2021 Q3 Form 10-Q Financial Statement

#000177947421000027 Filed on November 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $50.88M $46.51M $38.76M
YoY Change 9.42%
Cost Of Revenue $2.035M $2.109M $1.856M
YoY Change -3.51%
Gross Profit $48.85M $44.40M $36.90M
YoY Change 10.03%
Gross Profit Margin 96.0% 95.47% 95.21%
Selling, General & Admin $36.03M $20.29M $19.66M
YoY Change 77.56%
% of Gross Profit 73.75% 45.7% 53.29%
Research & Development $7.782M $6.923M $6.694M
YoY Change 12.41%
% of Gross Profit 15.93% 15.59% 18.14%
Depreciation & Amortization $980.0K
YoY Change
% of Gross Profit 2.01%
Operating Expenses $43.81M $159.0K $222.8K
YoY Change 27449.26% 19.01% 4356.54%
Operating Profit $4.061M $16.19M $9.551M
YoY Change -74.92% -12217.95% -191120.0%
Interest Expense $45.06K $2.146M
YoY Change -93.47%
% of Operating Profit 0.28% 22.47%
Other Income/Expense, Net -$300.0K -$662.0K -$158.0K
YoY Change -54.68%
Pretax Income $49.60M $15.53M $9.393M
YoY Change 219.37% 2723.64%
Income Tax $400.0K $0.00 $0.00
% Of Pretax Income 0.81% 0.0% 0.0%
Net Earnings $20.84M $15.53M $9.393M
YoY Change 34.16% 2707.69% -187960.0%
Net Earnings / Revenue 40.95% 33.39% 24.24%
Basic Earnings Per Share
Diluted Earnings Per Share $305.0K -$3.647K $46.89K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.94M $623.6K $665.2K
YoY Change 12396.79% -37.64%
Cash & Equivalents $77.94M $24.13M $12.81M
Short-Term Investments
Other Short-Term Assets $15.34M $89.13K $146.6K
YoY Change 17108.57% -70.29%
Inventory
Prepaid Expenses $89.13K $146.6K
Receivables $12.78M
Other Receivables $0.00
Total Short-Term Assets $106.1M $712.8K $811.8K
YoY Change 14779.58% -45.15%
LONG-TERM ASSETS
Property, Plant & Equipment $10.03M
YoY Change
Goodwill $45.66M
YoY Change
Intangibles $8.446M
YoY Change
Long-Term Investments $254.1M $254.1M
YoY Change 1.36%
Other Assets $6.787M
YoY Change
Total Long-Term Assets $256.6M $254.1M $254.1M
YoY Change 0.96% 1.37%
TOTAL ASSETS
Total Short-Term Assets $106.1M $712.8K $811.8K
Total Long-Term Assets $256.6M $254.1M $254.1M
Total Assets $362.6M $254.8M $254.9M
YoY Change 42.3% 1.13% 84860.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.362M $497.4K
YoY Change 1178.97%
Accrued Expenses $22.78M $437.5K
YoY Change 118.73%
Deferred Revenue $7.759M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.90M $497.4K $437.5K
YoY Change 7518.36% 551.11% 45.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $8.750M $8.750M
YoY Change -100.0% -0.57%
Total Long-Term Liabilities $0.00 $8.750M $8.750M
YoY Change -100.0% -0.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.90M $497.4K $437.5K
Total Long-Term Liabilities $0.00 $8.750M $8.750M
Total Liabilities $315.2M $9.247M $9.187M
YoY Change 3308.61% 4.77% 2962.49%
SHAREHOLDERS EQUITY
Retained Earnings $26.08M $2.969M $3.083M
YoY Change 778.4% 441.76%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.51M $5.000M $5.000M
YoY Change
Total Liabilities & Shareholders Equity $362.6M $254.8M $254.9M
YoY Change 42.3% 1.13% 84860.85%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $20.84M $15.53M $9.393M
YoY Change 34.16% 2707.69% -187960.0%
Depreciation, Depletion And Amortization $980.0K
YoY Change
Cash From Operating Activities $8.998M -$41.60K -$129.8K
YoY Change -21729.81% -88.44% 1197.5%
INVESTING ACTIVITIES
Capital Expenditures -$3.410M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$19.00M $0.00
YoY Change -100.0%
Cash From Investing Activities -$22.41M $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -315.0K 0.000 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities 8.998M -41.60K -129.8K
Cash From Investing Activities -22.41M 0.000
Cash From Financing Activities -315.0K 0.000 0.000
Net Change In Cash -13.73M -41.60K -129.8K
YoY Change 32897.6% -104.2%
FREE CASH FLOW
Cash From Operating Activities $8.998M -$41.60K -$129.8K
Capital Expenditures -$3.410M
Free Cash Flow $12.41M
YoY Change

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Business and Organization<div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">WM Technology, Inc. (the “Company”) is a technology and software infrastructure provider to retailers and brands in the U.S. state-legal and Canadian cannabis markets. The Company also provides information on the cannabis plant and the industry and advocates for legalization. The Weedmaps listings marketplace provides consumers with information regarding cannabis retailers and brands, as well as the strain, pricing, and other information regarding locally available cannabis products, through the Company’s website and mobile apps, permitting product discovery and reservation of products for pickup by consumers or delivery to consumers by participating retailers. The Company sells its offerings in the United States, and the Company has a limited number of non-monetized listings in several international countries including Austria, Canada, Germany, the Netherlands, Spain, and Switzerland. Through December 31, 2020, the Company offered standard listing subscription clients access to a listing page on weedmaps.com in addition to free access to its SaaS solutions, including WM Orders, WM Dispatch, WM Exchange, WM Retail and WM Store, along with its API integrations with third-party point-of-sale (“POS”) systems. For access to the orders functionality, beginning in September 2019, standard listing clients were also then required to pay a fixed services fee per delivery order submitted which the Company imposed regardless of whether the proposed order was canceled or completed. As of January 1, 2021, the Company migrated all standard listing subscription clients to its new WM Business subscription package. Under this new subscription package, all retailers continue to receive access to a standard listing page and SaaS solutions. In addition, the Company began including access to WM Dashboard and eliminated the technology services fee on delivery orders as part of the transition to the new WM Business subscription package. The Company operates in the United States, Canada, and other foreign jurisdictions where medical and/or adult use cannabis is legal under state or applicable national law. The Company is headquartered in Irvine, California.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Business Combination</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">WM Technology, Inc. was initially incorporated in the Cayman Islands on June 7, 2019 under the name “Silver Spike Acquisition Corp.” (“Silver Spike”). Silver Spike 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. On June 16, 2021 (the “Closing Date”), Silver Spike consummated the business combination (the “Business Combination”), pursuant to that certain Agreement and Plan of Merger, dated December 10, 2020 (the “Merger Agreement”), by and among Silver Spike, Silver Spike Merger Sub LLC, a Delaware limited liability company and a wholly owned direct subsidiary of Silver Spike Acquisition Corp. (“Merger Sub”), WM Holding Company, LLC, a Delaware limited liability company (when referred to in its pre-Business Combination capacity, “Legacy WMH” and following the Business Combination, “WMH LLC”), and Ghost Media Group, LLC, a Nevada limited liability company, solely in its capacity as the initial holder representative (the “Holder Representative”). On the Closing Date, and in connection with the closing of the Business Combination (the “Closing”), Silver Spike was domesticated and continues as a Delaware corporation, changing its name to WM Technology, Inc.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company was reorganized into an Up-C structure, in which substantially all of the assets and business of the Company are held by WMH LLC and continue to operate through WMH LLC and its subsidiaries, and WM Technology, Inc.’s material assets are the equity interests of WMH LLC indirectly held by it. Legacy WMH was determined to be the accounting acquirer in the Business Combination, which was accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States of America (“GAAP”). </span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”).</span></div>
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-15078000 USD
CY2021Q3 maps Net Income Loss Attributable To Noncontrolling Interest After Reverse Merger
NetIncomeLossAttributableToNoncontrollingInterestAfterReverseMerger
28370000 USD
maps Net Income Loss Attributable To Noncontrolling Interest After Reverse Merger
NetIncomeLossAttributableToNoncontrollingInterestAfterReverseMerger
33597000 USD
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
20835000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
25098000 USD
CY2021Q3 us-gaap Dilutive Securities
DilutiveSecurities
19618000 USD
us-gaap Dilutive Securities
DilutiveSecurities
35679000 USD
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1217000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-10581000 USD
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
95939 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares

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