Document And Entity Information - USD ($) |
10 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Mar. 25, 2021 |
Jun. 30, 2020 |
|
| Document Information Line Items | |||
| Entity Registrant Name | Fusion Acquisition Corp. | ||
| Document Type | 10-K/A | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Public Float | $ 355,600,000 | ||
| Amendment Flag | true | ||
| Amendment Description | This Annual Report on Form 10-K/A (“Form 10-K/A”) is being filed as Amendment No. 1 (the “Amendment”) to our Annual Report on Form 10-K for the period ended December 31, 2020, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 25, 2021 (the “Original 10-K”). This Form 10-K/A is being filed to restate the balance sheet, statement of operations, statement of changes in stockholders’ equity and statement of cash flows as of December 31, 2020 and for the period from March 6, 2020 (inception) through December 31, 2020.On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”) (the “SEC Staff Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet as opposed to being treated as equity. Since their issuance on June 30, 2020 at the time of the Company’s initial public offering, our warrants were accounted for as equity within our balance sheet, and after discussion and evaluation, including with our independent auditors, we have concluded that our warrants should be presented as liabilities with subsequent fair value remeasurement.Historically, our warrants were reflected as a component of equity as opposed to liabilities on the balance sheet and the statement of operations did not include the subsequent non-cash changes in estimated fair value of our warrants, based on our application of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815-40, Derivatives and Hedging, Contracts in Entity’s Own Equity (“ASC 815-40”). The views expressed in the SEC Staff Statement were not consistent with the Company’s historical interpretation of the specific provisions within its warrant agreement and the Company’s application of ASC 815-40 to the warrant agreement. We reassessed our accounting for our warrants issued on June 30, 2020, in light of the SEC Staff’s published views. Based on this reassessment, we determined that our warrants should be classified as liabilities measured at fair value upon issuance, with subsequent changes in fair value reported in our Statement of Operations each reporting period.The effects of this restatement to our financial statements are described in Note 2 to the financial statements. The following sections have been amended from the Original 10-K as a result of the restatement described above: ● Part I – Item 1A. Risk Factors ● Part I - Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations ●Part I - Item 8. Financial Statements and Supplementary Data ●Part II – Item 9A. Controls and ProceduresIn connection with the restatement, the Company’s management reassessed the effectiveness of its disclosure controls and procedures for the periods affected by the restatement. As a result of that reassessment, the Company’s management determined that its disclosure controls and procedures for such periods were not effective with respect to the classification of the Company’s warrants as components of equity instead of as derivative liabilities. For more information, see Item 9A included in this Annual Report on Form 10-K/A.The Company has not amended its previously filed Quarterly Reports on Form 10-Q for the periods affected by the restatement. The financial information that has been previously filed or otherwise reported for these periods is superseded by the information in this Annual Report on Form 10-K/A, and the financial statements and related financial information contained in such previously filed reports should no longer be relied upon. This Form 10-K/A also includes as exhibits certifications from our Chief Executive Officer and Chief Financial Officer dated as of the date of this filing. Except as described above, no other sections have been amended from the Original 10-K. | ||
| Entity Central Index Key | 0001807846 | ||
| Entity Current Reporting Status | No | ||
| Entity Voluntary Filers | No | ||
| Entity Filer Category | Non-accelerated Filer | ||
| Entity Well-known Seasoned Issuer | No | ||
| Document Period End Date | Dec. 31, 2020 | ||
| Document Fiscal Year Focus | 2020 | ||
| Document Fiscal Period Focus | FY | ||
| Entity Small Business | true | ||
| Entity Emerging Growth Company | true | ||
| Entity Shell Company | true | ||
| Entity Ex Transition Period | false | ||
| Document Transition Report | false | ||
| Entity File Number | 001-39346 | ||
| Entity Incorporation, State or Country Code | DE | ||
| Entity Interactive Data Current | No | ||
| Class A Common Stock | |||
| Document Information Line Items | |||
| Entity Common Stock, Shares Outstanding | 35,000,000 | ||
| Class B Common Stock | |||
| Document Information Line Items | |||
| Entity Common Stock, Shares Outstanding | 8,750,000 |