2021 Q2 Form 10-Q Financial Statement
#000156459021044663 Filed on August 16, 2021
Income Statement
| Concept | 2021 Q2 | 2020 Q4 |
|---|---|---|
| Revenue | $378.6M | $223.2M |
| YoY Change | 31.93% | |
| Cost Of Revenue | $327.8M | |
| YoY Change | ||
| Gross Profit | $50.86M | $25.26M |
| YoY Change | 184.78% | |
| Gross Profit Margin | 13.43% | 11.31% |
| Selling, General & Admin | $36.73M | $265.4K |
| YoY Change | ||
| % of Gross Profit | 72.22% | 1.05% |
| Research & Development | $2.603M | |
| YoY Change | ||
| % of Gross Profit | 5.12% | |
| Depreciation & Amortization | ||
| YoY Change | ||
| % of Gross Profit | ||
| Operating Expenses | $39.34M | $265.4K |
| YoY Change | ||
| Operating Profit | $11.53M | $424.0K |
| YoY Change | -320.02% | |
| Interest Expense | $2.257M | -$25.09M |
| YoY Change | ||
| % of Operating Profit | 19.58% | -5916.39% |
| Other Income/Expense, Net | -$2.250M | |
| YoY Change | ||
| Pretax Income | $9.279M | -$25.35M |
| YoY Change | ||
| Income Tax | $89.00K | $4.750K |
| % Of Pretax Income | 0.96% | |
| Net Earnings | $9.190M | -$1.319M |
| YoY Change | -224.36% | |
| Net Earnings / Revenue | 2.43% | -0.59% |
| Basic Earnings Per Share | $0.15 | -$0.02 |
| Diluted Earnings Per Share | $0.04 | -$0.02 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 59.39M | |
| Diluted Shares Outstanding | 224.6M |
Balance Sheet
| Concept | 2021 Q2 | 2020 Q4 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $283.1K | $1.080M |
| YoY Change | ||
| Cash & Equivalents | $44.56M | $43.94M |
| Short-Term Investments | ||
| Other Short-Term Assets | $287.6K | $405.5K |
| YoY Change | ||
| Inventory | $171.4M | |
| Prepaid Expenses | $279.8K | $405.5K |
| Receivables | $2.309M | |
| Other Receivables | ||
| Total Short-Term Assets | $570.6K | $227.3M |
| YoY Change | ||
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $8.231M | |
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $402.7M | $402.6M |
| YoY Change | ||
| Other Assets | $352.0K | |
| YoY Change | ||
| Total Long-Term Assets | $402.7M | $8.583M |
| YoY Change | ||
| TOTAL ASSETS | ||
| Total Short-Term Assets | $570.6K | $227.3M |
| Total Long-Term Assets | $402.7M | $8.583M |
| Total Assets | $403.3M | $235.9M |
| YoY Change | ||
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $187.7K | $2.149M |
| YoY Change | ||
| Accrued Expenses | $4.821M | $11.18M |
| YoY Change | ||
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $5.111M | $190.3M |
| YoY Change | ||
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $47.45M | $63.86M |
| YoY Change | ||
| Total Long-Term Liabilities | $47.45M | $63.86M |
| YoY Change | ||
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $5.111M | $190.3M |
| Total Long-Term Liabilities | $47.45M | $63.86M |
| Total Liabilities | $52.56M | $195.0M |
| YoY Change | ||
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$14.57M | -$138.5M |
| YoY Change | ||
| Common Stock | $19.57M | $30.38M |
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | $10.65M | |
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | -$132.6M | -$143.3M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $403.3M | $235.9M |
| YoY Change |
Cashflow Statement
| Concept | 2021 Q2 | 2020 Q4 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $9.190M | -$1.319M |
| YoY Change | -224.36% | |
| Depreciation, Depletion And Amortization | ||
| YoY Change | ||
| Cash From Operating Activities | -$477.5K | -$491.7K |
| YoY Change | ||
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$402.5M | |
| YoY Change | ||
| Cash From Investing Activities | -$402.5M | |
| 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 | 404.1M | |
| YoY Change | ||
| NET CHANGE | ||
| Cash From Operating Activities | -477.5K | -491.7K |
| Cash From Investing Activities | -402.5M | |
| Cash From Financing Activities | 404.1M | |
| Net Change In Cash | -477.5K | 1.080M |
| YoY Change | ||
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$477.5K | -$491.7K |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
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|---|---|---|---|---|
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|
Yes | ||
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Restricted Investments Percent Of Net Assets
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Business Combination Completion Period
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Maximum Per Share Value Of Residual Assets Available For Distribution
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Cash
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Working Capital
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Amount Of Taxes That May Be Paid Using Investment Income From Trust Account
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Basis Of Accounting
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<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;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;">Basis of Presentation</p> <p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;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;">The accompanying unaudited <span style="color:#000000;">consolidated</span> condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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 <span style="color:#000000;">consolidated</span> 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 <span style="color:#000000;">three and six months ended June </span>30, </p> <p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">202</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> are not necessarily indicative of the results that may be expected through December 31, </span><span style="color:#000000;">2021 or any future period. </span></p> <p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;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;">The consolidated condensed consolidated financial statements of the Company include its wholly-owned subsidiary in connection with the planned merger. All inter-company accounts and transactions are eliminated in consolidation. <span style="color:#000000;">The accompanying unaudited consolidated</span> condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K<span style="color:#000000;">/A</span> filed by the Company with the SEC on <span style="color:#000000;">May 25, 2021. </span></p> | ||
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:18pt;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:6pt;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;"><span style="Background-color:#FFFFFF;">The preparation of </span><span style="color:#000000;">unaudited consolidated condensed</span><span style="Background-color:#FFFFFF;"> 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 </span><span style="color:#000000;">unaudited consolidated condensed</span><span style="Background-color:#FFFFFF;"> financial statements and the reported amounts of </span><span style="color:#000000;">revenues and</span><span style="Background-color:#FFFFFF;"> expenses during the reporting period. </span><span style="color:#000000;">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 consolidated condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. </span><span style="Background-color:#FFFFFF;">Actual results could differ from those estimates.</span></p> | ||
| CY2021Q2 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | |
| CY2020Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | |
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Original Maturity Investment Term
OriginalMaturityInvestmentTerm
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185 days or less | ||
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Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;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 concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000, and investments held in Trust Account. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. The Company’s investments held in the Trust Account as of June 30, 2021 are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. treasury securities money market funds. </p> | ||
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250000 | |
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Original Maturity Investment Term
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185 days or less | ||
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Income From Investments Held In Trust Account
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Amount Available To Be Withdrawn To Pay Taxes
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86958 | ||
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Common Stock Shares Subject To Possible Redemption
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|
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Common Stock Shares Subject To Possible Redemption
CommonStockSharesSubjectToPossibleRedemption
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33488198 | |
| spnv |
Net Income Loss Attributable To Common Stock Subject To Possible Redemption
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Net Income Loss
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Net Income Loss
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Net Income Allocable To Common Stock Subject To Possible Redemption
NetIncomeAllocableToCommonStockSubjectToPossibleRedemption
|
-4558 | ||
| CY2021Q2 | spnv |
Nonredeemable Net Income Loss
NonredeemableNetIncomeLoss
|
5646642 | |
| spnv |
Nonredeemable Net Income Loss
NonredeemableNetIncomeLoss
|
10806607 | ||
| CY2021Q2 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
| CY2020Q4 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
| CY2021Q2 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-8000000.0 | |
| us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-16400000 | ||
| spnv |
Description Of Public Warrant
DescriptionOfPublicWarrant
|
Each Unit consists of one share of Class A common stock, and one-third of one redeemable warrant | ||
| CY2021Q2 | spnv |
Underwriting Discount Per Unit
UnderwritingDiscountPerUnit
|
0.20 | |
| us-gaap |
Payments For Underwriting Expense
PaymentsForUnderwritingExpense
|
8100000 | ||
| CY2021Q2 | spnv |
Deferred Underwriting Commission Per Unit
DeferredUnderwritingCommissionPerUnit
|
0.35 | |
| CY2021Q2 | spnv |
Deferred Underwriting Commissions Non Current
DeferredUnderwritingCommissionsNonCurrent
|
14100000 | |
| spnv |
Warrants Exercisable Period After Completion Of Business Combination
WarrantsExercisablePeriodAfterCompletionOfBusinessCombination
|
P30D | ||
| spnv |
Warrants Expiration Period After Completion Of Business Combination Or Earlier Upon Redemption Or Liquidation
WarrantsExpirationPeriodAfterCompletionOfBusinessCombinationOrEarlierUponRedemptionOrLiquidation
|
P5Y | ||
| CY2021Q2 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
11.50 | |
| CY2021Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | |
| CY2021Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
| CY2021Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
| CY2021Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
| CY2020Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
| CY2020Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
| 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 |
