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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Boxed Inc | NYSE:BOXD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.1898 | 0 | 01:00:00 |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 4 | | | |
| | | | | 8 | | | |
| | | | | 9 | | | |
| | | | | 50 | | | |
| | | | | 51 | | | |
| | | | | 52 | | | |
| | | | | 78 | | | |
| | | | | 89 | | | |
| | | | | 97 | | | |
| | | | | 116 | | | |
| | | | | 120 | | | |
| | | | | 122 | | | |
| | | | | 123 | | | |
| | | | | 131 | | | |
| | | | | 134 | | | |
| | | | | 134 | | | |
| | | | | 134 | | | |
| | | | | F-1 | | |
Assumed Trading
Price of Shares of Common Stock |
| |
Number of Shares
Sold Under the CCOD Facility(1) |
| |
Commitment Fee
Shares(2) |
| |
Total Shares of
Common Stock Issued to the Holder |
| |
Percentage of
Outstanding Shares of Common Stock After Giving Effect to Issuances to the Holder(3) |
| ||||||||||||
$7.50
|
| | | | 13,333,333 | | | | | | 114,585 | | | | | | 13,447,918 | | | | | | 16.3% | | |
$10.00
|
| | | | 10,000,000 | | | | | | 114,585 | | | | | | 10,114,585 | | | | | | 12.8% | | |
$12.50
|
| | | | 8,000,000 | | | | | | 114,585 | | | | | | 8,114,585 | | | | | | 10.5% | | |
$15.00
|
| | | | 6,666,666 | | | | | | 114,585 | | | | | | 6,781,251 | | | | | | 9.0% | | |
| | |
Three Months Ended
March 31, |
| |
Years Ended
December 31, |
| ||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Retail Active Customers (in thousands)
|
| | | | 161 | | | | | | 191 | | | | | | 382 | | | | | | 472 | | | | | | 515 | | |
Retail AOV (in whole dollars)
|
| | | $ | 130 | | | | | $ | 112 | | | | | $ | 122 | | | | | $ | 108 | | | | | $ | 94 | | |
RPAC (in whole dollars)
|
| | | $ | 276 | | | | | $ | 208 | | | | | $ | 411 | | | | | $ | 396 | | | | | $ | 338 | | |
GMV (in millions)
|
| | | $ | 53.4 | | | | | $ | 44.8 | | | | | $ | 180.1 | | | | | $ | 207.3 | | | | | $ | 194.3 | | |
| | |
Three Months Ended
March 31, |
| |
Years Ended
December 31, |
| ||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Net revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | 44,396 | | | | | $ | 39,876 | | | | | $ | 156,989 | | | | | $ | 187,174 | | | | | $ | 173,993 | | |
Software & Services(1)
|
| | | | 2,230 | | | | | | 982 | | | | | | 20,278 | | | | | | — | | | | | | — | | |
Total net revenue
|
| | | | 46,626 | | | | | | 40,858 | | | | | | 177,267 | | | | | | 187,174 | | | | | | 173,993 | | |
Cost of sales: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | | (40,049) | | | | | | (35,664) | | | | | | (142,950) | | | | | | (161,271) | | | | | | (164,091) | | |
Software & Services(1)
|
| | | | (482) | | | | | | (265) | | | | | | (2,439) | | | | | | — | | | | | | — | | |
Total cost of sales
|
| | | | (40,531) | | | | | | (35,929) | | | | | | (145,389) | | | | | | (161,271) | | | | | | (164,091) | | |
Gross profit
|
| | | | 6,095 | | | | | | 4,929 | | | | | | 31,878 | | | | | | 25,903 | | | | | | 9,902 | | |
Advertising expense
|
| | | | (11,695) | | | | | | (5,707) | | | | | | (21,960) | | | | | | (4,912) | | | | | | (20,703) | | |
Selling, general, and administrative expense
|
| | | | (23,410) | | | | | | (12,514) | | | | | | (58,961) | | | | | | (49,678) | | | | | | (54,892) | | |
Loss from operations
|
| | | | (29,010) | | | | | | (13,292) | | | | | | (49,043) | | | | | | (28,687) | | | | | | (65,693) | | |
Other income (expense), net
|
| | | | (7,201) | | | | | | (913) | | | | | | (20,180) | | | | | | (5,750) | | | | | | 291 | | |
Loss before income taxes
|
| | | | (36,211) | | | | | | (14,205) | | | | | | (69,223) | | | | | | (34,437) | | | | | | (65,402) | | |
Income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (36,211) | | | | | $ | (14,205) | | | | | $ | (69,223) | | | | | $ | (34,437) | | | | | $ | (65,402) | | |
| | |
Three Months Ended
March 31, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Net revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | 44,396 | | | | | | 39,876 | | | | | $ | 4,520 | | | | | | 11.3% | | |
Software & Services
|
| | | | 2,230 | | | | | | 982 | | | | | | 1,248 | | | | | | 127.1% | | |
Total net revenue
|
| | | $ | 46,626 | | | | | $ | 40,859 | | | | | $ | 5,768 | | | | | | 14.1% | | |
| | |
Three Months Ended
March 31, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Cost of sales: | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | (40,049) | | | | | $ | (35,664) | | | | | $ | (4,385) | | | | | | 12.3% | | |
Software & Services
|
| | | | (482) | | | | | | (265) | | | | | | (217) | | | | | | 81.7% | | |
Total cost of sales
|
| | | $ | (40,531) | | | | | $ | (35,930) | | | | | $ | (4,601) | | | | | | 12.8% | | |
Gross profit: | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | 4,347 | | | | | $ | 4,212 | | | | | $ | 135 | | | | | | 3.2% | | |
Software & Services
|
| | | | 1,748 | | | | | | 717 | | | | | | 1,032 | | | | | | 143.9% | | |
Total gross profit
|
| | | $ | 6,095 | | | | | $ | 4,929 | | | | | $ | 1,166 | | | | | | 23.7% | | |
Gross margin: | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | |
|
9.8%
|
| | | |
|
10.6%
|
| | | | | | | | | | | | | |
Software & Services
|
| | |
|
78.4%
|
| | | |
|
73.0%
|
| | | | | | | | | | | | | |
Total gross margin
|
| | |
|
13.1%
|
| | | |
|
12.1%
|
| | | | | | | | | | | | | |
| | |
Three Months Ended
March 31, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Advertising expense
|
| | | $ | (11,695) | | | | | $ | (5,707) | | | | | $ | (5,988) | | | | | | 104.9% | | |
Percentage of net revenue
|
| | | | 26.3% | | | | | | 14.3% | | | | | | | | | | | | | | |
| | |
Three Months Ended
March 31, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Selling, general and administrative expense
|
| | | $ | (23,410) | | | | | $ | (12,514) | | | | | $ | (10,896) | | | | | | 87.1% | | |
Percentage of net revenue
|
| | | | 52.7% | | | | | | 31.4% | | | | | | | | | | | | | | |
| | |
Three Months Ended
March 31, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Operating income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | (30,304) | | | | | $ | (13,533) | | | | | $ | (16,771) | | | | | | 123.9% | | |
Software & Services
|
| | | | 1,294 | | | | | | 241 | | | | | | 1,053 | | | | | | 436.3% | | |
Total operating income (loss)
|
| | | $ | (29,010) | | | | | $ | (13,292) | | | | | $ | (15,718) | | | | | | 118.3% | | |
Percentage of net revenue
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | |
|
(68.3)%
|
| | | |
|
(33.9)%
|
| | | | | | | | | | | | | |
Software & Services
|
| | |
|
58.0%
|
| | | |
|
N/M
|
| | | | | | | | | | | | | |
| | |
Three Months Ended
March 31, |
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Other income (expense), net
|
| | | $ | (7,201) | | | | | $ | (913) | | | | | $ | (6,289) | | | | | | 688.4% | | |
Percentage of net revenue
|
| | | | (16.2)% | | | | | | (2.3)% | | | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Net revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | 156,989 | | | | | $ | 187,174 | | | | | $ | (30,185) | | | | | | −16.1% | | |
Software & Services
|
| | | | 20,278 | | | | | | — | | | | | | 20,278 | | | | | | N/M | | |
Total net revenue
|
| | | $ | 177,267 | | | | | $ | 187,174 | | | | | $ | (9,907) | | | | | | −5.3% | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Cost of sales: | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | (142,950) | | | | | $ | (161,271) | | | | | $ | 18,321 | | | | | | −11.4% | | |
Software & Services
|
| | | | (2,439) | | | | | | — | | | | | | (2,439) | | | | | | N/M | | |
Total cost of sales
|
| | | $ | (145,389) | | | | | $ | (161,271) | | | | | $ | 15,882 | | | | | | −9.8% | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Gross profit: | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | 14,039 | | | | | $ | 25,903 | | | | | $ | (11,864) | | | | | | −45.8% | | |
Software & Services
|
| | | | 17,839 | | | | | | — | | | | | | 17,839 | | | | | | N/M | | |
Total gross profit
|
| | | $ | 31,878 | | | | | $ | 25,903 | | | | | $ | 5,975 | | | | | | 23.1% | | |
Gross margin:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | |
|
8.9%
|
| | | |
|
13.8%
|
| | | | | | | | | | | | | |
Software & Services
|
| | |
|
88.0%
|
| | | |
|
N/M
|
| | | | | | | | | | | | | |
Total gross margin
|
| | |
|
18.0%
|
| | | |
|
13.8%
|
| | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Advertising expense
|
| | | $ | (21,960) | | | | | $ | (4,912) | | | | | $ | (17,047) | | | | | | 347.0% | | |
Percentage of net revenue
|
| | | | 14.0% | | | | | | 2.6% | | | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Selling, general and administrative
|
| | | $ | (58,961) | | | | | $ | (49,678) | | | | | $ | (9,284) | | | | | | 18.7% | | |
Percentage of net revenue
|
| | | | 37.6% | | | | | | 26.5% | | | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Operating income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | (64,863) | | | | | $ | (26,244) | | | | | $ | (38,619) | | | | | | 147.2% | | |
Software & Services
|
| | | | 15,820 | | | | | | (2,443) | | | | | | 18,263 | | | | | | −747.7% | | |
Total operating income (loss)
|
| | | $ | (49,043) | | | | | $ | (28,687) | | | | | $ | (20,356) | | | | | | 71.0% | | |
Percentage of net revenue
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | |
|
−41.3%
|
| | | |
|
−14.0%
|
| | | | | | | | | | | | | |
Software & Services
|
| | |
|
78.0%
|
| | | |
|
N/M
|
| | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Other income (expense), net
|
| | | $ | (20,180) | | | | | $ | (5,750) | | | | | $ | (14,430) | | | | | | 251.0% | | |
Percentage of net revenue
|
| | | | −12.9% | | | | | | −3.1% | | | | | | | | | | | | | | |
| | |
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
|
| ||||||||||||
Cost of sales
|
| | | $ | (161,271) | | | | | $ | (164,091) | | | | | $ | 2,820 | | | | | | -1.7% | | |
Gross profit
|
| | | | 25,903 | | | | | | 9,902 | | | | | | 16,001 | | | | | | 161.6% | | |
Gross margin
|
| | |
|
13.8%
|
| | | |
|
5.7%
|
| | | | | | | | | | | | | |
| | |
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%
|
| | | | | | | | | | | | | |
| | |
Three Months Ended
March 31, |
| |
Years Ended
December 31, |
| ||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Net loss
|
| | | $ | (36,211) | | | | | $ | (14,205) | | | | | $ | (69,223) | | | | | $ | (34,437) | | | | | $ | (65,402) | | |
Adjusted to exclude the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 1,016 | | | | | | 1,230 | | | | | | 4,497 | | | | | | 4,786 | | | | | | 4,378 | | |
Change in fair value of warrants and derivative instruments(2)(3)
|
| | | | 4,194 | | | | | | 786 | | | | | | 12,747 | | | | | | 5,320 | | | | | | 496 | | |
Interest income (expense)
|
| | | | 3,026 | | | | | | 116 | | | | | | 2,630 | | | | | | 443 | | | | | | (188) | | |
Other income (expense)
|
| | | | (19) | | | | | | 11 | | | | | | 334 | | | | | | (13) | | | | | | (599) | | |
Stock-based compensation
|
| | | | 5,180 | | | | | | 375 | | | | | | 4,005 | | | | | | 1,956 | | | | | | 2,286 | | |
One-time costs(1)
|
| | | | 654 | | | | | | 721 | | | | | | 9,593 | | | | | | 102 | | | | | | 12 | | |
Adjusted EBITDA
|
| | | $ | (22,160) | | | | | $ | (10,966) | | | | | $ | (35,417) | | | | | $ | (21,843) | | | | | $ | (59,017) | | |
| | |
The Three Months Ended
March 31, |
| |
Years Ended
December 31, |
| ||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Net cash used in operating activities
|
| | | $ | (36,352) | | | | | $ | (6,258) | | | | | $ | (53,469) | | | | | $ | (24,096) | | | | | $ | (45,881) | | |
Net cash used in investing activities
|
| | | | 1,267 | | | | | | (420) | | | | | | (64,721) | | | | | | (1,228) | | | | | | (3,879) | | |
Net cash provided by financing activities
|
| | | | (7) | | | | | | (889) | | | | | | 195,942 | | | | | | 42,478 | | | | | | 6,053 | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers: | | | | | | | |
Chieh Huang | | |
40
|
| |
Chief Executive Officer, President and Director
|
|
Mark Zimowski | | |
32
|
| | Chief Financial Officer and Treasurer | |
David Miller | | |
48
|
| | Chief Technology Officer | |
Alison Weick | | |
47
|
| | President, E-Commerce | |
Jared Yaman | | |
41
|
| | Chief Operating Officer and Director | |
Veracelle Vega | | |
51
|
| | Chief People Officer | |
Non-Employee Directors: | | | | | | | |
Gary Matthews | | |
64
|
| | Chairman of the Board | |
Yuki Habu | | |
54
|
| | Director | |
David Liu | | |
56
|
| | Director | |
Emerson S. Moore II | | |
50
|
| | Director | |
Andrew Pearson | | |
50
|
| | Director | |
Eileen Serra | | |
67
|
| | Director | |
Harshul Sanghi | | |
59
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
|
| |
Stock
Awards ($)(1) |
| |
Option
Awards ($)(1) |
| |
Total ($)
|
| |||||||||||||||
Chieh Huang
Chief Executive Officer |
| | | | 2021 | | | | | | 297,549 | | | | | | 6,122,750 | | | | | | — | | | | | | 6,420,299 | | |
| | | 2020 | | | | | | 316,750 | | | | | | — | | | | | | — | | | | | | 316,750 | | | ||
Alison Weick
President, E-Commerce |
| | | | 2021 | | | | | | 283,832 | | | | | | 3,235,535 | | | | | | — | | | | | | 3,519,367 | | |
| | | 2020 | | | | | | 219,935 | | | | | | | | | | | | 343,780 | | | | | | 563,715 | | | ||
Mark Zimowski
Chief Financial Officer |
| | | | 2021 | | | | | | 250,396 | | | | | | — | | | | | | 444,512 | | | | | | 694,908 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock That Have Not Vested (#) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($)
(14)
|
| |
Equity
Incentive Awards: Number of Unearned Shares That Have Not Vested (#) |
| |
Equity
Incentive Awards: Number of Unearned Shares That Have Not Vested ($)(14) |
| ||||||||||||||||||||||||
Chieh
Huang |
| | | | 131,586(1) | | | | | | 34,628 | | | | | | 3.37 | | | | | | 8/7/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 300,000(10) | | | | | | 4,110,000 | | | | | | 150,000(11) | | | | | | 2,055,000 | | |
Alison
Weick |
| | | | 18,203(2) | | | | | | 19,788 | | | | | | 3.00 | | | | | | 7/28/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 71,235(3) | | | | | | 118,725 | | | | | | 3.20 | | | | | | 7/28/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 210,000(12) | | | | | | 2,877,000 | | | | | | 42,500(13) | | | | | | 582,250 | | |
Mark
Zimowski |
| | | | 23,745(4) | | | | | | — | | | | | | 2.46 | | | | | | 10/26/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 4,749(5) | | | | | | — | | | | | | 3.21 | | | | | | 11/8/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 6,232(6) | | | | | | 890 | | | | | | 3.34 | | | | | | 8/15/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 10,981(7) | | | | | | 3,265 | | | | | | 3.34 | | | | | | 11/7/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 5,045(8) | | | | | | 9,201 | | | | | | 3.16 | | | | | | 7/28/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | —(9) | | | | | | 94,523 | | | | | | 1.57 | | | | | | 3/15/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name and Address of Beneficial Owner(1)
|
| |
Number of
Shares |
| |
% of Ownership
|
| ||||||
5% Holders | | | | | | | | | | | | | |
Entities affiliated with Atalaya Capital Management LP(2)
|
| | | | 6,164,370 | | | | | | 9.0% | | |
PepsiCo, Inc.(3)
|
| | | | 4,586,075 | | | | | | 6.7% | | |
Entities affiliated with Hamilton Lane(4)
|
| | | | 4,165,556 | | | | | | 6.0% | | |
AEON Co., Ltd.(5)
|
| | | | 3,629,583 | | | | | | 5.3% | | |
Directors and Named Executive Officers | | | | | | | | | | | | | |
Chieh Huang(6)
|
| | | | 2,458,307 | | | | | | 3.6% | | |
Yuki Habu
|
| | | | — | | | | | | —% | | |
David Liu
|
| | | | — | | | | | | —% | | |
Gary S. Matthews(7)
|
| | | | 1,828,321 | | | | | | 2.7% | | |
Emerson S. Moore II
|
| | | | — | | | | | | — | | |
Andrew C. Pearson(8)
|
| | | | 673,089 | | | | | | 1.0% | | |
Harshul Sanghi
|
| | | | — | | | | | | — | | |
Eileen M. Serra(9)
|
| | | | 39,382 | | | | | | * | | |
Alison Weick(10)
|
| | | | 122,682 | | | | | | * | | |
Jared Yaman(11)
|
| | | | 1,775,937 | | | | | | 2.6% | | |
Mark Zimowski(12)
|
| | | | 150,027 | | | | | | * | | |
All directors and executive officers as a group (13 individuals)
|
| | | | 7,047,745 | | | | | | 10.2% | | |
| Boxed, Inc. Financial Statements | | | | | | | |
|
Condensed Consolidated Financial Statements as of March 31, 2022 and 2021 and for three months ended March 31, 2022 and 2021 (Unaudited)
|
| | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| Boxed, Inc. Financial Statements | | | | | | | |
|
Audited Consolidated Financial Statements as of December 31, 2021 and 2020 and for each of the three years in the period ended December 31, 2021
|
| | | | | | |
| | | | | F-32 | | | |
| | | | | F-33 | | | |
| | | | | F-34 | | | |
| | | | | F-36 | | | |
| | | | | F-38 | | | |
| | | | | F-39 | | |
| | |
March 31, 2022
|
| |
December 31, 2021
|
| ||||||
ASSETS | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 69,935 | | | | | $ | 105,027 | | |
Restricted cash
|
| | | | 2,768 | | | | | | 2,768 | | |
Accounts receivable, net
|
| | | | 3,194 | | | | | | 3,122 | | |
Inventories
|
| | | | 13,066 | | | | | | 11,428 | | |
Prepaid expenses and other current assets
|
| | | | 12,000 | | | | | | 4,915 | | |
Deferred contract costs, current
|
| | | | — | | | | | | 7,580 | | |
TOTAL CURRENT ASSETS
|
| | | | 100,963 | | | | | | 134,840 | | |
Property and equipment, net
|
| | | | 6,602 | | | | | | 7,019 | | |
Unbilled receivables
|
| | | | 11,044 | | | | | | 8,891 | | |
Forward purchase receivable
|
| | | | 58,184 | | | | | | 60,050 | | |
Operating lease right-of-use asset(1)
|
| | | | 10,520 | | | | | | — | | |
Goodwill
|
| | | | 7,444 | | | | | | 7,444 | | |
Prepaid expenses, noncurrent
|
| | | | 10,702 | | | | | | — | | |
Deferred contract costs, noncurrent
|
| | | | — | | | | | | 11,847 | | |
Other long-term assets
|
| | | | 1,431 | | | | | | 1,514 | | |
TOTAL ASSETS
|
| | | $ | 206,890 | | | | | $ | 231,605 | | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 16,542 | | | | | $ | 28,936 | | |
Accrued expenses
|
| | | | 10,600 | | | | | | 6,392 | | |
Deferred revenue
|
| | | | 1,904 | | | | | | 2,020 | | |
Operating lease liabilities, current(1)
|
| | | | 3,270 | | | | | | — | | |
Other current liabilities
|
| | | | 18,031 | | | | | | 21,899 | | |
SPAC warrant liabilities
|
| | | | 19,820 | | | | | | 22,045 | | |
TOTAL CURRENT LIABILITIES
|
| | | | 70,167 | | | | | | 81,292 | | |
PIPE Convertible Notes, net of transaction costs
|
| | | | 77,371 | | | | | | 77,047 | | |
Long-term debt
|
| | | | 43,386 | | | | | | 43,287 | | |
Forward purchase option derivative
|
| | | | 17,609 | | | | | | 4,203 | | |
Earnout liability
|
| | | | 20,145 | | | | | | 27,134 | | |
Operating lease liabilities, noncurrent(1)
|
| | | | 7,703 | | | | | | — | | |
Other long-term liabilities
|
| | | | 104 | | | | | | 217 | | |
TOTAL LIABILITIES
|
| | | | 236,485 | | | | | | 233,180 | | |
STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Common stock, $0.0001 par value per share; 600,000,000 shares authorized as of both March 31, 2022 and December 31, 2021; 66,915,204 and 66,647,242 shares issued and outstanding as of both March 31, 2022 and December 31, 2021, respectively
|
| | | | 7 | | | | | | 7 | | |
Additional paid-in capital
|
| | | | 391,257 | | | | | | 383,066 | | |
Accumulated deficit
|
| | | | (420,859) | | | | | | (384,648) | | |
TOTAL STOCKHOLDERS’ DEFICIT
|
| | | | (29,595) | | | | | | (1,575) | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
| | | $ | 206,890 | | | | | $ | 231,605 | | |
| | |
For the Three Months Ended
March 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Net revenue: | | | | | | | | | | | | | |
Retail
|
| | | $ | 44,396 | | | | | $ | 39,876 | | |
Software & Services(1)
|
| | | | 2,230 | | | | | | 982 | | |
Total net revenue
|
| | | | 46,626 | | | | | | 40,858 | | |
Cost of sales: | | | | | | | | | | | | | |
Retail
|
| | | | (40,049) | | | | | | (35,664) | | |
Software & Services(1)
|
| | | | (482) | | | | | | (265) | | |
Total cost of sales
|
| | | | (40,531) | | | | | | (35,929) | | |
Gross profit
|
| | | | 6,095 | | | | | | 4,929 | | |
Advertising expense
|
| | | | (11,695) | | | | | | (5,707) | | |
Selling, general, and administrative expense
|
| | | | (23,410) | | | | | | (12,514) | | |
Loss from operations
|
| | | | (29,010) | | | | | | (13,292) | | |
Other income (expense), net
|
| | | | (7,201) | | | | | | (913) | | |
Loss before income taxes
|
| | | | (36,211) | | | | | | (14,205) | | |
Income taxes
|
| | | | — | | | | | | — | | |
Net loss
|
| | | $ | (36,211) | | | | | $ | (14,205) | | |
Net loss per common share: | | | | | | | | | | | | | |
Basic net loss per common share
|
| | | $ | (0.54) | | | | | $ | (1.55) | | |
Diluted net loss per common share
|
| | | $ | (0.54) | | | | | $ | (1.55) | | |
Weighted average shares outstanding: | | | | | | | | | | | | | |
Basic
|
| | | | 66,861,005 | | | | | | 9,419,197 | | |
Diluted
|
| | | | 66,861,005 | | | | | | 9,419,197 | | |
| | |
Total Convertible
Preferred Stock |
| | |
Common
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| | | | |||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| | | | | | | | | | ||||||||||||||||||||||||||||||
Balances at December 31, 2021
|
| | | | — | | | | | $ | — | | | | | | | 66,647,242 | | | | | $ | 7 | | | | | $ | 383,066 | | | | | $ | (384,648) | | | | | $ | (1,575) | | | | | | ||||||
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 5,180 | | | | | | — | | | | | | 5,180 | | | | | | ||||||
Exercise of warrants
|
| | | | — | | | | | | — | | | | | | | 821 | | | | | | — | | | | | | 11 | | | | | | — | | | | | | 11 | | | | | | ||||||
Issuance of awards related to acquisition
|
| | | | — | | | | | | — | | | | | | | 267,141 | | | | | | — | | | | | | 3,000 | | | | | | — | | | | | | 3,000 | | | | | | ||||||
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (36,211) | | | | | | (36,211) | | | | | | ||||||
Balances at March 31, 2022
|
| | | | — | | | | | $ | — | | | | | | | 66,915,204 | | | | | $ | 7 | | | | | $ | 391,257 | | | | | $ | (420,859) | | | | | $ | (29,595) | | | | | | ||||||
Balances at December 31, 2020
|
| | | | 42,383,516 | | | | | $ | 325,201 | | | | | | | 9,888,776 | | | | | $ | — | | | | | $ | 6,983 | | | | | $ | (315,425) | | | | | $ | (308,442) | | | | | | ||||||
Retroactive application of recapitalization
|
| | | | (2,127,590) | | | | | | — | | | | | | | (496,415) | | | | | | 1 | | | | | | (1) | | | | | | — | | | | | | — | | | | | | ||||||
Adjusted beginning balance
|
| | | | 40,255,926 | | | | | | 325,201 | | | | | | | 9,392,361 | | | | | | 1 | | | | | | 6,982 | | | | | | (315,425) | | | | | | (308,442) | | | | | | ||||||
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 375 | | | | | | — | | | | | | 375 | | | | | | ||||||
Exercises of common stock options
|
| | | | — | | | | | | — | | | | | | | 38,430 | | | | | | — | | | | | | 68 | | | | | | — | | | | | | 68 | | | | | | ||||||
Retroactive application of recapitalization
|
| | | | — | | | | | | — | | | | | | | (1,904) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | ||||||
Series C-3 preferred stock remeasurement
|
| | | | — | | | | | | 401 | | | | | | | — | | | | | | — | | | | | | (401) | | | | | | — | | | | | | (401) | | | | | | ||||||
Other adjustments
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | ||||||
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,205) | | | | | | (14,205) | | | | | | ||||||
Balances at March 31, 2021
|
| | | | 40,255,926 | | | | | $ | 325,602 | | | | | | | 9,428,887 | | | | | $ | 1 | | | | | $ | 7,024 | | | | | $ | (329,630) | | | | | $ | (322,605) | | | | | |
| | |
For the Three Months Ended
March 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net loss
|
| | | $ | (36,211) | | | | | $ | (14,205) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | — | | | | | | | | |
Depreciation and amortization
|
| | | | 1,016 | | | | | | 1,230 | | |
Stock-based compensation
|
| | | | 5,180 | | | | | | 375 | | |
Bad debt expense/(change in reserve)
|
| | | | 64 | | | | | | (43) | | |
Change in fair value of warrants and derivative instruments
|
| | | | 4,193 | | | | | | 786 | | |
Amortization of debt discount
|
| | | | 423 | | | | | | — | | |
Noncash operating lease expense
|
| | | | 779 | | | | | | — | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
Receivables, net
|
| | | | (136) | | | | | | (3,106) | | |
Inventories
|
| | | | (1,638) | | | | | | (460) | | |
Prepaid expenses and other current assets
|
| | | | (7,085) | | | | | | (394) | | |
Unbilled receivables
|
| | | | (2,153) | | | | | | — | | |
Operating lease liabilities
|
| | | | (768) | | | | | | — | | |
Prepaid expenses, noncurrent
|
| | | | (10,702) | | | | | | — | | |
Deferred contract costs
|
| | | | 19,428 | | | | | | — | | |
Other long-term assets
|
| | | | 82 | | | | | | — | | |
Accounts payable
|
| | | | (12,396) | | | | | | 4,072 | | |
Accrued expenses
|
| | | | 4,208 | | | | | | 2,274 | | |
Deferred Revenue
|
| | | | (116) | | | | | | 4,951 | | |
Other liabilities
|
| | | | (520) | | | | | | (1,738) | | |
Net cash used in operating activities
|
| | | | (36,352) | | | | | | (6,258) | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | |
Capital expenditures
|
| | | | (599) | | | | | | (420) | | |
Forward purchase payments
|
| | | | (474) | | | | | | — | | |
Forward purchase receipts
|
| | | | 2,340 | | | | | | — | | |
Net cash used in investing activities
|
| | | | 1,267 | | | | | | (420) | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | |
Principal payments on finance lease obligations
|
| | | | (18) | | | | | | (19) | | |
Proceeds from warrants exercise
|
| | | | 11 | | | | | | 68 | | |
Repayments from borrowings
|
| | | | — | | | | | | (938) | | |
Net cash provided by financing activities
|
| | | | (7) | | | | | | (889) | | |
Total change in cash, cash equivalents and restricted cash
|
| | | | (35,092) | | | | | | (7,567) | | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD
|
| | | | 107,795 | | | | | | 30,043 | | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD
|
| | | $ | 72,703 | | | | | $ | 22,476 | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | | | | | | | | | | | | | |
Cash paid during the period for: | | | | | | | | | | | | | |
Cash paid for taxes
|
| | | $ | 3 | | | | | $ | 2 | | |
Cash paid for interest
|
| | | $ | 1,093 | | | | | $ | 117 | | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
| | | | | | | | | | | | |
Shares issued related to equity consideration of acquisition
|
| | | $ | 3,000 | | | | | $ | — | | |
Cash and cash equivalents at end of period
|
| | | $ | 69,935 | | | | | $ | 22,476 | | |
Restricted cash at end of period
|
| | | | 2,768 | | | | | | — | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 72,703 | | | | | $ | 22,476 | | |
| | |
Estimated Useful
Lives |
|
Leasehold improvements
|
| |
7 years
|
|
Warehouse equipment
|
| |
5 years
|
|
Computers and small tools
|
| |
3 years
|
|
Furniture and fixtures
|
| |
7 years
|
|
Finance lease assets
|
| |
7 years
|
|
Software development
|
| |
4 years
|
|
| | |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Leasehold improvements
|
| | | $ | 8,758 | | | | | $ | 8,716 | | |
Warehouse equipment
|
| | | | 3,105 | | | | | | 3,056 | | |
Computers and small tools
|
| | | | 1,417 | | | | | | 1,337 | | |
Furniture and fixtures
|
| | | | 85 | | | | | | 85 | | |
Software development
|
| | | | 14,146 | | | | | | 14,091 | | |
Work in progress
|
| | | | 378 | | | | | | 7 | | |
| | | | | 27,889 | | | | | | 27,292 | | |
Less: Accumulated depreciation and amortization
|
| | | | (21,287) | | | | | | (20,273) | | |
Property and equipment, net
|
| | | $ | 6,602 | | | | | $ | 7,019 | | |
| | |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Prepaid insurance
|
| | | $ | 3,946 | | | | | $ | 476 | | |
Prepaid services(1)
|
| | | | 4,195 | | | | | | 1,918 | | |
Vendor funds receivable
|
| | | | 1,099 | | | | | | 1,058 | | |
Other prepaid expenses
|
| | | | 2,459 | | | | | | 806 | | |
Other receivables
|
| | | | 301 | | | | | | 657 | | |
Total
|
| | | $ | 12,000 | | | | | $ | 4,915 | | |
| | |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Credit card payable
|
| | | $ | 13,347 | | | | | $ | 13,738 | | |
Accrued sales tax payable
|
| | | | 1,920 | | | | | | 1,708 | | |
Deferred rent – short term
|
| | | | — | | | | | | 451 | | |
Credits liability
|
| | | | 648 | | | | | | 641 | | |
Obligation for equity consideration(1)
|
| | | | — | | | | | | 3,000 | | |
Other accrued liabilities
|
| | | | 2,116 | | | | | | 2,362 | | |
Total
|
| | | $ | 18,031 | | | | | $ | 21,899 | | |
| | |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Term Loan, matures August 2025
|
| | | $ | 43,386 | | | | | $ | 43,287 | | |
PIPE Convertible Notes(1)
|
| | | | 77,371 | | | | | | 77,047 | | |
Total debt
|
| | | | 120,757 | | | | | | 120,334 | | |
Less: current portion
|
| | | | — | | | | | | — | | |
Long-term debt
|
| | | $ | 120,757 | | | | | $ | 120,334 | | |
| | |
March 31,
2022 |
| |||
2022 (remaining nine months)
|
| | | $ | — | | |
2023
|
| | | | — | | |
2024
|
| | | | — | | |
2025
|
| | | | 43,386 | | |
2026
|
| | | | 77,371 | | |
Total
|
| | | $ | 120,757 | | |
| | |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Contract assets (unbilled receivables)
|
| | | $ | 11,044 | | | | | $ | 8,891 | | |
Contract liabilities (deferred revenue)
|
| | | $ | 1,904 | | | | | $ | 2,020 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Direct Sales(1)
|
| | | $ | 39,823 | | | | | $ | 36,273 | | |
Channel Sales(2)
|
| | | $ | 4,573 | | | | | $ | 3,602 | | |
Software & Services(3)
|
| | | $ | 2,250 | | | | | $ | 982 | | |
Leases
|
| |
Balance Sheet Classification
|
| |
March 31,
2022 |
| |||
Assets | | | | | | | | | | |
Operating lease assets
|
| | Operating right-of-use assets | | | | $ | 10,520 | | |
Finance lease assets
|
| | Property and equipment, net | | | | | 157 | | |
Total lease assets
|
| | | | | | $ | 10,677 | | |
Liabilities | | | | | | | | | | |
Current: | | | | | | | | | | |
Operating lease liabilities
|
| | Operating lease liabilities, current | | | | $ | 3,270 | | |
Finance
|
| | Other current liabilities | | | | | 74 | | |
Noncurrent: | | | | | | | | | | |
Operating lease liabilities
|
| |
Operating lease liabilities, noncurrent
|
| | | | 7,703 | | |
Finance
|
| | Other long-term liabilities | | | | | 85 | | |
Total lease liabilities
|
| | | | | | $ | 11,132 | | |
Lease Cost
|
| |
Statements of Operations Classification
|
| |
March 31,
2022 |
| |||
Finance lease cost: | | | | | | | | | | |
Amortization of right-of-use assets
|
| |
General and administrative expense
|
| | | $ | 25 | | |
Interest on lease liabilities
|
| |
General and administrative expense
|
| | | | 4 | | |
Total finance lease cost
|
| | | | | | $ | 29 | | |
Operating lease cost
|
| |
General and administrative expense
|
| | | | 1,088 | | |
Variable lease cost
|
| |
General and administrative expense
|
| | | | 35 | | |
Total lease cost
|
| | | | | | $ | 1,152 | | |
| | |
March 31, 2022
|
| |||||||||
| | |
Operating
|
| |
Finance
|
| ||||||
Maturity of lease liabilities | | | | | | | | | | | | | |
2022 (remaining nine months)
|
| | | $ | 3,398 | | | | | $ | 64 | | |
2023
|
| | | | 2,922 | | | | | | 77 | | |
2024
|
| | | | 1,742 | | | | | | 34 | | |
2025
|
| | | | 1,771 | | | | | | — | | |
2026
|
| | | | 1,707 | | | | | | — | | |
thereafter
|
| | | | 2,926 | | | | | | — | | |
Total future minimum lease payments
|
| | | $ | 14,466 | | | | | $ | 175 | | |
Less: interest
|
| | | | (3,492) | | | | | | (16) | | |
Present value of lease liabilities
|
| | | $ | 10,974 | | | | | $ | 159 | | |
| | |
December 31,
2021 |
| |||
2022
|
| | | $ | 4,478 | | |
2023
|
| | | | 2,920 | | |
2024
|
| | | | 1,742 | | |
2025
|
| | | | 1,769 | | |
2026
|
| | | | 1,711 | | |
thereafter
|
| | | | 2,921 | | |
Total future minimum lease payments
|
| | | $ | 15,541 | | |
| | |
Number of
options |
| |
Weighted
Average Exercise Price |
| |
Weighted
Average Remaining Contractual Life |
| |||||||||
Outstanding as of December 31, 2021
|
| | | | 5,832,519 | | | | | $ | 3.30 | | | | | | 5.62 | | |
Granted
|
| | | | 237,500 | | | | | | 10.00 | | | | | | 9.96 | | |
Exercised
|
| | | | — | | | | | | | | | | | | | | |
Forfeited
|
| | | | (164,235) | | | | | | | | | | | | | | |
Outstanding as of March 31, 2022
|
| | | | 5,905,784 | | | | | $ | 3.56 | | | | | | 5.56 | | |
Vested and expected to vest as of March 31, 2022
|
| | | | 5,905,784 | | | | | $ | 3.56 | | | | | | 5.56 | | |
Exercisable as of March 31, 2022
|
| | | | 4,282,866 | | | | | $ | 3.00 | | | | | | 4.48 | | |
| | |
Fair Value Hierarchy
|
| |||||||||||||||
March 31, 2022
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets – cash & cash equivalents
|
| | | $ | 69,935 | | | | | $ | — | | | | | $ | — | | |
Assets – restricted cash
|
| | | | 2,768 | | | | | | — | | | | | | — | | |
Total Assets
|
| | | $ | 72,703 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Forward purchase option derivative
|
| | | $ | — | | | | | $ | — | | | | | $ | 17,609 | | |
Earnout liability
|
| | | | — | | | | | | — | | | | | | 20,145 | | |
Public Warrants
|
| | | | 13,841 | | | | | | — | | | | | | — | | |
Private Warrants
|
| | | | — | | | | | | 5,979 | | | | | | — | | |
Total Liabilities
|
| | | $ | 13,841 | | | | | $ | 5,979 | | | | | $ | 37,754 | | |
December 31, 2021
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets – cash & cash equivalents
|
| | | $ | 105,027 | | | | | $ | — | | | | | $ | — | | |
Assets – restricted cash
|
| | | | 2,767 | | | | | | — | | | | | | — | | |
Total assets
|
| | | $ | 107,795 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Forward purchase option derivative
|
| | | $ | — | | | | | $ | — | | | | | $ | 4,203 | | |
Earnout liability
|
| | | | — | | | | | | — | | | | | | 27,134 | | |
Common stock warrants
|
| | | | 15,396 | | | | | | — | | | | | | — | | |
Preferred stock warrants
|
| | | | — | | | | | | 6,649 | | | | | | — | | |
Total liabilities
|
| | | $ | 15,396 | | | | | $ | 6,649 | | | | | $ | 31,337 | | |
Level 3 Rollforward
|
| |
Forward purchase
option derivative |
| |
Earnout
liability |
| ||||||
Beginning balances
|
| | | $ | 4,203 | | | | | $ | 27,134 | | |
Additions
|
| | | | — | | | | | | — | | |
Changes in fair value
|
| | | | 13,406 | | | | | | (6,989) | | |
Ending balances
|
| | | $ | 17,609 | | | | | $ | 20,145 | | |
| | |
For the Three Months Ended March 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Numerator | | | | | | | | | | | | | |
Net loss
|
| | | $ | (36,211) | | | | | $ | (14,205) | | |
Less: accretion adjustment
|
| | | | — | | | | | | 401 | | |
Less: earnings allocated to participating securities
|
| | | | — | | | | | | — | | |
Net loss attributable to common shareholders
|
| | | $ | (36,211) | | | | | $ | (14,606) | | |
Less: undistributed earnings allocated to participating securities
|
| | | | — | | | | | | — | | |
Denominator | | | | | | | | | | | | | |
Weighted-average shares – basic and diluted
|
| | | | 66,861,005 | | | | | | 9,419,197 | | |
Net loss per common share – basic and diluted
|
| | | $ | (0.54) | | | | | $ | (1.55) | | |
| | |
As of March 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Series preferred stock, outstanding
|
| | | | — | | | | | | 41,289,914 | | |
Common stock warrants, outstanding
|
| | | | — | | | | | | 35,719 | | |
Preferred stock warrants, outstanding
|
| | | | — | | | | | | 1,188,848 | | |
Common stock options, outstanding
|
| | | | 5,905,784 | | | | | | 5,961,746 | | |
PIPE Convertible Notes, if-converted(1)
|
| | | | 7,291,667 | | | | | | — | | |
Restricted stock units, outstanding
|
| | | | 2,470,520 | | | | | | — | | |
Private Warrants, outstanding
|
| | | | 12,936,679 | | | | | | — | | |
Public Warrants, outstanding
|
| | | | 5,587,500 | | | | | | — | | |
| | |
Retail
|
| |
Software &
Services |
| |
Total
|
| |||||||||
For the Three Months Ended March 31, 2022 | | | | | | | | | | | | | | | | | | | |
Grocery net revenue
|
| | | $ | 30,539 | | | | | $ | — | | | | | $ | 30,539 | | |
Home & Household net revenue
|
| | | | 12,688 | | | | | | — | | | | | | 12,688 | | |
Other net revenue(1)
|
| | | | 1,169 | | | | | | — | | | | | | 1,169 | | |
Software & Services net revenue
|
| | | | — | | | | | | 2,230 | | | | | | 2,230 | | |
Total net revenue
|
| | | $ | 44,396 | | | | | $ | 2,230 | | | | | $ | 46,626 | | |
Operating income (loss)
|
| | | $ | (30,282) | | | | | $ | 1,272 | | | | | $ | (29,010) | | |
For the Three Months Ended March 31, 2021 | | | | | | | | | | | | | | | | | | | |
Total net revenue
|
| | | $ | 39,876 | | | | | $ | 982 | | | | | $ | 40,858 | | |
Operating income (loss)
|
| | | $ | (13,533) | | | | | $ | 241 | | | | | $ | (13,292) | | |
| | |
2021
|
| |
2020
|
| ||||||
ASSETS | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 105,027,484 | | | | | $ | 30,043,046 | | |
Restricted cash
|
| | | | 2,767,471 | | | | | | — | | |
Accounts receivable, net
|
| | | | 3,122,015 | | | | | | 2,910,079 | | |
Inventories
|
| | | | 11,427,567 | | | | | | 13,964,510 | | |
Prepaid expenses and other current assets
|
| | | | 4,915,305 | | | | | | 2,131,895 | | |
Deferred contract costs – current
|
| | | | 7,580,423 | | | | | | — | | |
TOTAL CURRENT ASSETS
|
| | | | 134,840,265 | | | | | | 49,049,530 | | |
Property and equipment, net
|
| | | | 7,019,338 | | | | | | 10,411,396 | | |
Unbilled receivables
|
| | | | 8,890,888 | | | | | | — | | |
Forward purchase receivable
|
| | | | 60,050,189 | | | | | | — | | |
Goodwill
|
| | | | 7,443,569 | | | | | | — | | |
Deferred contract costs
|
| | | | 11,847,266 | | | | | | — | | |
Other long-term assets
|
| | | | 1,513,335 | | | | | | 204,122 | | |
TOTAL ASSETS
|
| | | $ | 231,604,850 | | | | | $ | 59,665,048 | | |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES
|
| | | | | | | | | | | | |
Accounts payable
|
| | | $ | 28,936,706 | | | | | $ | 9,072,929 | | |
Accrued expenses
|
| | | | 6,392,029 | | | | | | 5,802,135 | | |
Deferred revenue
|
| | | | 2,020,351 | | | | | | 2,435,909 | | |
Other current liabilities
|
| | | | 21,899,142 | | | | | | 14,958,064 | | |
Term loan – current portion
|
| | | | — | | | | | | 3,750,000 | | |
SPAC warrant liabilities
|
| | | | 22,044,750 | | | | | | — | | |
Warrants to purchase common shares
|
| | | | — | | | | | | 49,863 | | |
Warrants to purchase preferred shares
|
| | | | — | | | | | | 2,072,536 | | |
TOTAL CURRENT LIABILITIES
|
| | | | 81,292,978 | | | | | | 38,141,436 | | |
PIPE Convertible Notes, net of transaction costs
|
| | | | 77,047,475 | | | | | | — | | |
Long-term debt
|
| | | | 43,286,747 | | | | | | 3,750,000 | | |
Forward purchase option derivative
|
| | | | 4,202,562 | | | | | | — | | |
Earnout liability
|
| | | | 27,133,563 | | | | | | — | | |
Other long-term liabilities
|
| | | | 217,238 | | | | | | 1,015,248 | | |
TOTAL LIABILITIES
|
| | | | 233,180,563 | | | | | | 42,906,684 | | |
TOTAL CONVERTIBLE PREFERRED STOCK (Refer to Note 13)
|
| | | | — | | | | | | 325,200,758 | | |
STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Common stock, $0.0001 par value per share; 600,000,000 and 66,486,210 shares authorized as of December 31, 2021 and 2020; 66,647,242 and 9,392,361 shares issued and outstanding as of December 31, 2021 and 2020, respectively
|
| | | | 6,665 | | | | | | 939 | | |
Additional paid-in capital
|
| | | | 383,065,836 | | | | | | 6,982,156 | | |
Accumulated deficit
|
| | | | (384,648,214) | | | | | | (315,425,489) | | |
TOTAL STOCKHOLDERS’ DEFICIT
|
| | | | (1,575,713) | | | | | | (308,442,394) | | |
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
|
| | | $ | 231,604,850 | | | | | $ | 59,665,048 | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Net revenue: | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | 156,989,110 | | | | | $ | 187,173,834 | | | | | $ | 173,992,897 | | |
Software & Services(1)
|
| | | | 20,277,567 | | | | | | — | | | | | | — | | |
Total net revenue
|
| | | | 177,266,677 | | | | | | 187,173,834 | | | | | | 173,992,897 | | |
Cost of sales: | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | | (142,949,882) | | | | | | (161,270,544) | | | | | | (164,091,469) | | |
Software & Services(1)
|
| | | | (2,438,689) | | | | | | — | | | | | | — | | |
Total cost of sales
|
| | | | (145,388,571) | | | | | | (161,270,544) | | | | | | (164,091,469) | | |
Gross profit
|
| | | | 31,878,106 | | | | | | 25,903,290 | | | | | | 9,901,428 | | |
Advertising expense
|
| | | | (21,959,556) | | | | | | (4,912,269) | | | | | | (20,703,071) | | |
Selling, general, and administrative expense
|
| | | | (58,961,360) | | | | | | (49,677,783) | | | | | | (54,891,680) | | |
Loss from operations
|
| | | | (49,042,810) | | | | | | (28,686,762) | | | | | | (65,693,323) | | |
Other income (expense), net
|
| | | | (20,179,795) | | | | | | (5,749,814) | | | | | | 291,323 | | |
Loss before income taxes
|
| | | | (69,222,605) | | | | | | (34,436,576) | | | | | | (65,402,000) | | |
Income taxes
|
| | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (69,222,605) | | | | | $ | (34,436,576) | | | | | $ | (65,402,000) | | |
Net loss per common share: | | | | | | | | | | | | | | | | | | | |
Basic net loss per common share
|
| | | $ | (5.14) | | | | | $ | (3.80) | | | | | $ | (7.19) | | |
Diluted net loss per common share
|
| | | $ | (5.14) | | | | | $ | (3.80) | | | | | $ | (7.19) | | |
Weighted average shares outstanding: | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 13,063,482 | | | | | | 9,348,633 | | | | | | 9,261,222 | | |
Diluted
|
| | | | 13,063,482 | | | | | | 9,348,633 | | | | | | 9,261,222 | | |
| | |
Total Convertible Preferred
Stock |
| | |
Common
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balances at December 31, 2018
|
| | | | 35,451,667 | | | | | $ | 271,051,511 | | | | | | | 9,722,081 | | | | | $ | 98 | | | | | $ | 4,812,099 | | | | | $ | (215,586,910) | | | | | $ | (210,774,713) | | |
Retroactive application of recapitalization
|
| | | | (1,779,622) | | | | | | — | | | | | | | (488,022) | | | | | | 825 | | | | | | (825) | | | | | | — | | | | | | — | | |
Adjusted beginning balance
|
| | | | 33,672,045 | | | | | $ | 271,051,511 | | | | | | | 9,234,059 | | | | | $ | 923 | | | | | $ | 4,811,274 | | | | | $ | (215,586,910) | | | | | $ | (210,774,713) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 2,286,349 | | | | | | — | | | | | | 2,286,349 | | |
Exercises of common stock options
|
| | | | — | | | | | | — | | | | | | | 111,482 | | | | | | 11 | | | | | | 102,309 | | | | | | — | | | | | | 102,320 | | |
Retroactive application of recapitalization
|
| | | | — | | | | | | — | | | | | | | (5,615) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series D preferred stock for
cash |
| | | | 915,038 | | | | | | 10,000,000 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Retroactive application of recapitalization
|
| | | | (45,933) | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
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
|
| | | | 34,541,150 | | | | | $ | 282,185,326 | | | | | | | 9,339,926 | | | | | $ | 934 | | | | | $ | 6,044,809 | | | | | $ | (280,988,910) | | | | | $ | (274,943,167) | | |
| | |
Total Convertible Preferred
Stock |
| | |
Common
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balances at December 31, 2019
|
| | | | 36,366,705 | | | | | $ | 282,185,326 | | | | | | | 9,833,563 | | | | | $ | 99 | | | | | $ | 6,045,644 | | | | | $ | (280,988,910) | | | | | $ | (274,943,167) | | |
Retroactive application of recapitalization
|
| | | | (1,825,555) | | | | | | — | | | | | | | (493,637) | | | | | | 835 | | | | | | (835) | | | | | | — | | | | | | — | | |
Adjusted beginning balance
|
| | | | 34,541,150 | | | | | $ | 282,185,326 | | | | | | | 9,339,926 | | | | | $ | 934 | | | | | $ | 6,044,809 | | | | | $ | (280,988,910) | | | | | $ | (274,943,167) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,956,009 | | | | | | — | | | | | | 1,956,009 | | |
Exercises of common stock options
|
| | | | — | | | | | | — | | | | | | | 55,213 | | | | | | 5 | | | | | | 71,754 | | | | | | — | | | | | | 71,759 | | |
Retroactive application of recapitalization
|
| | | | — | | | | | | — | | | | | | | (2,778) | | | | | | | | | | | | — | | | | | | | | | | | | | | |
Issuances 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 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Retroactive application of recapitalization
|
| | | | (302,035) | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
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
|
| | | | 40,255,926 | | | | | $ | 325,200,758 | | | | | | | 9,392,361 | | | | | $ | 939 | | | | | $ | 6,982,156 | | | | | $ | (315,425,489) | | | | | $ | (308,442,394) | | |
| | |
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) | | |
Retroactive application of recapitalization
|
| | | | (2,127,590) | | | | | | — | | | | | | | (496,415) | | | | | | 840 | | | | | | (840) | | | | | | — | | | | | | — | | |
Adjusted beginning balance
|
| | | | 40,255,926 | | | | | $ | 325,200,758 | | | | | | | 9,392,361 | | | | | $ | 939 | | | | | $ | 6,982,156 | | | | | $ | (315,425,489) | | | | | $ | (308,442,394) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 4,005,355 | | | | | | — | | | | | | 4,005,355 | | |
Exercises of common stock options
|
| | | | — | | | | | | — | | | | | | | 370,053 | | | | | | 36 | | | | | | 768,050 | | | | | | — | | | | | | 768,086 | | |
Retroactive application of recapitalization
|
| | | | — | | | | | | — | | | | | | | (18,591) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercise and conversion of warrants
|
| | | | — | | | | | | — | | | | | | | 58,760 | | | | | | 6 | | | | | | 587,172 | | | | | | — | | | | | | 587,178 | | |
Conversion of preferred stock
|
| | | | (40,255,926) | | | | | | (325,200,758) | | | | | | | 41,289,869 | | | | | | 4,129 | | | | | | 325,196,629 | | | | | | — | | | | | | 325,200,758 | | |
Reverse recapitalization, net of transaction costs(1)
|
| | | | — | | | | | | — | | | | | | | 15,554,790 | | | | | | 1,555 | | | | | | 65,421,379 | | | | | | — | | | | | | 65,422,934 | | |
Sponsor Earnout Shares liability
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (19,895,062) | | | | | | — | | | | | | (19,895,062) | | |
Other adjustments
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 157 | | | | | | (120) | | | | | | 37 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (69,222,605) | | | | | | (69,222,605) | | |
Balances at December 31, 2021
|
| | | | — | | | | | $ | — | | | | | | | 66,647,242 | | | | | $ | 6,665 | | | | | $ | 383,065,836 | | | | | $ | (384,648,214) | | | | | $ | (1,575,713) | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (69,222,605) | | | | | $ | (34,436,576) | | | | | $ | (65,402,000) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 4,496,519 | | | | | | 4,785,778 | | | | | | 4,377,731 | | |
Stock-based compensation
|
| | | | 4,005,355 | | | | | | 1,956,009 | | | | | | 2,286,349 | | |
Bad debt expense
|
| | | | (43,964) | | | | | | 199,387 | | | | | | 133,742 | | |
Change in fair value of warrant liabilities
|
| | | | 3,281,279 | | | | | | 883,573 | | | | | | (178,668) | | |
Change in fair value of derivatives
|
| | | | 4,202,562 | | | | | | 4,323,770 | | | | | | — | | |
Change in fair value of earnout liability
|
| | | | 5,527,501 | | | | | | — | | | | | | — | | |
Loss on extinguishment of convertible note
|
| | | | — | | | | | | 102,972 | | | | | | — | | |
Amortization of debt discount
|
| | | | 237,800 | | | | | | — | | | | | | — | | |
Other non-cash items
|
| | | | 351,524 | | | | | | — | | | | | | — | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Receivables, net
|
| | | | (88,992) | | | | | | 552,137 | | | | | | (163,266) | | |
Inventories
|
| | | | 2,779,118 | | | | | | 77,901 | | | | | | 284,894 | | |
Prepaid and other current assets
|
| | | | (2,839,423) | | | | | | 1,020,918 | | | | | | 1,069,382 | | |
Unbilled receivables
|
| | | | (8,890,888) | | | | | | — | | | | | | — | | |
Deferred contract costs
|
| | | | (19,427,689) | | | | | | — | | | | | | — | | |
Other long-term assets
|
| | | | 40,787 | | | | | | — | | | | | | — | | |
Accounts payable
|
| | | | 19,278,074 | | | | | | (7,517,867) | | | | | | 5,388,131 | | |
Accrued expenses
|
| | | | 566,521 | | | | | | 453,575 | | | | | | (784,360) | | |
Deferred revenue
|
| | | | (415,558) | | | | | | 117,497 | | | | | | 897,512 | | |
Other current liabilities
|
| | | | 3,567,199 | | | | | | 2,547,651 | | | | | | 6,011,974 | | |
Long-term liabilities
|
| | | | (874,069) | | | | | | 836,791 | | | | | | 198,017 | | |
Net cash used in operating activities
|
| | | | (53,468,949) | | | | | | (24,096,484) | | | | | | (45,880,562) | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Capital expenditures
|
| | | | (1,070,741) | | | | | | (1,536,631) | | | | | | (3,860,060) | | |
Acquisition of business, net of cash acquired
|
| | | | (3,600,000) | | | | | | — | | | | | | — | | |
Forward purchase receivable deposit
|
| | | | (65,062,414) | | | | | | — | | | | | | — | | |
Forward purchase receipts
|
| | | | 5,012,225 | | | | | | — | | | | | | — | | |
Other investing activities
|
| | | | — | | | | | | 308,331 | | | | | | (18,916) | | |
Net cash used in investing activities
|
| | | | (64,720,930) | | | | | | (1,228,300) | | | | | | (3,878,976) | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Business Combination financing, net of redemptions and transaction costs
|
| | | | 159,617,056 | | | | | | — | | | | | | — | | |
Principal payments on finance lease obligations
|
| | | | (73,903) | | | | | | (72,130) | | | | | | (3,048,052) | | |
Proceeds from option exercises
|
| | | | 768,086 | | | | | | 71,758 | | | | | | 102,320 | | |
Proceeds from sale of preferred stock
|
| | | | — | | | | | | 30,000,000 | | | | | | 10,000,000 | | |
Proceeds from convertible note issuance
|
| | | | — | | | | | | 8,217,304 | | | | | | — | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Preferred stock issuance costs
|
| | | | — | | | | | | (719,033) | | | | | | (21,308) | | |
Repayment of borrowings
|
| | | | (7,500,000) | | | | | | (7,520,000) | | | | | | (980,000) | | |
Proceeds from borrowings
|
| | | | 43,800,226 | | | | | | 12,500,000 | | | | | | — | | |
Debt issuance costs
|
| | | | (669,677) | | | | | | — | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 195,941,788 | | | | | | 42,477,899 | | | | | | 6,052,960 | | |
Total change in cash
|
| | | | 77,751,909 | | | | | | 17,153,115 | | | | | | (43,706,578) | | |
CASH BEGINNING OF YEAR
|
| | | | 30,043,046 | | | | | | 12,889,931 | | | | | | 56,596,509 | | |
CASH END OF YEAR
|
| | | $ | 107,794,955 | | | | | $ | 30,043,046 | | | | | $ | 12,889,931 | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
| | | | | | | | | | | | | | | | | | |
Cash paid during the year for:
|
| | | | | | | | | | | | | | | | | | |
Cash paid for taxes
|
| | | $ | 18,833 | | | | | $ | 8,284 | | | | | $ | 10,292 | | |
Cash paid for interest
|
| | | $ | 280,990 | | | | | $ | 404,411 | | | | | $ | 301,155 | | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
| | | | | | | | | | | | | | | | | | |
Assumed warrant liability in connection with the Business Combination
|
| | | $ | 17,228,250 | | | | | $ | — | | | | | $ | — | | |
Contingent consideration related to acquisition
|
| | | $ | 1,711,000 | | | | | $ | — | | | | | $ | — | | |
Cashless exercise of warrants
|
| | | $ | 587,172 | | | | | $ | — | | | | | $ | — | | |
Conversion of convertible promissory note to preferred
stock |
| | | $ | — | | | | | $ | 12,644,170 | | | | | $ | — | | |
Conversion of preferred stock to common stock
|
| | | $ | 325,200,758 | | | | | $ | — | | | | | $ | — | | |
Cash and cash equivalents at end of period
|
| | | $ | 105,027,484 | | | | | $ | 30,043,046 | | | | | $ | 12,889,931 | | |
Restricted cash at end of period
|
| | | | 2,767,471 | | | | | | — | | | | | | — | | |
Cash, cash equivalents and restricted cash at end of
period |
| | | $ | 107,794,955 | | | | | $ | 30,043,046 | | | | | $ | 12,889,931 | | |
|
|
Cash – Seven Oaks trust and cash, net of Redemptions
|
| | | $ | 77,784,265 | | |
|
Cash – PIPE Equity
|
| | | | 32,500,000 | | |
|
Cash – PIPE Convertible Notes
|
| | | | 87,500,000 | | |
|
Gross cash proceeds resulting from the Business Combination
|
| | | | 197,784,265 | | |
|
Less: combined company transaction costs
|
| | | | (47,667,386) | | |
|
Net cash proceeds from the Business Combination
|
| | | | 150,116,879 | | |
|
Less: Prepayment Amount pursuant to Forward Purchase Transaction
|
| | | | (65,062,414) | | |
|
Cash proceeds, net of the Forward Purchase Transaction Prepayment Amount
|
| | | $ | 85,054,465 | | |
|
Cash – Seven Oaks trust and cash, net of Redemptions
|
| | | $ | 77,784,265 | | |
|
Cash – PIPE Equity
|
| | | | 32,500,000 | | |
|
Less: net impact of reverse recapitalization
|
| | | | (38,648,877) | | |
|
Less: transaction costs reclassed or allocated to equity
|
| | | | (6,212,454) | | |
|
Reverse recapitalization, net of transaction costs
|
| | | $ | 65,422,934 | | |
|
Cash – PIPE Convertible Notes
|
| | | | 87,500,000 | | |
|
Less: transaction costs allocated to debt
|
| | | | (10,534,127) | | |
|
Plus: noncash assumed warrant liability in reverse recapitalization
|
| | | | 17,228,250 | | |
|
Net cash proceeds from the Business Combination on the Statements of Cash Flows
|
| | | $ | 159,617,057 | | |
|
Less: transaction costs allocated to derivative instruments and expensed during the year
|
| | | | (9,500,178) | | |
|
Net cash proceeds from the Business Combination within Note 1
|
| | | $ | 150,116,879 | | |
|
Less: Prepayment Amount pursuant to Forward Purchase Transaction
|
| | | | (65,062,414) | | |
|
Cash proceeds, net of the Forward Purchase Transaction Prepayment Amount
|
| | | $ | 85,054,465 | | |
|
For the Year Ended December 31, 2021
|
| ||||||||||||||||||||||||||||||
Column A
|
| |
Column B
|
| |
Column C
|
| |
Column D
|
| |
Column E
|
| ||||||||||||||||||
| | | | | | | | |
Additions
|
| | | | | | | | | | | | | |||||||||
Description
|
| |
Balance at
beginning of period |
| |
Charges to cost
and expenses |
| |
Charged to
other accounts |
| |
Deductions
|
| |
Balance at end
of period |
| |||||||||||||||
Reserve for doubtful accounts
|
| | | $ | 205,384 | | | | | | — | | | | | | — | | | | | | (109,826) | | | | | $ | 95,558 | | |
For the Year Ended December 31, 2020
|
| ||||||||||||||||||||||||||||||
Column A
|
| |
Column B
|
| |
Column C
|
| |
Column D
|
| |
Column E
|
| ||||||||||||||||||
| | | | | | | | |
Additions
|
| | | | | | | | | | | | | |||||||||
Description
|
| |
Balance at
beginning of period |
| |
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
|
| ||||||||||||||||||
| | | | | | | | |
Additions
|
| | | | | | | | | | | | | |||||||||
Description
|
| |
Balance at
beginning of period |
| |
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 | | |
| | |
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
|
|
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Leasehold improvements
|
| | | $ | 8,715,489 | | | | | $ | 8,147,638 | | |
Warehouse equipment
|
| | | | 3,056,072 | | | | | | 2,192,471 | | |
Computers and small tools
|
| | | | 1,337,493 | | | | | | 1,061,177 | | |
Furniture and fixtures
|
| | | | 85,480 | | | | | | 95,064 | | |
Software development
|
| | | | 14,090,389 | | | | | | 13,608,520 | | |
Work in progress
|
| | | | 7,066 | | | | | | 359,992 | | |
| | | | | 27,291,989 | | | | | | 25,464,862 | | |
Less: Accumulated depreciation and amortization
|
| | | | (20,272,651) | | | | | | (15,053,466) | | |
Property and equipment, net
|
| | | $ | 7,019,338 | | | | | $ | 10,411,396 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Prepaid services
|
| | | | 1,918,299 | | | | | | — | | |
Vendor funds receivable
|
| | | | 1,057,718 | | | | | | 866,276 | | |
Other prepaid expenses
|
| | | | 1,281,799 | | | | | | 765,677 | | |
Other receivables
|
| | | | 657,489 | | | | | | 499,942 | | |
Total
|
| | | $ | 4,915,305 | | | | | $ | 2,131,895 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Credit card payable
|
| | | $ | 13,738,270 | | | | | $ | 10,473,079 | | |
Accrued sales tax payable
|
| | | | 1,707,557 | | | | | | 1,845,831 | | |
Deferred rent – short term
|
| | | | 450,776 | | | | | | 622,940 | | |
Credits liability
|
| | | | 640,994 | | | | | | 633,287 | | |
Obligation for equity consideration(1)
|
| | | | 3,000,000 | | | | | | — | | |
Other accrued liabilities
|
| | | | 2,361,545 | | | | | | 1,382,927 | | |
Total
|
| | | $ | 21,899,142 | | | | | $ | 14,958,064 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
New Term loan, matures August 2025
|
| | | $ | 43,286,747 | | | | | $ | — | | |
7th Amendment term loan, matures December 2022
|
| | | | — | | | | | | 7,500,000 | | |
PIPE Convertible Notes(1)
|
| | | | 77,047,475 | | | | | | — | | |
Total debt
|
| | | $ | 120,334,222 | | | | | $ | 7,500,000 | | |
Less: current portion
|
| | | | — | | | | | | (3,750,000) | | |
Long-term debt
|
| | | $ | 120,334,222 | | | | | $ | 3,750,000 | | |
|
2022
|
| | | $ | — | | |
|
2023
|
| | | | — | | |
|
2024
|
| | | | — | | |
|
2025
|
| | | | 43,286,747 | | |
|
2026
|
| | | | 77,047,475 | | |
|
Total
|
| | | $ | 120,334,222 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Contract assets (unbilled receivables)
|
| | | $ | 8,890,888 | | | | | $ | — | | |
Contract liabilities (deferred revenue)
|
| | | $ | 2,020,351 | | | | | $ | 2,435,909 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Direct Sales(1)
|
| | | $ | 139,647,865 | | | | | $ | 176,836,569 | | | | | $ | 143,749,787 | | |
Channel Sales(2)
|
| | | $ | 17,341,244 | | | | | $ | 10,337,265 | | | | | $ | 30,243,110 | | |
Software & Services(3)
|
| | | $ | 20,277,568 | | | | | $ | — | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Domestic
|
| | | $ | (69,222,605) | | | | | $ | (34,436,576) | | | | | $ | (65,402,000) | | |
Foreign
|
| | | | — | | | | | | — | | | | | | — | | |
Loss before income taxes
|
| | | $ | (69,222,605) | | | | | $ | (34,436,576) | | | | | $ | (65,402,000) | | |
2021
|
| |
Current
|
| |
Deferred
|
| |
Total
|
| |||||||||
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
2020
|
| |
Current
|
| |
Deferred
|
| |
Total
|
| |||||||||
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
2019
|
| |
Current
|
| |
Deferred
|
| |
Total
|
| |||||||||
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Federal statutory rate
|
| | | | 21.00% | | | | | | 21.00% | | | | | | 21.00% | | |
Permanent items
|
| | | | (4.74) | | | | | | (2.74) | | | | | | (0.02) | | |
State taxes (net of federal benefit)
|
| | | | 0.07 | | | | | | 0.00 | | | | | | 0.00 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Deferred rate change
|
| | | | 0.00 | | | | | | — | | | | | | (0.02) | | |
Valuation allowance
|
| | | | (15.79) | | | | | | (17.28) | | | | | | (20.28) | | |
Stock-based compensation
|
| | | | (0.54) | | | | | | (0.98) | | | | | | (0.68) | | |
Total provision and effective tax rate
|
| | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
|
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Allowance for doubtful accounts
|
| | | $ | 23,161 | | | | | $ | 49,815 | | |
Accrued expenses
|
| | | | 204,937 | | | | | | 220,548 | | |
Inventory
|
| | | | 101,093 | | | | | | 116,354 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Deferred rent
|
| | | | 109,261 | | | | | | 151,089 | | |
Lease liability
|
| | | | 43,254 | | | | | | 62,499 | | |
Warrants
|
| | | | — | | | | | | 463,701 | | |
Stock-based compensation
|
| | | | 683,139 | | | | | | 202,722 | | |
Charitable contributions
|
| | | | 564,974 | | | | | | 460,274 | | |
Net operating losses
|
| | | | 82,617,414 | | | | | | 71,553,413 | | |
Payroll tax deferral
|
| | | | 101,126 | | | | | | 202,385 | | |
Disallowed interest expense
|
| | | | 853,857 | | | | | | 216,444 | | |
Transaction costs
|
| | | | 1,528,027 | | | | | | — | | |
Total deferred tax assets
|
| | | | 86,830,243 | | | | | | 73,699,244 | | |
Less: valuation allowance
|
| | | | (85,757,888) | | | | | | (72,057,082) | | |
Net deferred tax assets
|
| | | $ | 1,072,355 | | | | | $ | 1,642,162 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Intangible assets
|
| | | $ | (649,050) | | | | | $ | (839,927) | | |
Property and equipment
|
| | | | (423,305) | | | | | | (802,235) | | |
Total deferred tax liabilities
|
| | | $ | (1,072,355) | | | | | $ | (1,642,162) | | |
Net deferred tax assets/liabilities
|
| | | $ | — | | | | | $ | — | | |
|
| | |
December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Beginning balance
|
| | | $ | 1,348,904 | | | | | $ | 1,348,904 | | | | | $ | 1,372,064 | | |
Increases based on tax positions during the current period
|
| | | | — | | | | | | — | | | | | | 301,847 | | |
(Decreases) based on tax positions during the current period
|
| | | | — | | | | | | — | | | | | | (325,007) | | |
Ending balance
|
| | | $ | 1,348,904 | | | | | $ | 1,348,904 | | | | | $ | 1,348,904 | | |
Year
|
| |
Lease Obligation
|
| |||
2022
|
| | | $ | 4,478,016 | | |
2023
|
| | | | 2,919,511 | | |
2024
|
| | | | 1,742,148 | | |
2025
|
| | | | 1,768,962 | | |
2026
|
| | | | 1,710,581 | | |
Thereafter
|
| | | | 2,921,321 | | |
Total
|
| | | $ | 15,540,539 | | |
| | |
Allocation as of
December 31, 2021 |
| |||
Cash consideration
|
| | | $ | 4,000,000 | | |
Equity consideration
|
| | | | 3,000,000 | | |
Contingent consideration
|
| | | | 1,711,000 | | |
Total purchase price consideration
|
| | | $ | 8,711,000 | | |
Assets and liabilities assumed: | | | | | | | |
Accounts receivable
|
| | | $ | 78,980 | | |
Other current assets
|
| | | | 186,162 | | |
Fixed assets
|
| | | | 385,243 | | |
Intangible assets(1)
|
| | | | 1,350,000 | | |
Goodwill
|
| | | | 7,443,569 | | |
Total acquired assets
|
| | | | 9,443,954 | | |
Accounts payable
|
| | | | (585,702) | | |
Other current liabilities
|
| | | | (147,252) | | |
Total allocation of purchase price consideration
|
| | | $ | 8,711,000 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Pro forma net revenue
|
| | | $ | 189,283,099 | | | | | $ | 202,341,157 | | |
Pro forma net loss
|
| | | $ | (69,103,687) | | | | | $ | (34,429,058) | | |
| | |
2020
|
| |
2019
|
| ||||||
Expected volatility
|
| | | | 57.0% | | | | | | 55.0% | | |
Expected term (in years)
|
| | | | 1.0 | | | | | | 2.0 | | |
Risk-free interest rate
|
| | | | 1.7% | | | | | | 1.7% | | |
Expected dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
| | |
2020
|
| |
2019
|
| ||||||
Expected volatility
|
| | | | 60.0% | | | | | | 45.0% | | |
Expected term (in years)
|
| | | | 1.0 | | | | | | 2.0 | | |
Risk-free interest rate
|
| | | | 0.1% | | | | | | 1.6% | | |
| | |
2020
|
| |
2019
|
| ||||||
Expected volatility
|
| | | | 60.0% | | | | | | 45.0% | | |
Expected term (in years)
|
| | | | 1.0 | | | | | | 2.0 | | |
Risk-free interest rate
|
| | | | 0.1% | | | | | | 1.6% | | |
| | |
Shares
Authorized |
| |
Shares Issued
and Outstanding |
| |
Issuance Price
Per Share |
| |
Carrying
Value(1) |
| |
Liquidation
Preference |
| |||||||||||||||
Series A-1
|
| | | | 4,168,647 | | | | | | 4,168,647 | | | | | $ | 1.56 | | | | | $ | 6,490,026 | | | | | $ | 6,489,982 | | |
Series A-2
|
| | | | 1,893,035 | | | | | | 1,893,035 | | | | | | 0.58 | | | | | | 1,090,840 | | | | | | 1,090,820 | | |
Series A-3
|
| | | | 541,863 | | | | | | 541,863 | | | | | | 0.83 | | | | | | 442,374 | | | | | | 442,367 | | |
Series B-1
|
| | | | 4,870,769 | | | | | | 4,870,769 | | | | | | 4.72 | | | | | | 22,984,122 | | | | | | 22,984,071 | | |
Series B-2
|
| | | | 533,930 | | | | | | 533,930 | | | | | | 3.78 | | | | | | 2,015,647 | | | | | | 2,015,641 | | |
Series C-1
|
| | | | 10,085,422 | | | | | | 10,001,485 | | | | | | 11.46 | | | | | | 114,562,977 | | | | | | 114,587,113 | | |
Series C-2
|
| | | | 982,272 | | | | | | 982,272 | | | | | | 9.18 | | | | | | 9,003,134 | | | | | | 9,003,124 | | |
Series C-3
|
| | | | 1,607,161 | | | | | | 559,764 | | | | | | 11.46 | | | | | | 7,066,283 | | | | | | 6,412,106 | | |
Series D-1
|
| | | | 8,894,451 | | | | | | 8,894,451 | | | | | | 11.51 | | | | | | 97,926,084 | | | | | | 102,340,201 | | |
Series D-2
|
| | | | 2,094,931 | | | | | | 2,094,931 | | | | | | 10.37 | | | | | | 21,694,134 | | | | | | 21,694,112 | | |
Series E-1
|
| | | | 4,020,556 | | | | | | 4,020,556 | | | | | | 7.47 | | | | | | 33,707,750 | | | | | | 30,000,000 | | |
Series E-2
|
| | | | 1,694,223 | | | | | | 1,694,223 | | | | | | 4.86 | | | | | | 8,217,388 | | | | | | 8,217,284 | | |
| | | | | 41,387,260 | | | | | | 40,255,926 | | | | | | | | | | | $ | 325,200,758 | | | | | | | | |
| | |
Number of
Shares |
| |
Weighted
Average Exercise Price |
| |
Weighted
Average Remaining Contractual Life |
| |||||||||
Outstanding as of December 31, 2018
|
| | | | 4,331,494 | | | | | $ | 2.43 | | | | | | 7.59 | | |
Granted
|
| | | | 4,342,214 | | | | | | 3.37 | | | | | | | | |
Exercised
|
| | | | (105,867) | | | | | | 1.23 | | | | | | | | |
Forfeited
|
| | | | (960,475) | | | | | | | | | | | | | | |
Outstanding as of December 31, 2019
|
| | | | 7,607,366 | | | | | $ | 2.94 | | | | | | 8.17 | | |
Granted
|
| | | | 1,172,294 | | | | | | 3.16 | | | | | | | | |
Exercised
|
| | | | (52,435) | | | | | | 1.07 | | | | | | | | |
Forfeited
|
| | | | (2,520,076) | | | | | | | | | | | | | | |
Outstanding as of December 31, 2020
|
| | | | 6,207,149 | | | | | $ | 3.13 | | | | | | 7.30 | | |
Granted
|
| | | | 1,307,713 | | | | | | 4.93 | | | | | | | | |
Exercised
|
| | | | (351,462) | | | | | | 2.14 | | | | | | | | |
Forfeited
|
| | | | (1,330,881) | | | | | | | | | | | | | | |
Outstanding as of December 31, 2021
|
| | | | 5,832,519 | | | | | $ | 3.30 | | | | | | 5.62 | | |
Vested and expected to vest as of December 31, 2021
|
| | | | 5,832,519 | | | | | $ | 3.30 | | | | | | 5.62 | | |
Exercisable as of December 31, 2021
|
| | | | 3,872,121 | | | | | $ | 1.35 | | | | | | 4.63 | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Expected volatility
|
| | | | 58.0% | | | | | | 51.8% | | | | | | 47.4% | | |
Expected term (in years)
|
| | | | 4.41 | | | | | | 5.99 | | | | | | 5.90 | | |
Risk-free interest rate
|
| | | | 0.8% | | | | | | 0.3% | | | | | | 1.8% | | |
Expected dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
| | |
Fair Value Hierarchy
|
| |||||||||||||||
December 31, 2021
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets – cash & cash equivalents
|
| | | $ | 105,027,484 | | | | | $ | — | | | | | $ | — | | |
Assets – restricted cash
|
| | | | 2,767,471 | | | | | | — | | | | | | — | | |
Total assets
|
| | | $ | 107,794,955 | | | | | $ | — | | | | | $ | — | | |
| | |
Fair Value Hierarchy
|
| |||||||||||||||
December 31, 2021
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | |
Forward purchase option derivative
|
| | | $ | — | | | | | $ | — | | | | | $ | 4,202,562 | | |
Earnout liability
|
| | | | — | | | | | | — | | | | | | 27,133,563 | | |
Public Warrants
|
| | | | 15,395,625 | | | | | | — | | | | | | — | | |
Private Warrants
|
| | | | — | | | | | | 6,649,125 | | | | | | — | | |
Total liabilities
|
| | | $ | 15,395,625 | | | | | $ | 6,649,125 | | | | | $ | 31,336,125 | | |
|
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 | | |
December 31, 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 | | |
Level 3 Rollforward
|
| |
Common stock
warrants |
| |
Preferred stock
warrants |
| |
Forward
purchase option derivative |
| |
Earnout
liability |
| ||||||||||||
Beginning balances
|
| | | $ | 49,863 | | | | | $ | 2,072,536 | | | | | $ | — | | | | | $ | — | | |
Additions
|
| | | | — | | | | | | — | | | | | | 14,700,778 | | | | | | 21,606,062 | | |
Changes in fair value
|
| | | | 231,149 | | | | | | (1,766,370) | | | | | | (10,498,216) | | | | | | 5,527,501 | | |
Reclassified to equity
|
| | | | (281,012) | | | | | | (306,166) | | | | | | — | | | | | | — | | |
Ending balances
|
| | | $ | — | | | | | $ | — | | | | | $ | 4,202,562 | | | | | $ | 27,133,563 | | |
| | |
For the Years Ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Numerator:
|
| | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (69,222,605) | | | | | $ | (34,436,576) | | | | | $ | (65,402,000) | | |
Less: accretion adjustment
|
| | | | (2,039,144) | | | | | | 1,090,294 | | | | | | 1,155,122 | | |
Net loss attributable to common shareholders
|
| | | $ | (67,183,461) | | | | | $ | (35,526,870) | | | | | $ | (66,557,122) | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted-average shares – basic and diluted
|
| | | | 13,063,482 | | | | | | 9,348,633 | | | | | | 9,261,222 | | |
Net loss per common share – basic and diluted
|
| | | $ | (5.14) | | | | | $ | (3.80) | | | | | $ | (7.19) | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Series preferred stock, outstanding
|
| | | | — | | | | | | 40,255,926 | | | | | | 34,541,150 | | |
Common stock warrants, outstanding
|
| | | | — | | | | | | 35,717 | | | | | | 35,717 | | |
Preferred stock warrants, outstanding
|
| | | | — | | | | | | 1,188,848 | | | | | | 1,188,848 | | |
Common stock options, outstanding
|
| | | | 5,832,519 | | | | | | 6,207,149 | | | | | | 7,607,366 | | |
PIPE convertible notes, if-converted(1)
|
| | | | 7,291,667 | | | | | | — | | | | | | — | | |
Restricted stock units, outstanding
|
| | | | 1,280,000 | | | | | | — | | | | | | — | | |
Private warrants, outstanding
|
| | | | 12,937,500 | | | | | | — | | | | | | — | | |
Public warrants, outstanding
|
| | | | 5,587,500 | | | | | | — | | | | | | — | | |
| | |
Retail
|
| |
Software &
Services |
| |
Total
|
| |||||||||
For the Year Ended December 31, 2021 | | | | | | | | | | | | | | | | | | | |
Grocery net revenue
|
| | | $ | 98,925,157 | | | | | $ | — | | | | | $ | 98,925,157 | | |
Home & Household net revenue
|
| | | | 53,352,950 | | | | | | — | | | | | | 53,352,950 | | |
Other net revenue(1)
|
| | | | 4,711,003 | | | | | | — | | | | | | 4,711,003 | | |
Software & Services net revenue
|
| | | | — | | | | | | 20,277,567 | | | | | | 20,277,567 | | |
Total net revenue
|
| | | $ | 156,989,110 | | | | | $ | 20,277,567 | | | | | $ | 177,266,677 | | |
Operating income (loss)
|
| | | $ | (64,863,125) | | | | | $ | 15,820,315 | | | | | $ | (49,042,810) | | |
For the Year Ended December 31, 2020 | | | | | | | | | | | | | | | | | | | |
Total net revenue
|
| | | $ | 187,173,834 | | | | | $ | — | | | | | $ | 187,173,834 | | |
Operating income (loss)
|
| | | $ | (26,244,100) | | | | | $ | (2,442,662) | | | | | $ | (28,686,762) | | |
For the Year Ended December 31, 2019 | | | | | | | | | | | | | | | | | | | |
Total net revenue
|
| | | $ | 173,692,897 | | | | | $ | 300,000 | | | | | $ | 173,992,897 | | |
Operating income (loss)
|
| | | $ | (63,082,583) | | | | | $ | (2,610,740) | | | | | $ | (65,693,323) | | |
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