$MSPR
MSP Recovery, Inc.

2021 Q4 Form 10-K Financial Statement

#000114036122008247 Filed on March 08, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $190.0K $190.0K
YoY Change 10.47%
Gross Profit $14.44M $14.44M
YoY Change 5.26%
Gross Profit Margin
Selling, General & Admin $21.26M $21.26M
YoY Change 26.5%
% of Gross Profit 147.29% 147.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $507.0K $507.0K
YoY Change 40.83%
% of Gross Profit 3.51% 3.51%
Operating Expenses $1.282M $3.785M
YoY Change 157.12%
Operating Profit $13.15M -$3.785M
YoY Change 157.12%
Interest Expense $3.792M $6.992M
YoY Change 2722.18%
% of Operating Profit 28.83%
Other Income/Expense, Net $0.00 $6.992M
YoY Change -1285.88%
Pretax Income $2.510M $3.207M
YoY Change -255.53%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $2.510M $3.207M
YoY Change -255.53%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $85.38K $109.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $177.4K $177.4K
YoY Change -82.56%
Cash & Equivalents $177.4K $1.664M $11.88M
Short-Term Investments
Other Short-Term Assets $8.610K $8.610K
YoY Change -93.1%
Inventory
Prepaid Expenses $8.611K $124.8K
Receivables $4.070M
Other Receivables $0.00
Total Short-Term Assets $19.04M $186.0K $1.142M
YoY Change 1567.22% -83.71%
LONG-TERM ASSETS
Property, Plant & Equipment $750.0K $750.0K
YoY Change 22.55%
Goodwill
YoY Change
Intangibles $84.22M
YoY Change
Long-Term Investments $0.00 $230.0M
YoY Change 0.0%
Other Assets
YoY Change
Total Long-Term Assets $84.97M $230.0M $230.0M
YoY Change -63.06% 0.0%
TOTAL ASSETS
Total Short-Term Assets $19.04M $186.0K $1.142M
Total Long-Term Assets $84.97M $230.0M $230.0M
Total Assets $104.0M $230.2M $231.2M
YoY Change -55.01% -0.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.609M $4.609M
YoY Change 1058.04%
Accrued Expenses $3.985M $0.00 $1.164M
YoY Change 242.49% -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $54.06M $3.985M $1.169M
YoY Change 4524.78% 240.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.44M $14.44M
YoY Change -32.58%
Total Long-Term Liabilities $14.44M $14.44M
YoY Change -32.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.06M $3.985M $1.169M
Total Long-Term Liabilities $14.44M $14.44M
Total Liabilities $255.4M $18.42M $22.58M
YoY Change 1030.93% -18.42%
SHAREHOLDERS EQUITY
Retained Earnings -$18.23M -$21.43M
YoY Change -14.96%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$155.8M $211.8M -$21.43M
YoY Change
Total Liabilities & Shareholders Equity $104.0M $230.2M $231.2M
YoY Change -55.01% -0.41%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $2.510M $3.207M
YoY Change -255.53%
Depreciation, Depletion And Amortization $507.0K $507.0K
YoY Change 40.83%
Cash From Operating Activities -$175.7K -$847.7K
YoY Change 95.15%
INVESTING ACTIVITIES
Capital Expenditures -$631.0K -$631.0K
YoY Change 91.21%
Acquisitions
YoY Change
Other Investing Activities $0.00 $13.37K
YoY Change -100.01%
Cash From Investing Activities $0.00 $13.37K
YoY Change -100.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -5.450K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -175.7K -847.7K
Cash From Investing Activities 0.000 13.37K
Cash From Financing Activities 0.000 -5.450K
Net Change In Cash -175.7K -839.8K
YoY Change -182.56%
FREE CASH FLOW
Cash From Operating Activities -$175.7K -$847.7K
Capital Expenditures -$631.0K -$631.0K
Free Cash Flow $455.3K -$216.7K
YoY Change 107.59%

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<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <tr> <td style="width: 45pt; font-weight: bold; vertical-align: top; white-space: nowrap;">NOTE 1.</td> <td style="width: auto; text-align: justify; vertical-align: top;"> <div style="font-weight: bold;">DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</div> </td> </tr> </table> <div style="text-align: justify; margin-right: 14.55pt; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">Lionheart Acquisition Corporation II (formerly known as Lionheart Acquisition Corp.) (the “Company”) was incorporated in Delaware on December 23, 2019. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”).</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company is not limited to a particular industry or sector 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. The Company has one subsidiary, Lionheart II Holdings, LLC, a wholly owned subsidiary incorporated in Delaware on July 9, 2021.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2021, the Company had not commenced any operations. All activity for the period from December 23, 2019 (inception) through December 31, 2021 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, and, subsequent to the Initial Public Offering, identifying a target company for a Business Combination, in particular activities in connection with the potential acquisition of MSP Recovery (see Proposed Business Combination within Note 1). The Company will not generate any operating revenues until after the completion of its initial 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 style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">The registration statement for the Company’s Initial Public Offering was declared effective on August 12, 2020. On August 18, 2020, the Company consummated the Initial Public Offering of 20,000,000 units (the “Units” and, with respect to the shares of Class A common stock included in the Units sold, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $200,000,000, which is described in Note 3.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 650,000 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement to Lionheart Equities, LLC, a Delaware Limited Liability Company (the “Sponsor”), and Nomura Securities International, Inc. (“Nomura”), an underwriter in the Initial Public Offering, generating gross proceeds of $6,500,000, which is described in Note 4.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">Following the closing of the Initial Public Offering on August 18, 2020, an amount of $200,000,000 ($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 Units was placed in a trust account (the “Trust Account”) located in the United States and invested only 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 “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account, as described below.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">On August 20, 2020, the underwriters notified the Company of their intention to exercise their over-allotment option in full, resulting in an additional 3,000,000 Units issued on August 24, 2020 for $30,000,000. A total of $30,000,000 was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $230,000,000.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 14.55pt; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">Transaction costs amounted to $13,128,937 consisting of $4,600,000 of underwriting fees, $8,050,000 of deferred underwriting fees and $478,937 of other offering costs.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward completing a Business Combination. The Company must complete a Business Combination 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 the deferred underwriting commissions and taxes payable on interest 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 outstanding voting securities of the target or otherwise acquires a controlling interest in the target 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 complete a Business Combination successfully.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company will provide its stockholders 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 stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share, plus 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 public stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 immediately prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transactions is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Company’s Sponsor, officers and directors and Nomura have agreed to vote their Founder Shares (as defined in Note 5), Private Placement Shares (as defined in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against the proposed Business Combination.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder’s Shares, Private Placement Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Certificate of Incorporation that would affect the substance or timing of the ability of holders of the Public Shares to seek redemption in connection with a Business Combination or the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">As described in more detail within the Note 11, the Company will have until August 18, 2022 to complete a Business Combination (the “Combination Period”). 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 not more than <span style="-sec-ix-hidden:Fact_ed4d4181959149c7a3ad2a76ab71bc2c">ten business days</span> thereafter subject to lawfully available funds therefor, redeem 100% of the 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 on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">The Sponsor and Nomura have agreed to waive their liquidation rights with respect to the Private Placement Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders or any of their respective affiliates acquire Public Shares after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) 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 other 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 style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party 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 the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, 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, 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 style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Liquidity and Going Concern</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company has principally financed its operations from inception using proceeds from the sale of its equity securities to its stockholders prior to the Initial Public Offering and such amount of proceeds from the Initial Public Offering that were placed in an account outside of the Trust Account for working capital purposes. At December 31, 2021, the Company had cash outside the trust of $177,386 and working capital deficit of $3,785,966. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. On February 21, 2021, the Sponsor committed up to $750,000 in loans to the Company for continuing operations to consummate a business combination. The loans would be non-interest bearing, unsecured, and to be repaid upon the consummation of a business combination. On July 29, 2021, the Sponsor committed up to an additional $250,000 in loans to the Company for continuing operations to consummate a business combination. The loans would be non-interest bearing, unsecured, and to be repaid upon the consummation of a business combination. In the event that a business combination does not occur, then all loaned amounts under these commitments will be forgiven except to the extent that the Company has funds available to it outside the trust account. The Sponsor has committed an aggregate of $1,000,000 between these two commitments. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">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="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company will need to raise further additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors, or third parties. In addition to the loan commitment described herein, the Company’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’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’s ability to continue as a going concern through August 18, 2022, the Company’s liquidation date, and/or through twelve months from the issuance of these consolidated financial statements. These consolidated 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 style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Proposed Business Combination</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">On July 11, 2021, the Company entered into a Membership Interest Purchase Agreement (the “MIPA”) by and among the Company, Lionheart II Holdings, LLC, a newly formed wholly owned subsidiary of the Company (“Purchaser”), each limited liability company set forth on Schedule 2.1(a) thereto (the “MSP Purchased Companies”), the members of the MSP Purchased Companies listed on Schedule 2.1(b) thereto (the “Members”), and John H. Ruiz, as the representative of the Members.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">Subject to the terms and conditions set forth in the MIPA, including the approval of the Company’s stockholders, the parties thereto will enter into a business combination transaction (the “Business Combination”), pursuant to which, among other things, the Members will sell and assign all of their membership interests in the MSP Purchased Companies to Purchaser in exchange for non-economic voting shares of Class V common stock, par value $0.0001, of the Company (“Class V Common Stock”) and non-voting economic Class B Units of Purchaser (“Class B Units,” and each pair consisting of one share of Class V Common Stock and one Class B Unit, an “Up-C Unit”), with Up-C Units being exchangeable on a one-for-one basis for shares of the Company’s Class A common stock. Following the closing of the Business Combination (the “MIPA Closing”), the Company will own all of the voting Class A Units of Purchaser and the Members or their designees will own all of the non-voting economic Class B Units of Purchaser. Subject to the terms and conditions set forth in the MIPA, the aggregate consideration to be paid to the Members (or their designees) will consist of a number of (i) Up-C Units equal to (a) $32.5 billion divided by (b) $10.00 and (ii) rights to receive payments under the Tax Receivable Agreement (as defined below). Of the Up-C Units to be issued to certain Members at the MIPA Closing, 6,000,000 (the “Escrow Units”) will be deposited into an escrow account with Continental Stock Transfer and Trust, to satisfy potential indemnification claims brought pursuant to the MIPA. Additionally, in connection with the Business Combination, the Company intends, subject to compliance with applicable law, to declare a dividend comprising approximately 1,029,000,000 newly issued warrants, each to purchase one share of Class A common stock for an exercise price of $11.50 per share, conditioned upon the consummation of any redemptions by the Company’s stockholders and the MIPA, to the holders of record of Class A common stock as of the close of business on the date of the MIPA Closing, after giving effect to the waiver of the right to participate in such dividend by the Members.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">The MIPA contains customary representations, warranties and covenants by the parties thereto and the closing is subject to certain conditions as further described in the MIPA.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Risks and Uncertainties</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States and the World. As of the date the consolidated financial statements were issued, there was considerable uncertainty around the expected duration of this pandemic. The Company has concluded that while it is reasonably possible that COVID-19 could have a negative effect on identifying a target company for a Business Combination, 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>
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1
CY2021 icapu Condition For Future Business Combination Number Of Businesses Minimum
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1
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<div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Use of Estimates</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">The preparation of consolidated 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 the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">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 consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these consolidated financial statements is the determination of the fair value of warrant liabilities. Such estimates may be subject to change as more current information becomes available and accordingly, the actual results could differ significantly from those estimates.</div>
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<div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Concentration of Credit Risk</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">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>
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CY2021 icapu Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination Threshold Trading Days
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15000
CY2021 icapu Related Party Transaction Expenses For General And Administrative Services
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180000
CY2020 icapu Related Party Transaction Expenses For General And Administrative Services
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CY2020Q3 icapu Maximum Number Of Demands For Registration Of Securities
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3
CY2021Q4 us-gaap Deferred Tax Assets Unrealized Losses On Availablefor Sale Securities Gross
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0
CY2020Q4 us-gaap Deferred Tax Assets Unrealized Losses On Availablefor Sale Securities Gross
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0
CY2020Q1 us-gaap Preferred Stock Shares Authorized
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CY2020Q4 us-gaap Preferred Stock Shares Issued
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CY2021Q4 us-gaap Preferred Stock Shares Issued
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CY2021 icapu Stock Conversion Ratio
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1
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306991
CY2021Q4 icapu Deferred Tax Assets Organizational Costs And Startup Expenses
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803634
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856544
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306991
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0.001
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549553
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306781
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2020 icapu Effective Income Tax Rate Reconciliation Transaction Costs Attributable To Warrant Liabilities
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-0.085
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0.000
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0.024
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0.171
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-0.149
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CY2020 us-gaap Effective Income Tax Rate Continuing Operations
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