="text-indent:5.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:5.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. These estimates form the basis for judgments the Company makes about the carrying values of its assets and liabilities that are not readily available from other sources. These estimates include, but are not limited to, fair value of financial instruments, useful lives of long-lived assets, fair value of derivative instruments, incremental borrowing rate applied to lease accounting, contingent liabilities, redemption probabilities associated with Wish Cash, allowances for refunds and chargebacks and uncertain tax positions.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p>
us-gaap Number Of Reportable Segments
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us-gaap Concentration Risk Credit Risk
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<p style="text-indent:5.733%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Concentrations of Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:5.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Credit Risk </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">— Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, and marketable securities. The Company’s cash and cash equivalents are held on deposit with creditworthy institutions. Although the Company’s deposits exceed federally insured limits, the Company has not experienced any losses in such accounts. The Company invests its excess cash in money market accounts, U.S. Treasury notes, U.S. Treasury bills, commercial paper, corporate bonds, and non-U.S. government securities. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and marketable securities for the amounts reflected on the condensed consolidated balance sheets. The Company’s investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer.</span></p><p style="text-indent:5.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">Following the Asset Sale, the Company only maintains bank accounts in the United States. The total cash balance in former bank accounts maintained in China represented approximately </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">49</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">% of the Company’s total cash and cash equivalents as of December 31, 2023.</span></p><p style="text-indent:5.733%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">Prior to the Asset Sale, the Company's derivative financial instruments exposed it to credit risk to the extent that the counterparties were unable to meet the terms of the arrangement. Following the Asset Sale, the Company did not have any derivative instruments as of September 30, 2024. Refer to Note 4 – Asset Sale for additional information on Asset Sale.</span></p><p style="text-indent:5.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">Prior to the Asset Sale, the Company was exposed to credit risk in the event of a default by its Payment Service Providers (“PSPs”)</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">. Following the Asset Sale, the Company did not have any funds receivable as of September 30, 2024. The two PSPs that represented more than 10% of the Company's fund receivable balance as of December 31, 2023, amounted to </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">57</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">28</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">%, in the order of magnitude. Refer to Note 4 – Asset Sale for additional information on Asset Sale.</span></p><p style="text-indent:5.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Services Risk </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">— Prior to the Asset Sale, the Company served all of its users using third-party data center and hosting providers. No significant interruptions of service were known to have occurred during the three and nine months ended September 30, 2024 and 2023. The Company does not have any service risk as of September 30, 2024 as the Company no longer has marketplace and logistics </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">operations as of the Asset Sale on April 19, 2024. Refer to Note 4 – Asset Sale for additional information on Asset Sale.</span></p>
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us-gaap Operating Lease Payments
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logc Number Of Putative Class Action Lawsuits
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logc Loss Contingency Number Of Cases Dismissed By Plaintiff
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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