|
/s/ Suying Liu
Suying Liu
Chief Executive Officer and Chairman of the Board of Directors |
|
|
Mountain Crest Acquisition Corp
February 1, 2021 |
|
| | |
MCAC
|
| |
Playboy
Combined |
| |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Pro Forma
Combined (Assuming High Redemptions) |
| ||||||||||||
Statement of Operations Data – Nine Months Ended September 30, 2020
|
| | | | | ||||||||||||||||||||
Net revenues
|
| | | $ | — | | | | | $ | 101,335 | | | | | $ | 101,335 | | | | | $ | 101,335 | | |
Total costs and expenses
|
| | | | (177) | | | | | | (92,662) | | | | | | (91,525) | | | | | | (91,525) | | |
Operating (loss) income
|
| | | | (177) | | | | | | 8,673 | | | | | | 9,810 | | | | | | 9,810 | | |
Net loss
|
| | | | (155) | | | | | | (4,759) | | | | | | (3,622) | | | | | | (3,622) | | |
Net loss per common share – basic and diluted
|
| | | | (0.09) | | | | | | (1.20) | | | | | | (0.10) | | | | | | (0.12) | | |
Balance Sheet Data – As of September 30, 2020 | | | | | | | | | | | | | | | | ||||||||||
Total current assets
|
| | | $ | 293 | | | | | $ | 49,839 | | | | | $ | 140,926 | | | | | $ | 97,256 | | |
Total assets
|
| | | | 58,963 | | | | | | 413,562 | | | | | | 504,649 | | | | | | 460,979 | | |
Total current liabilities
|
| | | | 41 | | | | | | 63,540 | | | | | | 48,889 | | | | | | 48,889 | | |
Total liabilities
|
| | | | 2,053 | | | | | | 330,731 | | | | | | 316,080 | | | | | | 316,080 | | |
Total stockholders’ equity
|
| | | | 5,000 | | | | | | 83,039 | | | | | | 188,777 | | | | | | 145,107 | | |
Statement of Operations Data – Year Ended December 31, 2019
|
| | | | | | | | | | | | | | | ||||||||||
Net revenues
|
| | | $ | — | | | | | $ | 121,212 | | | | | $ | 121,212 | | | | | $ | 121,212 | | |
Total costs and expenses
|
| | | | — | | | | | | (123,588) | | | | | | (123,588) | | | | | | (123,588) | | |
Operating loss
|
| | | | — | | | | | | (2,376) | | | | | | (2,376) | | | | | | (2,376) | | |
Net loss
|
| | | | — | | | | | | (21,178) | | | | | | (21,178) | | | | | | (21,178) | | |
Net loss per common share – basic and diluted
|
| | | | — | | | | | | (5.49) | | | | | | (0.59) | | | | | | (0.68) | | |
| | |
MCAC
|
| |
Playboy
|
| |
Pro Forma
Adjustments (Assuming No Redemptions) |
| |
Note
|
| |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Additional
Pro forma Adjustments (Assuming High Redemptions) |
| |
Note
|
| |
Pro Forma
Combined (Assuming High Redemptions) |
| ||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 235 | | | | | $ | 15,872 | | | | | $ | 58,670 | | | | |
|
a
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 50,000 | | | | |
|
b
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (4,815) | | | | |
|
c
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (4,445) | | | | |
|
d
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (8,616) | | | | |
|
g
|
| | | | $ | 106,901 | | | | | $ | (43,670) | | | | |
|
f
|
| | | | $ | 63,231 | | |
Restricted cash
|
| | | | — | | | | | | 968 | | | | | | — | | | | | | | | | | | | 968 | | | | | | — | | | | | | | | | | | | 968 | | |
Receivables, net
|
| | | | — | | | | | | 6,581 | | | | | | — | | | | | | | | | | | | 6,581 | | | | | | — | | | | | | | | | | | | 6,581 | | |
Inventories, net
|
| | | | — | | | | | | 11,959 | | | | | | — | | | | | | | | | | | | 11,959 | | | | | | — | | | | | | | | | | | | 11,959 | | |
Contract assets, current portion
|
| | | | — | | | | | | 1,262 | | | | | | — | | | | | | | | | | | | 1,262 | | | | | | — | | | | | | | | | | | | 1,262 | | |
Licensed programming costs
|
| | | | — | | | | | | 480 | | | | | | — | | | | | | | | | | | | 480 | | | | | | — | | | | | | | | | | | | 480 | | |
Stock receivable
|
| | | | — | | | | | | 4,445 | | | | | | — | | | | | | | | | | | | 4,445 | | | | | | — | | | | | | | | | | | | 4,445 | | |
Prepaid expenses and other current assets
|
| | | | 58 | | | | | | 8,272 | | | | | | — | | | | | | | | | | | | 8,330 | | | | | | — | | | | | | | | | | | | 8,330 | | |
Total current assets
|
| | | | 293 | | | | | | 49,839 | | | | | | 90,794 | | | | | | | | | | | | 140,926 | | | | | | (43,670) | | | | | | | | | | | | 97,256 | | |
Property and equipment, net
|
| | | | — | | | | | | 5,222 | | | | | | — | | | | | | | | | | | | 5,222 | | | | | | — | | | | | | | | | | | | 5,222 | | |
Trademarks and trade name
|
| | | | — | | | | | | 336,386 | | | | | | — | | | | | | | | | | | | 336,386 | | | | | | — | | | | | | | | | | | | 336,386 | | |
Goodwill
|
| | | | — | | | | | | 504 | | | | | | — | | | | | | | | | | | | 504 | | | | | | — | | | | | | | | | | | | 504 | | |
Other intangible assets, net
|
| | | | — | | | | | | 2,518 | | | | | | — | | | | | | | | | | | | 2,518 | | | | | | — | | | | | | | | | | | | 2,518 | | |
Marketable securities held in Trust
Account |
| | | | 58,670 | | | | | | — | | | | | | (58,670) | | | | |
|
a
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Contract assets, net of current portion
|
| | | | — | | | | | | 6,940 | | | | | | — | | | | | | | | | | | | 6,940 | | | | | | — | | | | | | | | | | | | 6,940 | | |
Other noncurrent assets
|
| | | | — | | | | | | 12,153 | | | | | | — | | | | | | | | | | | | 12,153 | | | | | | — | | | | | | | | | | | | 12,153 | | |
Total assets
|
| | | $ | 58,963 | | | | | $ | 413,562 | | | | | $ | 32,124 | | | | | | | | | | | $ | 504,649 | | | | | $ | (43,670) | | | | | | | | | | | $ | 460,979 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | — | | | | | $ | 9,180 | | | | | | (1,192) | | | | |
|
c
|
| | | | | 7,988 | | | | | | — | | | | | | | | | | | | 7,988 | | |
Paybles to related parties
|
| | | | — | | | | | | 7 | | | | | | — | | | | | | | | | | | | 7 | | | | | | — | | | | | | | | | | | | 7 | | |
Accrued salaries, wages, and employee benefits
|
| | | | — | | | | | | 3,998 | | | | | | — | | | | | | | | | | | | 3,998 | | | | | | — | | | | | | | | | | | | 3,998 | | |
Deferred revenues, current portion
|
| | | | — | | | | | | 15,931 | | | | | | — | | | | | | | | | | | | 15,931 | | | | | | — | | | | | | | | | | | | 15,931 | | |
Long-term debt, current portion
|
| | | | — | | | | | | 4,052 | | | | | | — | | | | | | | | | | | | 4,052 | | | | | | — | | | | | | | | | | | | 4,052 | | |
Convertible promissory notes, current portion
|
| | | | — | | | | | | 13,500 | | | | | | (13,500) | | | | |
|
g
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Other current liabilities and accrued expenses
|
| | | | 41 | | | | | | 16,872 | | | | | | — | | | | | | | | | | | | 16,913 | | | | | | — | | | | | | | | | | | | 16,913 | | |
Total current liabilities
|
| | | | 41 | | | | | | 63,540 | | | | | | (14,692) | | | | | | | | | | | | 48,889 | | | | | | — | | | | | | | | | | | | 48,889 | | |
Deferred revenues, net of current portion
|
| | | | — | | | | | | 34,997 | | | | | | — | | | | | | | | | | | | 34,997 | | | | | | — | | | | | | | | | | | | 34,997 | | |
| | |
MCAC
|
| |
Playboy
|
| |
Pro Forma
Adjustments (Assuming No Redemptions) |
| |
Note
|
| |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Additional
Pro forma Adjustments (Assuming High Redemptions) |
| |
Note
|
| |
Pro Forma
Combined (Assuming High Redemptions) |
| ||||||||||||||||||||||||
Long-term debt, net of current portion
|
| | | | — | | | | | | 156,157 | | | | | | — | | | | | | | | | | | | 156,157 | | | | | | — | | | | | | | | | | | | 156,157 | | |
Deferred tax liabilities, net
|
| | | | — | | | | | | 74,469 | | | | | | — | | | | | | | | | | | | 74,469 | | | | | | — | | | | | | | | | | | | 74,469 | | |
Deferred underwriting fees
|
| | | | 2,012 | | | | | | — | | | | | | (2,012) | | | | |
|
c
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Other noncurrent liabilities
|
| | | | — | | | | | | 1,568 | | | | | | — | | | | | | | | | | | | 1,568 | | | | | | — | | | | | | | | | | | | 1,568 | | |
Total liabilities
|
| | | | 2,053 | | | | | | 330,731 | | | | | | (16,704) | | | | | | | | | | | | 316,080 | | | | | | — | | | | | | | | | | | | 316,080 | | |
Mezzanine equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock subject to possible redemption, 5,090,066 shares at redemption value
|
| | | | 51,910 | | | | | | — | | | | | | (51,910) | | | | |
|
e
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Redeemable noncontrolling interest
|
| | | | — | | | | | | (208) | | | | | | — | | | | | | | | | | | | (208) | | | | | | — | | | | | | | | | | | | (208) | | |
Total mezzanine equity
|
| | | | 51,910 | | | | | | (208) | | | | | | (51,910) | | | | | | | | | | | | (208) | | | | | | — | | | | | | | | | | | | (208) | | |
Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock
|
| | | | — | | | | | | 36 | | | | | | 1 | | | | |
|
b
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 1 | | | | |
|
e
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (35) | | | | |
|
h
|
| | | | | 3 | | | | | | — | | | | |
|
f
|
| | | | | 3 | | |
Treasury stock
|
| | | | — | | | | | | (38,455) | | | | | | (4,445) | | | | |
|
d
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 38,455 | | | | |
|
h
|
| | | | | (4,445) | | | | | | — | | | | | | | | | | | | (4,445) | | |
Additional paid-in capital
|
| | | | 5,155 | | | | | | 198,962 | | | | | | 49,999 | | | | |
|
b
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 51,909 | | | | |
|
e
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 2,730 | | | | |
|
g
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (38,575) | | | | |
|
h
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 2,891 | | | | |
|
i
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 2,000 | | | | |
|
c
|
| | | | | 275,071 | | | | | | (43,670) | | | | |
|
f
|
| | | | | 231,401 | | |
Accumulated deficit
|
| | | | (155) | | | | | | (77,504) | | | | | | (3,611) | | | | |
|
c
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 2,154 | | | | |
|
g
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 155 | | | | |
|
h
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (2,891) | | | | |
|
i
|
| | | | | (81,852) | | | | | | — | | | | | | | | | | | | (81,852) | | |
Total stockholders’ equity
|
| | | | 5,000 | | | | | | 83,039 | | | | | | 100,738 | | | | | | | | | | | | 188,777 | | | | | | (43,670) | | | | | | | | | | | | 145,107 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 58,963 | | | | | $ | 413,562 | | | | | $ | 32,124 | | | | | | | | | | | $ | 504,649 | | | | | $ | (43,670) | | | | | | | | | | | $ | 460,979 | | |
|
| | |
MCAC
|
| |
Playboy
|
| |
Pro Forma
Adjustments (Assuming No Redemptions) |
| |
Note
|
| |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Additional
Pro forma Adjustments (Assuming High Redemptions) |
| |
Note
|
| |
Pro Forma
Combined (Assuming High Redemptions) |
| |||||||||||||||||||||
Net revenues
|
| | | $ | — | | | | | $ | 101,335 | | | | | $ | — | | | | | | | | | | | $ | 101,335 | | | | | $ | — | | | | | | | | $ | 101,335 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Cost of sales
|
| | | | — | | | | | | (50,548) | | | | | | — | | | | | | | | | | | | (50,548) | | | | | | — | | | | | | | | | (50,548) | | |
Selling and administrative
|
| | | | (177) | | | | | | (41,357) | | | | | | 40 | | | | |
|
aa
|
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 1,274 | | | | |
|
bb
|
| | | | | (40,220) | | | | | | — | | | | | | | | | (40,220) | | |
Related-party expenses
|
| | | | — | | | | | | (757) | | | | | | — | | | | | | | | | | | | (757) | | | | | | — | | | | | | | | | (757) | | |
Total costs and expenses
|
| | | | (177) | | | | | | (92,662) | | | | | | 1,314 | | | | | | | | | | | | (91,525) | | | | | | — | | | | | | | | | (91,525) | | |
Operating (loss) income
|
| | | | (177) | | | | | | 8,673 | | | | | | 1,314 | | | | | | | | | | | | 9,810 | | | | | | — | | | | | | | | | 9,810 | | |
Nonoperating (expense) income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment income
|
| | | | 23 | | | | | | 30 | | | | | | (23) | | | | |
|
cc
|
| | | | | 30 | | | | | | — | | | | | | | | | 30 | | |
Interest expense
|
| | | | — | | | | | | (10,073) | | | | | | — | | | | | | | | | | | | (10,073) | | | | | | — | | | | | | | | | (10,073) | | |
Unrealized loss on marketable securities held in Trust
Account |
| | | | (1) | | | | | | — | | | | | | 1 | | | | |
|
cc
|
| | | | | — | | | | | | — | | | | | | | | | — | | |
Other, net
|
| | | | — | | | | | | 81 | | | | | | — | | | | | | | | | | | | 81 | | | | | | — | | | | | | | | | 81 | | |
Total nonoperating expense
|
| | | | 22 | | | | | | (9,962) | | | | | | (22) | | | | | | | | | | | | (9,962) | | | | | | — | | | | | | | | | (9,962) | | |
Loss before income taxes
|
| | | | (155) | | | | | | (1,289) | | | | | | 1,292 | | | | | | | | | | | | (152) | | | | | | — | | | | | | | | | (152) | | |
Provision for income taxes
|
| | | | — | | | | | | (3,470) | | | | | | — | | | | | | | | | | | | (3,470) | | | | | | — | | | | | | | | | (3,470) | | |
Net loss
|
| | | $ | (155) | | | | | $ | (4,759) | | | | | $ | 1,292 | | | | | | | | | | | $ | (3,622) | | | | | $ | — | | | | | | | | $ | (3,622) | | |
Net (loss) income attributable to redeemable noncontrolling
interest |
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Net loss attributable to Playboy
|
| | | $ | (155) | | | | | $ | (4,759) | | | | | $ | 1,292 | | | | | | | | | | | $ | (3,622) | | | | | $ | — | | | | | | | | $ | (3,622) | | |
Net loss per share, basic and diluted
|
| | | $ | (0.09) | | | | | $ | (1.20) | | | | | | | | | | | | | | | | | $ | (0.10) | | | | | | | | | | | | | | $ | (0.12) | | |
Weighted-average shares used in
computing loss per share, basic and diluted |
| | | | 1,731,559 | | | | | | 3,949,844 | | | | | | | | | | | | | | | | | | 35,611,763 | | | | | | | | | | | | | | | 31,332,003 | | |
|
| | |
For the period
from November 12, 2019 (inception) through December 31, 2019 |
| |
Year Ended
December 31, 2019 |
| | | | | | | | | | | | | |
Year Ended
December 31, 2019 |
| | | | | | | | | | | | | |
Year Ended
December 31, 2019 |
| ||||||||||||
| | |
MCAC
|
| |
Playboy
Combined |
| |
Pro Forma
Adjustments (Assuming No Redemptions) |
| |
Note
|
| |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Additional
Pro forma Adjustments (Assuming High Redemptions) |
| |
Note
|
| |
Pro Forma
Combined (Assuming High Redemptions) |
| ||||||||||||||||||||||||
Net revenues
|
| | | $ | — | | | | | $ | 121,212 | | | | | $ | — | | | | | | | | | | | $ | 121,212 | | | | | $ | — | | | | | | | | | | | $ | 121,212 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales
|
| | | | — | | | | | | (64,034) | | | | | | — | | | | | | | | | | | | (64,034) | | | | | | — | | | | | | | | | | | | (64,034) | | |
Selling and administrative
|
| | | | — | | | | | | (58,478) | | | | | | — | | | | | | | | | | | | (58,478) | | | | | | — | | | | | | | | | | | | (58,478) | | |
Loss on disposals of assets
|
| | | | — | | | | | | (71) | | | | | | — | | | | | | — | | | | | | (71) | | | | | | — | | | | | | — | | | | | | (71) | | |
Related-party expenses
|
| | | | — | | | | | | (1,005) | | | | | | — | | | | | | | | | | | | (1,005) | | | | | | — | | | | | | | | | | | | (1,005) | | |
Total costs and expenses
|
| | | | — | | | | | | (123,588) | | | | | | — | | | | | | | | | | | | (123,588) | | | | | | — | | | | | | | | | | | | (123,588) | | |
Operating loss
|
| | | | — | | | | | | (2,376) | | | | | | — | | | | | | | | | | | | (2,376) | | | | | | — | | | | | | | | | | | | (2,376) | | |
Nonoperating (expense) income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment income
|
| | | | — | | | | | | 225 | | | | | | — | | | | | | | | | | | | 225 | | | | | | — | | | | | | | | | | | | 225 | | |
Interest expense
|
| | | | — | | | | | | (14,225) | | | | | | — | | | | | | | | | | | | (14,225) | | | | | | — | | | | | | | | | | | | (14,225) | | |
Other, net
|
| | | | — | | | | | | 48 | | | | | | — | | | | | | | | | | | | 48 | | | | | | — | | | | | | | | | | | | 48 | | |
Total nonoperating expense
|
| | | | — | | | | | | (13,952) | | | | | | — | | | | | | | | | | | | (13,952) | | | | | | — | | | | | | | | | | | | (13,952) | | |
Loss before income taxes
|
| | | | — | | | | | | (16,328) | | | | | | — | | | | | | | | | | | | (16,328) | | | | | | — | | | | | | | | | | | | (16,328) | | |
Provision for income taxes
|
| | | | — | | | | | | (4,850) | | | | | | — | | | | | | | | | | | | (4,850) | | | | | | — | | | | | | | | | | | | (4,850) | | |
Net loss
|
| | | | — | | | | | | (21,178) | | | | | | — | | | | | | | | | | | | (21,178) | | | | | | — | | | | | | | | | | | | (21,178) | | |
Net (loss) income attributable to redeemable noncontrolling interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Net loss attributable to Playboy
|
| | | $ | — | | | | | $ | (21,178) | | | | | $ | — | | | | | | | | | | | $ | (21,178) | | | | | $ | — | | | | | | | | | | | $ | (21,178) | | |
Net loss per share, basic and diluted
|
| | | $ | — | | | | | $ | (5.49) | | | | | | | | | | | | | | | | | $ | (0.59) | | | | | | | | | | | | | | | | | $ | (0.68) | | |
Weighted-average shares used in computing net loss per share, basic and diluted
|
| | | | 1,250,000 | | | | | | 3,854,256 | | | | | | | | | | | | | | | | | | 35,611,763 | | | | | | | | | | | | | | | | | | 31,332,003 | | |
|
| | |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Pro Forma
Combined (Assuming High Redemptions) |
| ||||||
Weighted average shares calculation, basic and diluted | | | | | | | | | | | | | |
MCAC public shares
|
| | | | 5,749,800 | | | | | | 1,470,040 | | |
MCAC public rights shares
|
| | | | 574,980 | | | | | | 574,980 | | |
MCAC private placement shares
|
| | | | 355,241 | | | | | | 355,241 | | |
MCAC private placement rights shares
|
| | | | 35,523 | | | | | | 35,523 | | |
MCAC Sponsor shares
|
| | | | 737,450 | | | | | | 737,450 | | |
MCAC shares issued to PIPE investors
|
| | | | 5,000,000 | | | | | | 5,000,000 | | |
MCAC shares issued to advisors
|
| | | | 200,000 | | | | | | 200,000 | | |
MCAC shares issued in the Merger
|
| | | | 20,933,921 | | | | | | 20,933,921 | | |
Shares to be issued one year from Merger closing
|
| | | | 2,024,848 | | | | | | 2,024,848 | | |
Weighted average shares outstanding
|
| | | | 35,611,763 | | | | | | 31,332,003 | | |
Percent of shares owned by Playboy
|
| | | | 62% | | | | | | 71% | | |
Percent of shares owned by PIPE investors
|
| | | | 15% | | | | | | 17% | | |
Percent of shares owned by MCAC
|
| | | | 23% | | | | | | 12% | | |
| Tangible net assets and liabilities: | | | | | | | |
|
Cash
|
| | | $ | 341 | | |
|
Receivables, net
|
| | | | 368 | | |
|
Inventories
|
| | | | 11,428 | | |
|
Prepaid expenses and other current assets
|
| | | | 212 | | |
|
Property and equipment, net
|
| | | | 149 | | |
|
Other noncurrent assets
|
| | | | 20 | | |
|
Accounts payable
|
| | | | (767) | | |
|
Accrued salaries, wages, and employee benefits
|
| | | | (348) | | |
|
Other current liabilities
|
| | | | (2,722) | | |
|
Deferred revenues
|
| | | | (581) | | |
|
Total net assets
|
| | | | 8,100 | | |
| Intangible assets: | | | | | | | |
|
Trade name
|
| | | | 5,330 | | |
|
Customer list
|
| | | | 1,180 | | |
|
Total intangible assets
|
| | | | 6,510 | | |
|
Net assets acquired
|
| | | | 14,610 | | |
|
Purchase consideration
|
| | | | 13,127 | | |
|
Gain on bargain purchase
|
| | | $ | 1,483 | | |
|
| | |
Playboy
|
| |
Yandy
|
| |
Pro Forma
Adjustments |
| |
Note
|
| |
Playboy
Combined |
| |||||||||||||||
Net revenues
|
| | | $ | 78,110 | | | | | $ | 43,102 | | | | | $ | — | | | | | | | | | | | $ | 121,212 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales
|
| | | | (37,742) | | | | | | (26,292) | | | | | | — | | | | | | | | | | | | (64,034) | | |
Selling and administrative
|
| | | | (45,328) | | | | | | (16,068) | | | | | | 352 | | | | |
|
A
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 2,566 | | | | |
|
B
|
| | | | | (58,578) | | |
Loss on disposals of assets
|
| | | | (71) | | | | | | — | | | | | | — | | | | | | | | | | | | (71) | | |
Impairment loss
|
| | | | — | | | | | | (15,808) | | | | | | 15,808 | | | | |
|
E
|
| | | | | — | | |
Capital restructuring expense
|
| | | | — | | | | | | (2,180) | | | | | | 2,180 | | | | |
|
A
|
| | | | | — | | |
Related-party expenses
|
| | | | (1,005) | | | | | | — | | | | | | — | | | | | | | | | | | | (1,005) | | |
Total costs and expenses
|
| | | | (84,146) | | | | | | (60,348) | | | | | | 20,906 | | | | | | | | | | | | (123,588) | | |
Operating loss
|
| | | | (6,036) | | | | | | (17,246) | | | | | | 20,906 | | | | | | | | | | | | (2,376) | | |
Nonoperating (expense) income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment income
|
| | | | 225 | | | | | | — | | | | | | — | | | | | | | | | | | | 225 | | |
Interest expense
|
| | | | (14,225) | | | | | | (2,736) | | | | | | 2,736 | | | | |
|
C
|
| | | | | (14,225) | | |
Gain from bargain purchase
|
| | | | 1,483 | | | | | | — | | | | | | (1,483) | | | | |
|
D
|
| | | | | — | | |
Other, net
|
| | | | (173) | | | | | | 221 | | | | | | — | | | | | | | | | | | | 48 | | |
Total nonoperating expense
|
| | | | (12,690) | | | | | | (2,515) | | | | | | 1,253 | | | | | | | | | | | | (13,952) | | |
Loss before income taxes
|
| | | | (18,726) | | | | | | (19,761) | | | | | | 22,159 | | | | | | | | | | | | (16,328) | | |
Provision for income taxes
|
| | | | (4,850) | | | | | | — | | | | | | — | | | | | | | | | | | | (4,850) | | |
Net loss
|
| | | | (23,576) | | | | | | (19,761) | | | | | | 22,159 | | | | | | | | | | | | (21,178) | | |
Net loss attributable to redeemable noncontrolling interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Net loss attributable to Playboy
|
| | | $ | (23,576) | | | | | $ | (19,761) | | | | | $ | 22,159 | | | | | | | | | | | $ | (21,178) | | |
Net loss per share, basic and diluted
|
| | | $ | (6.12) | | | | | | | | | | | | | | | | | | | | | | | $ | (5.49) | | |
Weighted-average shares used in computing net loss per share, basic and diluted
|
| | | | 3,854,256 | | | | | | | | | | | | | | | | | | | | | | | | 3,854,256 | | |
| | |
Playboy
(Historical) |
| |
MCAC
(Historical) |
| |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Pro Forma
Combined (Assuming High Redemptions) |
| ||||||||||||
As of and for the Nine Months Ended September 30, 2020
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Book value per share(1)
|
| | | $ | 21.02 | | | | | $ | 2.89 | | | | | $ | 5.30 | | | | | $ | 4.63 | | |
Net loss per non-redeemable share – basic and diluted
|
| | | $ | (1.20) | | | | | $ | (0.09) | | | | | | (0.10) | | | | | | (0.12) | | |
Weighted average non-redeemable shares outstanding – basic and diluted
|
| | | | 3,949,844 | | | | | | 1,731,559 | | | | | | 35,611,763 | | | | | | 31,332,003 | | |
Net income per redeemable share – basic and diluted
|
| | | | | | | | | $ | 0.00 | | | | | | | | | | | | | | |
Weighted average redeemable shares outstanding – basic and diluted
|
| | | | | | | | | | 5,090,066 | | | | | | | | | | | | | | |
As of and for the Year Ended December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Book value per share
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Net loss per share – basic and diluted(2)
|
| | | | (6.12) | | | | | | — | | | | | | (0.59) | | | | | | (0.68) | | |
Weighted average non-redeemable shares outstanding – basic and diluted(2)
|
| | | | 3,854,256 | | | | | | 1,250,000 | | | | | | 35,611,763 | | | | | | 31,332,003 | | |