$MAPS
WM TECHNOLOGY, INC.

2021 Q1 Form 10-Q Financial Statement

#000114036121017212 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $41.15M $0.00 $0.00
YoY Change
Cost Of Revenue $1.857M
YoY Change
Gross Profit $39.30M
YoY Change
Gross Profit Margin 95.49%
Selling, General & Admin $22.48M $0.00
YoY Change -100.0%
% of Gross Profit 57.21%
Research & Development $7.868M
YoY Change
% of Gross Profit 20.02%
Depreciation & Amortization $1.002M
YoY Change
% of Gross Profit 2.55%
Operating Expenses $737.8K $3.025M $457.6K
YoY Change 61.22% 572.17%
Operating Profit $7.944M -$457.6K
YoY Change -1835.95%
Interest Expense -$50.35M $2.280M
YoY Change -956.26%
% of Operating Profit
Other Income/Expense, Net $28.00K $2.280M
YoY Change -98.77%
Pretax Income $7.972M -$53.37M $1.822M
YoY Change 337.51% -1211.93%
Income Tax $200.0K
% Of Pretax Income 2.51%
Net Earnings $7.731M -$53.37M $3.809M
YoY Change 102.97% -1570.33%
Net Earnings / Revenue 18.79%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 -$1.708M $58.31K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.6K $312.7K $795.0K
YoY Change -87.34% -65.25%
Cash & Equivalents $19.60M $19.92M $795.0K
Short-Term Investments
Other Short-Term Assets $101.7K $30.83K $215.9K
YoY Change -52.89% -89.72%
Inventory
Prepaid Expenses $101.7K $30.83K $215.9K
Receivables $9.428M
Other Receivables
Total Short-Term Assets $202.3K $34.17M $1.011M
YoY Change -79.98% 2866.66%
LONG-TERM ASSETS
Property, Plant & Equipment $7.387M
YoY Change
Goodwill $3.961M
YoY Change
Intangibles $4.505M
YoY Change
Long-Term Investments $254.2M $254.2M $254.0M
YoY Change 0.08% 0.91%
Other Assets $3.874M
YoY Change
Total Long-Term Assets $254.2M $19.73M $254.0M
YoY Change 0.08% -92.17%
TOTAL ASSETS
Total Short-Term Assets $202.3K $34.17M $1.011M
Total Long-Term Assets $254.2M $19.73M $254.0M
Total Assets $254.4M $53.89M $255.0M
YoY Change -0.24% -78.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.550M $2.244M
YoY Change
Accrued Expenses $413.7K
YoY Change
Deferred Revenue $5.264M
YoY Change
Short-Term Debt $200.0K $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.750M $23.25M $413.7K
YoY Change 806.29% 23149.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $150.7M $1.374M $8.750M
YoY Change 1621.71% -93.75%
Total Long-Term Liabilities $150.7M $1.374M $8.750M
YoY Change 1621.71% -93.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.750M $23.25M $413.7K
Total Long-Term Liabilities $150.7M $1.374M $8.750M
Total Liabilities $154.4M $24.62M $9.164M
YoY Change 1584.9% 178.32%
SHAREHOLDERS EQUITY
Retained Earnings -$126.0M $0.00 $3.245M
YoY Change -3981.05% -100.0%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.000M $0.00 $5.000M
YoY Change
Total Liabilities & Shareholders Equity $254.4M $53.89M $255.0M
YoY Change -0.24% -78.7%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income $7.731M -$53.37M $3.809M
YoY Change 102.97% -1570.33%
Depreciation, Depletion And Amortization $1.002M
YoY Change
Cash From Operating Activities $10.59M -$310.9K -$99.60K
YoY Change -10729.94% 210.93%
INVESTING ACTIVITIES
Capital Expenditures $283.0K
YoY Change
Acquisitions $0.00
YoY Change
Other Investing Activities $14.49K $0.00
YoY Change
Cash From Investing Activities -$283.0K $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $14.49K $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$10.62M 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities $10.59M -310.9K -99.60K
Cash From Investing Activities -$283.0K 0.000 0.000
Cash From Financing Activities -$10.62M 0.000 0.000
Net Change In Cash -$315.0K -310.9K -99.60K
YoY Change 216.28% 210.93%
FREE CASH FLOW
Cash From Operating Activities $10.59M -$310.9K -$99.60K
Capital Expenditures $283.0K
Free Cash Flow $10.30M
YoY Change

Facts In Submission

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Concentration of Credit Risk</div><div>&#160;</div><div style="text-indent: 18pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</div></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Derivative Financial Instruments</div><div>&#160;</div><div style="text-indent: 18pt;">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, &#8220;Derivatives and Hedging&#8221;. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.</div></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Warrant Liability</div><div>&#160;</div><div style="text-indent: 18pt;">The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant&#8217;s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) 480, Distinguishing Liabilities from Equity (&#8220;ASC 480&#8221;) and ASC 815, Derivatives and Hedging (&#8220;ASC 815&#8221;). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company&#8217;s own ordinary shares and whether the warrant holders could potentially require &#8220;net cash settlement&#8221; in a circumstance outside of the Company&#8217;s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.</div><div>&#160;</div><div style="text-indent: 18pt;">For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations.</div><div>&#160;</div><div style="text-indent: 18pt;">For the three months ended March 31, 2021, the change in the fair market value of our warrant liability was $78,220,000.</div></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</div><div>&#160;</div><div style="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>&#160;</div><div style="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>&#160;</div><div style="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>&#160;</div><div style="text-indent: 18pt;">As of March 31, 2021, the Company had not commenced any operations. All activity through March 31, 2021 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>&#160;</div><div style="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>&#160;</div><div style="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>&#160;</div><div style="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>&#160;</div><div style="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>&#160;</div><div style="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>&#160;</div><div style="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>&#160;</div><div style="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>&#160;</div><div style="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>&#160;</div><div style="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>&#160;</div><div style="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>&#160;</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;).</div><div>&#160;</div><div style="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>&#160;</div><div style="font-weight: bold;">Liquidity and Going Concern</div><div>&#160;</div><div style="text-indent: 18pt;">As of March 31, 2021, the Company had $100,608 in its operating bank accounts, $254,202,898 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 $3,547,185. As of March 31, 2021, approximately $4,217,387 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>&#160;</div><div style="text-indent: 18pt;">&#160;On February 18, 2021, the Company issued an unsecured promissory note (the &#8220;Note&#8221;) in the amount of up to $750,000 to the Sponsor for general working capital purposes (see Note 5).</div><div>&#160;</div><div style="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>&#160;</div><div style="text-indent: 18pt;">&#160;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>&#160;</div><div style="font-weight: bold;">Risks and Uncertainties</div><div>&#160;</div><div style="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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CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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0
CY2021Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2020Q1 us-gaap Proceeds From Related Party Debt
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CY2021Q1 us-gaap Preferred Stock Shares Outstanding
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0
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CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
CY2021Q1 us-gaap Preferred Stock Shares Authorized
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CY2020Q4 us-gaap Preferred Stock Shares Authorized
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CY2021Q1 us-gaap Prepaid Expense Current
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CY2020Q4 us-gaap Prepaid Expense Current
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CY2021Q1 us-gaap Proceeds From Issuance Initial Public Offering
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CY2021Q1 dei Entity Interactive Data Current
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Yes
CY2021Q1 us-gaap Stockholders Equity
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CY2019Q4 us-gaap Stockholders Equity
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CY2020Q4 us-gaap Stockholders Equity
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CY2020Q1 us-gaap Stockholders Equity
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CY2021Q1 us-gaap Temporary Equity Net Income
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-11092
CY2020Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
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CY2021Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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95005712
CY2020Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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173948273
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q4 us-gaap Unrecognized Tax Benefits
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CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Use of Estimates</div><div>&#160;</div><div style="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 consolidated financial statements and the reported amounts of expenses during the reporting period.</div><div>&#160;</div><div style="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>
CY2021Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2021Q1 dei Amendment Flag
AmendmentFlag
false
CY2021Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2021Q1 dei Document Period End Date
DocumentPeriodEndDate
2021-03-31
CY2021Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
NJ
CY2021Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2021Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2021Q1 dei Entity Registrant Name
EntityRegistrantName
Silver Spike Acquisition Corp.
CY2021Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001779474
CY2021Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
CY2021Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2021Q1 dei Document Type
DocumentType
10-Q
CY2021Q1 dei Entity Shell Company
EntityShellCompany
true
CY2021Q1 sspk Notice Period To Redeem Warrants
NoticePeriodToRedeemWarrants
P30D
CY2021Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2021Q1 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2021Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2021Q1 sspk Deferred Underwriting Fee Payable Noncurrent
DeferredUnderwritingFeePayableNoncurrent
8750000
CY2020Q4 sspk Deferred Underwriting Fee Payable Noncurrent
DeferredUnderwritingFeePayableNoncurrent
8750000
CY2021Q1 sspk Trading Days Threshold
TradingDaysThreshold
P30D
CY2021Q1 sspk Number Of Trading Days
NumberOfTradingDays
P20D
CY2021Q1 sspk Stock Conversion Percentage Threshold
StockConversionPercentageThreshold
0.2
CY2020Q1 sspk Change In Value Of Ordinary Shares Subject To Possible Redemption
ChangeInValueOfOrdinarySharesSubjectToPossibleRedemption
1822104
CY2021Q1 sspk Change In Value Of Ordinary Shares Subject To Possible Redemption
ChangeInValueOfOrdinarySharesSubjectToPossibleRedemption
-78928072
CY2021Q1 sspk Financial Instruments Subject To Mandatory Redemption Settlement Terms Equity Impact Of Changes In Fair Value Of Shares On Amount
FinancialInstrumentsSubjectToMandatoryRedemptionSettlementTermsEquityImpactOfChangesInFairValueOfSharesOnAmount
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CY2020Q1 sspk Financial Instruments Subject To Mandatory Redemption Settlement Terms Equity Impact Of Changes In Fair Value Of Shares On Amount
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CY2021Q1 sspk Number Of Subsidiaries
NumberOfSubsidiaries
1
CY2019Q3 sspk Other Offering Costs
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CY2021Q1 sspk Interest Held To Pay Dissolution Expenses
InterestHeldToPayDissolutionExpenses
100000
CY2019Q3 sspk Underwriting Fees Deferred
UnderwritingFeesDeferred
8750000
CY2019Q3 sspk Underwriting Discount Fee Deferred
UnderwritingDiscountFeeDeferred
0.35
CY2019Q3 sspk Underwriting Discount Fee
UnderwritingDiscountFee
0.20
CY2021Q1 sspk Period To File Registration Statement
PeriodToFileRegistrationStatement
P15D
CY2021Q1 sspk Period To Exercise Warrants After Business Combination
PeriodToExerciseWarrantsAfterBusinessCombination
P30D
CY2021Q1 sspk Class Of Warrant Or Right Redemption Price Of Warrants Or Rights
ClassOfWarrantOrRightRedemptionPriceOfWarrantsOrRights
0.01
CY2021Q1 sspk Period For Registration Statement To Become Effective
PeriodForRegistrationStatementToBecomeEffective
P60D
CY2021Q1 sspk Limitation Period To Transfer Assign Or Sell Warrants
LimitationPeriodToTransferAssignOrSellWarrants
P30D
CY2021Q1 sspk Period To Exercise Warrants After Public Offerings
PeriodToExerciseWarrantsAfterPublicOfferings
P12M
CY2021Q1 sspk Working Capital Deficit
WorkingCapitalDeficit
3547185

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