$MAPS
WM TECHNOLOGY, INC.

2020 Form 10-K Financial Statement

#000114036121007696 Filed on March 09, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019 Q2
Revenue $161.8M $0.00
YoY Change 12.17%
Cost Of Revenue $7.630M
YoY Change 7.86%
Gross Profit $154.2M
YoY Change 12.4%
Gross Profit Margin 95.28%
Selling, General & Admin $81.84M $280.0K
YoY Change -14.93%
% of Gross Profit 53.09%
Research & Development $27.14M
YoY Change -7.98%
% of Gross Profit 17.61%
Depreciation & Amortization $3.978M
YoY Change -22.94%
% of Gross Profit 2.58%
Operating Expenses $3.864M $450.0K $5.000K
YoY Change -96.93%
Operating Profit $41.20M -$5.000K
YoY Change 555.29%
Interest Expense -$48.16M $5.880M
YoY Change -832.99%
% of Operating Profit -116.89%
Other Income/Expense, Net -$2.368M
YoY Change -55.66%
Pretax Income $38.83M $4.800M
YoY Change 4004.65%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $38.83M $3.630M -$5.000K
YoY Change -10454.67%
Net Earnings / Revenue 24.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.665M $0.13
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 2019 Q4 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $312.7K $900.0K
YoY Change -65.04%
Cash & Equivalents $4.968M $0.00
Short-Term Investments
Other Short-Term Assets $30.83K $300.0K
YoY Change -88.01%
Inventory
Prepaid Expenses $257.1K
Receivables
Other Receivables
Total Short-Term Assets $343.5K $1.152M
YoY Change -70.17%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $254.2M $251.9M
YoY Change 0.9%
Other Assets $300.0K
YoY Change
Total Long-Term Assets $254.2M $251.9M
YoY Change 0.9%
TOTAL ASSETS
Total Short-Term Assets $343.5K $1.152M
Total Long-Term Assets $254.2M $251.9M
Total Assets $254.5M $253.1M $300.0K
YoY Change 0.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.153M
YoY Change 3153.84%
Accrued Expenses $96.90K $200.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $100.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.153M $100.0K $300.0K
YoY Change 3153.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $72.43M $22.00M
YoY Change 229.08%
Total Long-Term Liabilities $72.43M $22.00M $0.00
YoY Change 229.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.153M $100.0K $300.0K
Total Long-Term Liabilities $72.43M $22.00M $0.00
Total Liabilities $75.58M $8.847M $300.0K
YoY Change 241.9%
SHAREHOLDERS EQUITY
Retained Earnings $1.618M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $178.9M $5.000M $0.00
YoY Change
Total Liabilities & Shareholders Equity $254.5M $253.1M $300.0K
YoY Change 0.57%

Cashflow Statement

Concept 2020 2019 Q4 2019 Q2
OPERATING ACTIVITIES
Net Income $38.83M $3.630M -$5.000K
YoY Change -10454.67%
Depreciation, Depletion And Amortization $3.978M
YoY Change -22.94%
Cash From Operating Activities $38.62M -$100.0K -$10.00K
YoY Change 513.5%
INVESTING ACTIVITIES
Capital Expenditures $1.311M
YoY Change -74.44%
Acquisitions $0.00
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.311M $0.00
YoY Change -74.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$22.36M 0.000 10.00K
YoY Change 1.77%
NET CHANGE
Cash From Operating Activities $38.62M -100.0K -10.00K
Cash From Investing Activities -$1.311M 0.000
Cash From Financing Activities -$22.36M 0.000 10.00K
Net Change In Cash $14.95M -100.0K 0.000
YoY Change -171.87%
FREE CASH FLOW
Cash From Operating Activities $38.62M -$100.0K -$10.00K
Capital Expenditures $1.311M
Free Cash Flow $37.31M
YoY Change 3099.74%

Facts In Submission

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-weight: bold;"><!--Anchor-->NOTE<!--Anchor--> 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">Silver Spike Acquisition Corp. (the &#8220;Company&#8221;) is a blank check company incorporated as a Cayman Islands exempted company on June 7, 2019. The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (&#8220;Business Combination&#8221;).</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">The Company is not limited to a particular industry or geographic region 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; text-indent: 18pt;">The Company has one subsidiary, Silver Spike Merger Sub LLC, a wholly-owned subsidiary of the Company incorporated in Delaware on December 7, 2020 (&#8220;Merger Sub&#8221;).</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">As of December 31, 2020, the Company had not commenced any operations. All activity through December 31, 2020 relates to the Company&#8217;s formation, the initial public offering (&#8220;Initial Public Offering&#8221;), which is described below, identifying a target company for a Business Combination, activities in connection with the proposed acquisition of WM Holding Company, LLC, a Delaware limited liability company (&#8220;WMH&#8221;) (see Note 6). The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates 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; text-indent: 18pt;">The registration statement for the Company&#8217;s Initial Public Offering was declared effective on August 7, 2019. On August 12, 2019, the Company consummated the Initial Public Offering of 25,000,000 units (the &#8220;Units&#8221; and, with respect to the Class A ordinary shares included in the Units sold, the &#8220;Public Shares&#8221;) at $10.00 per unit, generating gross proceeds of $250,000,000, which is described in Note 3.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 7,000,000 warrants (the &#8220;Private Placement Warrants&#8221;) at a price of $1.00 per Private Placement Warrant in a private placement to Silver Spike Sponsor, LLC (the &#8220;Sponsor&#8221;), generating gross proceeds of $7,000,000, which is described in Note 4.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">Transaction costs amounted to $14,413,362, consisting of $5,000,000 of underwriting fees, $8,750,000 of deferred underwriting fees and $663,362 of other offering costs.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">Following the closing of the Initial Public Offering on August 12, 2019, an amount of $250,000,000 ($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;) and invested 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 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of the Business Combination and (ii) the distribution of the funds in the Trust Account to the Company&#8217;s shareholders, as described below.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">The Company&#8217;s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Nasdaq rules provide that the Business Combination must be with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding any deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into a Business Combination. 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. There is no assurance that the Company will be able to successfully effect a Business Combination.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">The Company will provide its shareholders 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 shareholder 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 shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share) as of two business days prior to the completion of a Business Combination, including 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. The per-share amount to be distributed to shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 7). 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; text-indent: 18pt;">The Company will proceed with a Business Combination only if the Company has net tangible assets, after payment of the deferred underwriting commission, of at least $5,000,001 upon such completion of a Business Combination 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 (&#8220;SEC&#8221;), 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 Company&#8217;s 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 to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination or seek to sell any shares to the Company in a tender offer in connection with a Business Combination. Additionally, subject to the immediately succeeding paragraph, 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.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">If the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company&#8217;s Amended and Restated Memorandum and Articles of Association provides that 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 &#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 15% or more of the Public Shares without the Company&#8217;s prior written consent.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">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 not seek to sell its shares to the Company in any tender offer the Company undertakes in connection with its initial 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 redeem 100% of the Public Shares if the Company does not complete a Business Combination within 18 months from the closing of the Public Offering or (ii) with respect to any other provision relating to shareholders&#8217; rights or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment and (c) that the Founder Shares shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">The Company initially had until February 12, 2021 (the &#8220;Combination Period&#8221;) to consummate a Business Combination. 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 no more than 10 business days thereafter, redeem 100% of the outstanding 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 (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public shareholders&#8217; rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company&#8217;s board of directors, dissolve and liquidate, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. The underwriters have agreed to waive their rights to the deferred underwriting commission 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 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><br /></div><div style="text-indent: 18pt;">On January 13, 2021, the Company held an Extraordinary General Meeting in Lieu of an Annual General Meeting (the &#8220;Extraordinary General Meeting&#8221;) pursuant to which the Company&#8217;s shareholders approved extending the Combination Period from February 12, 2021 to July 10, 2021 (the &#8220;Extension Date&#8221;) (see Note 9).</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">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&#8217;s independent auditors) 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 trust assets, in each case net of the interest which may be withdrawn to pay taxes, 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;). 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&#8217;s independent auditors), 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.</div><div><br /></div><div style="text-align: justify; font-style: italic; font-weight: bold;">Liquidity and Going Concern</div><div style="text-align: justify;"><br /></div><div style="text-align: justify; text-indent: 18pt;">As of December 31, 2020, the Company had $312,707 in its operating bank accounts, $254,187,706 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its ordinary shares in connection therewith and working capital deficit of $2,809,430. As of December 31, 2020, approximately $4,188,000 of the amount on deposit in the Trust Account represented interest income, which is available to pay the Company&#8217;s tax obligations.</div><div style="text-align: justify; text-indent: 18pt;"><br /></div><div style="text-align: justify; text-indent: 18pt;">On February 18, 2021, the Company issued an unsecured convertible promissory note (the &#8220;Note&#8221;) in the amount of up to $750,000 to the Sponsor for general working capital purposes (see Note 9).</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">Until the consummation of a Business Combination, the Company will be using the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination.</div><div style="text-align: justify; text-indent: 18pt;"><br /></div><div style="text-align: justify; text-indent: 18pt;">The Company will need to raise additional capital through loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties. The Company&#8217;s officers, directors and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company&#8217;s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company&#8217;s ability to continue as a going concern through July 10, 2021, the date that the Company will be required to cease all operations, except for the purpose of winding up, if a Business Combination is not consummated. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.</div><div><br /></div><div style="text-align: justify; font-style: italic; font-weight: bold;">Risks and Uncertainties</div><div style="text-align: justify;"><br /></div><div style="text-align: justify; text-indent: 18pt;">Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company&#8217;s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</div></div>
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us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
245000000
CY2020 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0
CY2020 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
0
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
7000000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
237470
CY2020 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0
CY2020 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
237470
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1618159
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
16638
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
25000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
5000004
CY2019Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
239229796
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2019 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
5000001
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
0
us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
-1827973
CY2020 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
-2115410
CY2019Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
23740181
CY2020Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
23371338
CY2020Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
237628272
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">Use of Estimates</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">The preparation of the consolidated 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 financial statements and the reported amounts of expenses during the reporting period.</div><div><br /></div><div style="text-align: justify; text-indent: 18pt;">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>
CY2020Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7550632
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7111079
CY2020 dei Amendment Flag
AmendmentFlag
false
CY2020 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2020 dei Document Period End Date
DocumentPeriodEndDate
2020-12-31
CY2020 dei Entity Address State Or Province
EntityAddressStateOrProvince
NJ
CY2020 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2020 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2020 dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
CY2020 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2020Q2 dei Entity Public Float
EntityPublicFloat
253250000
CY2020 dei Entity Registrant Name
EntityRegistrantName
Silver Spike Acquisition Corp.
CY2020 dei Entity Central Index Key
EntityCentralIndexKey
0001779474
CY2020 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
CY2020 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2020 dei Document Type
DocumentType
10-K
CY2020 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2020 dei Entity Shell Company
EntityShellCompany
true
CY2020 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2020 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2020 dei Entity Small Business
EntitySmallBusiness
true
sspk Non Redeemable Net Income Loss
NonRedeemableNetIncomeLoss
-209814
CY2020 sspk Non Redeemable Net Income Loss
NonRedeemableNetIncomeLoss
-3716931
sspk Gain Loss On Investments Allocated To Temporary Equity
GainLossOnInvestmentsAllocatedToTemporaryEquity
106750
CY2020 sspk Gain Loss On Investments Allocated To Temporary Equity
GainLossOnInvestmentsAllocatedToTemporaryEquity
4420
CY2020 sspk Investment Income Interest Temporary Equity
InvestmentIncomeInterestTemporaryEquity
2110990
CY2020 sspk Financial Instruments Subject To Mandatory Redemption Settlement Terms Equity Impact Of Changes In Fair Value Of Shares On Amount
FinancialInstrumentsSubjectToMandatoryRedemptionSettlementTermsEquityImpactOfChangesInFairValueOfSharesOnAmount
1601524
CY2020 sspk Period To Exercise Warrants After Business Combination
PeriodToExerciseWarrantsAfterBusinessCombination
P30D
CY2020 sspk Notice Period To Redeem Warrants
NoticePeriodToRedeemWarrants
P30D
CY2020 sspk Trading Days Threshold
TradingDaysThreshold
P30D
CY2020 sspk Period To File Registration Statement
PeriodToFileRegistrationStatement
P15D
CY2020 sspk Period For Registration Statement To Become Effective
PeriodForRegistrationStatementToBecomeEffective
P60D
CY2020 sspk Limitation Period To Transfer Assign Or Sell Warrants
LimitationPeriodToTransferAssignOrSellWarrants
P30D
sspk Investment Income Interest Temporary Equity
InvestmentIncomeInterestTemporaryEquity
1721223
CY2020 sspk Other Nonoperating Income Temporary Equity
OtherNonoperatingIncomeTemporaryEquity
2115410
sspk Other Nonoperating Income Temporary Equity
OtherNonoperatingIncomeTemporaryEquity
1827973
CY2020Q4 sspk Working Capital Deficit
WorkingCapitalDeficit
2809430
CY2020 sspk Initial Classification Of Shares Subject To Possible Redemption
InitialClassificationOfSharesSubjectToPossibleRedemption
0
sspk Initial Classification Of Shares Subject To Possible Redemption
InitialClassificationOfSharesSubjectToPossibleRedemption
237606630
sspk Offering Costs Paid Directly From Proceeds From Issuance Of Shares
OfferingCostsPaidDirectlyFromProceedsFromIssuanceOfShares
25000
CY2020 sspk Offering Costs Paid Directly From Proceeds From Issuance Of Shares
OfferingCostsPaidDirectlyFromProceedsFromIssuanceOfShares
0
sspk Change In Value Of Ordinary Shares Subject To Possible Redemption
ChangeInValueOfOrdinarySharesSubjectToPossibleRedemption
1623166
CY2020 sspk Change In Value Of Ordinary Shares Subject To Possible Redemption
ChangeInValueOfOrdinarySharesSubjectToPossibleRedemption
-1601524
CY2020 sspk Deferred Underwriting Fee
DeferredUnderwritingFee
0
sspk Deferred Underwriting Fee
DeferredUnderwritingFee
8750000
CY2020Q4 sspk Deferred Underwriting Fee Payable Noncurrent
DeferredUnderwritingFeePayableNoncurrent
8750000
CY2019Q4 sspk Deferred Underwriting Fee Payable Noncurrent
DeferredUnderwritingFeePayableNoncurrent
8750000
CY2020Q4 sspk Interest Held To Pay Dissolution Expenses
InterestHeldToPayDissolutionExpenses
100000
CY2019Q3 sspk Other Offering Costs
OtherOfferingCosts
663362
CY2020Q4 sspk Stock Conversion Percentage Threshold
StockConversionPercentageThreshold
0.2
CY2020 sspk Temporary Equity Weighted Average Number Of Share Outstanding Basic And Diluted
TemporaryEquityWeightedAverageNumberOfShareOutstandingBasicAndDiluted
23699368
sspk Temporary Equity Weighted Average Number Of Share Outstanding Basic And Diluted
TemporaryEquityWeightedAverageNumberOfShareOutstandingBasicAndDiluted
23754184
sspk Temporary Equity Earnings Per Share Basic And Diluted
TemporaryEquityEarningsPerShareBasicAndDiluted
0.08
CY2020 sspk Temporary Equity Earnings Per Share Basic And Diluted
TemporaryEquityEarningsPerShareBasicAndDiluted
0.09
sspk Forfeiture Of Shares Value
ForfeitureOfSharesValue
0
sspk Reclassifications Of Permanent To Temporary Equity Value
ReclassificationsOfPermanentToTemporaryEquityValue
239229796
sspk Class Of Warrants Or Right Issued In Private Placement Value
ClassOfWarrantsOrRightIssuedInPrivatePlacementValue
7000000
sspk Shares Issued In Initial Public Offering During Period Value New Issues
SharesIssuedInInitialPublicOfferingDuringPeriodValueNewIssues
235586638
CY2020 sspk Period To Exercise Warrants After Public Offerings
PeriodToExerciseWarrantsAfterPublicOfferings
P12M
CY2020Q4 sspk Class Of Warrant Or Right Redemption Price Of Warrants Or Rights
ClassOfWarrantOrRightRedemptionPriceOfWarrantsOrRights
0.01
CY2020 sspk Number Of Trading Days
NumberOfTradingDays
P20D
CY2019Q3 sspk Underwriting Fees Deferred
UnderwritingFeesDeferred
8750000
CY2019Q3 sspk Underwriting Discount Fee
UnderwritingDiscountFee
0.20
CY2019Q3 sspk Underwriting Discount Fee Deferred
UnderwritingDiscountFeeDeferred
0.35

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