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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2022

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

 

Commission File Number: 001-39346

 

MoneyLion Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

85-0849243

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

30 West 21st Street, 9th Floor

New York, New York

 

10010

(Address of principal executive offices)

 

(Zip Code)

 

(212) 300-9865

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A common stock, par value $0.0001 per share

 

ML

 

The New York Stock Exchange

Redeemable warrants, each whole warrant exercisable for one share of Class A common stock, $0.0001 par value

 

ML WS

 

The New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

There were 253,552,979 shares of the registrant’s Class A common stock, par value $0.0001 per share, outstanding as of November 4, 2022.

 


 

MoneyLion Inc.

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q

For the Quarterly Period Ended September 30, 2022

 

 

 

Page

PART I – FINANCIAL INFORMATION

 

 

 

Item 1.

Financial Statements

1

 

Unaudited Consolidated Balance Sheets

1

 

Unaudited Consolidated Statements of Operations

2

 

Unaudited Consolidated Statements of Redeemable Convertible Preferred Stock, Redeemable Noncontrolling Interests and Stockholders’ Equity (Deficit)

3

 

Unaudited Consolidated Statements of Cash Flows

5

 

Notes to Unaudited Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

52

Item 4.

Controls and Procedures

52

 

 

 

PART II - OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

55

Item 1A.

Risk Factors

56

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 3.

Defaults Upon Senior Securities

56

Item 4.

Mine Safety Disclosures

56

Item 5.

Other Information

56

Item 6.

Exhibits

57

 

 

 

Signatures

58

 

i


 

 

INTRODUCTORY NOTE

 

On September 22, 2021 (the “Business Combination Closing Date”), MoneyLion Inc., formerly known as Fusion Acquisition Corp. (“Fusion”), consummated a business combination (the “Business Combination”) with MoneyLion Technologies Inc., formerly known as MoneyLion Inc. (“Legacy MoneyLion”). Pursuant to the Agreement and Plan of Merger, dated as of February 11, 2021 and amended on June 28, 2021 and September 4, 2021 (the “Business Combination Merger Agreement”), by and among Fusion, ML Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Fusion (“Merger Sub”), and Legacy MoneyLion, immediately upon the completion of the Business Combination and the other transactions contemplated by the Business Combination Merger Agreement (the “Business Combination Closing”), each of the following transactions occurred in the following order: (i) Merger Sub merged with and into Legacy MoneyLion, with Legacy MoneyLion surviving the merger as a wholly-owned subsidiary of Fusion (the “Merger”); (ii) Legacy MoneyLion changed its name to “MoneyLion Technologies Inc.”; and (iii) Fusion changed its name to “MoneyLion Inc.” Following the Business Combination, MoneyLion Inc. became a publicly traded company, with Legacy MoneyLion, a subsidiary of MoneyLion Inc., continuing the existing business operations. MoneyLion’s Class A common stock, par value $0.0001 per share (the “MoneyLion Class A Common Stock”) is listed on the New York Stock Exchange (the “NYSE”) under the ticker symbol “ML.”

 

As used in this Quarterly Report on Form 10-Q, unless the context requires otherwise, references to “MoneyLion,” the “Company,” “we,” “us,” “our” and similar references refer to MoneyLion Inc. and, as context requires, its consolidated subsidiaries for the period following the Business Combination and to MoneyLion Technologies Inc. and, as context requires, its consolidated subsidiaries for the period prior to the Business Combination. “Fusion” refers to Fusion Acquisition Corp. prior to the Business Combination.

 

For convenience, the trademarks and service marks referred to in this Quarterly Report on Form 10-Q are listed without the ®, TM and SM symbols, but we intend to assert, and notify others of, our rights in and to these trademarks and service marks to the fullest extent under applicable law.

 

Cautionary Statement Regarding Forward-Looking Statements

 

This Quarterly Report on Form 10-Q, including the information incorporated herein by reference, contains forward-looking statements regarding, among other things, the plans, strategies and prospects, both business and financial, of MoneyLion Inc. and its wholly-owned subsidiaries. These statements are based on the beliefs and assumptions of the management of MoneyLion. Although MoneyLion believes that its respective plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, MoneyLion cannot assure you that it will achieve or realize these plans, intentions or expectations. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” or “intends” or similar expressions. The forward-looking statements are based on projections prepared by, and are the responsibility of, MoneyLion’s management.

 

Forward-looking statements are inherently subject to known and unknown risks and uncertainties, many of which may be beyond MoneyLion’s control. Forward-looking statements are not guarantees of future performance or outcomes, and MoneyLion’s actual performance and outcomes, including, without limitation, actual results of operations, financial condition and liquidity, and the development of the market in which MoneyLion operates, may differ materially from those made in or suggested by the forward-looking statements contained in this Quarterly Report on Form 10-Q. Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, without limitation:

 

factors relating to the business, operations and financial performance of MoneyLion, including market conditions and global and economic factors beyond MoneyLion’s control, including the COVID-19 pandemic;

 

ii


 

intense and increasing competition in the industries in which MoneyLion and its subsidiaries, including Malka Media Group LLC (“MALKA”) and Even Financial Inc. (“Even Financial”), operate, and demand for and consumer confidence in MoneyLion’s products and services, including as a result of any adverse publicity concerning MoneyLion;

 

MoneyLion’s ability to realize strategic objectives and avoid difficulties and risks of any acquisitions, strategic investments, entries into new businesses, joint ventures, divestitures and other transactions;

 

MoneyLion’s reliance on third parties to provide services;

 

MoneyLion’s ability to service loans or advances properly and the performance of the loans and other receivables originated through MoneyLion’s platform;

 

MoneyLion’s ability to raise financing in the future, to comply with restrictive covenants related to its long-term indebtedness and to manage the effects of changes in the cost of capital;

 

MoneyLion’s success in retaining or recruiting, or changing as required, its officers, key employees and directors, including its and MALKA’s ability to retain content creators;

 

MoneyLion’s ability to comply with the extensive and evolving laws and regulations applicable to its business;

 

risks related to the proper functioning of MoneyLion’s IT systems and data storage, including as a result of cyberattacks and other security breaches or disruptions suffered by MoneyLion or third parties upon which it relies;

 

MoneyLion’s ability to protect its intellectual property rights;

 

MoneyLion’s ability to comply with laws and regulations applicable to its business and the outcome of any legal or governmental proceedings that are or may in the future be instituted against MoneyLion;

 

MoneyLion’s ability to establish and maintain an effective system of internal controls over financial reporting;

 

MoneyLion’s ability to maintain the listing of the MoneyLion Class A Common Stock and of MoneyLion’s publicly traded warrants to purchase MoneyLion Class A Common Stock (the “Public Warrants”) on the NYSE and any volatility in the market price of MoneyLion’s securities; and

 

other factors detailed under Part II, Item 1A “Risk Factors” in this Quarterly Report on Form 10-Q.

 

These and other factors are more fully discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”), including the “Risk Factors” section in Amendment No. 1 to the Annual Report on Form 10-K/A for the year ended December 31, 2021, filed with the SEC on August 11, 2022, and Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q.

 

These forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q and our management’s current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

 

iii


 

Risk Factor Summary

 

Our business is subject to numerous risks and uncertainties, including those we face in connection with the successful implementation of our strategy and the growth of our business. The following considerations, among others, may offset our competitive strengths or have a negative effect on our business strategy, which could cause a decline in the price of shares of our securities and result in a loss of all or a portion of your investment:

MoneyLion’s financial condition, results of operations and business may be adversely impacted by the COVID-19 pandemic, economic conditions and other factors that it cannot control. In an economic downturn, MoneyLion may not be able to grow its business or maintain expected levels of liquidity or revenue growth.
MoneyLion’s results of operations and future prospects depend on its ability to attract new and retain existing customers. MoneyLion faces intense and increasing competition and if it does not compete effectively, its competitive positioning and operating results may be harmed.
Demand for MoneyLion’s products or services may decline if it does not continue to innovate or respond to evolving technological or other changes. A significant change in consumer confidence in MoneyLion’s products or services or adverse publicity concerning MoneyLion, its business or its personnel could negatively impact MoneyLion’s business.
Any acquisitions, strategic investments, entries into new businesses, joint ventures, divestitures and other transactions could fail to achieve strategic objectives, disrupt MoneyLion’s ongoing operations or result in operating difficulties, liabilities and expenses, harm its business and negatively impact its results of operations.
Because MoneyLion relies on third parties to provide services, MoneyLion could be adversely impacted if such third parties fail to fulfill their obligations or if MoneyLion’s arrangements with them are terminated and suitable replacements cannot be found on commercially reasonable terms or at all.
If MoneyLion fails to comply with the applicable requirements of its third-party partners, they could seek to suspend or terminate MoneyLion’s accounts, which could adversely affect MoneyLion’s business. The loss of third-party service providers, or the failure by a third-party service provider to comply with legal or regulatory requirements or otherwise perform its functions properly may adversely affect MoneyLion’s business.
If MALKA or Even Financial, MoneyLion’s wholly-owned subsidiaries, is unable to remain competitive or retain key clients, their respective business and results of operations and financial position may be adversely affected. Increases in the costs of content may have an adverse effect on MALKA’s and MoneyLion's business, financial condition and results of operations.
Any failure of Even Financial’s platform to effectively match consumers from Even Financial’s Channel Partners (as defined herein) with financial product offerings from its Product Partners (as defined herein) or any reduced marketing spend by such Product Partners on Even Financial’s platform could have a material adverse effect on Even Financial’s business, financial condition and results of operations.
If the information provided to MoneyLion by customers is incorrect or fraudulent, MoneyLion may misjudge a customer’s qualifications to receive its products and services and its results of operations may be harmed and could subject MoneyLion to regulatory scrutiny or penalties.
If loans and other receivables originated through MoneyLion’s platform do not perform, or significantly underperform, MoneyLion may incur financial losses on the receivables it originates or lose the confidence of its financing sources. In addition, a failure by MoneyLion to service loans or advances properly could result in lost revenue and negatively impact its business and operations or subject MoneyLion to regulatory scrutiny or penalties.

iv


 

If MoneyLion’s existing funding arrangements are not renewed or replaced or its existing funding sources are unwilling or unable to provide funding to it on terms acceptable to it, or at all, it could have a material adverse effect on MoneyLion’s business, results of operations, financial condition, cash flows and future prospects. MoneyLion may be unsuccessful in managing the effects of changes in the cost of capital on its business.
MoneyLion’s engineering and technical development teams are based primarily in Malaysia, which could be adversely affected by changes in political or economic stability, or by government policies.
Systems defects, failures or disruptions, including events beyond MoneyLion’s control, and resulting interruptions in the availability of MoneyLion’s websites, applications, products or services, could harm MoneyLion’s business, harm its reputation, result in significant costs to MoneyLion, decrease MoneyLion’s potential profitability and expose it to substantial liability.
MoneyLion has a history of losses and may not achieve profitability in the future.
MoneyLion’s business is subject to extensive regulation, examination and oversight in a variety of areas. The legal and regulatory regimes governing certain of MoneyLion’s products and services are uncertain and evolving. Changing laws, regulations, interpretations or regulatory enforcement priorities may negatively impact the management of its business, results of operations, ability to offer certain products or the terms and conditions upon which they are offered and ability to compete.
Cyberattacks and other security breaches or disruptions suffered by MoneyLion or third parties upon which it relies could have a materially adverse effect on MoneyLion’s business, harm its reputation and expose it to public scrutiny or liability.
While MoneyLion takes precautions to prevent consumer identity fraud, it is possible that identity fraud may still occur or has occurred, which may adversely affect the performance of MoneyLion’s products and services or subject MoneyLion to scrutiny or penalties.
MoneyLion may be unable to sufficiently obtain, maintain, protect or enforce its intellectual property and other proprietary rights. In addition, MoneyLion’s business and platform depend in part on intellectual property and proprietary rights and technology licensed from or otherwise made available to MoneyLion by third parties. If MoneyLion fails to comply with its obligations under license or technology agreements with third parties, MoneyLion may be required to pay damages and MoneyLion could lose license rights that are critical to its business.
MoneyLion has in the past been, and continues to be, subject to inquiries, subpoenas, exams, pending investigations, enforcement matters and legal proceedings by state and federal regulators, the outcomes of which are uncertain and could cause reputational and financial harm to MoneyLion’s business and results of operations.
The market price of MoneyLion’s securities may be volatile. In addition, MoneyLion’s failure to meet the continued listing requirements of the NYSE could result in a delisting of its securities.

 

The risks described above should be read together with the “Cautionary Statement Regarding Forward-Looking Statements” herein, the other risk factors set forth under Part II, Item 1A “Risk Factors” in this Quarterly Report on Form 10-Q, the “Risk Factors” section in Amendment No. 1 to the Annual Report on Form 10-K/A for the year ended December 31, 2021, filed with the SEC on August 11, 2022, our consolidated financial statements and the related notes presented in Part I, Item 1 “Financial Statements” in this Quarterly Report on Form 10-Q and the other documents that we file with the SEC. Our business, prospects, financial condition or operating results could be harmed by any of these risks, as well as other risks not currently known to us or that we currently consider immaterial.

 

v


 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

MONEYLION INC.

CONSOLIDATED BALANCE SHEETS

(dollar amounts in thousands, except per share amounts)

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Cash

 

$

126,369

 

 

$

201,763

 

Restricted cash, including amounts held by variable interest entities (VIEs) of $61,260 and $39,396

 

 

62,840

 

 

 

44,461

 

Consumer receivables

 

 

152,718

 

 

 

153,741

 

Allowance for credit losses on consumer receivables

 

 

(22,633

)

 

 

(22,323

)

Consumer receivables, net, including amounts held by VIEs of $101,981 and $92,796

 

 

130,085

 

 

 

131,418

 

Enterprise receivables

 

 

20,825

 

 

 

6,002

 

Property and equipment, net

 

 

2,896

 

 

 

1,801

 

Intangible assets, net

 

 

205,670

 

 

 

25,124

 

Goodwill

 

 

161,261

 

 

 

52,541

 

Other assets

 

 

48,854

 

 

 

28,428

 

Total assets

 

$

758,800

 

 

$

491,538

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Secured loans

 

$

88,508

 

 

$

43,591

 

Accounts payable and accrued liabilities

 

 

54,049

 

 

 

36,868

 

Warrant liability

 

 

985

 

 

 

8,260

 

Other debt, including amounts held by VIEs of $153,137 and $143,000

 

 

153,137

 

 

 

143,000

 

Other liabilities

 

 

60,051

 

 

 

38,135

 

Total liabilities

 

 

356,730

 

 

 

269,854

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

Redeemable convertible preferred stock (Series A), $0.0001 par value; 45,000,000 and 0 shares authorized as of September 30, 2022 and December 31, 2021, respectively, 25,655,579 shares issued and outstanding as of September 30, 2022 and 0 shares issued and outstanding as of December 31, 2021

 

 

173,142

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Class A Common Stock, $0.0001 par value; 2,000,000,000 shares authorized as of September 30, 2022 and December 31, 2021, 254,337,896 and 253,367,896 issued and outstanding, respectively, as of September 30, 2022 and 231,452,448 and 230,482,448 issued and outstanding, respectively, as of December 31, 2021

 

 

25

 

 

 

23

 

Additional paid-in capital

 

 

761,576

 

 

 

701,234

 

Accumulated deficit

 

 

(522,973

)

 

 

(469,873

)

Treasury stock at cost, 970,000 shares at September 30, 2022 and December 31, 2021

 

 

(9,700

)

 

 

(9,700

)

Total stockholders' equity

 

 

228,928

 

 

 

221,684

 

Total liabilities, redeemable convertible preferred stock and stockholders' equity

 

$

758,800

 

 

$

491,538

 

 

The accompanying notes are an integral part of these consolidated financial statements.

1


 

MONEYLION INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollar amounts in thousands, except per share amounts)

(Unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Service and subscription revenue

$

86,397

 

 

$

41,923

 

 

$

238,366

 

 

$

109,810

 

Net interest income on loan receivables

 

2,351

 

 

 

2,294

 

 

 

7,436

 

 

 

5,717

 

Total revenue, net

 

88,748

 

 

 

44,217

 

 

 

245,802

 

 

 

115,527

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses on consumer receivables

 

27,428

 

 

 

15,238

 

 

 

77,453

 

 

 

36,644

 

Compensation and benefits

 

25,619

 

 

 

15,471

 

 

 

74,160

 

 

 

30,700

 

Marketing

 

6,954

 

 

 

13,531

 

 

 

27,847

 

 

 

27,060

 

Direct costs

 

28,837

 

 

 

10,885

 

 

 

79,427

 

 

 

31,331

 

Professional services

 

7,546

 

 

 

4,678

 

 

 

21,486

 

 

 

12,715

 

Technology-related costs

 

5,327

 

 

 

1,498

 

 

 

15,241

 

 

 

5,954

 

Other operating expenses

 

11,209

 

 

 

8,261

 

 

 

31,820

 

 

 

10,618

 

Total operating expenses

 

112,920

 

 

 

69,562

 

 

 

327,434

 

 

 

155,022

 

Net loss before other (expense) income and income taxes

 

(24,172

)

 

 

(25,345

)

 

 

(81,632

)

 

 

(39,495

)

Interest expense

 

(7,880

)

 

 

(1,627

)

 

 

(21,638

)

 

 

(4,947

)

Change in fair value of warrant liability

 

414

 

 

 

(5,495

)

 

 

7,275

 

 

 

(54,285

)

Change in fair value of subordinated convertible notes

 

 

 

 

7,684

 

 

 

 

 

 

(41,877

)

Change in fair value of contingent consideration from mergers and acquisitions

 

10,214

 

 

 

 

 

 

14,034

 

 

 

 

Other income (expense)

 

460

 

 

 

137

 

 

 

(447

)

 

 

3,405

 

Net loss before income taxes

 

(20,964

)

 

 

(24,646

)

 

 

(82,408

)

 

 

(137,199

)

Income tax expense (benefit)

 

53

 

 

 

(1

)

 

 

(28,348

)

 

 

41

 

Net loss

 

(21,017

)

 

 

(24,645

)

 

 

(54,060

)

 

 

(137,240

)

Net income attributable to redeemable noncontrolling interests

 

 

 

 

(3,520

)

 

 

 

 

 

(9,364

)

(Accrual) / reversal of dividends on preferred stock

 

(1,688

)

 

 

52,466

 

 

 

(4,892

)

 

 

42,728

 

Net (loss) income attributable to common shareholders

$

(22,705

)

 

$

24,301

 

 

$

(58,952

)

 

$

(103,876

)

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share, basic(1)

$

(0.09

)

 

$

0.39

 

 

$

(0.25

)

 

$

(1.96

)

Net (loss) income per share, diluted(1)

$

(0.09

)

 

$

0.13

 

 

$

(0.25

)

 

$

(1.96

)

Weighted average shares used in computing net (loss) income per share, basic(1)

 

244,702,713

 

 

 

62,314,396

 

 

 

237,302,217

 

 

 

53,119,751

 

Weighted average shares used in computing net (loss) income per share, diluted(1)

 

244,702,713

 

 

 

219,114,088

 

 

 

237,302,217

 

 

 

53,119,751

 

 

(1)
Prior period results have been adjusted to reflect the exchange of Legacy MoneyLion’s common stock (the “Legacy MoneyLion Common Stock”) for MoneyLion Class A Common Stock at an exchange ratio of approximately 16.4078 (the “Exchange Ratio”) in September 2021 as a result of the Business Combination. See Note 3, “Business Combination,” for details.

 

The accompanying notes are an integral part of these consolidated financial statements.

2


 

MONEYLION INC.

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY (DEFICIT)

(amounts in thousands, except share amounts)

(Unaudited)

 

 

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

Preferred Stock (Series A)

 

 

 

Class A Common Stock

 

 

Additional

 

 

Accumulated

 

 

Treasury

 

 

Stockholders'

 

 

 

 

 

Shares

 

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Paid-in Capital

 

 

Deficit

 

 

Stock

 

 

Equity

 

Balances at July 1, 2022

 

 

 

 

28,693,931

 

 

 

$

193,647

 

 

 

 

241,950,847

 

 

$

24

 

 

$

731,916

 

 

$

(501,956

)

 

$

(9,700

)

 

$

220,284

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,127

 

 

 

 

 

 

 

 

 

5,127

 

Exercise of stock options and warrants and vesting of RSUs

 

 

 

 

 

 

 

 

 

 

 

 

2,220,476

 

 

 

 

 

 

440

 

 

 

 

 

 

 

 

 

440

 

Issuance of common stock in connection with earnout and make-whole provisions related to the acquisition of Malka Media Group LLC

 

 

 

 

 

 

 

 

 

 

 

 

6,196,031

 

 

 

1

 

 

 

5,531

 

 

 

 

 

 

 

 

 

5,532

 

Issuance of options and preferred stock in connection with Even Acquisition, net working capital adjustments

 

 

 

 

(37,810

)

 

 

 

(255

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of preferred stock to common stock

 

 

 

 

(3,000,542

)

 

 

 

(20,250

)

 

 

 

3,000,542

 

 

 

 

 

 

20,250

 

 

 

 

 

 

 

 

 

20,250

 

Accrued dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,688

)

 

 

 

 

 

 

 

 

(1,688

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,017

)

 

 

 

 

 

(21,017

)

Balances at September 30, 2022

 

 

 

 

25,655,579

 

 

 

$

173,142

 

 

 

 

253,367,896

 

 

$

25

 

 

$

761,576

 

 

$

(522,973

)

 

$

(9,700

)

 

$

228,928

 

 

 

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

Preferred Stock (Series A)

 

 

 

Class A Common Stock

 

 

Additional

 

 

Accumulated

 

 

Treasury

 

 

Stockholders'

 

 

 

 

 

Shares

 

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Paid-in Capital

 

 

Deficit

 

 

Stock

 

 

Equity

 

Balances at January 1, 2022

 

 

 

 

 

 

 

$

 

 

 

 

230,482,448

 

 

$

23

 

 

$

701,234

 

 

$

(469,873

)

 

$

(9,700

)

 

$

221,684

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,643

 

 

 

 

 

 

 

 

 

13,643

 

Exercise of stock options and warrants and vesting of RSUs

 

 

 

 

 

 

 

 

 

 

 

 

4,642,830

 

 

 

 

 

 

1,217

 

 

 

 

 

 

 

 

 

1,217

 

Issuance of common stock in connection with earnout and make-whole provisions related to the acquisition of Malka Media Group LLC

 

 

 

 

 

 

 

 

 

 

 

 

15,242,076

 

 

 

2

 

 

 

22,248

 

 

 

 

 

 

 

 

 

22,250

 

Issuance of options and preferred stock in connection with Even Acquisition, net working capital adjustments

 

 

 

 

28,656,121

 

 

 

 

193,392

 

 

 

 

 

 

 

 

 

 

8,963