| | | | | ii | | | |
| | | | | iii | | | |
| | | | | 1 | | | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 41 | | | |
| | | | | 42 | | | |
| | | | | 43 | | | |
| | | | | 57 | | | |
| | | | | 82 | | | |
| | | | | 97 | | | |
| | | | | 103 | | | |
| | | | | 122 | | | |
| | | | | 126 | | | |
| | | | | 128 | | | |
| | | | | 132 | | | |
| | | | | 146 | | | |
| | | | | 149 | | | |
| | | | | 150 | | | |
| | | | | 151 | | | |
| | | | | F-1 | | | |
|
SIGNATURES
|
| | | | II-0 | | |
| | |
Shares
|
| |||
Boxed Equityholders
|
| | | | 56,970,099 | | |
Public Stockholders
|
| | | | 7,776,665 | | |
PIPE Investors
|
| | | | 3,250,000 | | |
Founder Shares
|
| | | | 4,528,125 | | |
Founder Shares (Deferred Earn-out)
|
| | | | 1,940,625 | | |
Total Shares
|
| | | | 74,465,514 | | |
| | |
Giddy Inc.
d/b/a Boxed (Historical as of 9/30/2021) |
| |
Seven Oaks
Acquisition Corp. (Historical as of 9/30/2021) |
| |
Reclassification
Adjustments |
| | | | |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| |||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 35,409,156 | | | | | $ | 535,518 | | | | | $ | — | | | | | | | | $ | 150,604,379 | | | |
(a)
|
| | | $ | 123,486,639 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (65,062,414) | | | |
(r)
|
| | | | | | |
Restricted cash
|
| | | | 2,571,667 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 2,571,667 | | |
Accounts receivable, net
|
| | | | 4,808,287 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 4,808,287 | | |
Inventories
|
| | | | 11,413,391 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 11,413,391 | | |
Prepaid expenses and other current assets
|
| | | | 6,389,519 | | | | | | 501,641 | | | | | | — | | | | | | | | | — | | | | | | | | | 6,891,160 | | |
Total current assets
|
| | | | 60,592,020 | | | | | | 1,037,159 | | | | | | — | | | | | | | | | 87,541,965 | | | | | | | | | 149,171,144 | | |
Property and equipment, net
|
| | | | 7,348,761 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 7,348,761 | | |
Unbilled receivables
|
| | | | 3,680,327 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 3,680,327 | | |
Investments held in Trust Account
|
| | | | — | | | | | | 258,804,731 | | | | | | — | | | | | | | | | (258,804,731) | | | |
(c)
|
| | | | — | | |
Forward purchase receivable
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | 65,062,414 | | | |
(r)
|
| | | | 65,062,414 | | |
Other long-term assets
|
| | | | 188,994 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 188,994 | | |
Total assets
|
| | | $ | 71,810,102 | | | | | $ | 259,841,890 | | | | | $ | — | | | | | | | | $ | (106,200,352) | | | | | | | | $ | 225,451,640 | | |
Liabilities and Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 14,034,170 | | | | | $ | 41 | | | | | $ | — | | | | | | | | $ | — | | | | | | | | $ | 14,034,211 | | |
Accrued expenses
|
| | | | 6,854,256 | | | | | | 1,861,478 | | | | | | — | | | | | | | | | — | | | | | | | | | 8,715,734 | | |
Franchise tax payable
|
| | | | — | | | | | | 116,701 | | | | | | (116,701) | | | |
(m)
|
| | | | — | | | | | | | | | — | | |
Deferred revenue
|
| | | | 2,666,547 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 2,666,547 | | |
Other current liabilities
|
| | | | 15,867,893 | | | | | | — | | | | | | 116,701 | | | |
(m)
|
| | | | — | | | | | | | | | 15,984,594 | | |
Term loan – current portion
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Warrants to purchase common shares
|
| | | | 148,129 | | | | | | — | | | | | | — | | | | | | | | | (148,129) | | | |
(o)
|
| | | | — | | |
Warrants to purchase preferred shares
|
| | | | 504,117 | | | | | | — | | | | | | — | | | | | | | | | (504,117) | | | |
(o)
|
| | | | — | | |
Total current liabilities
|
| | | | 40,075,112 | | | | | | 1,978,220 | | | | | | — | | | | | | | | | (652,246) | | | | | | | | | 41,401,086 | | |
Derivative warrant liabilities
|
| | | | — | | | | | | 14,801,473 | | | | | | — | | | | | | | | | — | | | | | | | | | 14,801,473 | | |
Earnout liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | 11,654,690 | | | |
(n)
|
| | | | 11,654,690 | | |
Forward option derivative
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | 13,139,633 | | | |
(s)
|
| | | | 13,139,633 | | |
Long-term convertible debt, net of debt issuance costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | 87,500,000 | | | |
(b)
|
| | | | 82,299,693 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (5,200,307) | | | |
(e)
|
| | | | | | |
Long-term term loan
|
| | | | 43,190,312 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 43,190,312 | | |
Long-term other liabilities
|
| | | | 541,770 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 541,770 | | |
Total liabilities
|
| | | $ | 83,807,194 | | | | | $ | 16,779,693 | | | | | $ | — | | | | | | | | $ | 106,441,770 | | | | | | | | $ | 207,028,657 | | |
Commitments and Contingencies:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A common stock, $0.0001 par value; 25,875,000 shares subject to possible redemption at $10.00 per share as of September 30, 2021 and December 31, 2020, respectively
|
| | | | | | | | | | 258,750,000 | | | | | | — | | | | | | | | | (258,750,000) | | | |
(i)
|
| | | | — | | |
| | |
Giddy Inc.
d/b/a Boxed (Historical as of 9/30/2021) |
| |
Seven Oaks
Acquisition Corp. (Historical as of 9/30/2021) |
| |
Reclassification
Adjustments |
| | | | |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| |||||||||||||||
Convertible Preferred Stock:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A preferred stock
|
| | | | 8,023,239 | | | | | | — | | | | | | — | | | | | | | | | (8,023,239) | | | |
(k)
|
| | | | — | | |
$0.00001 par value per share; 6,952,573
shares authorized, issued and outstanding as of both September 30, 2021 and December 31, 2020, respectively |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class B preferred stock
|
| | | | 24,999,769 | | | | | | — | | | | | | — | | | | | | | | | (24,999,769) | | | |
(k)
|
| | | | — | | |
$0.00001 par value per share; 5,690,347
shares authorized, issued and outstanding as of both September 30, 2021 and December 31, 2020, respectively |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class C-1 & C-2 preferred stock
|
| | | | 123,566,111 | | | | | | — | | | | | | — | | | | | | | | | (123,566,111) | | | |
(k)
|
| | | | — | | |
$0.00001 par value per share; 11,652,624
shares authorized as of both September 30, 2021 and December 31, 2020; 11,564,263 shares issued and outstanding as of both September 30, 2021 and December 31, 2020, respectively |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class C-3 preferred stock
|
| | | | 5,027,138 | | | | | | — | | | | | | — | | | | | | | | | (5,027,138) | | | |
(k)
|
| | | | — | | |
$0.00001 par value per share; 1,692,100
shares authorized as of both September 30, 2021 and December 31, 2020; 589,348 shares issued and outstanding as of both September 30, 2021 and December 31, 2020, respectively |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class D preferred stock
|
| | | | 119,620,218 | | | | | | — | | | | | | — | | | | | | | | | (119,620,218) | | | |
(k)
|
| | | | — | | |
$0.00001 par value per share; 11,570,174
shares authorized, issued and outstanding as of both September 30, 2021 and December 31, 2020, respectively |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class E preferred stock
|
| | | | 41,925,138 | | | | | | — | | | | | | — | | | | | | | | | (41,925,138) | | | |
(k)
|
| | | | — | | |
$0.00001 par value per share; 6,016,811
shares authorized, issued and outstanding as of both September 30, 2021 and December 31, 2020, respectively |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Convertible Preferred Stock
|
| | | | 323,161,613 | | | | | | — | | | | | | — | | | | | | | | | (323,161,613) | | | | | | | | | — | | |
Stockholders’ Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, $0.00001 par value per
share; 70,000,000 shares authorized as of both September 30, 2021 and December 31, 2020; 10,059,361 and 9,888,776 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively |
| | | | 99 | | | | | | — | | | | | | — | | | | | | | | | (99) | | | |
(l)
|
| | | | — | | |
Preferred stock, $0.0001 par value; 1,000,000
shares authorized; none issued and outstanding |
| | | | | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Class A common stock, $0.0001 par value; 380,000,000 shares authorized as of September 30, 2021 and December 31, 2020, respectively
|
| | | | | | | | | | — | | | | | | — | | | | | | | | | 647 | | | |
(j)
|
| | | | 5,262 | | |
| | |
Giddy Inc.
d/b/a Boxed (Historical as of 9/30/2021) |
| |
Seven Oaks
Acquisition Corp. (Historical as of 9/30/2021) |
| |
Reclassification
Adjustments |
| | | | |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | 2,383 | | | |
(i)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 4,129 | | | |
(k)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 96 | | | |
(l)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | — | | | |
(o)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (1,810) | | | |
(p)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (183) | | | |
(q)
|
| | | | | | |
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 6,468,750 shares issued and outstanding as of June 30, 2021 and December 31, 2020
|
| | | | — | | | | | | 647 | | | | | | — | | | | | | | | | (647) | | | |
(j)
|
| | | | — | | |
Additional paid-in capital
|
| | | | 10,567,654 | | | | | | — | | | | | | — | | | | | | | | | 32,500,000 | | | |
(b)
|
| | | | 410,434,831 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (16,620,183) | | | |
(e)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (15,688,450) | | | |
(g)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 234,236 | | | |
(h)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 258,747,617 | | | |
(i)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 323,157,485 | | | |
(k)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 3 | | | |
(l)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (11,654,690) | | | |
(n)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 148,129 | | | |
(o)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (181,022,533) | | | |
(p)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 10,065,564 | | | |
(q)
|
| | | | | | |
Accumulated deficit
|
| | | | (345,726,458) | | | | | | (15,688,450) | | | | | | — | | | | | | | | | (9,056,250) | | | |
(d)
|
| | | | (392,017,110) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (14,299,269) | | | |
(f)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 15,688,450 | | | |
(g)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (234,236) | | | |
(h)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 504,117 | | | |
(o)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (10,065,381) | | | |
(q)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (13,139,633) | | | |
(s)
|
| | | | | | |
Total shareholders’ equity (deficit)
|
| | | $ | (335,158,705) | | | | | $ | (15,687,803) | | | | | $ | — | | | | | | | | $ | 369,269,491 | | | | | | | | $ | 18,422,893 | | |
Total liabilities, convertible preferred stock, and
shareholders’ equity |
| | | $ | 71,810,102 | | | | | $ | 259,841,890 | | | | | $ | — | | | | | | | | $ | (106,200,352) | | | | | | | | $ | 225,451,640 | | |
|
| | |
Giddy Inc.
d/b/a Boxed (Historical for the nine months ended 9/30/2021) |
| |
Seven Oaks
Acquisition Corp. (Historical for the nine months ended 9/30/2021) |
| |
Reclassification
Adjustments |
| | | | |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Consolidated |
| |||||||||||||||
Net revenue
|
| | | $ | 132,218,141 | | | | | $ | — | | | | | $ | — | | | | | | | | $ | — | | | | | | | | $ | 132,218,141 | | |
Cost of sales
|
| | | | 109,505,372 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 109,505,372 | | |
Gross profit
|
| | | | 22,712,769 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 22,712,769 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising expense
|
| | | | 14,617,879 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 14,617,879 | | |
Selling, general, and administrative expense
|
| | | | 38,904,715 | | | | | | 2,924,988 | | | | | | 149,589 | | | |
(cc)
|
| | | | 4,313,813 | | | |
(gg)
|
| | | | 46,293,105 | | |
Selling, general, and administrative expense – related party
|
| | | | — | | | | | | 180,000 | | | | | | — | | | | | | | | | — | | | | | | | | | 180,000 | | |
Franchise tax expenses
|
| | | | — | | | | | | 149,589 | | | | | | (149,589) | | | |
(cc)
|
| | | | — | | | | | | | | | — | | |
Total selling and administrative expenses
|
| | | | 53,522,594 | | | | | | 3,254,577 | | | | | | — | | | | | | | | | 4,313,813 | | | | | | | | | 61,090,984 | | |
Loss from operations
|
| | | $ | (30,809,825) | | | | | $ | (3,254,577) | | | | | $ | — | | | | | | | | $ | (4,313,813) | | | | | | | | $ | (38,378,215) | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of derivative warrant liabilities
|
| | | | — | | | | | | 7,613,782 | | | | | | — | | | | | | | | | — | | | | | | | | | 7,613,782 | | |
Income from investments held in Trust Account
|
| | | | — | | | | | | 54,873 | | | | | | — | | | | | | | | | (54,873) | | | |
(aa)
|
| | | | — | | |
Other income (expense), net
|
| | | | 508,854 | | | | | | — | | | | | | — | | | | | | | | | (780,046) | | | |
(bb)
|
| | | | (4,375,678) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 1,798,300) | | | |
(dd)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (4,576,923) | | | |
(ee)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (1,325,863) | | | |
(ff)
|
| | | | | | |
Income (loss) before taxes
|
| | | | (30,300,971) | | | | | | 4,414,078 | | | | | | — | | | | | | | | | (9,253,218) | | | | | | | | | (35,140,111) | | |
Income tax expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Net (loss) income
|
| | | $ | (30,300,971) | | | | | $ | 4,414,078 | | | | | $ | — | | | | | | | | $ | (9,253,218) | | | | | | | | $ | (35,140,111) | | |
Earnings Per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss per share attributable to Boxed common stockholders, basic and diluted
|
| | | $ | (2.84) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Weighted average shares of Boxed common stock used in computing net loss per share, basic and diluted
|
| | | | 9,953,951 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Weighted average shares outstanding of common stock subject to possible redemption, basic and diluted
|
| | | | — | | | | | | 25,875,000 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Basic and diluted net income per share, common stock subject to possible redemption
|
| | | | — | | | | | $ | 0.14 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Weighted average shares outstanding of common stock – non-redeemable, basic and diluted
|
| | | | — | | | | | | 6,468,750 | | | | | | — | | | | | | | | | 67,996,764 | | | | | | | | | 74,465,514 | | |
Basic and diluted net income per share, common stock – non-redeemable
|
| | | | — | | | | | $ | 0.14 | | | | | | — | | | | | | | | | — | | | | | | | | $ | (0.47) | | |
| | |
Giddy Inc.
d/b/a Boxed (Historical for the year ended 12/31/2020) |
| |
Seven Oaks
Acquisition Corp. (Historical for the period from 9/23/2020 (inception) through 12/31/2020) (Restated) |
| |
Reclassification
Adjustments |
| | | | |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Consolidated |
| |||||||||||||||
Net revenue
|
| | | $ | 187,173,834 | | | | | $ | — | | | | | $ | — | | | | | | | | $ | — | | | | | | | | $ | 187,173,834 | | |
Cost of sales
|
| | | | 161,270,544 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 161,270,544 | | |
Gross profit
|
| | | | 25,903,290 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 25,903,290 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising expense
|
| | | | 4,912,269 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 4,912,269 | | |
Selling, general, and administrative expense
|
| | | | 49,677,783 | | | | | | 84,565 | | | | | | 54,695 | | | |
(cc)
|
| | | | 14,299,269 | | | |
(ee)
|
| | | | 71,153,226 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 7,036,914 | | | |
(hh)
|
| | | | | | |
Selling, general, and administrative expense – related party
|
| | | | — | | | | | | 20,000 | | | | | | — | | | | | | | | | — | | | | | | | | | 20,000 | | |
Franchise tax expenses
|
| | | | — | | | | | | 54,695 | | | | | | (54,695) | | | |
(cc)
|
| | | | — | | | | | | | | | — | | |
Total selling and administrative expenses
|
| | | | 54,590,052 | | | | | | 159,260 | | | | | | — | | | | | | | | | 21,336,183 | | | | | | | | | 76,085,495 | | |
Loss from operations
|
| | | $ | (28,686,762) | | | | | $ | (159,260) | | | | | $ | — | | | | | | | | $ | (21,336,183) | | | | | | | | $ | (50,182,205) | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financing costs – derivative warrant liabilities
|
| | | | — | | | | | | (168,086) | | | | | | — | | | | | | | | | — | | | | | | | | | (168,086) | | |
Change in fair value of derivatives warrant liabilities
|
| | | | — | | | | | | (3,890,255) | | | | | | — | | | | | | | | | — | | | | | | | | | (3,890,255) | | |
Net loss from investments held in Trust
Account |
| | | | — | | | | | | (142) | | | | | | — | | | | | | | | | 142 | | | |
(aa)
|
| | | | — | | |
Other income (expense), net
|
| | | | (5,749,814) | | | | | | — | | | | | | — | | | | | | | | | (1,040,061) | | | |
(bb)
|
| | | | (27,260,744) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (972,000) | | | |
(dd)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (234,236) | | | |
(ff)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (6,125,000) | | | |
(gg)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (13,139,633) | | | |
(ii)
|
| | | | | | |
Income (loss) before taxes
|
| | | | (34,436,576) | | | | | | (4,217,743) | | | | | | — | | | | | | | | | (42,846,971) | | | | | | | | | (81,501,290) | | |
Income tax expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Net (loss) income
|
| | | $ | (34,436,576) | | | | | $ | (4,217,743) | | | | | $ | — | | | | | | | | $ | (42,846,971) | | | | | | | | $ | (81,501,290) | | |
Earnings Per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss per share attributable to Boxed common
stockholders, basic and diluted |
| | | $ | (3.61) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Weighted average shares of Boxed common stock
used in computing net loss per share, basic and diluted |
| | | | 9,842,737 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Weighted average shares outstanding of common
stock subject to possible redemption, basic and diluted |
| | | | — | | | | | | 25,571,831 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Basic and diluted net income per share, common
stock subject to possible redemption |
| | | | — | | | | | $ | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | |
Weighted average shares outstanding of common
stock – non-redeemable, basic and diluted |
| | | | — | | | | | | 5,767,811 | | | | | | — | | | | | | | | | 68,697,703 | | | | | | | | | 74,465,514 | | |
Basic and diluted net income per share, common
stock – non-redeemable |
| | | | — | | | | | $ | (0.73) | | | | | | — | | | | | | | | | — | | | | | | | | $ | (1.09) | | |
|
Cash inflow from the PIPE Investment
|
| | | | 120,000,000 | | |
|
Cash inflow from SVOK’s Trust Account
|
| | | | 258,804,731 | | |
|
Payment of SVOK’s deferred offering costs
|
| | | | (9,056,250) | | |
|
Payment of estimated transaction fees incurred by Boxed
|
| | | | (21,820,490) | | |
|
Payment of estimated transaction fees incurred by SVOK
|
| | | | (14,299,269) | | |
|
Release of cash for redemption of shares
|
| | | | (181,024,343) | | |
|
Net Pro Forma Adjustment to Cash
|
| | | | 152,604,379 | | |
| | |
For the year
ended December 31, 2020 |
| |
For the nine
months ended September 30, 2021 |
| ||||||
Pro Forma Basic and Diluted Loss Per Share | | | | | | | | | | | | | |
Pro Forma net loss attributable to shareholders
|
| | | $ | (81,501,290) | | | | | $ | (35,140,111) | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 74,465,514 | | | | | | 74,465,514 | | |
Basic and diluted net loss per share
|
| | | $ | (1.09) | | | | | $ | (0.47) | | |
Pro Forma Weighted Average Shares – Basic and Diluted
|
| | | | | | | | | | | | |
Post-Combination Company shares issued to Boxed stockholders
|
| | | | 56,970,099 | | | | | | 56,970,099 | | |
Post-Combination Company shares issued to current SVOK public stockholders
|
| | | | 7,776,665 | | | | | | 7,776,665 | | |
Total Post-Combination Company shares issued to Subscribers
|
| | | | 3,250,000 | | | | | | 3,250,000 | | |
Total Post-Combination Company shares issued to the Sponsor
|
| | | | 4,528,125 | | | | | | 4,528,125 | | |
Total Post-Combination Company shares issued to the Sponsor (Deferred
Earn-out) |
| | | | 1,940,625 | | | | | | 1,940,625 | | |
Pro Forma Weighted Average Shares – Basic and Diluted
|
| | | | 74,465,514 | | | | | | 74,465,514 | | |
| | |
LTM Period Ending
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
Advertising Expenses (in millions)
|
| | | $ | 16.9 | | | | | $ | 7.3 | | | | | $ | 4.9 | | | | | $ | 20.7 | | | | | $ | 12.2 | | |
Active Customers (in thousands)
|
| | | | 404 | | | | | | 495 | | | | | | 472 | | | | | | 512 | | | | | | 372 | | |
AOV
|
| | | $ | 117 | | | | | $ | 104 | | | | | $ | 108 | | | | | $ | 95 | | | | | $ | 92 | | |
GMV (in millions)
|
| | | $ | 181.1 | | | | | $ | 207.9 | | | | | $ | 207.9 | | | | | $ | 195.1 | | | | | $ | 152.7 | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
|
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||||
| | | | | | |
(in thousands)
|
| | | | | | | |||||||||||
Net revenue
|
| | | $ | 49,010 | | | | | $ | 40,861 | | | | | $ | 132,218 | | | | | $ | 143,927 | | |
Cost of sales
|
| | | | (36,345) | | | | | | (33,971) | | | | | | (109,505) | | | | | | (124,117) | | |
Gross profit
|
| | | | 12,665 | | | | | | 6,890 | | | | | | 22,713 | | | | | | 19,810 | | |
Advertising expense
|
| | | | (5,173) | | | | | | (1,377) | | | | | | (14,618) | | | | | | (2,584) | | |
Selling, general, and administrative expense
|
| | | | (12,859) | | | | | | (11,610) | | | | | | (38,905) | | | | | | (37,994) | | |
Loss from operations
|
| | | | (5,367) | | | | | | (6,097) | | | | | | (30,810) | | | | | | (20,768) | | |
Other income (expense), net
|
| | | | (562) | | | | | | (1,527) | | | | | | 509 | | | | | | (6,322) | | |
Loss before income taxes
|
| | | | (5,929) | | | | | | (7,624) | | | | | | (30,301) | | | | | | (27,090) | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
|
2020
|
| |
2019
|
| |
2018
|
| |||||||||||
|
(in thousands)
|
| |||||||||||||||||
Net revenue
|
| | | $ | 187,174 | | | | | $ | 173,993 | | | | | $ | 140,236 | | |
Cost of sales
|
| | | | (161,271) | | | | | | (164,091) | | | | | | (133,524) | | |
Gross profit
|
| | | | 25,903 | | | | | | 9,902 | | | | | | 6,712 | | |
Advertising expense
|
| | | | (4,912) | | | | | | (20,703) | | | | | | (12,218) | | |
Selling, general, and administrative expense
|
| | | | (49,678) | | | | | | (54,892) | | | | | | (44,724) | | |
Loss from operations
|
| | | | (28,687) | | | | | | (65,693) | | | | | | (50,230) | | |
Other income (expense), net
|
| | | | (5,750) | | | | | | 291 | | | | | | (96) | | |
Loss before income taxes
|
| | | | — | | | | | | — | | | | | | — | | |
Income taxes
|
| | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (34,437) | | | | | $ | (65,402) | | | | | $ | (50,326) | | |
| | |
Three Months Ended
September 30, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Net revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | 38,186 | | | | | $ | 40,861 | | | | | $ | (2,675) | | | | | | -6.5% | | |
Software & Services
|
| | | | 10,824 | | | | | | — | | | | | | 10,824 | | | | | | N/M | | |
Total net revenue
|
| | | $ | 49,010 | | | | | $ | 40,861 | | | | | $ | 8,149 | | | | | | 19.9% | | |
| | |
Three Months Ended
September 30, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Cost of sales
|
| | | $ | 36,345 | | | | | $ | 33,971 | | | | | $ | 2,374 | | | | | | 7.0% | | |
Gross profit
|
| | | | 12,665 | | | | | | 6,890 | | | | | | 5,775 | | | | | | 83.8% | | |
Gross margin
|
| | |
|
25.8%
|
| | | |
|
16.9%
|
| | | | | | | | | | | | | |
| | |
Three Months Ended
September 30, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Advertising expense
|
| | | $ | 5,173 | | | | | $ | 1,377 | | | | | $ | 3,796 | | | | | | 275.7% | | |
Percentage of net revenue
|
| | | | -10.6% | | | | | | -3.4% | | | | | | | | | | | | | | |
| | |
Three Months Ended
September 30, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Selling, general and administrative
|
| | | $ | 12,859 | | | | | $ | 11,610 | | | | | $ | 1,249 | | | | | | 10.8% | | |
Percentage of net revenue
|
| | | | -26.2% | | | | | | -28.4% | | | | | | | | | | | | | | |
| | |
Three Months Ended
September 30, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Operating income (loss)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | (15,644) | | | | | $ | (5,436) | | | | | $ | (10,208) | | | | | | 187.8% | | |
Software & Services
|
| | | | 10,277 | | | | | | (661) | | | | | | 10,938 | | | | | | -1654.8% | | |
Total operating income (loss)
|
| | | $ | (5,367) | | | | | $ | (6,097) | | | | | $ | 730 | | | | | | -12.0% | | |
Percentage of net revenue
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | |
|
-41.0%
|
| | | |
|
-13.3%
|
| | | | | | | | | | | | | |
Software & Services
|
| | |
|
94.9%
|
| | | | | N/M | | | | | | | | | | | | | | |
| | |
Three Months Ended
September 30, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Other income (expense), net
|
| | | $ | (562) | | | | | $ | (1,527) | | | | | $ | 965 | | | | | | -63.2% | | |
Percentage of net revenue
|
| | | | -1.1% | | | | | | -3.7% | | | | | | | | | | | | | | |
| | |
Nine Months Ended
September 30, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Net revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | 117,253 | | | | | $ | 143,927 | | | | | $ | (26,674) | | | | | | -18.5% | | |
Software & Services
|
| | | | 14,965 | | | | | | — | | | | | | 14,965 | | | | | | N/M | | |
Total net revenue
|
| | | $ | 132,218 | | | | | $ | 143,927 | | | | | $ | (11,709) | | | | | | -8.1% | | |
| | |
Nine Months Ended
September 30, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Cost of sales
|
| | | $ | 109,505 | | | | | $ | 124,117 | | | | | $ | (14,612) | | | | | | -11.8% | | |
Gross profit
|
| | | | 22,713 | | | | | | 19,810 | | | | | | 2,903 | | | | | | 14.7% | | |
Gross margin
|
| | |
|
17.2%
|
| | | |
|
13.8%
|
| | | | | | | | | | | | | |
| | |
Nine Months Ended
September 30, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Advertising expense
|
| | | $ | 14,618 | | | | | $ | 2,584 | | | | | $ | 12,034 | | | | | | 465.7% | | |
Percentage of net revenue
|
| | | | -11.1% | | | | | | -1.8% | | | | | | | | | | | | | | |
| | |
Nine Months Ended
September 30, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Selling, general and administrative
|
| | | $ | 38,905 | | | | | $ | 37,994 | | | | | $ | 911 | | | | | | 2.4% | | |
Percentage of net revenue
|
| | | | -29.4% | | | | | | -26.4% | | | | | | | | | | | | | | |
| | |
Nine Months Ended
September 30, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Operating income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | (44,417) | | | | | $ | (18,944) | | | | | $ | (25,473) | | | | | | 134.5% | | |
Software & Services
|
| | | | 13,607 | | | | | | (1,824) | | | | | | 15,431 | | | | | | -846.0% | | |
Total operating income (loss)
|
| | | $ | (30,810) | | | | | $ | (20,768) | | | | | $ | (10,042) | | | | | | 48.4% | | |
Percentage of net revenue
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | |
|
-37.9%
|
| | | |
|
-13.2%
|
| | | | | | | | | | | | | |
Software & Services
|
| | |
|
90.9%
|
| | | | | N/M | | | | | | | | | | | | | | |
| | |
Nine Months Ended
September 30, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Other income (expense), net
|
| | | $ | 509 | | | | | $ | (6,322) | | | | | $ | 6,831 | | | | | | -108.1% | | |
Percentage of net revenue
|
| | | | 0.4% | | | | | | 4.4% | | | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Net revenue
|
| | | $ | 187,174 | | | | | $ | 173,993 | | | | | $ | 13,181 | | | | | | 7.6% | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Advertising expense
|
| | | $ | (4,912) | | | | | $ | (20,703) | | | | | $ | 15,791 | | | | | | -76.3% | | |
Percent of net revenue
|
| | |
|
2.6%
|
| | | |
|
11.9%
|
| | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Selling, general and administrative expense
|
| | | $ | (49,678) | | | | | $ | (54,892) | | | | | $ | 5,214 | | | | | | -9.5% | | |
Percent of net revenue
|
| | |
|
26.5%
|
| | | |
|
31.5%
|
| | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Other income (expense), net
|
| | | $ | (5,750) | | | | | $ | 291 | | | | | $ | (6,041) | | | | | | -2073.7% | | |
Percent of net revenue
|
| | |
|
3%
|
| | | |
|
-0.2%
|
| | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2019
|
| |
2018
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Net revenue
|
| | | $ | 173,993 | | | | | $ | 140,236 | | | | | $ | 33,757 | | | | | | 24.1% | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2019
|
| |
2018
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Advertising expense
|
| | | $ | (20,703) | | | | | $ | (12,218) | | | | | $ | (8,485) | | | | | | 69.4% | | |
Percent of net revenue
|
| | | | 11.9% | | | | | | 8.7% | | | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2019
|
| |
2018
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Selling, general and administrative expense
|
| | | $ | (54,892) | | | | | $ | (44,724) | | | | | $ | (10,168) | | | | | | 22.7% | | |
Percent of net revenue
|
| | | | 31.5% | | | | | | 31.9% | | | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2019
|
| |
2018
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Other income (expense), net
|
| | | $ | 291 | | | | | $ | (96) | | | | | $ | 387 | | | | | | -403.1% | | |
Percent of net revenue
|
| | |
|
0.2%
|
| | | |
|
-0.1%
|
| | | | | | | | | | | | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| |
Years Ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||
| | |
(in thousands)
|
| | | | | | | | | | | | | | | | | | | |||||||||||||||||||||
Net loss
|
| | | $ | (5,929) | | | | | $ | (7,624) | | | | | $ | (30,301) | | | | | $ | (27,090) | | | | | $ | (34,437) | | | | | $ | (65,402) | | | | | $ | (50,326) | | |
Adjusted to exclude the following:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 1,102 | | | | | | 1,247 | | | | | | 3,566 | | | | | | 3,539 | | | | | | 4,786 | | | | | | 4,378 | | | | | | 4,733 | | |
Change in fair value of warrants and convertible note derivative
|
| | | | (422) | | | | | | 1,367 | | | | | | (1,821) | | | | | | 6,020 | | | | | | 5,320 | | | | | | 496 | | | | | | (454) | | |
Interest income (expense)
|
| | | | 771 | | | | | | 120 | | | | | | 988 | | | | | | 315 | | | | | | 443 | | | | | | (188) | | | | | | 638 | | |
Other income (expense)
|
| | | | 213 | | | | | | 41 | | | | | | 324 | | | | | | (13) | | | | | | (13) | | | | | | (599) | | | | | | (87) | | |
Stock-based compensation
|
| | | | 360 | | | | | | 437 | | | | | | 1,214 | | | | | | 1,536 | | | | | | 1,956 | | | | | | 2,286 | | | | | | (87) | | |
Transaction costs 1
|
| | | | 931 | | | | | | 31 | | | | | | 3,842 | | | | | | 31 | | | | | | 102 | | | | | | 12 | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | (2,974) | | | | | $ | (4,381) | | | | | $ | (22,188) | | | | | $ | (15,662) | | | | | $ | (21,843) | | | | | $ | (59,017) | | | | | $ | (44,166) | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
Net cash used in operating activities
|
| | | $ | (27,096) | | | | | $ | (17,110) | | | | | $ | (24,096) | | | | | $ | (45,881) | | | | | $ | (43,176) | | |
Net cash used in investing activities
|
| | | | (669) | | | | | | (1,859) | | | | | | (1,228) | | | | | | (3,879) | | | | | | (4,264) | | |
Net cash provided by (used in) financing activities
|
| | | | 35,703 | | | | | | 42,473 | | | | | | 42,478 | | | | | | 6,053 | | | | | | 81,402 | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers: | | | | | | | |
Chieh Huang | | | 40 | | | Chief Executive Officer, President and Director | |
Mark Zimowski | | | 31 | | | Chief Financial Officer and Treasurer | |
David Miller | | | 48 | | | Chief Technology Officer | |
Alison Weick | | | 46 | | | President, E-Commerce | |
Jared Yaman | | | 40 | | | Chief Operating Officer and Director | |
Non-Employee Directors: | | | | | | | |
Gary Matthews | | | 64 | | | Chairman of the Board | |
Yuki Habu | | | 53 | | | Director | |
David Liu | | | 56 | | | Director | |
Emerson S. Moore II | | | 50 | | | Director | |
Andrew Pearson | | | 49 | | | Director | |
Eileen Serra | | | 67 | | | Director | |
Harshul Sanghi | | | 58 | | | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
|
| |
Option
Awards ($)(1) |
| |
Total
|
| ||||||||||||
Chieh Huang
|
| | | | 2020 | | | | | | 316,750 | | | | | | — | | | | | | 316,750 | | |
Chief Executive Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Aaron Singer
|
| | | | 2020 | | | | | | 307,004 | | | | | | 250,320 | | | | | | 557,324 | | |
General Counsel, Chief Administrative Officer, and
Secretary(2) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Alison Weick
|
| | | | 2020 | | | | | | 219,935 | | | | | | 343,780 | | | | | | 563,715 | | |
GM, Retail & Chief Marketing Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Option Awards
|
| |||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Number of Securities
Underlying Unexercised Options (#) Exercisable |
| |
Number of Securities
Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |||||||||||||||
Chieh Huang
|
| | | | 8/8/2019 | | | | | | 94,791(1) | | | | | | 80,209 | | | | | | 3.20 | | | | | | 8/7/2029 | | |
Aaron Singer
|
| | | | 7/29/2020 | | | | | | 21,875(2) | | | | | | 153,125 | | | | | | 3.00 | | | | | | 7/28/2030 | | |
| | | | | 8/8/2019 | | | | | | 100,479(3) | | | | | | 85,021 | | | | | | 3.20 | | | | | | 8/7/2029 | | |
| | | | | | | | |
Option Awards
|
| |||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Number of Securities
Underlying Unexercised Options (#) Exercisable |
| |
Number of Securities
Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |||||||||||||||
| | | | | 8/16/2018 | | | | | | 54,625(4) | | | | | | 2,375 | | | | | | 3.17 | | | | | | 8/15/2028 | | |
| | | | | 2/23/2017 | | | | | | 57,500(4) | | | | | | 2,500 | | | | | | 3.04 | | | | | | 2/22/2027 | | |
| | | | | 7/28/2016 | | | | | | 90,000(5) | | | | | | — | | | | | | 2.33 | | | | | | 7/27/2026 | | |
Alison Weick
|
| | | | 7/29/2020 | | | | | | | | | | | | 200,000(6) | | | | | | 3.00 | | | | | | 7/28/2030 | | |
| | | | | 7/29/2020 | | | | | | | | | | | | 40,000(7) | | | | | | 3.00 | | | | | | 7/28/2030 | | |
Name and Address of Beneficial Owner(1)
|
| |
Number of
Shares |
| |
% of
Ownership |
| ||||||
5% Holders | | | | | | | | | | | | | |
Seven Oaks Sponsor LLC(2)
|
| | | | 10,789,800 | | | | | | 14.6% | | |
Mark Hauser(2)(3)
|
| | | | 10,809,800 | | | | | | 14.6% | | |
Entities affiliated with Atalaya Capital Management LP(4)
|
| | | | 6,174,370 | | | | | | 9.0% | | |
PepsiCo, Inc.(5)
|
| | | | 4,586,075 | | | | | | 6.7% | | |
Entities affiliated with Hamilton Lane(6)
|
| | | | 4,165,556 | | | | | | 6.1% | | |
AEON Co., Ltd.(7)
|
| | | | 3,629,583 | | | | | | 5.3% | | |
Directors and Executive Officers | | | | | | | | | | | | | |
Chieh Huang(8)
|
| | | | 2,440,993 | | | | | | 3.6% | | |
Yuki Habu
|
| | | | — | | | | | | — | | |
David Liu
|
| | | | — | | | | | | — | | |
Gary S. Matthews(2)(9)
|
| | | | 10,809,800 | | | | | | 14.6% | | |
David Miller
|
| | | | — | | | | | | — | | |
Emerson S. Moore II
|
| | | | — | | | | | | — | | |
Andrew C. Pearson(10)
|
| | | | 20,000 | | | | | | * | | |
Harshul Sanghi
|
| | | | — | | | | | | — | | |
Eileen Serra
|
| | | | — | | | | | | — | | |
Alison Weick(11)
|
| | | | 98,145 | | | | | | * | | |
Jared Yaman(12)
|
| | | | 1,757,386 | | | | | | 2.6% | | |
Mark Zimowski(13)
|
| | | | 99,203 | | | | | | * | | |
All directors and executive officers as a group (12 individuals)
|
| | | | 15,599,907 | | | | | | 20.8% | | |
Names and Addresses
|
| |
Securities
Beneficially Owned prior to this Offering |
| |
Securities
to be Sold in this Offering |
| |
Securities Beneficially Owned after this
Offering |
| |||||||||||||||||||||||||||||||||||||||
| | |
Shares of
Common Stock |
| |
Warrants
|
| |
Shares of
Common Stock |
| |
Warrants
|
| |
Shares of
Common Stock |
| |
Percentage
|
| |
Warrants
|
| |
Percentage
|
| ||||||||||||||||||||||||
Aaron Singer(1)(2)
|
| | | | 384,153 | | | | | | — | | | | | | 384,153 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Aeon Co., Ltd.(3)
|
| | | | 3,629,583 | | | | | | — | | | | | | 3,629,583 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alpha Square Group Crossover Fund, LLC
|
| | | | 75,000 | | | | | | — | | | | | | 75,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Andrew Pearson
|
| | | | 20,000 | | | | | | — | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Antara Capital Total Return SPAC Master Fund LP
|
| | | | 30,000 | | | | | | — | | | | | | 30,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Chieh Huang(4)
|
| | | | 2,468,696 | | | | | | — | | | | | | 2,468,696 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Chris Siragusa
|
| | | | 111,505 | | | | | | — | | | | | | 111,505 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Christopher Cheung(5)
|
| | | | 2,373,714 | | | | | | — | | | | | | 2,373,714 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Darren Manelski
|
| | | | 51,505 | | | | | | — | | | | | | 51,505 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David Harris
|
| | | | 20,000 | | | | | | — | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
DV Technology LLC(1)
|
| | | | 2,480,840 | | | | | | — | | | | | | 2,480,840 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gary Matthews(6)(7)
|
| | | | 10,809,800 | | | | | | 5,587,500 | | | | | | 10,809,800 | | | | | | 5,587,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Georgia-Pacific Growth Investment LLC(1)
|
| | | | 2,268,489 | | | | | | — | | | | | | 2,268,489 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
GGV Capital V
L.P.(1) |
| | | | 2,786,722 | | | | | | — | | | | | | 2,786,722 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Greg Haft
|
| | | | 5,904 | | | | | | — | | | | | | 5,904 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Names and Addresses
|
| |
Securities
Beneficially Owned prior to this Offering |
| |
Securities
to be Sold in this Offering |
| |
Securities Beneficially Owned after this
Offering |
| |||||||||||||||||||||||||||||||||||||||
| | |
Shares of
Common Stock |
| |
Warrants
|
| |
Shares of
Common Stock |
| |
Warrants
|
| |
Shares of
Common Stock |
| |
Percentage
|
| |
Warrants
|
| |
Percentage
|
| ||||||||||||||||||||||||
Greycroft Partners III,
L.P.(1) |
| | | | 1,983,129 | | | | | | — | | | | | | 1,983,129 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Harriet Mehl
|
| | | | 8,735 | | | | | | — | | | | | | 8,735 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
HL Private Assets Holdings LP
|
| | | | 22,233 | | | | | | — | | | | | | 22,233 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
HLSF V Holdings LP(8)
|
| | | | 3,526,838 | | | | | | — | | | | | | 3,526,838 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jared Yaman(9)
|
| | | | 1,787,068 | | | | | | — | | | | | | 1,787,068 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
JTCM Ventures(10)
|
| | | | 1,141,450 | | | | | | — | | | | | | 1,141,450 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kinga Haft
|
| | | | 1,309 | | | | | | — | | | | | | 1,309 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Little Harbour SAZ, LLC
|
| | | | 400,000 | | | | | | — | | | | | | 400,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Marc Mehl
|
| | | | 35,022 | | | | | | — | | | | | | 35,022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mark Hauser(6)(11)
|
| | | | 10,809,800 | | | | | | 5,587,500 | | | | | | 10,809,800 | | | | | | 5,587,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mary Franklin Boyd
|
| | | | 6,892 | | | | | | — | | | | | | 6,892 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael Last
|
| | | | 2,645 | | | | | | — | | | | | | 2,645 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Palantir Technologies Inc.
|
| | | | 2,000,000 | | | | | | — | | | | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
PepsiCo, Inc.(12)(1)
|
| | | | 4,586,075 | | | | | | — | | | | | | 4,586,075 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Seaton Consultants Limited(1)
|
| | | | 2,293,037 | | | | | | — | | | | | | 2,293,037 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Seven Oaks Sponsor LLC(6)
|
| | | | 10,789,800 | | | | | | 5,587,500 | | | | | | 10,789,800 | | | | | | 5,587,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Trust F/B/O Charlotte
Siragusa |
| | | | 10,579 | | | | | | — | | | | | | 10,579 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Trust F/B/O Maximus
Siragusa |
| | | | 10,579 | | | | | | — | | | | | | 10,579 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Willa Chalmers
|
| | | | 1,309 | | | | | | — | | | | | | 1,309 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
William Fong(13)(1)
|
| | | | 1,317,658 | | | | | | — | | | | | | 1,317,658 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Wynne Lo
|
| | | | 21,157 | | | | | | — | | | | | | 21,157 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
XYQ US, LLC
|
| | | | 625,000 | | | | | | — | | | | | | 625,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Holders of Convertible
Notes(14) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AGMAF
|
| | | | 1,000,000 | | | | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Antara Capital Total Return SPAC Master Fund LP
|
| | | | 300,000 | | | | | | — | | | | | | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Brigade High Yield Fund Ltd.
|
| | | | 180,000 | | | | | | — | | | | | | 180,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Brigade Leveraged Capital Structures Fund Ltd.
|
| | | | 600,000 | | | | | | — | | | | | | 600,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Names and Addresses
|
| |
Securities
Beneficially Owned prior to this Offering |
| |
Securities
to be Sold in this Offering |
| |
Securities Beneficially Owned after this
Offering |
| |||||||||||||||||||||||||||||||||||||||
| | |
Shares of
Common Stock |
| |
Warrants
|
| |
Shares of
Common Stock |
| |
Warrants
|
| |
Shares of
Common Stock |
| |
Percentage
|
| |
Warrants
|
| |
Percentage
|
| ||||||||||||||||||||||||
Brigade Tactical
Opportunities Fund LP |
| | | | 500,000 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Brigade-SierraBravo Fund LP
|
| | | | 140,000 | | | | | | — | | | | | | 140,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
FFI Fund Ltd.
|
| | | | 2,190,000 | | | | | | — | | | | | | 2,190,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
FYI Ltd.
|
| | | | 420,000 | | | | | | — | | | | | | 420,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Olifant Fund, Ltd.
|
| | | | 390,000 | | | | | | — | | | | | | 390,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Onex Capital Solutions
Holdings, LP |
| | | | 500,000 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pandora Select Partners LP
|
| | | | 50,000 | | | | | | — | | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Panther BCM LLC
|
| | | | 380,000 | | | | | | — | | | | | | 380,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Panther BCM LLC – Class B
|
| | | | 200,000 | | | | | | — | | | | | | 200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sona Credit Master Fund Limited
|
| | | | 800,000 | | | | | | — | | | | | | 800,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Space Summit
Opportunity Fund I LP |
| | | | 150,000 | | | | | | — | | | | | | 150,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Whitebox GT Fund LP
|
| | | | 50,000 | | | | | | — | | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Whitebox Multi-
Strategy Partners LP |
| | | | 500,000 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Whitebox Relative Value Partners
LP |
| | | | 400,000 | | | | | | — | | | | | | 400,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Giddy Inc. (d/b/a Boxed) Financial Statements | | | | | | | |
|
Condensed Consolidated Financial Statements as of and for the periods ended September 30, 2021 and
2020 |
| | | | | | |
| | | | | F-2 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-7 | | | |
| | | | | F-9 | | | |
|
Audited Consolidated Financial Statements as of December 31, 2020 and 2019 and for each of the three years in the period ended December 31, 2020
|
| | | | | | |
| | | | | F-33 | | | |
| | | | | F-34 | | | |
| | | | | F-36 | | | |
| | | | | F-37 | | | |
| | | | | F-38 | | | |
| | | | | F-39 | | |
| Seven Oaks Acquisition Corp. Financial Statements | | | | | | | |
| Unaudited Condensed Financial Statements of Seven Oaks Acquisition Corp. | | | | | | | |
| | | | | F-64 | | | |
| | | | | F-65 | | | |
| | | | | F-66 | | | |
| | | | | F-67 | | | |
| | | | | F-68 | | | |
| Audited Financial Statements of Seven Oaks Acquisition Corp. | | | | | | | |
| | | | | F-87 | | | |
| | | | | F-88 | | | |
| | | | | F-89 | | | |
| | | | | F-90 | | | |
| | | | | F-91 | | | |
| | | | | F-92 | | |
| | |
September 30, 2021
|
| |
December 31, 2020
|
| ||||||
ASSETS | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 35,409,156 | | | | | $ | 30,043,046 | | |
Restricted cash
|
| | | | 2,571,667 | | | | | | — | | |
Accounts receivable, net
|
| | | | 4,808,287 | | | | | | 2,910,079 | | |
Inventories
|
| | | | 11,413,391 | | | | | | 13,964,510 | | |
Prepaid expenses and other current assets
|
| | | | 6,389,519 | | | | | | 2,131,895 | | |
TOTAL CURRENT ASSETS
|
| | | | 60,592,020 | | | | | | 49,049,530 | | |
Property and equipment, net
|
| | | | 7,348,761 | | | | | | 10,411,396 | | |
Unbilled receivables
|
| | | | 3,680,327 | | | | | | — | | |
Other long-term assets
|
| | | | 188,994 | | | | | | 204,122 | | |
TOTAL ASSETS
|
| | | $ | 71,810,102 | | | | | $ | 59,665,048 | | |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 14,034,170 | | | | | $ | 9,072,929 | | |
Accrued expenses
|
| | | | 6,854,256 | | | | | | 5,802,135 | | |
Deferred revenue
|
| | | | 2,666,547 | | | | | | 2,435,909 | | |
Other current liabilities
|
| | | | 15,867,893 | | | | | | 14,958,064 | | |
Term loan – current portion
|
| | | | — | | | | | | 3,750,000 | | |
Warrants to purchase common shares
|
| | | | 148,129 | | | | | | 49,863 | | |
Warrants to purchase preferred shares
|
| | | | 504,117 | | | | | | 2,072,536 | | |
TOTAL CURRENT LIABILITIES
|
| | | | 40,075,112 | | | | | | 38,141,436 | | |
LONG-TERM TERM LOAN
|
| | | | 43,190,312 | | | | | | 3,750,000 | | |
LONG-TERM OTHER LIABILITIES
|
| | | | 541,770 | | | | | | 1,015,248 | | |
CONVERTIBLE PREFERRED STOCK | | | | | | | | | | | | | |
Class A preferred stock
$0.00001 par value per share; 6,952,573 shares authorized, issued and outstanding as of both September 30, 2021 and December 31, 2020, respectively |
| | | | 8,023,239 | | | | | | 8,023,239 | | |
Class B preferred stock
$0.00001 par value per share; 5,690,347 shares authorized, issued and outstanding as of both September 30, 2021 and December 31, 2020, respectively |
| | | | 24,999,769 | | | | | | 24,999,769 | | |
Class C-1 & C-2 preferred stock
$0.00001 par value per share; 11,652,624 shares authorized as of both September 30, 2021 and December 31, 2020; 11,564,263 shares issued and outstanding as of both September 30, 2021 and December 31, 2020, respectively |
| | | | 123,566,111 | | | | | | 123,566,111 | | |
| | |
September 30, 2021
|
| |
December 31, 2020
|
| ||||||
Class C-3 preferred stock
$0.00001 par value per share; 1,692,100 shares authorized as of both September 30, 2021 and December 31, 2020; 589,348 shares issued and outstanding as of both September 30, 2021 and December 31, 2020, respectively |
| | | | 5,027,138 | | | | | | 7,066,283 | | |
Class D preferred stock
$0.00001 par value per share; 11,570,174 shares authorized, issued and outstanding as of both September 30, 2021 and December 31, 2020, respectively |
| | | | 119,620,218 | | | | | | 119,620,218 | | |
Class E preferred stock
$0.00001 par value per share; 6,143,804 and 6,016,811 shares authorized as of September 30, 2021 and December 31, 2020, respectively; 6,016,811 shares issued and outstanding as of both September 30, 2021 and December 31, 2020, respectively |
| | | | 41,925,138 | | | | | | 41,925,138 | | |
TOTAL CONVERTIBLE PREFERRED STOCK
|
| | | | 323,161,613 | | | | | | 325,200,758 | | |
STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Common stock
|
| | | | 99 | | | | | | 99 | | |
Common stock, $0.00001 par value per share; 70,000,000 shares
authorized as of both September 30, 2021 and December 31, 2020; 10,059,361 and 9,888,776 shares issued and outstanding as of both September 30, 2021 and December 31, 2020, respectively |
| | | | | | | | | | | | |
Additional paid-in capital
|
| | | | 10,567,654 | | | | | | 6,982,996 | | |
Accumulated deficit
|
| | | | (345,726,458) | | | | | | (315,425,489) | | |
TOTAL STOCKHOLDERS’ DEFICIT
|
| | | | (335,158,705) | | | | | | (308,442,394) | | |
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
|
| | | $ | 71,810,102 | | | | | $ | 59,665,048 | | |
|
| | |
For the Three Months Ended
September 30, |
| |
For the Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
Net revenue
|
| | | $ | 49,010,391 | | | | | $ | 40,861,101 | | | | | $ | 132,218,141 | | | | | $ | 143,926,813 | | |
Cost of sales
|
| | | | (36,345,586) | | | | | | (33,971,100) | | | | | | (109,505,372) | | | | | | (124,117,452) | | |
Gross profit
|
| | | | 12,664,805 | | | | | | 6,890,001 | | | | | | 22,712,769 | | | | | | 19,809,361 | | |
Advertising expense
|
| | | | (5,173,248) | | | | | | (1,377,010) | | | | | | (14,617,879) | | | | | | (2,583,528) | | |
Selling, general, and administrative expense
|
| | | | (12,859,147) | | | | | | (11,610,341) | | | | | | (38,904,715) | | | | | | (37,994,243) | | |
Loss from operations
|
| | | | (5,367,590) | | | | | | (6,097,350) | | | | | | (30,809,825) | | | | | | (20,768,410) | | |
Other income (expense), net
|
| | | | (561,593) | | | | | | (1,526,906) | | | | | | 508,854 | | | | | | (6,321,833) | | |
Loss before income taxes
|
| | | | (5,929,183) | | | | | | (7,624,256) | | | | | | (30,300,971) | | | | | | (27,090,243) | | |
Income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (5,929,183) | | | | | $ | (7,624,256) | | | | | $ | (30,300,971) | | | | | $ | (27,090,243) | | |
Net loss per common share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic net loss per common share
|
| | | $ | (0.52) | | | | | $ | (0.90) | | | | | $ | (2.84) | | | | | $ | (2.83) | | |
Diluted net loss per common share
|
| | | $ | (0.52) | | | | | $ | (0.90) | | | | | $ | (2.84) | | | | | $ | (2.83) | | |
Weighted average shares outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 10,011,105 | | | | | | 9,842,537 | | | | | | 9,953,951 | | | | | | 9,836,826 | | |
Diluted
|
| | | | 10,011,105 | | | | | | 9,842,537 | | | | | | 9,953,951 | | | | | | 9,836,826 | | |
| | |
Total Convertible Preferred
Stock |
| | |
Common
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balances at June 30, 2021
|
| | | | 42,383,516 | | | | | $ | 323,868,831 | | | | | | | 9,935,635 | | | | | $ | 99 | | | | | $ | 9,256,634 | | | | | $ | (339,797,276) | | | | | $ | (330,540,543) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | |
|
—
|
| | | |
|
—
|
| | | | | 359,656 | | | | |
|
—
|
| | | | | 359,656 | | |
Exercises of common stock options
|
| | | | — | | | | | | — | | | | | | | 123,726 | | | | |
|
—
|
| | | | | 244,145 | | | | |
|
—
|
| | | | | 244,145 | | |
Series C-3 preferred stock remeasurement
|
| | | | — | | | | | | (707,219) | | | | | |
|
—
|
| | | |
|
—
|
| | | | | 707,219 | | | | |
|
—
|
| | | | | 707,219 | | |
Other adjustments
|
| | | | — | | | | | | 1 | | | | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | 1 | | | | | | 1 | | |
Net loss
|
| | | | — | | | | | | — | | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (5,929,183) | | | | | | (5,929,183) | | |
Balances at September 30, 2021
|
| | | | 42,383,516 | | | | |
$
|
323,161,613
|
| | | | | | 10,059,361 | | | | | $ | 99 | | | | | $ | 10,567,654 | | | | | $ | (345,726,458) | | | | | $ | (335,158,705) | | |
Balances at June 30, 2020
|
| | | | 42,383,516 | | | | | $ | 324,310,870 | | | | | | | 9,835,564 | | | | | $ | 99 | | | | | $ | 7,694,585 | | | | | $ | (300,454,895) | | | | | $ | (292,760,211) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 436,823 | | | | | | — | | | | | | 436,823 | | |
Exercises of common stock options
|
| | | | — | | | | | | — | | | | | | | 14,600 | | | | | | — | | | | | | 10,238 | | | | | | — | | | | | | 10,238 | | |
Stock issuance costs
|
| | | | — | | | | | | (712,435) | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Series C-3 preferred stock remeasurement
|
| | | | — | | | | | | 1,255,312 | | | | | | | — | | | | | | — | | | | | | (1,255,312) | | | | | | — | | | | | | (1,255,312) | | |
Other adjustments
|
| | | | — | | | | | | (3,406) | | | | | | | — | | | | | | — | | | | | | 3,406 | | | | | | (2) | | | | | | 3,404 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,624,256) | | | | | | (7,624,256) | | |
Balances at September 30, 2020
|
| | | | 42,383,516 | | | | |
$
|
324,850,341
|
| | | | | | 9,850,164 | | | | | $ | 99 | | | | | $ | 6,889,740 | | | | | $ | (308,079,153) | | | | | $ | (301,189,314) | | |
| | |
Total Convertible Preferred
Stock |
| | |
Common
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balances at December 31, 2020
|
| | | | 42,383,516 | | | | | $ | 325,200,758 | | | | | | | 9,888,776 | | | | | $ | 99 | | | | | $ | 6,982,996 | | | | | $ | (315,425,489) | | | | | $ | (308,442,394) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,214,140 | | | | | | — | | | | | | 1,214,140 | | |
Exercises of common stock options
|
| | | | — | | | | | | — | | | | | | | 170,585 | | | | | | — | | | | | | 331,373 | | | | | | — | | | | | | 331,373 | | |
Series C-3 preferred stock remeasurement
|
| | | | — | | | | | | (2,039,145) | | | | | | | — | | | | | | — | | | | | | 2,039,145 | | | | | | — | | | | | | 2,039,145 | | |
Other adjustments
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | 2 | | | | | | 2 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (30,300,971) | | | | | | (30,300,971) | | |
Balances at September 30, 2021
|
| | | | 42,383,516 | | | | | $ | 323,161,613 | | | | | | | 10,059,361 | | | | | $ | 99 | | | | | $ | 10,567,654 | | | | | $ | (345,726,458) | | | | | $ | (335,158,705) | | |
Balances at December 31, 2019
|
| | | | 36,366,705 | | | | | $ | 282,185,326 | | | | | | | 9,833,563 | | | | | $ | 99 | | | | | $ | 6,045,644 | | | | | $ | (280,988,910) | | | | | $ | (274,943,167) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,535,662 | | | | | | — | | | | | | 1,535,662 | | |
Exercises of common stock options
|
| | | | — | | | | | | — | | | | | | | 16,601 | | | | | | — | | | | | | 45,242 | | | | | | — | | | | | | 45,242 | | |
Issuance of Series E preferred stock for cash
|
| | | | 4,233,043 | | | | | | 30,000,000 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series E preferred stock for conversion of convertible promissory notes
|
| | | | 1,783,768 | | | | | | 12,644,170 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock issuance costs
|
| | | | — | | | | | | (715,840) | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Series C-3 preferred stock remeasurement
|
| | | | — | | | | | | 736,685 | | | | | | | — | | | | | | — | | | | | | (736,685) | | | | | | — | | | | | | (736,685) | | |
Other adjustments
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (123) | | | | | | (123) | | | | | | | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (27,090,243) | | | | | | (27,090,243) | | |
Balances at September 30, 2020
|
| | | | 42,383,516 | | | | | $ | 324,850,341 | | | | | | | 9,850,164 | | | | | $ | 99 | | | | | $ | 6,889,740 | | | | | $ | (308,079,153) | | | | | $ | (301,189,314) | | |
| | |
For the Nine Months Ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
| | | | | | | | | | | | |
Net loss
|
| | | $ | (30,300,971) | | | | | $ | (27,090,243) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 3,566,344 | | | | | | 3,538,866 | | |
Stock-based compensation
|
| | | | 1,214,140 | | | | | | 1,535,662 | | |
Bad debt expense/(change in reserve)
|
| | | | (86,688) | | | | | | 125,781 | | |
Change in fair value of warrants
|
| | | | (1,470,153) | | | | | | 1,592,955 | | |
Change in fair value of embedded derivative
|
| | | | — | | | | | | 4,323,770 | | |
Loss on extinguishment of convertible note
|
| | | | — | | | | | | 102,972 | | |
Loss on extinguishment of debt
|
| | | | 202,723 | | | | | | — | | |
Amortization of debt discount
|
| | | | 59,763 | | | | | | — | | |
Other non-cash items
|
| | | | 180,902 | | | | | | 962,326 | | |
Changes in assets and liabilities:
|
| | | | | | | | | | | | |
Receivables, net
|
| | | | (1,811,520) | | | | | | 1,706,033 | | |
Prepaid and other current assets
|
| | | | (4,257,624) | | | | | | 822,690 | | |
Inventories
|
| | | | 2,551,119 | | | | | | 179,995 | | |
Unbilled receivables
|
| | | | (3,680,327) | | | | | | — | | |
Deferred Revenue
|
| | | | 230,638 | | | | | | 400,678 | | |
Accrued Expenses
|
| | | | 1,052,121 | | | | | | 681,504 | | |
Other current liabilities
|
| | | | 909,832 | | | | | | (1,293,469) | | |
Accounts payable
|
| | | | 4,961,241 | | | | | | (5,314,709) | | |
Long-term liabilities
|
| | | | (417,215) | | | | | | 614,828 | | |
Net cash used in operating activities
|
| | | | (27,095,675) | | | | | | (17,110,361) | | |
CASH FLOWS FROM INVESTING ACTIVITIES
|
| | | | | | | | | | | | |
Capital expenditures
|
| | | | (682,861) | | | | | | (1,882,610) | | |
Other investing activities
|
| | | | 13,378 | | | | | | 23,124 | | |
Net cash used in investing activities
|
| | | | (669,483) | | | | | | (1,859,486) | | |
CASH FLOWS FROM FINANCING ACTIVITIES
|
| | | | | | | | | | | | |
Principal payments on finance lease obligations
|
| | | | (56,264) | | | | | | (53,279) | | |
Proceeds from options exercise
|
| | | | 331,373 | | | | | | 45,242 | | |
Proceeds from sale of preferred stock
|
| | | | — | | | | | | 30,000,000 | | |
Proceeds from convertible note issuance
|
| | | | — | | | | | | 8,217,304 | | |
Preferred stock issuance costs
|
| | | | — | | | | | | (715,840) | | |
Repayments from borrowing
|
| | | | (7,702,723) | | | | | | (7,520,000) | | |
Proceeds from borrowing
|
| | | | 43,800,226 | | | | | | 12,500,000 | | |
Debt issuance costs
|
| | | | (669,677) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 35,702,935 | | | | | | 42,473,427 | | |
Total change in cash, cash equivalents and restricted cash
|
| | | | 7,937,777 | | | | | | 23,503,580 | | |
| | |
For the Nine Months Ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING
OF PERIOD |
| | | | 30,043,046 | | | | | | 12,889,931 | | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF
PERIOD |
| | | $ | 37,980,823 | | | | | $ | 36,393,511 | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | | | | | | | | | | | | | |
Cash paid during the period for:
|
| | | | | | | | | | | | |
Cash paid for taxes
|
| | | $ | 16,728 | | | | | $ | 8,188 | | |
Cash paid for interest
|
| | | $ | 280,990 | | | | | $ | 318,954 | | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITES:
|
| | | | | | | | | | | | |
Conversion of convertible promissory note to preferred stock
|
| | | $ | — | | | | | $ | 12,644,170 | | |
Deferred transaction costs included in accrued expense & accounts payable
|
| | | $ | 2,842,998 | | | | | $ | — | | |
Cash and cash equivalents at end of period
|
| | | $ | 35,409,156 | | | | | $ | 36,393,511 | | |
Restricted cash at end of period
|
| | | | 2,571,667 | | | | |
|
—
|
| |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 37,980,823 | | | | | $ | 36,393,511 | | |
|
| | |
Estimated
Useful Lives |
|
Leasehold improvements
|
| |
7 years
|
|
Warehouse equipment
|
| |
5 years
|
|
Computers and small tools
|
| |
3 years
|
|
Furniture and fixtures
|
| |
7 years
|
|
Capital lease assets
|
| |
7 years
|
|
Software development
|
| |
4 years
|
|
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
Contract assets (unbilled receivables)
|
| | | $ | 3,680,327 | | | | | $ | — | | |
Contract liabilities (deferred revenue)
|
| | | $ | 2,666,547 | | | | | $ | 2,435,909 | | |
| | |
For the Three Months Ended
September 30, |
| |
For the Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
Direct Sales(1)
|
| | | $ | 33,616,439 | | | | | $ | 40,861,101 | | | | | $ | 103,709,366 | | | | | $ | 136,784,032 | | |
Channel Sales(2)
|
| | | | 4,570,219 | | | | | | — | | | | | | 13,543,942 | | | | | | 7,142,781 | | |
Software & Services(3)
|
| | | | 10,823,733 | | | | | | — | | | | | | 14,964,833 | | | | | | — | | |
| | |
September 30, 2021
|
| |
December 31, 2020
|
| ||||||
Leasehold improvements
|
| | | $ | 8,169,715 | | | | | $ | 8,147,638 | | |
Warehouse equipment
|
| | | | 2,316,665 | | | | | | 2,192,471 | | |
Computers and small tools
|
| | | | 1,262,399 | | | | | | 1,061,177 | | |
Furniture and fixtures
|
| | | | 85,480 | | | | | | 95,064 | | |
Software development
|
| | | | 13,938,207 | | | | | | 13,608,520 | | |
Work in progress
|
| | | | 188,221 | | | | | | 359,992 | | |
| | | | | 25,960,687 | | | | | | 25,464,862 | | |
Less: Accumulated depreciation and amortization
|
| | | | (18,611,926) | | | | | | (15,053,466) | | |
Property and equipment, net
|
| | | $ | 7,348,761 | | | | | $ | 10,411,396 | | |
| | |
September 30, 2021
|
| |
December 31, 2020
|
| ||||||
Deferred transaction costs
|
| | | $ | 2,842,998 | | | | | $ | — | | |
Vendor funds receivable
|
| | | | 1,028,253 | | | | | | 866,276 | | |
Other prepaid expenses
|
| | | | 1,949,091 | | | | | | 765,677 | | |
Other receivables
|
| | | | 569,177 | | | | | | 499,942 | | |
Total
|
| | | $ | 6,389,519 | | | | | $ | 2,131,895 | | |
| | |
September 30, 2021
|
| |
December 31, 2020
|
| ||||||
Credit card payable
|
| | | $ | 10,820,375 | | | | | $ | 10,473,079 | | |
Accrued sales tax payable
|
| | | | 1,881,232 | | | | | | 1,845,831 | | |
Deferred rent – short term
|
| | | | 494,121 | | | | | | 622,940 | | |
Credits liability
|
| | | | 632,625 | | | | | | 633,287 | | |
Other accrued liabilities
|
| | | | 2,039,540 | | | | | | 1,382,927 | | |
Total
|
| | | $ | 15,867,893 | | | | | $ | 14,958,064 | | |
| | |
September 30, 2021
|
| |
December 31, 2020
|
| ||||||
Term Loan, matures August 2025
|
| | | $ | 43,190,312 | | | | |
$
|
—
|
| |
7th Amendment Term Loan, matures December 2022
|
| | | | — | | | | | | 7,500,000 | | |
Total Term Debt
|
| | | | 43,190,312 | | | | | | 7,500,000 | | |
Less: Current Portion
|
| | | | — | | | | | | (3,750,000) | | |
Long-term term Loan
|
| | | $ | 43,190,312 | | | | | $ | 3,750,000 | | |
| | |
September 30, 2021
|
| |||
2021
|
| | | $ | — | | |
2022
|
| | | | — | | |
2023
|
| | | | — | | |
2024
|
| | | | — | | |
2025
|
| | | | 43,190,312 | | |
Total
|
| | | $ | 43,190,312 | | |
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
Expected volatility
|
| | | | 20.5% | | | | | | 57.0% | | |
Expected term (in years)
|
| | | | 0.25 | | | | | | 1.0 | | |
Risk free interest rate
|
| | | | 0.1% | | | | | | 1.7% | | |
Expected dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
| | |
Scenarios as of September 30, 2021
|
| |
December 31,
2020 |
| ||||||||||||
| | |
Stay Private
|
| |
Business
Combination |
| ||||||||||||
Expected Volatility
|
| | | | 60.0% | | | | | | 20.5% | | | | | | 0.0% | | |
Expected term (in years)
|
| | | | 1.25 | | | | | | 0.25 | | | | | | — | | |
Risk free interest rate
|
| | | | 0.1% | | | | | | 0.1% | | | | | | 0.0% | | |
| | |
Scenarios as of September 30, 2021
|
| |
December 31,
2020 |
| ||||||||||||
| | |
Stay Private
|
| |
Business
Combination |
| ||||||||||||
Expected Volatility
|
| | | | 60.0% | | | | | | 20.5% | | | | | | 60.0% | | |
Expected term (in years)
|
| | | | 1.25 | | | | | | 0.25 | | | | | | 1.0 | | |
Risk free interest rate
|
| | | | 0.1% | | | | | | 0.1% | | | | | | 0.1% | | |
| | |
Scenarios as of September 30, 2021
|
| |
December 31, 2020
|
| ||||||||||||
| | |
Stay Private
|
| |
Business
Combination |
| ||||||||||||
Expected Volatility
|
| | | | 60.0% | | | | | | 20.5% | | | | | | 60.0% | | |
Expected term (in years)
|
| | | | 1.25 | | | | | | 0.25 | | | | | | 1.0 | | |
Risk free interest rate
|
| | | | 0.1% | | | | | | 0.1% | | | | | | 0.1% | | |
| | |
Shares
Authorized |
| |
Shares Issued and
Outstanding |
| |
Issuance Price
Per Share |
| |
Carrying
Value |
| |
Liquidation
Preference |
| |||||||||||||||
Series A-1
|
| | | | 4,388,978 | | | | | | 4,388,978 | | | | | $ | 1.48 | | | | | $ | 6,490,026 | | | | | $ | 6,489,982 | | |
Series A-2
|
| | | | 1,993,093 | | | | | | 1,993,093 | | | | | | 0.55 | | | | | | 1,090,840 | | | | | | 1,090,820 | | |
Series A-3
|
| | | | 570,502 | | | | | | 570,502 | | | | | | 0.78 | | | | | | 442,374 | | | | | | 442,367 | | |
Series B-1
|
| | | | 5,128,198 | | | | | | 5,128,198 | | | | | | 4.48 | | | | | | 22,984,122 | | | | | | 22,984,071 | | |
Series B-2
|
| | | | 562,149 | | | | | | 562,149 | | | | | | 3.59 | | | | | | 2,015,647 | | | | | | 2,015,641 | | |
Series C-1
|
| | | | 10,618,436 | | | | | | 10,530,075 | | | | | | 10.88 | | | | | | 114,562,977 | | | | | | 114,587,113 | | |
Series C-2
|
| | | | 1,034,188 | | | | | | 1,034,188 | | | | | | 8.71 | | | | | | 9,003,134 | | | | | | 9,003,124 | | |
Series C-3
|
| | | | 1,692,100 | | | | | | 589,348 | | | | | | 10.88 | | | | | | 5,027,138 | | | | | | 6,412,106 | | |
Series D-1
|
| | | | 9,364,524 | | | | | | 9,364,524 | | | | | | 10.93 | | | | | | 97,926,083 | | | | | | 102,340,201 | | |
Series D-2
|
| | | | 2,205,650 | | | | | | 2,205,650 | | | | | | 9.84 | | | | | | 21,694,134 | | | | | | 21,694,112 | | |
Series E-1
|
| | | | 4,360,036 | | | | | | 4,233,043 | | | | | | 7.09 | | | | | | 33,707,750 | | | | | | 30,000,000 | | |
Series E-2
|
| | | | 1,783,768 | | | | | | 1,783,768 | | | | | | 4.61 | | | | | | 8,217,388 | | | | | | 8,217,284 | | |
| | | | | 43,701,622 | | | | | | 42,383,516 | | | | | | | | | | | $ | 323,161,613 | | | | | | | | |
| | |
Shares
Authorized |
| |
Shares Issued and
Outstanding |
| |
Issuance Price
Per Share |
| |
Carrying
Value |
| |
Liquidation
Preference |
| |||||||||||||||
Series A-1
|
| | | | 4,388,978 | | | | | | 4,388,978 | | | | | $ | 1.48 | | | | | $ | 6,490,026 | | | | | $ | 6,489,982 | | |
Series A-2
|
| | | | 1,993,093 | | | | | | 1,993,093 | | | | | | 0.55 | | | | | | 1,090,840 | | | | | | 1,090,820 | | |
Series A-3
|
| | | | 570,502 | | | | | | 570,502 | | | | | | 0.78 | | | | | | 442,374 | | | | | | 442,367 | | |
Series B-1
|
| | | | 5,128,198 | | | | | | 5,128,198 | | | | | | 4.48 | | | | | | 22,984,122 | | | | | | 22,984,071 | | |
Series B-2
|
| | | | 562,149 | | | | | | 562,149 | | | | | | 3.59 | | | | | | 2,015,647 | | | | | | 2,015,641 | | |
Series C-1
|
| | | | 10,618,436 | | | | | | 10,530,075 | | | | | | 10.88 | | | | | | 114,562,977 | | | | | | 114,587,113 | | |
Series C-2
|
| | | | 1,034,188 | | | | | | 1,034,188 | | | | | | 8.71 | | | | | | 9,003,134 | | | | | | 9,003,124 | | |
Series C-3
|
| | | | 1,692,100 | | | | | | 589,348 | | | | | | 10.88 | | | | | | 7,066,283 | | | | | | 6,412,106 | | |
Series D-1
|
| | | | 9,364,524 | | | | | | 9,364,524 | | | | | | 10.93 | | | | | | 97,926,084 | | | | | | 102,340,201 | | |
Series D-2
|
| | | | 2,205,650 | | | | | | 2,205,650 | | | | | | 9.84 | | | | | | 21,694,134 | | | | | | 21,694,112 | | |
Series E-1
|
| | | | 4,233,043 | | | | | | 4,233,043 | | | | | | 7.09 | | | | | | 33,707,750 | | | | | | 30,000,000 | | |
Series E-2
|
| | | | 1,783,768 | | | | | | 1,783,768 | | | | | | 4.61 | | | | | | 8,217,388 | | | | | | 8,217,284 | | |
| | | | | 43,574,629 | | | | | | 42,383,516 | | | | | | | | | | | $ | 325,200,758 | | | | | | | | |
| | |
Number of
Shares |
| |
Weighted
Average Exercise Price |
| |
Weighted
Average Remaining Contractual Life |
| |||||||||
Outstanding as of December 31, 2019
|
| | | | 8,009,767 | | | | | $ | 2.80 | | | | | | 8.17 | | |
Granted
|
| | | | 1,185,250 | | | | | | | | | | | | | | |
Exercised
|
| | | | (16,601) | | | | | | 1.14 | | | | | | | | |
Forfeited
|
| | | | (2,124,428) | | | | | | | | | | | | | | |
Outstanding as of September 30, 2020
|
| | | | 7,053,988 | | | | | $ | 2.76 | | | | | | 7.05 | | |
Outstanding as of December 31, 2020
|
| | | | 6,535,542 | | | | | $ | 2.97 | | | | | | 7.30 | | |
Granted
|
| | | | 368,730 | | | | | | | | | | | | | | |
Exercised
|
| | | | (170,585) | | | | | | 1.85 | | | | | | | | |
Forfeited
|
| | | | (1,116,317) | | | | | | | | | | | | | | |
Outstanding as of September 30, 2021
|
| | | | 5,617,370 | | | | | $ | 2.90 | | | | | | 6.26 | | |
Vested and expected to vest as of September 30, 2021
|
| | | | 5,617,370 | | | | | $ | 2.90 | | | | | | 6.26 | | |
Exercisable as of September 30, 2021
|
| | | | 4,113,816 | | | | | $ | 2.57 | | | | | | 5.33 | | |
| | |
Fair Value Hierarchy
|
| |||||||||||||||
September 30, 2021
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets – cash & cash equivalents
|
| | | $ | 35,409,156 | | | | | $ | — | | | | | $ | — | | |
Assets – restricted cash
|
| | | | 2,571,667 | | | | | | — | | | | | | — | | |
Total Assets
|
| | | $ | 37,980,823 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Common stock warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 148,129 | | |
Preferred stock warrants
|
| | | | — | | | | | | — | | | | | | 504,117 | | |
Total Liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 652,246 | | |
December 31, 2020
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets – cash & cash equivalents
|
| | | $ | 30,043,046 | | | | | $ | — | | | | | $ | — | | |
Total Assets
|
| | | $ | 30,043,046 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Common stock warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 49,863 | | |
Preferred stock warrants
|
| | | | — | | | | | | — | | | | | | 2,072,536 | | |
Total Liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,122,399 | | |
| | |
For the Three Months Ended
September 30, |
| |
For the Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
Numerator | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (5,929,183) | | | | | $ | (7,624,256) | | | | | $ | (30,300,971) | | | | | $ | (27,090,243) | | |
Less: accretion adjustment
|
| | | | (707,219) | | | | | | 1,255,312 | | | | | | (2,039,145) | | | | | | 736,685 | | |
Less: earnings allocated to particpating securites
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss attributable to common shareholders
|
| | | $ | (5,221,964) | | | | | $ | (8,879,568) | | | | | $ | (28,261,826) | | | | | $ | (27,826,928) | | |
Less: undistributed earnings allocated to participating securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Denominator | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted-average shares – basic and diluted
|
| | | | 10,011,105 | | | | | | 9,842,537 | | | | | | 9,953,951 | | | | | | 9,836,826 | | |
Net loss per common share – basic and diluted
|
| | | $ | (0.52) | | | | | $ | (0.90) | | | | | $ | (2.84) | | | | | $ | (2.83) | | |
| | |
For the Nine Months Ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Series preferred stock, outstanding
|
| | | | 43,472,083 | | | | | | 43,568,655 | | |
Common stock warrants, outstanding
|
| | | | 37,607 | | | | | | 37,607 | | |
Preferred stock warrants, outstanding
|
| | | | 1,378,672 | | | | | | 1,251,679 | | |
Common stock options, outstanding
|
| | | | 5,667,370 | | | | | | 7,103,988 | | |
| | |
Retail
|
| |
Software & Services
|
| |
Total
|
| |||||||||
For the Three Months Ended September 30, 2021
|
| | | | | | | | | | | | | | | | | | |
Grocery net revenue
|
| | | $ | 24,495,529 | | | | | $ | — | | | | | $ | 24,495,529 | | |
Home & Household net revenue
|
| | | | 12,628,647 | | | | | | — | | | | | | 12,628,647 | | |
Other net revenue(1)
|
| | | | 1,062,482 | | | | | | — | | | | | | 1,062,482 | | |
Software & Services net revenue
|
| | | | — | | | | | | 10,823,733 | | | | | | 10,823,733 | | |
Total net revenue
|
| | | $ | 38,186,658 | | | | | $ | 10,823,733 | | | | | $ | 49,010,391 | | |
Operating income (loss)
|
| | | $ | (15,644,223) | | | | | $ | 10,276,633 | | | | | $ | (5,367,590) | | |
For the Three Months Ended September 30, 2020
|
| | | | | | | | | | | | | | | | | | |
Total net revenue
|
| | | $ | 40,861,101 | | | | | $ | — | | | | | $ | 40,861,101 | | |
Operating income (loss)
|
| | | | (5,435,916) | | | | | | (661,434) | | | | | | (6,097,350) | | |
| | |
Retail
|
| |
Software & Services
|
| |
Total
|
| |||||||||
For the Nine Months Ended September 30, 2021
|
| | | | | | | | | | | | | | | | | | |
Grocery net revenue
|
| | | $ | 72,907,539 | | | | | $ | — | | | | | $ | 72,907,539 | | |
Home & Household net revenue
|
| | | | 40,874,517 | | | | | | — | | | | | | 40,874,517 | | |
Other net revenue(1)
|
| | | | 3,471,252 | | | | | | — | | | | | | 3,471,252 | | |
Software & Services net revenue
|
| | | | — | | | | | | 14,964,833 | | | | | | 14,964,833 | | |
Total net revenue
|
| | | $ | 117,253,308 | | | | | $ | 14,964,833 | | | | | $ | 132,218,141 | | |
Operating income (Loss)
|
| | | $ | (44,416,754) | | | | | $ | 13,606,929 | | | | | $ | (30,809,825) | | |
For the Nine Months Ended September 30, 2020
|
| | | | | | | | | | | | | | | | | | |
Total net revenue
|
| | | $ | 143,926,813 | | | | | $ | — | | | | | $ | 143,926,813 | | |
Operating income (loss)
|
| | | $ | (18,944,236) | | | | | $ | (1,824,174) | | | | | $ | (20,768,410) | | |
| | |
2020
|
| |
2019
|
| ||||||
ASSETS | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 30,043,046 | | | | | $ | 12,889,931 | | |
Accounts receivable, net
|
| | | | 2,910,079 | | | | | | 3,661,603 | | |
Inventories
|
| | | | 13,964,510 | | | | | | 14,042,411 | | |
Prepaid expenses and other current assets
|
| | | | 2,131,895 | | | | | | 3,152,813 | | |
TOTAL CURRENT ASSETS
|
| | | | 49,049,530 | | | | | | 33,746,758 | | |
Property and equipment, net
|
| | | | 10,411,396 | | | | | | 13,652,770 | | |
Other long-term assets
|
| | | | 204,122 | | | | | | 520,225 | | |
TOTAL ASSETS
|
| | | $ | 59,665,048 | | | | | $ | 47,919,753 | | |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 9,072,929 | | | | | $ | 16,590,796 | | |
Accrued expenses
|
| | | | 5,802,135 | | | | | | 5,348,560 | | |
Deferred revenue
|
| | | | 2,435,909 | | | | | | 2,318,412 | | |
Other current liabilities
|
| | | | 14,958,064 | | | | | | 12,410,413 | | |
Term loan – current portion
|
| | | | 3,750,000 | | | | | | 1,680,000 | | |
Warrants to purchase common shares
|
| | | | 49,863 | | | | | | 59,624 | | |
Warrants to purchase preferred shares
|
| | | | 2,072,536 | | | | | | 1,179,201 | | |
TOTAL CURRENT LIABILITIES
|
| | | | 38,141,436 | | | | | | 39,587,006 | | |
LONG-TERM TERM LOAN
|
| | | | 3,750,000 | | | | | | 840,000 | | |
LONG-TERM OTHER LIABILITIES
|
| | | | 1,015,248 | | | | | | 250,588 | | |
CONVERTIBLE PREFERRED STOCK | | | | | | | | | | | | | |
Class A preferred stock $0.00001 par value per share; 6,952,573 shares
authorized, issued and outstanding as of December 31, 2020 and 2019, respectively |
| | | | 8,023,239 | | | | | | 8,023,239 | | |
Class B preferred stock $0.00001 par value per share; 5,690,347 shares
authorized, issued and outstanding as of December 31, 2020 and 2019, respectively |
| | | | 24,999,769 | | | | | | 24,999,769 | | |
Class C-1 & C-2 preferred stock $0.00001 par value per share; 11,652,624
shares authorized as of December 31, 2020 and 2019; 11,564,263 shares issued and outstanding as of December 31, 2020 and 2019, respectively |
| | | | 123,566,111 | | | | | | 123,566,111 | | |
Class C-3 preferred stock $0.00001 par value per share; 1,692,100 shares authorized as of December 31, 2020 and 2019; 589,348 shares issued and outstanding as of December 31, 2020 and 2019, respectively
|
| | | | 7,066,283 | | | | | | 5,975,989 | | |
Class D preferred stock $0.00001 par value per share; 11,570,174 and 12,036,844 shares authorized as of December 31, 2020 and 2019; 11,570,174 and 11,570,174 shares issued and outstanding as of December 31, 2020 and 2019, respectively
|
| | | | 119,620,218 | | | | | | 119,620,218 | | |
Class E preferred stock $0.00001 par value per share; 6,016,811 shares authorized, issued and outstanding as of December 31, 2020
|
| | | | 41,925,138 | | | | | | — | | |
TOTAL CONVERTIBLE PREFERRED STOCK
|
| | | | 325,200,758 | | | | | | 282,185,326 | | |
| | |
2020
|
| |
2019
|
| ||||||
STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Common stock
|
| | | | 99 | | | | | | 99 | | |
Common stock, $0.00001 par value per share; 70,000,000 and 65,000,000 shares authorized as of December 31, 2020 and 2019; 9,888,776 and 9,833,563 shares issued and outstanding as of December 31, 2020 and 2019, respectively
|
| | | | | | | | | | | | |
Additional paid-in capital
|
| | | | 6,982,996 | | | | | | 6,045,644 | | |
Accumulated deficit
|
| | | | (315,425,489) | | | | | | (280,988,910) | | |
TOTAL STOCKHOLDERS’ DEFICIT
|
| | | | (308,442,394) | | | | | | (274,943,167) | | |
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
|
| | | $ | 59,665,048 | | | | | $ | 47,919,753 | | |
|
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Net revenue
|
| | | $ | 187,173,834 | | | | | $ | 173,992,897 | | | | | $ | 140,235,922 | | |
Cost of sales
|
| | | | (161,270,544) | | | | | | (164,091,469) | | | | | | (133,523,605) | | |
Gross profit
|
| | | | 25,903,290 | | | | | | 9,901,428 | | | | | | 6,712,317 | | |
Advertising expense
|
| | | | (4,912,269) | | | | | | (20,703,071) | | | | | | (12,217,926) | | |
Selling, general, and administrative expense
|
| | | | (49,677,783) | | | | | | (54,891,680) | | | | | | (44,724,097) | | |
Loss from operations
|
| | | | (28,686,762) | | | | | | (65,693,323) | | | | | | (50,229,706) | | |
Other income (expense), net
|
| | | | (5,749,814) | | | | | | 291,323 | | | | | | (96,114) | | |
Loss before income taxes
|
| | | | (34,436,576) | | | | | | (65,402,000) | | | | | | (50,325,820) | | |
Income taxes
|
| | | | — | | | | | | — | | | | | | — | | |
Net Loss
|
| | | $ | (34,436,576) | | | | | $ | (65,402,000) | | | | | $ | (50,325,820) | | |
Net loss per common share: | | | | | | | | | | | | | | | | | | | |
Basic net loss per common share
|
| | | $ | (3.61) | | | | | $ | (6.83) | | | | | $ | (5.10) | | |
Diluted net loss per common share
|
| | | $ | (3.61) | | | | | $ | (6.83) | | | | | $ | (5.10) | | |
Weighted average shares outstanding: | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 9,842,737 | | | | | | 9,750,682 | | | | | | 9,695,257 | | |
Diluted
|
| | | | 9,842,737 | | | | | | 9,750,682 | | | | | | 9,695,257 | | |
| | |
Total Convertible Preferred Stock
|
| | |
Common
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balances at January 1, 2018
|
| | | | 24,796,531 | | | | | $ | 162,317,582 | | | | | | | 9,630,872 | | | | | $ | 97 | | | | | $ | 2,488,996 | | | | | $ | (165,261,089) | | | | | $ | (162,771,996) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,329,616 | | | | | | — | | | | | | 1,329,616 | | |
Exercises of common stock
options |
| | | | — | | | | | | — | | | | | | | 91,209 | | | | | | 1 | | | | | | 85,890 | | | | | | — | | | | | | 85,891 | | |
Issuance of Series D preferred stock for cash
|
| | | | 8,449,486 | | | | | | 65,000,025 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series D preferred stock for conversion of convertible promissory notes
|
| | | | 2,205,650 | | | | | | 46,983,907 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Preferred stock issuance costs
|
| | | | — | | | | | | (2,342,406) | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series C-3 preferred stock remeasurement
|
| | | | — | | | | | | (907,596) | | | | | | | — | | | | | | — | | | | | | 907,596 | | | | | | — | | | | | | 907,596 | | |
Other adjustments
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1 | | | | | | (1) | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (50,325,820) | | | | | | (50,325,820) | | |
Balances at December 31, 2018
|
| | | | 35,451,667 | | | | | $ | 271,051,511 | | | | | | | 9,722,081 | | | | | $ | 98 | | | | | $ | 4,812,099 | | | | | $ | (215,586,910) | | | | | $ | (210,774,713) | | |
Balances at January 1, 2019
|
| | | | 35,451,667 | | | | | $ | 271,051,511 | | | | | | | 9,722,081 | | | | | $ | 98 | | | | | $ | 4,812,099 | | | | | $ | (215,586,910) | | | | | $ | (210,774,713) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 2,286,349 | | | | | | — | | | | | | 2,286,349 | | |
Exercises of common stock
options |
| | | | — | | | | | | — | | | | | | | 111,482 | | | | | | 1 | | | | | | 102,319 | | | | | | — | | | | | | 102,320 | | |
Issuance of Series D preferred stock for cash
|
| | | | 915,038 | | | | | | 10,000,000 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Preferred stock issuance costs
|
| | | | — | | | | | | (21,308) | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series C-3 preferred stock remeasurement
|
| | | | — | | | | | | 1,155,122 | | | | | | | — | | | | | | — | | | | | | (1,155,122) | | | | | | — | | | | | | (1,155,122) | | |
Other adjustments
|
| | | | — | | | | | | 1 | | | | | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | (1) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (65,402,000) | | | | | | (65,402,000) | | |
Balances at December 31, 2019
|
| | | | 36,366,705 | | | | | $ | 282,185,326 | | | | | | | 9,833,563 | | | | | $ | 99 | | | | | $ | 6,045,644 | | | | | $ | (280,988,910) | | | | | $ | (274,943,167) | | |
Balances at January 1, 2020
|
| | | | 36,366,705 | | | | | $ | 282,185,326 | | | | | | | 9,833,563 | | | | | $ | 99 | | | | | $ | 6,045,644 | | | | | $ | (280,988,910) | | | | | $ | (274,943,167) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,956,009 | | | | | | — | | | | | | 1,956,009 | | |
Exercises of common stock
options |
| | | | — | | | | | | — | | | | | | | 55,213 | | | | | | — | | | | | | 71,758 | | | | | | — | | | | | | 71,758 | | |
Issuance of Series E preferred stock for cash
|
| | | | 4,233,043 | | | | | | 30,000,000 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series E preferred stock for conversion of convertible promissory notes
|
| | | | 1,783,768 | | | | | | 12,644,170 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Preferred stock issuance costs
|
| | | | — | | | | | | (719,033) | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series C-3 preferred stock remeasurement
|
| | | | — | | | | | | 1,090,294 | | | | | | | — | | | | | | — | | | | | | (1,090,294) | | | | | | — | | | | | | (1,090,294) | | |
Other adjustments
|
| | | | — | | | | | | 1 | | | | | | | — | | | | | | — | | | | | | (122) | | | | | | (3) | | | | | | (125) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (34,436,576) | | | | | | (34,436,576) | | |
Balances at December 31, 2020
|
| | | | 42,383,516 | | | | | $ | 325,200,758 | | | | | | | 9,888,776 | | | | | $ | 99 | | | | | $ | 6,982,996 | | | | | $ | (315,425,489) | | | | | $ | (308,442,394) | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (34,436,576) | | | | | $ | (65,402,000) | | | | | $ | (50,325,820) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 4,785,778 | | | | | | 4,377,731 | | | | | | 4,733,389 | | |
Stock-based compensation
|
| | | | 1,956,009 | | | | | | 2,286,349 | | | | | | 1,329,616 | | |
Bad debt expense
|
| | | | 199,387 | | | | | | 133,742 | | | | | | 88,336 | | |
Change in fair value of warrants
|
| | | | 883,573 | | | | | | (178,668) | | | | | | (817,618) | | |
Change in fair value of embedded derivative
|
| | | | 4,323,770 | | | | | | — | | | | | | — | | |
Loss on extinguishment of convertible note
|
| | | | 102,972 | | | | | | — | | | | | | — | | |
Changes in assets and liabilities:
|
| | | | | | | | | | | | | | | | | | |
Receivables, net
|
| | | | 552,137 | | | | | | (163,266) | | | | | | 694,073 | | |
Prepaid and other current assets
|
| | | | 1,020,918 | | | | | | 1,069,382 | | | | | | 535,799 | | |
Inventories
|
| | | | 77,901 | | | | | | 284,894 | | | | | | (4,101,540) | | |
Deferred revenue
|
| | | | 117,497 | | | | | | 897,512 | | | | | | 795,626 | | |
Accrued expenses
|
| | | | 453,575 | | | | | | (784,360) | | | | | | 2,076,928 | | |
Other current liabilities
|
| | | | 2,547,651 | | | | | | 6,011,974 | | | | | | 3,719,280 | | |
Accounts payable
|
| | | | (7,517,867) | | | | | | 5,388,131 | | | | | | 1,009,704 | | |
Long-term liabilities
|
| | | | 836,791 | | | | | | 198,017 | | | | | | (2,913,561) | | |
Net cash used in operating activities
|
| | | | (24,096,484) | | | | | | (45,880,562) | | | | | | (43,175,788) | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Capital expenditures
|
| | | | (1,536,631) | | | | | | (3,860,060) | | | | | | (4,300,645) | | |
Other investing activities
|
| | | | 308,331 | | | | | | (18,916) | | | | | | 36,465 | | |
Net cash used in investing activities
|
| | | | (1,228,300) | | | | | | (3,878,976) | | | | | | (4,264,180) | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Principal payments on finance lease obligations
|
| | | | (72,130) | | | | | | (3,048,052) | | | | | | (3,325,148) | | |
Proceeds from options exercise
|
| | | | 71,758 | | | | | | 102,320 | | | | | | 85,891 | | |
Proceeds from sale of preferred stock
|
| | | | 30,000,000 | | | | | | 10,000,000 | | | | | | 65,000,025 | | |
Proceeds from convertible note issuance
|
| | | | 8,217,304 | | | | | | — | | | | | | 21,983,907 | | |
Preferred stock issuance costs
|
| | | | (719,033) | | | | | | (21,308) | | | | | | (2,342,406) | | |
Repayment of borrowings
|
| | | | (7,520,000) | | | | | | (980,000) | | | | | | — | | |
Proceeds from borrowing
|
| | | | 12,500,000 | | | | | | — | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 42,477,899 | | | | | | 6,052,960 | | | | | | 81,402,269 | | |
Total change in cash
|
| | | | 17,153,115 | | | | | | (43,706,578) | | | | | | 33,962,301 | | |
CASH BEGINNING OF YEAR
|
| | | | 12,889,931 | | | | | | 56,596,509 | | | | | | 22,634,208 | | |
CASH END OF YEAR
|
| | | $ | 30,043,046 | | | | | $ | 12,889,931 | | | | | $ | 56,596,509 | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
| | | | | | | | | | | | | | | | | | |
Cash paid during the year for: | | | | | | | | | | | | | | | | | | | |
Cash paid for taxes
|
| | | $ | 8,284 | | | | | $ | 10,292 | | | | | $ | 11,500 | | |
Cash paid for interest
|
| | | $ | 404,411 | | | | | $ | 301,155 | | | | | $ | 604,027 | | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITES:
|
| | | | | | | | | | | | | | | | | | |
Conversion of convertible promissory note to preferred stock
|
| | | $ | 12,644,170 | | | | | $ | — | | | | | $ | 46,983,907 | | |
For the Year Ended December 31, 2020
|
| ||||||||||||||||||||||||||||||
Column A
|
| |
Column B
|
| |
Column C
|
| |
Column D
|
| |
Column E
|
| ||||||||||||||||||
| | |
Balance at
beginning of period |
| |
Additions
|
| | | | | | | | | | | | | ||||||||||||
Description
|
| |
Charges to cost
and expenses |
| |
Charged to
other accounts |
| |
Deductions
|
| |
Balance at end
of period |
| ||||||||||||||||||
Reserve for doubtful accounts
|
| | | $ | 176,653 | | | | | | 28,731 | | | | | | — | | | | | | — | | | | | $ | 205,384 | | |
For the Year Ended December 31, 2019
|
| ||||||||||||||||||||||||||||||
Column A
|
| |
Column B
|
| |
Column C
|
| |
Column D
|
| |
Column E
|
| ||||||||||||||||||
| | |
Balance at
beginning of period |
| |
Additions
|
| | | | | | | | | | | | | ||||||||||||
Description
|
| |
Charges to cost
and expenses |
| |
Charged to
other accounts |
| |
Deductions
|
| |
Balance at end
of period |
| ||||||||||||||||||
Reserve for doubtful accounts
|
| | | $ | 141,282 | | | | | | 35,371 | | | | | | — | | | | | | — | | | | | $ | 176,653 | | |
For the Year Ended December 31, 2018
|
| ||||||||||||||||||||||||||||||
Column A
|
| |
Column B
|
| |
Column C
|
| |
Column D
|
| |
Column E
|
| ||||||||||||||||||
| | |
Balance at
beginning of period |
| |
Additions
|
| | | | | | | | | | | | | ||||||||||||
Description
|
| |
Charges to cost
and expenses |
| |
Charged to
other accounts |
| |
Deductions
|
| |
Balance at end
of period |
| ||||||||||||||||||
Reserve for doubtful accounts
|
| | | $ | 63,847 | | | | | | 77,436 | | | | | | — | | | | | | — | | | | | $ | 141,282 | | |
| | |
Estimated Useful Lives
|
|
Leasehold improvements
|
| |
7 years
|
|
Warehouse equipment
|
| |
5 years
|
|
Computers and small tools
|
| |
3 years
|
|
Furniture and fixtures
|
| |
7 years
|
|
Capital lease asset
|
| |
7 years
|
|
Software development
|
| |
4 years
|
|
| | |
Contract liabilities
(deferred revenue) |
| |||
December 31, 2018
|
| | | $ | 1,420,900 | | |
Increases due to invoicing prior to satisfaction of performance obligations
|
| | | | 17,989,998 | | |
Performance obligations satisfied during the period
|
| | | | (17,092,485) | | |
December 31, 2019
|
| | | $ | 2,318,412 | | |
Increases due to invoicing prior to satisfaction of performance obligations
|
| | | | 23,710,133 | | |
Performance obligations satisfied during the period
|
| | | | (23,592,636) | | |
December 31, 2020
|
| | | $ | 2,435,909 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Direct Sales(1)(3)
|
| | | $ | 176,836,569 | | | | | $ | 143,749,787 | | | | | $ | 116,120,832 | | |
Channel Sales(2)
|
| | | | 10,337,265 | | | | | | 30,243,110 | | | | | | 24,115,090 | | |
| | |
2020
|
| |
2019
|
| ||||||
Leasehold improvements
|
| | | $ | 8,147,638 | | | | | $ | 2,733,425 | | |
Warehouse equipment
|
| | | | 2,192,471 | | | | | | 2,050,032 | | |
Computers and small tools
|
| | | | 1,061,177 | | | | | | 989,989 | | |
Furniture and fixtures
|
| | | | 95,064 | | | | | | 95,064 | | |
Capital lease asset
|
| | | | — | | | | | | 8,979,516 | | |
Software development
|
| | | | 13,608,520 | | | | | | 12,567,836 | | |
Work in progress
|
| | | | 359,992 | | | | | | 834,420 | | |
| | | | $ | 25,464,862 | | | | | $ | 28,250,282 | | |
Less: Accumulated depreciation and amortization
|
| | | | (15,053,466) | | | | | | (14,597,512) | | |
Property and equipment, net
|
| | | $ | 10,411,396 | | | | | $ | 13,652,770 | | |
| | |
2020
|
| |
2019
|
| ||||||
Credit card payable
|
| | | $ | 10,473,079 | | | | | $ | 8,325,828 | | |
Accrued sales tax payable
|
| | | | 1,845,831 | | | | | | 1,749,590 | | |
Deferred rent – short term
|
| | | | 622,940 | | | | | | 796,047 | | |
Credits liability
|
| | | | 633,287 | | | | | | 438,550 | | |
Other accrued liabilities
|
| | | | 1,382,927 | | | | | | 1,100,398 | | |
Total
|
| | | $ | 14,958,064 | | | | | $ | 12,410,413 | | |
| | |
2020
|
| |
2019
|
| ||||||
5th Amendment term loan, matures May 2021
|
| | | $ | — | | | | | $ | 2,520,000 | | |
6th Amendment term loan, matures June 2020(1)
|
| | | | — | | | | | | — | | |
7th Amendment term loan, matures December 2022
|
| | | | 7,500,000 | | | | | | — | | |
Total term debt
|
| | | | 7,500,000 | | | | | | 2,520,000 | | |
Less: current portion
|
| | | | (3,750,000) | | | | | | (1,680,000) | | |
Long-term term loan
|
| | | $ | 3,750,000 | | | | | $ | 840,000 | | |
|
2021
|
| | | $ | 3,750,000 | | |
|
2022
|
| | | | 3,750,000 | | |
|
2023
|
| | | | — | | |
|
2024
|
| | | | — | | |
|
Total
|
| | | $ | 7,500,000 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Domestic
|
| | | $ | (34,436,576) | | | | | $ | (65,402,000) | | | | | $ | (50,325,820) | | |
Foreign
|
| | | | — | | | | | | — | | | | | | — | | |
Loss before income taxes
|
| | | $ | (34,436,576) | | | | | $ | (65,402,000) | | | | | $ | (50,325,820) | | |
2020
|
| |
Current
|
| |
Deferred
|
| |
Total
|
| |||||||||
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
2019
|
| |
Current
|
| |
Deferred
|
| |
Total
|
| |||||||||
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
2018
|
| |
Current
|
| |
Deferred
|
| |
Total
|
| |||||||||
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Federal statutory rate
|
| | | | 21.00% | | | | | | 21.00% | | | | | | 21.00% | | |
Permanent items
|
| | | | (2.74) | | | | | | (0.02) | | | | | | (0.01) | | |
State taxes (net of federal benefit)
|
| | | | 0.00 | | | | | | 0.00 | | | | | | 0.00 | | |
Deferred rate change
|
| | | | 0.00 | | | | | | (0.02) | | | | | | 0.02 | | |
Valuation allowance
|
| | | | (17.28) | | | | | | (20.28) | | | | | | (20.47) | | |
Stock-based compensation
|
| | | | (0.98) | | | | | | (0.68) | | | | | | (0.54) | | |
Total provision and effective tax rate
|
| | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Allowance for doubtful accounts
|
| | | $ | 49,815 | | | | | $ | 42,839 | | |
Accrued expenses
|
| | | | 220,548 | | | | | | 160,631 | | |
Inventory
|
| | | | 116,354 | | | | | | 127,349 | | |
Deferred rent
|
| | | | 151,089 | | | | | | 193,048 | | |
Lease liability
|
| | | | 62,499 | | | | | | 87,293 | | |
Warrants
|
| | | | 463,701 | | | | | | 261,436 | | |
Stock-based compensation
|
| | | | 202,722 | | | | | | 117,223 | | |
Charitable contributions
|
| | | | 460,274 | | | | | | 340,259 | | |
Net operating losses
|
| | | | 71,553,413 | | | | | | 66,025,752 | | |
Payroll taxes deferral
|
| | | | 202,385 | | | | | | — | | |
Disallowed interest expense
|
| | | | 216,444 | | | | | | 108,951 | | |
Total deferred tax assets
|
| | | $ | 73,699,244 | | | | | $ | 67,464,781 | | |
Less: valuation allowance
|
| | | | (72,057,082) | | | | | | (65,260,394) | | |
Net deferred tax assets
|
| | | $ | 1,642,162 | | | | | $ | 2,204,387 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Deferred tax liabilities: | | | | | | | | | | | | | |
Intangible assets
|
| | | $ | (839,927) | | | | | $ | (1,090,104) | | |
Property and equipment
|
| | | | (802,235) | | | | | | (1,114,283) | | |
Total deferred tax liabilities
|
| | | $ | (1,642,162) | | | | | $ | (2,204,387) | | |
Net deferred tax assets/liabilities
|
| | | $ | — | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Beginning balance
|
| | | $ | 1,348,904 | | | | | $ | 1,372,064 | | | | | $ | — | | |
Increases based on tax positions during the current period
|
| | | | — | | | | | | 301,847 | | | | | | 1,617,975 | | |
(Decreases) based on tax positions during the current period
|
| | | | — | | | | | | (325,007) | | | | | | (245,911) | | |
Ending balance
|
| | | $ | 1,348,904 | | | | | $ | 1,348,904 | | | | | $ | 1,372,064 | | |
Year
|
| |
Lease Obligation
|
| |||
2021
|
| | | $ | 3,451,635 | | |
2022
|
| | | | 3,376,849 | | |
2023
|
| | | | 1,689,562 | | |
2024
|
| | | | 496,567 | | |
2025
|
| | | | 511,462 | | |
Thereafter
|
| | | | 348,145 | | |
Total | | | | $ | 9,874,220 | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Expected volatility
|
| | | | 57.0% | | | | | | 55.0% | | | | | | 58.0% | | |
Expected term (in years)
|
| | | | 1.0 | | | | | | 2.0 | | | | | | 4.0 | | |
Risk-free interest rate
|
| | | | 1.7% | | | | | | 1.7% | | | | | | 1.7% | | |
Expected dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Expected volatility
|
| | | | 60.0% | | | | | | 45.0% | | | | | | 45.0% | | |
Expected term (in years)
|
| | | | 1.0 | | | | | | 2.0 | | | | | | 4.0 | | |
Risk-free interest rate
|
| | | | 0.1% | | | | | | 1.6% | | | | | | 2.5% | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Expected volatility
|
| | | | 60.0% | | | | | | 45.0% | | | | | | 45.0% | | |
Expected term (in years)
|
| | | | 1.0 | | | | | | 2.0 | | | | | | 4.0 | | |
Risk-free interest rate
|
| | | | 0.1% | | | | | | 1.6% | | | | | | 2.5% | | |
| | |
Shares
Authorized |
| |
Shares Issued
and Outstanding |
| |
Issuance Price
Per Share |
| |
Carrying
Value |
| |
Liquidation
Preference |
| |||||||||||||||
Series A-1
|
| | | | 4,388,978 | | | | | | 4,388,978 | | | | | $ | 1.48 | | | | | | 6,490,026 | | | | | | 6,489,982 | | |
Series A-2
|
| | | | 1,993,093 | | | | | | 1,993,093 | | | | | $ | 0.55 | | | | | | 1,090,840 | | | | | | 1,090,820 | | |
Series A-3
|
| | | | 570,502 | | | | | | 570,502 | | | | | $ | 0.78 | | | | | | 442,374 | | | | | | 442,367 | | |
Series B-1
|
| | | | 5,128,198 | | | | | | 5,128,198 | | | | | $ | 4.48 | | | | | | 22,984,122 | | | | | | 22,984,071 | | |
Series B-2
|
| | | | 562,149 | | | | | | 562,149 | | | | | $ | 3.59 | | | | | | 2,015,647 | | | | | | 2,015,641 | | |
Series C-1
|
| | | | 10,618,436 | | | | | | 10,530,075 | | | | | $ | 10.88 | | | | | | 114,562,977 | | | | | | 114,587,113 | | |
Series C-2
|
| | | | 1,034,188 | | | | | | 1,034,188 | | | | | $ | 8.71 | | | | | | 9,003,134 | | | | | | 9,003,124 | | |
Series C-3
|
| | | | 1,692,100 | | | | | | 589,348 | | | | | $ | 10.88 | | | | | | 7,066,283 | | | | | | 6,412,106 | | |
Series D-1
|
| | | | 9,364,524 | | | | | | 9,364,524 | | | | | $ | 10.93 | | | | | | 97,926,084 | | | | | | 102,340,201 | | |
Series D-2
|
| | | | 2,205,650 | | | | | | 2,205,650 | | | | | $ | 9.84 | | | | | | 21,694,134 | | | | | | 21,694,112 | | |
Series E-1
|
| | | | 4,233,043 | | | | | | 4,233,043 | | | | | $ | 7.09 | | | | | | 33,707,750 | | | | | | 30,000,000 | | |
Series E-2
|
| | | | 1,783,768 | | | | | | 1,783,768 | | | | | $ | 4.61 | | | | | | 8,217,388 | | | | | | 8,217,284 | | |
| | | | | 43,574,629 | | | | | | 42,383,516 | | | | | | | | | | | | 325,200,758 | | | | | | | | |
| | |
Shares
Authorized |
| |
Shares Issued
and Outstanding |
| |
Issuance Price
Per Share |
| |
Carrying
Value |
| |
Liquidation
Preference |
| |||||||||||||||
Series A-1
|
| | | | 4,388,978 | | | | | | 4,388,978 | | | | | $ | 1.48 | | | | | | 6,490,026 | | | | | | 6,489,982 | | |
Series A-2
|
| | | | 1,993,093 | | | | | | 1,993,093 | | | | | $ | 0.55 | | | | | | 1,090,840 | | | | | | 1,090,820 | | |
Series A-3
|
| | | | 570,502 | | | | | | 570,502 | | | | | $ | 0.78 | | | | | | 442,374 | | | | | | 442,367 | | |
Series B-1
|
| | | | 5,128,198 | | | | | | 5,128,198 | | | | | $ | 4.48 | | | | | | 22,984,122 | | | | | | 22,984,071 | | |
Series B-2
|
| | | | 562,149 | | | | | | 562,149 | | | | | $ | 3.59 | | | | | | 2,015,647 | | | | | | 2,015,641 | | |
Series C-1
|
| | | | 10,618,436 | | | | | | 10,530,075 | | | | | $ | 10.88 | | | | | | 114,562,977 | | | | | | 114,587,113 | | |
Series C-2
|
| | | | 1,034,188 | | | | | | 1,034,188 | | | | | $ | 8.71 | | | | | | 9,003,134 | | | | | | 9,003,124 | | |
Series C-3
|
| | | | 1,692,100 | | | | | | 589,348 | | | | | $ | 10.88 | | | | | | 5,975,989 | | | | | | 6,413,220 | | |
Series D-1
|
| | | | 9,831,194 | | | | | | 9,364,524 | | | | | $ | 10.93 | | | | | | 97,926,084 | | | | | | 102,340,201 | | |
Series D-2
|
| | | | 2,205,650 | | | | | | 2,205,650 | | | | | $ | 9.84 | | | | | | 21,694,134 | | | | | | 21,694,112 | | |
| | | | | 38,024,488 | | | | | | 36,366,705 | | | | | | | | | | | | 282,185,326 | | | | | | | | |
| | |
Number of
Shares |
| |
Weighted
Average Exercise Price |
| |
Weighted
Average Remaining Contractual Life |
| |||||||||
Outstanding as of December 31, 2017
|
| | | | 5,101,695 | | | | | $ | 2.22 | | | | | | 8.55 | | |
Granted
|
| | | | 644,600 | | | | | | 3.17 | | | | | | | | |
Exercised
|
| | | | (91,209) | | | | | | 0.94 | | | | | | | | |
Forfeited
|
| | | | (1,094,300) | | | | | | | | | | | | | | |
Outstanding as of December 31, 2018
|
| | | | 4,560,786 | | | | | $ | 2.30 | | | | | | 7.59 | | |
Granted
|
| | | | 4,571,700 | | | | | | 3.20 | | | | | | | | |
Exercised
|
| | | | (111,482) | | | | | | 1.16 | | | | | | | | |
Forfeited
|
| | | | (1,011,237) | | | | | | | | | | | | | | |
Outstanding as of December 31, 2019
|
| | | | 8,009,767 | | | | | $ | 2.80 | | | | | | 8.17 | | |
Granted
|
| | | | 1,234,250 | | | | | | 3.00 | | | | | | | | |
Exercised
|
| | | | (55,213) | | | | | | 1.01 | | | | | | | | |
Forfeited
|
| | | | (2,653,262) | | | | | | | | | | | | | | |
Outstanding as of December 31, 2020
|
| | | | 6,535,542 | | | | | $ | 2.97 | | | | | | 7.30 | | |
Vested and expected to vest as of December 31, 2020
|
| | | | 6,535,542 | | | | | $ | 2.74 | | | | | | 7.30 | | |
Exercisable as of December 31, 2020
|
| | | | 3,986,608 | | | | | $ | 2.51 | | | | | | 6.29 | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Expected volatility
|
| | | | 51.8% | | | | | | 47.4% | | | | | | 46.9% | | |
Expected term (in years)
|
| | | | 5.99 | | | | | | 5.90 | | | | | | 5.90 | | |
Risk-free interest rate
|
| | | | 0.3% | | | | | | 1.8% | | | | | | 2.8% | | |
Expected dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
| | |
Fair Value Hierarchy
|
| |||||||||||||||
2020
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets – cash & cash equivalents
|
| | | $ | 30,043,046 | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 30,043,046 | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Common stock warrants
|
| | | | | | | | | | | | | | | $ | 49,863 | | |
Preferred stock warrants
|
| | | | | | | | | | | | | | | | 2,072,536 | | |
Total liabilities
|
| | | | | | | | | | | | | | | $ | 2,122,399 | | |
2019
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets – cash & cash equivalents
|
| | | $ | 12,889,931 | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 12,889,931 | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Common stock warrants
|
| | | | | | | | | | | | | | | $ | 59,624 | | |
Preferred stock warrants
|
| | | | | | | | | | | | | | | | 1,179,201 | | |
Total liabilities
|
| | | | | | | | | | | | | | | $ | 1,238,825 | | |
2018
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets – cash & cash equivalents
|
| | | $ | 56,596,509 | | | | | | | | | | | | | | |
Total Assets
|
| | | $ | 56,596,509 | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Common Stock Warrants
|
| | | | | | | | | | | | | | | $ | 59,624 | | |
Preferred Stock Warrants
|
| | | | | | | | | | | | | | | $ | 1,357,868 | | |
Total Liabilities
|
| | | | | | | | | | | | | | | $ | 1,417,492 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Numerator | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (34,436,576) | | | | | $ | (65,402,000) | | | | | $ | (50,325,820) | | |
Less: accretion adjustment
|
| | | | 1,090,294 | | | | | | 1,155,122 | | | | | | (907,596) | | |
Net loss attributable to common shareholders
|
| | | $ | (35,526,870) | | | | | $ | (66,557,122) | | | | | $ | (49,418,224) | | |
Denominator | | | | | | | | | | | | | | | | | | | |
Weighted-average shares – basic and diluted
|
| | | | 9,842,737 | | | | | | 9,750,682 | | | | | | 9,695,257 | | |
Net loss per common share – basic and diluted
|
| | | $ | (3.61) | | | | | $ | (6.83) | | | | | $ | (5.10) | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Series Preferred Stock, Outstanding
|
| | | | 43,427,083 | | | | | | 37,455,276 | | | | | | 36,499,925 | | |
Common Stock Warrants, Outstanding
|
| | | | 37,607 | | | | | | 37,607 | | | | | | 37,607 | | |
Preferred Stock Warrants, Outstanding
|
| | | | 1,251,679 | | | | | | 1,251,679 | | | | | | 1,251,679 | | |
Common Stock Options, Outstanding
|
| | | | 7,043,875 | | | | | | 8,079,462 | | | | | | 4,549,452 | | |
| | |
Retail
|
| |
Software &
Services |
| |
Total
|
| |||||||||
Year Ended December 31, 2018 | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 140,235,922 | | | | | $ | — | | | | | $ | 140,235,922 | | |
Operating Loss
|
| | | | (50,229,706) | | | | | | — | | | | | | (50,229,706) | | |
Year Ended December 31, 2019 | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 173,692,897 | | | | | $ | 300,000 | | | | | $ | 173,992,897 | | |
Operating Loss
|
| | | | (63,082,583) | | | | | | (2,610,740) | | | | | | (65,693,323) | | |
Year Ended December 31, 2020 | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 187,173,834 | | | | | $ | — | | | | | $ | 187,173,834 | | |
Operating Loss
|
| | | | (26,244,100) | | | | | | (2,442,662) | | | | | | (28,686,762) | | |
| | |
September 30, 2021
|
| |
December 31, 2020
|
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
Assets: | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 535,518 | | | | | $ | 1,764,324 | | |
Prepaid expenses
|
| | | | 501,641 | | | | | | 759,541 | | |
Total current assets
|
| | | | 1,037,159 | | | | | | 2,523,865 | | |
Investments held in Trust Account
|
| | | | 258,804,731 | | | | | | 258,749,858 | | |
Total Assets
|
| | | $ | 259,841,890 | | | | | $ | 261,273,723 | | |
Liabilities and Stockholders’ Deficit: | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 41 | | | | | $ | 52,319 | | |
Accrued expenses
|
| | | | 1,861,478 | | | | | | 103,335 | | |
Franchise tax payable
|
| | | | 116,701 | | | | | | 54,695 | | |
Total current liabilities
|
| | | | 1,978,220 | | | | | | 210,349 | | |
Derivative warrant liabilities
|
| | | | 14,801,473 | | | | | | 22,415,255 | | |
Total Liabilities
|
| | | | 16,779,693 | | | | | | 22,625,604 | | |
Commitments and Contingencies (Note 5) | | | | | | | | | | | | | |
Class A common stock subject to possible redemption, 25,875,000 shares at redemption value of $10.00 per share as of September 30, 2021 and December 31, 2020
|
| | | | 258,750,000 | | | | | | 258,750,000 | | |
Stockholders’ Deficit: | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A common stock, $0.0001 par value; 380,000,000 shares authorized as of September 30, 2021 and December 31, 2020, respectively (excluding 25,875,000 shares subject to possible redemption)
|
| | | | — | | | | | | — | | |
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 6,468,750 shares issued and outstanding as of September 30, 2021 and December 31, 2020
|
| | | | 647 | | | | | | 647 | | |
Accumulated deficit
|
| | | | (15,688,450) | | | | | | (20,102,528) | | |
Total stockholders’ deficit
|
| | | | (15,687,803) | | | | | | (20,101,881) | | |
Total Liabilities, Class A common stock subject to possible redemption and Stockholders’ Deficit
|
| | | $ | 259,841,890 | | | | | $ | 261,273,723 | | |
| | |
For the Three Months Ended
September 30, 2021 |
| |
For the Nine Months Ended
September 30, 2021 |
| ||||||
General and administrative expenses
|
| | | $ | 891,974 | | | | | $ | 2,924,988 | | |
General and administrative expenses – related party
|
| | | | 60,000 | | | | | | 180,000 | | |
Franchise tax expenses
|
| | | | 77,868 | | | | | | 149,589 | | |
Loss from operations
|
| | | | (1,029,842) | | | | | | (3,254,577) | | |
Change in fair value of derivative warrant liabilities
|
| | | | 7,058,027 | | | | | | 7,613,782 | | |
Income from investments held in Trust Account
|
| | | | 3,331 | | | | | | 54,873 | | |
Net income
|
| | | $ | 6,031,516 | | | | | $ | 4,414,078 | | |
Weighted average number of shares outstanding of Class A
common stock |
| | | | 25,875,000 | | | | | | 25,875,000 | | |
Basic and diluted net income per share, Class A
|
| | | $ | 0.19 | | | | | $ | 0.14 | | |
Weighted average number of shares outstanding of Class B
common stock |
| | | | 6,468,750 | | | | | | 6,468,750 | | |
Basic and diluted net income per share, Class B
|
| | | $ | 0.19 | | | | | $ | 0.14 | | |
| | |
Class B Common Stock
|
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||
Balance – December 31, 2020
|
| | | | 6,468,750 | | | | | $ | 647 | | | | | $ | (20,102,528) | | | | | $ | (20,101,881) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 4,644,993 | | | | | | 4,644,993 | | |
Balance – March 31, 2021 (unaudited), as restated
|
| | | | 6,468,750 | | | | | | 647 | | | | | | (15,457,535) | | | | | | (15,456,888) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | (6,262,431) | | | | | | (6,262,431) | | |
Balance – June 30, 2021 (unaudited), as restated
|
| | | | 6,468,750 | | | | | | 647 | | | | | | (21,719,966) | | | | | | (21,719,319) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 6,031,516 | | | | | | 6,031,516 | | |
Balance – September 30, 2021 (unaudited)
|
| | | | 6,468,750 | | | | | $ | 647 | | | | | $ | (15,688,450) | | | | | $ | (15,687,803) | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net income
|
| | | $ | 4,414,078 | | |
| Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (7,613,782) | | |
|
Income from investments held in Trust Account
|
| | | | (54,873) | | |
| Changes in operating assets and liabilities: | | | | | | | |
|
Prepaid expenses
|
| | | | 257,900 | | |
|
Accounts payable
|
| | | | (52,278) | | |
|
Accrued expenses
|
| | | | 1,758,143 | | |
|
Franchise tax payable
|
| | | | 62,006 | | |
|
Net cash used in operating activities
|
| | | | (1,228,806) | | |
|
Net decrease in cash
|
| | | | (1,228,806) | | |
|
Cash – beginning of the period
|
| | |
|
1,764,324
|
| |
|
Cash – end of the period
|
| | | $ | 535,518 | | |
Balance Sheet as of March 31, 2021
|
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Total assets
|
| | | $ | 260,975,173 | | | | | $ | — | | | | | $ | 260,975,173 | | |
Total liabilities
|
| | | $ | 17,682,061 | | | | | $ | — | | | | | $ | 17,682,061 | | |
Class A common stock subject to possible redemption
|
| | | | 238,293,110 | | | | | | 20,456,890 | | | | | | 258,750,000 | | |
Preferred stock
|
| | | | — | | | | | | — | | | | | | — | | |
Class A common stock
|
| | | | 205 | | | | | | (205) | | | | | | — | | |
Class B common stock
|
| | | | 647 | | | | | | — | | | | | | 647 | | |
Additional paid-in capital
|
| | | | 4,571,900 | | | | | | (4,571,900) | | | | | | — | | |
Accumulated deficit
|
| | | | 427,250 | | | | | | (15,884,785) | | | | | | (15,457,535) | | |
Total stockholders’ equity (deficit)
|
| | | $ | 5,000,002 | | | | | $ | (20,456,890) | | | | | $ | (15,456,888) | | |
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)
|
| | | $ | 260,975,173 | | | | | $ | — | | | | | $ | 260,975,173 | | |
Shares of Class A common stock subject to possible
redemption |
| | | | 23,829,311 | | | | | | 2,045,689 | | | | | | 25,875,000 | | |
Shares of Class A Common stock
|
| | | | 2,045,689 | | | | | | (2,045,689) | | | | | | — | | |
Statement of Cash Flows for the three months ended March 31, 2021
|
| |
As Reported
|
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Supplemental Disclosure of Noncash Financing Activities: | | | | | | | | | | | | | | | | | | | |
Change in Value of Class A common stock subject to possible redemption
|
| | | $ | 4,645,000 | | | | | $ | (4,645,000) | | | | | $ | — | | |
Balance Sheet as of June 30, 2021
|
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Total assets
|
| | | $ | 260,319,739 | | | | | $ | — | | | | | $ | 260,319,739 | | |
Total liabilities
|
| | | $ | 23,289,058 | | | | | $ | — | | | | | $ | 23,289,058 | | |
Class A common stock subject to possible redemption
|
| | | | 232,030,680 | | | | | | 26,719,320 | | | | | | 258,750,000 | | |
Preferred stock
|
| | | | — | | | | | | — | | | | | | — | | |
Class A common stock
|
| | | | 268 | | | | | | (268) | | | | | | — | | |
Class B common stock
|
| | | | 647 | | | | | | — | | | | | | 647 | | |
Additional paid-in capital
|
| | | | 10,834,267 | | | | | | (10,834,267) | | | | | | — | | |
Accumulated deficit
|
| | | | (5,835,181) | | | | | | (15,884,785) | | | | | | (21,719,966) | | |
Total stockholders’ equity (deficit)
|
| | | $ | 5,000,001 | | | | | $ | (26,719,320) | | | | | $ | (21,719,319) | | |
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)
|
| | | $ | 260,319,739 | | | | | $ | — | | | | | $ | 260,319,739 | | |
Shares of Class A common stock subject to possible
redemption |
| | | | 23,203,068 | | | | | | 2,671,932 | | | | | | 25,875,000 | | |
Shares of Class A Common stock
|
| | | | 2,671,932 | | | | | | (2,671,932) | | | | | | — | | |
Statement of Cash Flows for the six months ended June 30, 2021
|
| |
As Reported
|
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Supplemental Disclosure of Noncash Financing Activities: | | | | | | | | | | | | | | | | | | | |
Change in Value of Class A common stock subject to possible redemption
|
| | | $ | (1,617,430) | | | | | $ | 1,617,430 | | | | | $ | — | | |
| | |
Earnings Per Share
|
| |||||||||||||||
| | |
As Reported
|
| |
Adjustment
|
| |
As Restated
|
| |||||||||
For the Three Months Ended March 31, 2021 | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 4,644,993 | | | | | $ | — | | | | | $ | 4,644,993 | | |
Weighted average shares outstanding – Class A common
stock |
| | | | 25,217,311 | | | | | | 657,689 | | | | | | 25,875,000 | | |
Basic and diluted income (loss) per share – Class A common
stock |
| | | $ | — | | | | | $ | 0.14 | | | | | $ | 0.14 | | |
Weighted average shares outstanding – Class B common stock
|
| | | | 7,126,439 | | | | | | (657,689) | | | | | | 6,468,750 | | |
Basic and diluted income (loss) per share – Class B common
stock |
| | | $ | 0.65 | | | | | $ | (0.51) | | | | | $ | 0.14 | | |
| | |
Earnings Per Share
|
| |||||||||||||||
| | |
As Reported
|
| |
Adjustment
|
| |
As Restated
|
| |||||||||
For the Three Months Ended June 30, 2021 | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (6,262,431) | | | | | $ | — | | | | | $ | (6,262,431) | | |
Weighted average shares outstanding – Class A common
stock |
| | | | 23,822,429 | | | | | | 2,052,571 | | | | | | 25,875,000 | | |
Basic and diluted income (loss) per share – Class A common stock
|
| | | $ | — | | | | | $ | (0.19) | | | | | $ | (0.19) | | |
Weighted average shares outstanding – Class B common
stock |
| | | | 8,521,321 | | | | | | (2,052,571) | | | | | | 6,468,750 | | |
Basic and diluted income (loss) per share – Class B common stock
|
| | | $ | (0.73) | | | | | $ | 0.54 | | | | | $ | (0.19) | | |
| | |
Earnings Per Share
|
| |||||||||||||||
| | |
As Reported
|
| |
Adjustment
|
| |
As Restated
|
| |||||||||
For the Six Months Ended June 30, 2021 | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (1,617,438) | | | | | $ | — | | | | | $ | (1,617,438) | | |
Weighted average shares outstanding – Class A common
stock |
| | | | 23,597,451 | | | | | | 2,277,549 | | | | | | 25,875,000 | | |
Basic and diluted income (loss) per share – Class A common
stock |
| | | $ | — | | | | | $ | (0.05) | | | | | $ | (0.05) | | |
Weighted average shares outstanding – Class B common
stock |
| | | | 8,746,299 | | | | | | (2,277,549) | | | | | | 6,468,750 | | |
Basic and diluted income (loss) per share – Class B common
stock |
| | | $ | (0.18) | | | | | $ | 0.13 | | | | | $ | (0.05) | | |
| | |
For the Three and Six Months ended June 30, 2021
|
| |||||||||||||||
| | |
Total Stockholders’
Equity (Deficit), As Reported |
| |
Adjustment
|
| |
Total Stockholders’
Equity (Deficit), As Restated |
| |||||||||
Balance – December 31, 2020
|
| | | $ | (20,101,881) | | | | | $ | — | | | | | $ | (20,101,881) | | |
Common stock subject to possible redemption
|
| | | | (4,645,000) | | | | | | 4,645,000 | | | | | | — | | |
Net income
|
| | | | 4,644,993 | | | | | | — | | | | | | 4,644,993 | | |
Balance – March 31, 2021 (unaudited)
|
| | | $ | (20,101,888) | | | | | | — | | | | | $ | (15,456,888) | | |
Common stock subject to possible redemption
|
| | | | 6,262,430 | | | | | $ | (6,262,430) | | | | | | — | | |
Net loss
|
| | | | (6,262,431) | | | | | | — | | | | | | (6,262,431) | | |
Balance – June 30, 2021 (unaudited)
|
| | | $ | (20,101,889) | | | | | $ | (1,617,430) | | | | | $ | (21,719,319) | | |
| | |
For the Three Months Ended
September 30, 2021 |
| |
For the Nine Months Ended
September 30, 2021 |
| ||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net income per common share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income
|
| | | $ | 4,825,213 | | | | | $ | 1,206,303 | | | | | $ | 3,531,262 | | | | | $ | 882,816 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average common shares outstanding
|
| | | | 25,875,000 | | | | | | 6,468,750 | | | | | | 25,875,000 | | | | | | 6,468,750 | | |
Basic and diluted net income per common share
|
| | | $ | 0.19 | | | | | $ | 0.19 | | | | | $ | 0.14 | | | | | $ | 0.14 | | |
|
Gross proceeds
|
| | | $ | 258,750,000 | | |
| Less: | | | | | | | |
|
Fair value of Public Warrants at issuance
|
| | | | (12,937,500) | | |
|
Offering costs allocated to Class A common stock subject to possible
redemption |
| | | | (2,971,639) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 15,909,139 | | |
|
Class A common stock subject to possible redemption
|
| | | $ | 258,750,000 | | |
| | |
Fair Value Measured as of September 30, 2021
|
| |||||||||||||||
Description
|
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account
|
| | | $ | 258,804,731 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – public warrants
|
| | | $ | 10,337,063 | | | | | $ | — | | | | | $ | — | | |
Derivative warrant liabilities – private warrants
|
| | | | — | | | | | $ | 4,464,410 | | | | | | — | | |
| | |
Fair Value Measured as of December 31, 2020
|
| |||||||||||||||
Description
|
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account
|
| | | $ | 258,749,858 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – public warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 15,654,375 | | |
Derivative warrant liabilities – private warrants
|
| | | | — | | | | | | — | | | | | $ | 6,760,880 | | |
| | |
Public Warrants
|
| |
Private Warrants
|
| |
Total
|
| |||||||||
Derivative warrant liabilities at January 1, 2021
|
| | | $ | 15,654,375 | | | | | $ | 6,760,880 | | | | | $ | 22,415,255 | | |
Change in fair value of derivative warrant liabilities
|
| | | | (3,881,250) | | | | | | (1,676,250) | | | | | | (5,557,500) | | |
Derivative warrant liabilities at March 31, 2021
|
| | | | 11,773,125 | | | | | | 5,084,630 | | | | | | 16,857,755 | | |
Change in fair value of derivative warrant liabilities
|
| | | | 3,493,125 | | | | | | 1,508,620 | | | | | | 5,001,745 | | |
Derivative warrant liabilities at June 30, 2021
|
| | | | 15,266,250 | | | | | | 6,593,250 | | | | | | 21,859,500 | | |
Change in fair value of derivative warrant liabilities
|
| | | | (4,929,187) | | | | | | (2,128,840) | | | | | | (7,058,027) | | |
Derivative warrant liabilities at September 30, 2021
|
| | | $ | 10,337,063 | | | | | $ | 4,464,410 | | | | | $ | 14,801,473 | | |
| Assets: | | | | | | | |
| Current assets: | | | | | | | |
|
Cash
|
| | | $ | 1,764,324 | | |
|
Prepaid expenses
|
| | | | 759,541 | | |
|
Total current assets
|
| | | | 2,523,865 | | |
|
Investments held in Trust Account
|
| | | | 258,749,858 | | |
|
Total Assets
|
| | | | 261,273,723 | | |
|
Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit:
|
| | | | | | |
| Current liabilities: | | | | | | | |
|
Accounts payable
|
| | | $ | 52,319 | | |
|
Accrued expenses
|
| | | | 103,335 | | |
|
Franchise tax payable
|
| | | | 54,695 | | |
|
Total current liabilities
|
| | | | 210,349 | | |
|
Derivative warrant liabilities
|
| | | | 22,415,255 | | |
|
Total Liabilities
|
| | | | 22,625,604 | | |
| Commitments and Contingencies (Note 6) | | | | | | | |
|
Class A common stock subject to possible redemption, 25,875,000 shares at redemption value of $10.00 per share
|
| | | | 258,750,000 | | |
| Stockholders’ Deficit: | | | | | | | |
|
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | |
|
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; (excluding 25,875,000 shares subject to possible redemption)
|
| | | | — | | |
|
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 6,468,750 shares issued and outstanding
|
| | | | 647 | | |
|
Additional paid-in capital
|
| | | | — | | |
|
Accumulated deficit
|
| | | | (20,102,528) | | |
|
Total stockholders’ deficit
|
| | | | (20,101,881) | | |
|
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity
|
| | | $ | 261,273,723 | | |
|
General and administrative expenses
|
| | | $ | 84,565 | | |
|
General and administrative expenses – related party
|
| | | | 20,000 | | |
|
Franchise tax expenses
|
| | | | 54,695 | | |
|
Loss from operations
|
| | | | (159,260) | | |
|
Financing costs – derivative warrant liabilities
|
| | | | (168,086) | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (3,890,255) | | |
|
Net loss from investments held in Trust Account
|
| | | | (142) | | |
|
Net loss
|
| | | $ | (4,217,743) | | |
|
Weighted average shares outstanding of Class A common stock subject to possible redemption, basic and diluted
|
| | |
|
3,234,375
|
| |
|
Basic and diluted net income per share, Class A common stock subject to possible
redemption |
| | | $ | (0.47) | | |
|
Weighted average shares outstanding of common stock – Class B common stock, basic and diluted
|
| | |
|
5,730,469
|
| |
|
Basic and diluted net loss per share, Class B common stock
|
| | | $ | (0.47) | | |
| | |
Common Stock
|
| |
Additional Paid-In
Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity |
| | ||||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| | | | ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | ||||||||||||||||||||||||||||||||
Balance – September 23, 2020 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | ||
Issuance of Class B common stock to initial
stockholders |
| | | | — | | | | | | — | | | | | | 6,468,750 | | | | | | 647 | | | | | | 24,353 | | | | | | — | | | | | | 25,000 | | | | ||
Accretion on Class A common stock subject to possible redemption to redemption amount
|
| | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | — | | | | | | (24,353) | | | | | | (15,884,785) | | | | | | (15,909,138) | | | | ||
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,217,743) | | | | | | (4,217,743) | | | | ||
Balance – December 31, 2020
|
| | | | 2,510,189 | | | | | $ | 251 | | | | | | 6,468,750 | | | | | $ | 647 | | | | | $ | — | | | | | $ | (20,102,528) | | | | | $ | (20,101,881) | | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (4,217,743) | | |
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | |
|
Financing costs – derivative warrant liabilities
|
| | | | 168,086 | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | 3,890,255 | | |
|
Net loss from investments held in Trust Account
|
| | | | 142 | | |
| Changes in operating assets and liabilities: | | | | | | | |
|
Prepaid expenses
|
| | | | (759,541) | | |
|
Accounts payable
|
| | | | 18,249 | | |
|
Accrued expenses
|
| | | | 33,335 | | |
|
Franchise tax payable
|
| | | | 54,695 | | |
|
Net cash used in operating activities
|
| | | | (812,522) | | |
| Cash Flows from Investing Activities | | | | | | | |
|
Cash deposited in Trust Account
|
| | | | (258,750,000) | | |
|
Net cash used in investing activities
|
| | | | (258,750,000) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from issuance of Class B common stock to the initial stockholders
|
| | | | 25,000 | | |
|
Proceeds from note payable to related party
|
| | | | 105,000 | | |
|
Repayment of note payable to related party
|
| | | | (105,000) | | |
|
Proceeds received from initial public offering, gross
|
| | | | 258,750,000 | | |
|
Proceeds received from private placement
|
| | | | 5,587,501 | | |
|
Offering costs paid
|
| | | | (3,035,655) | | |
|
Net cash provided by financing activities
|
| | | | 261,326,846 | | |
|
Net increase in cash
|
| | | | 1,764,324 | | |
|
Cash – beginning of the period
|
| | |
|
—
|
| |
|
Cash – end of the period
|
| | | $ | 1,764,324 | | |
| Supplemental disclosure of noncash activities: | | | | | | | |
|
Offering costs included in accrued expenses
|
| | | $ | 70,000 | | |
|
Offering costs included in accounts payable
|
| | | $ | 34,070 | | |
|
Accretion to Class A common stock subject to possible redemption amount
|
| | | $ | 15,909,138 | | |
As of December 22, 2020
|
| |
As Reported
on Original Form 10-K |
| |
Restatement
No. 1 − Warrants Adjustment |
| |
Restatement
No. 2 − Temporary Equity Adjustment |
| |
As Restated
|
| ||||||||||||
Total assets
|
| | | $ | 262,064,501 | | | | | $ | — | | | | | $ | — | | | | | $ | 262,064,501 | | |
Total liabilities
|
| | | $ | 903,035 | | | | | $ | 18,525,000 | | | | | $ | — | | | | | $ | 19,428,035 | | |
Class A common stock subject to possible redemption
|
| | | | 256,161,460 | | | | | | (18,525,000) | | | | | | 21,113,540 | | | | | | 258,750,000 | | |
Preferred stock
|
| | | | — | | | | | | | | | | | | — | | | | | | — | | |
Class A common stock
|
| | | | 26 | | | | | | 185 | | | | | | (211) | | | | | | — | | |
Class B common stock
|
| | | | 647 | | | | | | — | | | | | | — | | | | | | 647 | | |
Additional paid-in capital
|
| | | | 5,060,642 | | | | | | 167,901 | | | | | | (5,228,543) | | | | | | — | | |
Accumulated deficit
|
| | | | (61,309) | | | | | | (168,086) | | | | | | (15,884,786) | | | | | | (16,114,181) | | |
Total stockholders’ equity (deficit)
|
| | | $ | 5,000,006 | | | | | $ | — | | | | | $ | (21,113,540) | | | | | $ | (16,113,534) | | |
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit
|
| | | $ | 262,064,501 | | | | | $ | — | | | | | $ | — | | | | | $ | 262,064,501 | | |
Shares of Class A common stock subject to
possible redemption |
| | |
|
25,616,146
|
| | | |
|
(1,852,500)
|
| | | |
|
2,111,354
|
| | | |
|
25,875,000
|
| |
Shares of Class A common stock
|
| | |
|
258,254
|
| | | |
|
1,852,000
|
| | | |
|
(2,111,354)
|
| | | |
|
—
|
| |
As of December 31, 2020
|
| |
As Reported
on Original Form 10-K |
| |
Restatement
No. 1 − Warrants Adjustment |
| |
Restatement
No. 2 − Temporary Equity Adjustment |
| |
As Restated
|
| ||||||||||||
Total assets
|
| | | $ | 261,273,723 | | | | | | — | | | | | $ | — | | | | | $ | 261,273,723 | | |
Total liabilities
|
| | | $ | 210,349 | | | | | | 22,415,255 | | | | | $ | — | | | | | $ | 22,625,604 | | |
Class A common stock subject to possible redemption
|
| | | | 256,063,370 | | | | | | (22,415,260) | | | | | | 25,101,890 | | | | | | 258,750,000 | | |
Preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Class A common stock
|
| | | | 27 | | | | | | 224 | | | | | | (251) | | | | | | — | | |
Class B common stock
|
| | | | 647 | | | | | | — | | | | | | — | | | | | | 647 | | |
Additional paid-in capital
|
| | | | 5,158,732 | | | | | | 4,058,122 | | | | | | (9,216,854) | | | | | | — | | |
Accumulated deficit
|
| | | | (159,402) | | | | | | (4,058,341) | | | | | | (15,884,785) | | | | | | (20,102,528) | | |
Total stockholders’ equity (deficit)
|
| | | $ | 5,000,004 | | | | | $ | 5 | | | | | $ | (25,101,890) | | | | | $ | (20,101,881) | | |
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit
|
| | | $ | 261,273,723 | | | | | $ | — | | | | | $ | — | | | | | $ | 261,273,723 | | |
Shares of Class A common stock subject to possible redemption
|
| | | | 25,606,337 | | | | | | (2,241,526) | | | | | | 2,510,189 | | | | | | 25,875,000 | | |
Shares of Class A common stock
|
| | | | 268,663 | | | | | | 2,241,526 | | | | | | (2,510,189) | | | | | | — | | |
For The Period From September 23, 2020 (inception) through December 31, 2020
|
| ||||||||||||||||||||||||
| | |
Total Stockholders’
Equity (Deficit), As Reported on original 10-K |
| |
Restatement
No. 1 − Warrants Adjustment |
| |
Restatement
No. 2 − Temporary Equity Adjustment |
| |
Total Stockholders’
Equity (Deficit), As Restated |
| ||||||||||||
Balance – September 23, 2020 (inception)
|
| | | $ | — | | | | |
$
|
—
|
| | | | $ | — | | | | |
$
|
—
|
| |
Issuance of Class B common stock to
the initial stockholders |
| | | | 25,000 | | | | | | — | | | | | | — | | | | | | 25,000 | | |
Sale of units in initial public offering, less fair value of public warrants, gross
|
| | | | 258,750,000 | | | | | | (12,937,499) | | | | | | (245,812,501) | | | | | | — | | |
Offering costs
|
| | | | (3,139,725) | | | | | | 168,086 | | | | | | 2,971,639 | | | | | | — | | |
Common stock subject to possible redemption
|
| | | | (256,063,370) | | | | | | 22,415,260 | | | | | $ | 233,648,110 | | | | | | — | | |
Accretion on Class A common stock subject to possible redemption amount
|
| | | | — | | | | | | — | | | | | | (15,909,138) | | | | | | (15,909,138) | | |
Sale of private placement warrants to Sponsor in private placement
|
| | | | 5,587,501 | | | | | | (5,587,501) | | | | | | — | | | | | | — | | |
Net loss
|
| | | | (159,402) | | | | | | (4,058,341) | | | | | | — | | | | | | (4,217,743) | | |
Balance – December 31, 2020
|
| | |
$
|
5,000,004
|
| | | | $ | 5 | | | | | $ | (25,101,890) | | | | |
$
|
(20,101,881)
|
| |
| | |
Earnings Per Share
|
| |||||||||||||||||||||
| | |
As Reported
on Original Form 10-K |
| |
Restatement
No. 1 − Warrants Adjustment |
| |
Restatement
No. 2 − Temporary Equity Adjustment |
| |
As Restated
|
| ||||||||||||
For the period From June 4, 2020 (Inception) Through December 31, 2020
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (159,402) | | | | | | (4,058,341) | | | | | $ | — | | | | | $ | (4,217,743) | | |
Weighted average shares outstanding – Class A
common stock |
| | | | 25,615,056 | | | | | | 4,863 | | | | | | (22,337,456) | | | | | | 3,234,375 | | |
Basic and diluted loss per share – Class A common stock
|
| | | $ | — | | | | | | — | | | | | $ | (0.47) | | | | | $ | (0.47) | | |
Weighted average shares outstanding – Class B
common stock |
| | | | 5,762,948 | | | | | | 4,863 | | | | | | (37,342) | | | | | | 5,730,469 | | |
Basic and diluted loss per share – Class B common stock
|
| | | $ | (0.03) | | | | | | (0.70) | | | | | $ | 0.26 | | | | | $ | (0.47) | | |
Statement of Cash Flows for the period From September 23, 2020 (Inception) Through December 31, 2020
|
| ||||||||||||||||||||||||
| | |
As Reported
on Original Form 10-K |
| |
Restatement
No. 1 − Warrants Adjustment |
| |
Restatement
No. 2 − Temporary Equity Adjustment |
| |
As Restated
|
| ||||||||||||
Initial Value of Class A common stock subject to possible redemption
|
| | | $ | 256,161,460 | | | | | | (18,525,000) | | | | | $ | (237,636,460) | | | | | $ | — | | |
Change in Value of Class A common stock subject to possible redemption
|
| | | $ | (98,090) | | | | | | (3,890,260) | | | | | $ | 3,988,350 | | | | | $ | — | | |
Accretion to Class A common stock subject to possible redemption to redemption amount
|
| | | $ | — | | | | | | — | | | | | $ | 15,909,138 | | | | | $ | 15,909,138 | | |
| | |
For The Period From September 23, 2020
(inception) through December 31, 2020 |
| |||||||||
| | |
Class A
|
| |
Class B
|
| ||||||
Basic and diluted net loss per common share: | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Allocation of net loss
|
| | | $ | (1,521,695) | | | | | $ | (2,696,047) | | |
Denominator: | | | | | | | | | | | | | |
Basic and diluted weighted average common shares outstanding
|
| | | | 3,234,375 | | | | | | 5,730,469 | | |
Basic and diluted net loss per common share
|
| | | $ | (0.47) | | | | | $ | (0.47) | | |
|
Gross proceeds
|
| | | $ | 258,750,000 | | |
| Less: | | | | | | | |
|
Fair value of Public Warrants at issuance
|
| | | | (12,937,500) | | |
|
Offering costs allocated to Class A common stock subject to possible redemption
|
| | | | (2,971,639) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 15,909,139 | | |
|
Class A common stock subject to possible redemption
|
| | | $ | 258,750,000 | | |
|
Description
|
| |
Quoted
Prices in Active Markets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Other Unobservable Inputs (Level 3) |
| |||||||||
| Assets: | | | | | | | | | | | | | | | | | | | |
|
Investments held in Trust Account
|
| | | $ | 275,000,000 | | | | | $ | — | | | | | $ | — | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | |
|
Derivative warrant liabilities – Public warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 15,654,375 | | |
|
Derivative warrant liabilities – Private warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 6,760,880 | | |
| | |
As of December 22,
2020 |
| |
As of December 31,
2020 |
| ||||||
Volatility
|
| | | | 19.5% | | | | | | 21.0% | | |
Stock price
|
| | | $ | 9.50 | | | | | $ | 9.75 | | |
Expected life of the options to convert
|
| | | | 5.33 | | | | | | 5.33 | | |
Risk-free rate
|
| | | | 0.55% | | | | | | 0.53% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
|
Derivative warrant liabilities at September 23, 2020 (inception)
|
| | | $ | — | | |
|
Issuance of Public and Private Warrants
|
| | | | 18,525,000 | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | 3,890,255 | | |
|
Derivative warrant liabilities at December 31, 2020
|
| | | $ | 22,415,255 | | |
| | |
Period from
September 23, 2020 (inception) through December 31, 2020 |
| |||
Current | | | | | | | |
Federal
|
| | | $ | — | | |
State
|
| | | | — | | |
Deferred | | | | | | | |
Federal
|
| | | | (33,474) | | |
State
|
| | | | — | | |
Valuation allowance
|
| | | | 33,474 | | |
Income tax (benefit) provision
|
| | | $ | — | | |
| | |
December 31,
2020 |
| |||
Deferred tax assets: | | | | | | | |
Net-operating loss carryforward
|
| | | $ | 15,716 | | |
Start-up/Organization costs
|
| | | | 17,758 | | |
Total deferred tax assets
|
| | | | 33,474 | | |
Valuation allowance
|
| | | | (33,474) | | |
Deferred tax asset, net of allowance
|
| | | $ | — | | |
| | |
December 31,
2020 |
| |||
Statutory federal income tax rate
|
| | | | 21.0% | | |
Change in fair value of derivative warrant liabilities
|
| | | | (19.4)% | | |
Financing costs – derivative warrant liabilities
|
| | | | (0.8)% | | |
Change in valuation allowance
|
| | | | (0.8)% | | |
Income tax provision expense
|
| | | | 0.0% | | |