Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations (Unaudited)

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
Net interest income on finance receivables $ 2,293 $ 1,654 $ 5,716 $ 3,617
Membership subscription revenue 8,347 8,435 23,709 22,778
Affiliates income 3,175 518 6,444 1,368
Fee income 30,402 12,471 79,659 28,924
Other income 3 39 21 174
Total Revenues, net 44,220 23,117 115,549 56,861
Marketing 13,531 2,921 27,060 7,404
Provision for loss on receivables 15,238 10,456 36,644 14,587
Other direct costs 1,828 1,183 6,983 3,137
Interest expense 1,627 865 4,947 2,316
Personnel expenses 15,483 4,672 30,736 15,704
Underwriting expenses 2,158 1,137 5,702 4,553
Information technology expenses 1,195 1,725 5,009 5,089
Bank and payment processor fees 6,770 3,697 18,526 8,987
Change in fair value of warrant liability 5,495 (228) 54,285 (228)
Change in fair value of subordinated convertible notes (7,684) 41,877
Professional fees 4,678 1,879 12,715 4,516
Depreciation and amortization expense 486 286 1,502 811
Occupancy expense (46) 314 719 913
Gain on foreign currency translation (135) (43) (178) (155)
Other operating (income) expenses 8,242 (257) 6,221 393
Total operating expenses 68,866 28,607 252,748 68,027
Net loss before income taxes (24,646) (5,490) (137,199) (11,166)
Income tax (benefit) expense (1) 41 (13)
Net loss (24,645) (5,490) (137,240) (11,153)
Net income attributable to redeemable noncontrolling interests (3,520) (1,967) (9,364) (6,480)
Reversal of previously accrued / (accrued) dividends on redeemable convertible preferred stock 52,466 (4,387) 42,728 (12,817)
Net loss attributable to common shareholders $ 24,301 $ (11,844) $ (103,876) $ (30,450)
Net income (loss) per share, basic (in Dollars per share) [1] $ 0.39 $ (0.26) $ (1.96) $ (0.67)
Net income (loss) per share, diluted (in Dollars per share) [1] $ 0.13 $ (0.26) $ (1.96) $ (0.67)
Weighted average shares used in computing net loss per share, basic (in Shares) [1] 62,314,396 44,857,889 53,119,751 45,253,509
Weighted average shares used in computing net loss per share, diluted (in Shares) [1] 219,114,088 44,857,889 53,119,751 45,253,509
[1] Prior period results have been adjusted to reflect the exchange of Legacy MoneyLion’s common stock for MoneyLion Class A Common Stock at an exchange ratio of approximately 16.4078 in September 2021 as a result of the Business Combination. See Note 4, “Business combination,” for details. Because the Company had a net loss in the nine months ended September 30, 2021 and the three and nine months ended September 30, 2020, the Company’s potentially dilutive securities, which include stock options, restricted stock, preferred stock and warrants to purchase shares of common stock and preferred stock, have been excluded from the computation of diluted net loss per share for those periods, as the effect would be anti-dilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders for these periods is the same.  See Note 17, “Net income (loss) per share (as restated)” for a reconciliation of Net income per share, diluted for the three months ended September 30, 2021.