| NET LOSS PER SHARE |
15. NET LOSS PER SHARE
The following table sets forth the computation
of net loss per common share for the twelve months ended December 31, 2021 and 2020:
| |
|
Twelve Months Ended
December 31, |
|
| |
|
2021 |
|
|
2020 |
|
|
| |
|
|
|
|
|
|
|
| Numerator: |
|
|
|
|
|
|
|
| Net loss |
|
$ |
(164,875 |
) |
|
$ |
(41,587 |
) |
|
| Net income attributable to redeemable noncontrolling interests |
|
|
(12,776 |
) |
|
|
(8,409 |
) |
|
| Accretion of issuance costs on redeemable convertible preferred
stock |
|
|
- |
|
|
|
- |
|
|
| Reversal of previously accrued (accrual
of) dividends on redeemable convertible preferred stock |
|
|
42,728 |
|
|
|
(17,209 |
) |
|
| Net loss attributable to common shareholders |
|
$ |
(134,923 |
) |
|
$ |
(67,205 |
) |
|
| Denominator: |
|
|
|
|
|
|
|
|
|
| Weighted-average
common shares outstanding - basic and diluted (1) |
|
|
97,158,738 |
|
|
|
45,177,217 |
|
|
| Net loss per share attributable to common
stockholders - basic and diluted |
|
$ |
(1.39 |
) |
|
$ |
(1.49 |
) |
|
| | (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 3, “Business Combination,” for details. Additionally, included within net income attributable to common stockholders for the twelve months ended December 31, 2021 is an adjustment to reflect the reversal of previously accrued dividends on redeemable convertible preferred stock in the amount of $56,931 which were forfeited by the preferred stockholders in conjunction with the Business Combination. |
The Company’s potentially dilutive securities,
which include stock options, RSUs, 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 as the effect would be antidilutive. Therefore, the weighted-average number of common
shares outstanding used to calculate both basic and diluted net loss per share is the same.
The Company excluded the following potential
common shares from the computation of diluted net loss per share because including them would have an anti-dilutive effect for the twelve
months ended December 31, 2021 and 2020:
| |
|
December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| Conversion of redeemable convertible preferred stock (1) |
|
|
- |
|
|
|
116,264,358 |
|
| Warrants to purchase common stock and redeemable convertible preferred stock (1) |
|
|
25,599,889 |
|
|
|
14,738,710 |
|
| RSUs and options to purchase common stock (1) |
|
|
38,085,775 |
|
|
|
35,453,516 |
|
| Right to receive Earnout Shares |
|
|
17,500,000 |
|
|
|
- |
|
| Total common stock equivalents |
|
|
81,185,664 |
|
|
|
166,456,584 |
|
| | (1) | Prior period results have been adjusted to reflect the exchange of Legacy MoneyLion 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 3, “Business Combination” for details. |
|