$OPAD
Offerpad Solutions Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020056174 Filed on December 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q3
Revenue $186.4M
YoY Change
Cost Of Revenue $166.6M
YoY Change
Gross Profit $19.77M
YoY Change
Gross Profit Margin 10.61%
Selling, General & Admin $20.05M
YoY Change
% of Gross Profit 101.46%
Research & Development $1.633M
YoY Change
% of Gross Profit 8.26%
Depreciation & Amortization $100.0K
YoY Change
% of Gross Profit 0.51%
Operating Expenses $21.69M
YoY Change
Operating Profit -$1.921M
YoY Change
Interest Expense $1.312M
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.023M
YoY Change
Pretax Income -$2.944M
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$2.944M
YoY Change
Net Earnings / Revenue -1.58%
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share -$0.05
COMMON SHARES
Basic Shares Outstanding 57.87M
Diluted Shares Outstanding 57.87M

Balance Sheet

Concept 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $35.95M
Short-Term Investments
Other Short-Term Assets $500.0K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $500.0K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets -$32.34K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $500.0K
Total Long-Term Assets -$32.34K
Total Assets $467.7K
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.45K
YoY Change
Accrued Expenses $293.4K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $100.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $432.9K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $432.9K
Total Long-Term Liabilities $0.00
Total Liabilities $467.9K
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$25.26K
YoY Change
Common Stock $23.99K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$142.4M
YoY Change
Total Liabilities & Shareholders Equity $467.7K
YoY Change

Cashflow Statement

Concept 2020 Q3
OPERATING ACTIVITIES
Net Income -$2.944M
YoY Change
Depreciation, Depletion And Amortization $100.0K
YoY Change
Cash From Operating Activities $0.00
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 0.000
Cash From Investing Activities
Cash From Financing Activities 0.000
Net Change In Cash 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities $0.00
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2020Q3 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2020Q3 us-gaap Deferred Costs
DeferredCosts
467656
CY2020Q3 us-gaap Assets
Assets
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CY2020Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
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CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
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CY2020Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
16488
CY2020Q3 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
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CY2020Q3 us-gaap Liabilities Current
LiabilitiesCurrent
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CY2020Q3 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
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CY2020Q3 us-gaap Liabilities
Liabilities
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CY2020Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q3 dei Entity File Number
EntityFileNumber
001-39641
CY2020Q3 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2020Q3 dei Document Transition Report
DocumentTransitionReport
false
CY2020Q3 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
85-2800538
CY2020Q3 dei Entity Address Address Line1
EntityAddressAddressLine1
4301 50th Street NW
CY2020Q3 dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 300, PMB 1044
CY2020Q3 dei Entity Address City Or Town
EntityAddressCityOrTown
Washington
CY2020Q3 dei Entity Address State Or Province
EntityAddressStateOrProvince
DC
CY2020Q3 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
20016
CY2020Q3 dei City Area Code
CityAreaCode
202
CY2020Q3 dei Local Phone Number
LocalPhoneNumber
918-7050
CY2020Q3 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
23994
CY2020Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
467656
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2020Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2020Q3 us-gaap Preferred Stock Shares Outstanding
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CY2020Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2020Q3 us-gaap Franchisor Costs
FranchisorCosts
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CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8750000
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2020Q3 us-gaap Profit Loss
ProfitLoss
-25256
CY2020Q3 spnv General And Administrative Expenses Paid By Sponsor Under Note Payable
GeneralAndAdministrativeExpensesPaidBySponsorUnderNotePayable
1568
CY2020Q3 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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CY2020Q3 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
16488
CY2020Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
0
CY2020Q3 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
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CY2020Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
0
CY2020Q3 spnv Non Cash Deferred Offering Costs Paid By Sponsor
NonCashDeferredOfferingCostsPaidBySponsor
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CY2020Q3 spnv Non Cash Deferred Offering Costs Included In Accrued Expenses
NonCashDeferredOfferingCostsIncludedInAccruedExpenses
286175
CY2020Q3 spnv Non Cash Deferred Offering Costs Included In Accounts Payable
NonCashDeferredOfferingCostsIncludedInAccountsPayable
24450
CY2020Q3 spnv Non Cash Deferred Legal Fees
NonCashDeferredLegalFees
35000
CY2020Q3 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:10pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000. At October&#160;23, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account.</p>
CY2020Q3 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of estimates</p> <p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:10pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">The preparation of financial statements in conformity with U.S. GAAP requires the Company&#8217;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 financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</font></p>
CY2020Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2020Q3 spnv Description Of Public Warrant
DescriptionOfPublicWarrant
Each Unit consists of one share of Class A common stock, and one-third of one redeemable warrant
CY2020Q3 spnv Underwriting Discount Per Unit
UnderwritingDiscountPerUnit
0.20
CY2020Q3 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
8100000
CY2020Q3 spnv Percentage Of Fair Market Value Of Acquisition Required Of Net Assets Held In Trust Account
PercentageOfFairMarketValueOfAcquisitionRequiredOfNetAssetsHeldInTrustAccount
0.80
CY2020Q3 spnv Minimum Percentage Of Ownership Required Post Transaction
MinimumPercentageOfOwnershipRequiredPostTransaction
0.50
CY2020Q3 us-gaap Restricted Investments Percent Of Net Assets
RestrictedInvestmentsPercentOfNetAssets
0.15
CY2020Q3 spnv Business Combination Completion Period
BusinessCombinationCompletionPeriod
P24M
CY2020Q3 spnv Maximum Per Share Value Of Residual Assets Available For Distribution
MaximumPerShareValueOfResidualAssetsAvailableForDistribution
10.00
CY2020Q3 spnv Loan Repayment Date
LoanRepaymentDate
2020-10-23
CY2020Q3 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
250000
CY2020Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q3 spnv Deferred Underwriting Commission Per Unit
DeferredUnderwritingCommissionPerUnit
0.35
CY2020Q3 spnv Deferred Underwriting Commissions Non Current
DeferredUnderwritingCommissionsNonCurrent
14100000
CY2020Q3 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
The Class B common stock will automatically convert into Class A common stock at the time of the initial Business Combination on a one-for-one basis, subject to increase in respect of the issuance of certain securities, as provided herein.
CY2020Q3 spnv Warrants Expiration Period After Completion Of Business Combination Or Earlier Upon Redemption Or Liquidation
WarrantsExpirationPeriodAfterCompletionOfBusinessCombinationOrEarlierUponRedemptionOrLiquidation
P5Y
CY2020Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50

Files In Submission

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