$OPAD
Offerpad Solutions Inc.

2021 Q1 Form 10-Q Financial Statement

#000119312521175681 Filed on May 28, 2021

View on sec.gov

Income Statement

Concept 2021 Q1
Revenue $284.0M
YoY Change -22.76%
Cost Of Revenue $250.4M
YoY Change
Gross Profit $33.54M
YoY Change 34.7%
Gross Profit Margin 11.81%
Selling, General & Admin $29.81M
YoY Change
% of Gross Profit 88.89%
Research & Development $2.283M
YoY Change
% of Gross Profit 6.81%
Depreciation & Amortization $100.0K
YoY Change
% of Gross Profit 0.3%
Operating Expenses $32.09M
YoY Change
Operating Profit $1.444M
YoY Change -120.57%
Interest Expense $1.918M
YoY Change
% of Operating Profit 132.83%
Other Income/Expense, Net -$1.677M
YoY Change
Pretax Income -$233.0K
YoY Change
Income Tax $0.00
% Of Pretax Income
Net Earnings -$233.0K
YoY Change -97.97%
Net Earnings / Revenue -0.08%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 58.57M
Diluted Shares Outstanding 58.57M

Balance Sheet

Concept 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $760.5K
YoY Change
Cash & Equivalents $26.41M
Short-Term Investments
Other Short-Term Assets $358.2K
YoY Change
Inventory
Prepaid Expenses $339.0K
Receivables
Other Receivables
Total Short-Term Assets $1.119M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $402.7M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $402.7M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.119M
Total Long-Term Assets $402.7M
Total Assets $403.8M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $82.16K
YoY Change
Accrued Expenses $3.158M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.308M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $55.44M
YoY Change
Total Long-Term Liabilities $55.44M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.308M
Total Long-Term Liabilities $55.44M
Total Liabilities $58.75M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$20.22M
YoY Change
Common Stock $25.21M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$142.6M
YoY Change
Total Liabilities & Shareholders Equity $403.8M
YoY Change

Cashflow Statement

Concept 2021 Q1
OPERATING ACTIVITIES
Net Income -$233.0K
YoY Change -97.97%
Depreciation, Depletion And Amortization $100.0K
YoY Change
Cash From Operating Activities -$48.11M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $990.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $1.042M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.39M
YoY Change
NET CHANGE
Cash From Operating Activities -48.11M
Cash From Investing Activities 1.042M
Cash From Financing Activities 25.39M
Net Change In Cash -21.68M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$48.11M
Capital Expenditures $990.0K
Free Cash Flow -$49.10M
YoY Change

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CY2021Q1 us-gaap Basis Of Accounting
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Basis of Presentation </div></div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the period presented. Operating results for the three months ended March&#160;31, 2021 are not necessarily indicative of the results that may be expected through December&#160;31, 2021. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">10-K/A</div> filed by the Company with the SEC on <div style="letter-spacing: 0px; top: 0px;;display:inline;">May 25, 2021.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of </div></div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Estimates </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of unaudited condensed 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. 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 unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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