0000950170-23-039411.txt : 20230808 0000950170-23-039411.hdr.sgml : 20230808 20230808090940 ACCESSION NUMBER: 0000950170-23-039411 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 89 CONFORMED PERIOD OF REPORT: 20230630 FILED AS OF DATE: 20230808 DATE AS OF CHANGE: 20230808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MONEYLION INC. CENTRAL INDEX KEY: 0001807846 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39346 FILM NUMBER: 231149568 BUSINESS ADDRESS: STREET 1: 30 WEST 21ST STREET STREET 2: 9TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-380-1735 MAIL ADDRESS: STREET 1: 30 WEST 21ST STREET STREET 2: 9TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: Fusion Acquisition Corp. DATE OF NAME CHANGE: 20200326 10-Q 1 ml-20230630.htm 10-Q 10-Q
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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 June 30, 2023

 

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 1/30th of one share of Class A common stock

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 10,165,563 shares of the registrant’s Class A common stock, par value $0.0001 per share, outstanding as of August 2, 2023.

 


 

MoneyLion Inc.

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q

For the Quarterly Period Ended June 30, 2023

 

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 and Stockholders’ Equity

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

29

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

47

Item 4.

Controls and Procedures

48

PART II - OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

52

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

53

Item 3.

Defaults Upon Senior Securities

53

Item 4.

Mine Safety Disclosures

53

Item 5.

Other Information

53

Item 6.

Exhibits

54

Signatures

55

 

i


 

INTRODUCTORY NOTE

General

 

On September 22, 2021, MoneyLion Inc., formerly known as Fusion Acquisition Corp., consummated a business combination (the “Business Combination”) with MoneyLion Technologies Inc., formerly known as MoneyLion Inc. Following the Business Combination, MoneyLion Inc. became a publicly traded company, with MoneyLion Technologies Inc. continuing the existing business operations as a subsidiary of MoneyLion Inc. MoneyLion Inc.’s Class A common stock, par value $0.0001 per share (the “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. "MALKA" refers to Malka Media Group LLC, a wholly-owned subsidiary of MoneyLion Technologies Inc., and "Engine" refers to ML Enterprise Inc., doing business as the brand "Engine by MoneyLion," a wholly-owned subsidiary of MoneyLion Technologies Inc. which was previously named "Even Financial Inc." and subsequently renamed in February 2023.

 

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.

 

Reverse Stock Split

 

On April 24, 2023, the Company amended the Company's Fourth Amended and Restated Certificate of Incorporation (as amended from time to time, the "Certificate of Incorporation") to effect, effective as of 5:01 p.m. Eastern Time on April 24, 2023, a 1-for-30 reverse stock split (the "Reverse Stock Split") of the Class A Common Stock. At the effective time of the Reverse Stock Split, every 30 shares of Class A Common Stock either issued and outstanding or held as treasury stock were automatically reclassified into one new share of Class A Common Stock, and the total number of shares of Class A Common Stock authorized for issuance was reduced by a corresponding proportion from 2,000,000,000 shares to 66,666,666 shares. The Reverse Stock Split was approved by the Company's stockholders at a Special Meeting of Stockholders on April 19, 2023 and approved by the Board of Directors on April 21, 2023. The primary goal of the Reverse Stock Split was to increase the per share price of the Class A Common Stock in order to meet the minimum per share price requirement for continued listing on the NYSE. The Class A Common Stock began trading on the NYSE on an as-adjusted basis on April 25, 2023 under the existing trading symbol "ML."

 

In addition, as a result of the Reverse Stock Split, proportionate adjustments were made to the number of shares of Class A Common Stock underlying the Company’s outstanding equity awards, the number of shares issuable upon the exercise of the Company’s outstanding warrants and the number of shares issuable under the Company’s equity incentive plans and certain existing agreements, as well as the exercise, grant and acquisition prices of such equity awards and warrants, as applicable. Furthermore, proportionate adjustments were made to the conversion factor at which the Company’s previously outstanding Series A Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”), converted to Class A Common Stock. The total number of shares of preferred stock of the Company authorized for issuance remained at 200,000,000. Stockholders who would have been entitled to receive fractional shares as a result of the Reverse Stock Split were instead entitled to a cash payment in lieu thereof at a price equal to the fraction of one share to which the stockholder was otherwise entitled multiplied by the closing price per share of the Class A Common Stock on the NYSE on the effective date of the Reverse Stock Split.

 

The effects of the Reverse Stock Split have been reflected in this Quarterly Report on Form 10-Q for all periods presented.

ii


 

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;

 

MoneyLion's ability to acquire, engage and retain customers and clients and sell or develop additional functionality, products and services to them on the MoneyLion platform;

 

MoneyLion’s reliance on third-party partners, service providers and vendors, including its ability to comply with applicable requirements of such third parties;

 

demand for and consumer confidence in MoneyLion’s products and services, including as a result of any adverse publicity concerning MoneyLion;

 

any inaccurate or fraudulent information provided to MoneyLion by customers or other third parties;

 

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 success in attracting, retaining and motivating its senior management and other key personnel;

 

MoneyLion’s ability to renew or replace its existing funding arrangements and 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 ability to achieve or maintain profitability in the future;

 

intense and increasing competition in the industries in which MoneyLion and its subsidiaries operate;

 

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

 

MoneyLion’s ability to protect its intellectual property and other proprietary rights and its ability to obtain or maintain intellectual property, proprietary rights and technology licensed from third parties;

 

iii


 

MoneyLion’s ability to comply with extensive and evolving laws and regulations applicable to its business and the outcome of any legal or governmental proceedings that may 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 its Class A Common Stock and its publicly traded warrants to purchase 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 our Annual Report on Form 10-K for the year ended December 31, 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.

 

 

iv


 

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:

 

If we are unable to acquire new customers and clients, engage and retain our existing customers and clients or sell additional functionality, products and services to them on our platform, our business will be adversely affected.

 

We depend on various third-party partners, service providers and vendors, and any adverse changes in our relationships with these third parties could materially and adversely affect our business, including if we fail to comply with applicable requirements of such third parties.

 

Demand for our products or services may decline if we do not continue to innovate or respond to evolving technology or other changes.

 

Adverse publicity concerning us, our business or our personnel or our failure to maintain our brand in a cost-effective manner could materially and adversely affect our business.

 

If the information provided to us by customers or other third parties is incorrect or fraudulent, we may misjudge a customer’s qualifications to receive our products and services and our results of operations may be harmed and could subject us to regulatory scrutiny or penalties.

 

Any acquisitions, strategic investments, entries into new businesses, joint ventures, divestitures and other transactions could fail to achieve strategic objectives, disrupt our ongoing operations or result in operating difficulties, liabilities and expenses, harm its business and negatively impact our results of operations.

 

We depend on our senior management team and other key personnel, and if we fail to attract, retain and motivate our personnel, our business, financial condition and results of operations could be adversely affected.

 

If our existing funding arrangements are not renewed or replaced or our existing funding sources are unwilling or unable to provide funding to us on terms acceptable to us, or at all, it could have a material adverse effect on our business, financial condition, results of operations and cash flows. We may be unsuccessful in managing the effects of changes in the cost of capital on our business.

 

We have a history of losses and may not achieve or maintain profitability in the future.

 

Our risk management processes and procedures may not be effective.

 

Our acquisition agreements contain contingent consideration, the value of which may impact future operating results and result in substantial dilution to our stockholders.

 

We operate in highly competitive industries, and our inability to compete successfully would materially and adversely affect our business, financial condition, results of operations and cash flows.

 

Our business may be adversely affected by economic conditions and other factors that we cannot control.

 

Cyberattacks, data security breaches or other similar incidents or disruptions suffered by us or third parties upon which we rely could have a material adverse effect on our business, harm our reputation and expose us to public scrutiny or liability.

 

Defects, failures or disruptions in our systems or those of third parties upon which we rely and resulting interruptions in the availability of our platform could harm our business and financial condition, harm our reputation, result in significant costs to us and expose us to substantial liability.

 

v


 

We may be unable to sufficiently obtain, maintain, protect or enforce our intellectual property and other proprietary rights, or we may be unable to obtain or maintain intellectual property, proprietary rights and technology licensed from third parties, which could reduce the value of our platform, products, services and brand, impair our competitive position and cause reputational harm.

 

We have in the past, and continue to be, subject to inquiries, subpoenas, exams, pending investigations, enforcement matters and litigation by state and federal regulators, the outcomes of which are uncertain and could cause reputational and financial harm to our business, financial condition, results of operations and cash flows.

 

Unfavorable outcomes in legal proceedings may harm our business, financial condition, results of operations and cash flows.

 

We have identified material weaknesses in our internal control over financial reporting, which subject us to additional risks and uncertainties. If we are unable to develop and maintain an effective system of internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.

 

Our business is subject to extensive regulation, examination and oversight in a variety of areas, including registration and licensing requirements under federal, state and local laws and regulations. The legal and regulatory regimes governing certain of our products and services are uncertain and evolving.

 

If we fail to operate in compliance with state or local licensing requirements, it could adversely affect our business, financial condition, results of operations and cash flows.

 

The highly regulated environment in which our third-party financial institution partners operate may subject us to regulation and could have an adverse effect on our business, financial condition, results of operations and cash flows.

 

The collection, processing, use, storage, sharing and transmission of personally identifiable information ("PII") and other sensitive data are subject to stringent and changing state, federal and international laws, regulations and standards and policies and could give rise to liabilities as a result of our failure or perceived failure to protect such data, comply with privacy and data protection laws and regulations or adhere to the privacy and data protection practices that we articulate to our customers.

 

The market price of our securities, including the Class A Common Stock, may be volatile. Our failure to meet the continued listing requirements of the NYSE could result in a delisting of our securities.

 

The risks described above should be read together with the “Cautionary Statement Regarding Forward-Looking Statements” herein, any 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 the Annual Report on Form 10-K for the year ended December 31, 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.

 

vi


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

MONEYLION INC.

CONSOLIDATED BALANCE SHEETS

(dollar amounts in thousands, except per share amounts)

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Cash

 

$

96,739

 

 

$

115,864

 

Restricted cash, including amounts held by variable interest entities (VIEs) of $3,604 and $36,235

 

 

5,435

 

 

 

37,845

 

Consumer receivables

 

 

188,370

 

 

 

169,976

 

Allowance for credit losses on consumer receivables

 

 

(31,755

)

 

 

(24,841

)

Consumer receivables, net, including amounts held by VIEs of $130,213 and $113,963

 

 

156,615

 

 

 

145,135

 

Enterprise receivables, net

 

 

21,253

 

 

 

19,017

 

Property and equipment, net

 

 

2,348

 

 

 

2,976

 

Intangible assets, net

 

 

185,253

 

 

 

194,247

 

Goodwill

 

 

 

 

 

26,600

 

Other assets

 

 

50,297

 

 

 

54,658

 

Total assets

 

$

517,940

 

 

$

596,342

 

Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Secured loans, net

 

$

84,141

 

 

$

88,617

 

Accounts payable and accrued liabilities

 

 

42,810

 

 

 

58,129

 

Warrant liability

 

 

324

 

 

 

337

 

Other debt, net, including amounts held by VIEs of $119,906 and $143,394

 

 

119,906

 

 

 

143,394

 

Other liabilities

 

 

17,094

 

 

 

33,496

 

Total liabilities

 

 

264,275

 

 

 

323,973

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

Redeemable convertible preferred stock (Series A), $0.0001 par value; 45,000,000 shares authorized as of June 30, 2023 and December 31, 2022, 0 and 25,655,579 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively

 

 

 

 

 

173,208

 

Stockholders' equity:

 

 

 

 

 

 

Class A Common Stock, $0.0001 par value; 66,666,666 shares authorized as of June 30, 2023 and December 31, 2022, 10,168,008 and 10,135,675 issued and outstanding, respectively, as of June 30, 2023 and 8,619,678 and 8,587,345 issued and outstanding, respectively, as of December 31, 2022(1)

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

957,778

 

 

 

766,839

 

Accumulated deficit

 

 

(694,414

)

 

 

(657,979

)

Treasury stock at cost, 32,333 shares at June 30, 2023 and December 31, 2022(1)

 

 

(9,700

)

 

 

(9,700

)

Total stockholders' equity

 

 

253,665

 

 

 

99,161

 

Total liabilities, redeemable convertible preferred stock and stockholders' equity

 

$

517,940

 

 

$

596,342

 

 

(1)
Prior period results have been adjusted to reflect the Reverse Stock Split of the Class A Common Stock at a ratio of 1-for-30 that became effective April 24, 2023. See Note 1, “Description of Business and Basis of Presentation,” for details.

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Service and subscription revenue

$

103,237

 

 

$

84,823

 

 

$

193,978

 

 

$

151,969

 

Net interest income on loan receivables

 

3,304

 

 

 

2,517

 

 

 

6,232

 

 

 

5,085

 

Total revenue, net

 

106,541

 

 

 

87,340

 

 

 

200,210

 

 

 

157,054

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses on consumer receivables

 

25,562

 

 

 

26,981

 

 

 

42,073

 

 

 

50,025

 

Compensation and benefits

 

22,572

 

 

 

26,498

 

 

 

46,980

 

 

 

48,541

 

Marketing

 

6,549

 

 

 

9,477

 

 

 

12,941

 

 

 

20,893

 

Direct costs

 

32,230

 

 

 

29,386

 

 

 

62,032

 

 

 

50,590

 

Professional services

 

4,518

 

 

 

6,652

 

 

 

9,517

 

 

 

13,940

 

Technology-related costs

 

5,611

 

 

 

5,409

 

 

 

11,649

 

 

 

9,914

 

Other operating expenses

 

11,219

 

 

 

9,842

 

 

 

20,214

 

 

 

20,611

 

Total operating expenses

 

108,261

 

 

 

114,245

 

 

 

205,406

 

 

 

214,514

 

Net loss before other (expense) income and income taxes

 

(1,720

)

 

 

(26,905

)

 

 

(5,196

)

 

 

(57,460

)

Interest expense

 

(7,330

)

 

 

(7,584

)

 

 

(14,841

)

 

 

(13,758

)

Change in fair value of warrant liability

 

162

 

 

 

2,951

 

 

 

13

 

 

 

6,861

 

Change in fair value of contingent consideration from mergers and acquisitions

 

6,367

 

 

 

8,480

 

 

 

6,613

 

 

 

3,820

 

Goodwill impairment loss

 

(26,721

)

 

 

 

 

 

(26,721

)

 

 

 

Other income (expense)

 

1,257

 

 

 

9

 

 

 

2,906

 

 

 

(907

)

Net loss before income taxes

 

(27,985

)

 

 

(23,049

)

 

 

(37,226

)

 

 

(61,444

)

Income tax (benefit) expense

 

(262

)

 

 

16

 

 

 

(286

)

 

 

(28,401

)

Net loss

 

(27,723

)

 

 

(23,065

)

 

 

(36,940

)

 

 

(33,043

)

Reversal of previously accrued / (accrued) dividends on preferred stock

 

2,667

 

 

 

(2,176

)

 

 

690

 

 

 

(3,204

)

Net loss attributable to common shareholders

$

(25,056

)

 

$

(25,241

)

 

$

(36,250

)

 

$

(36,247

)

 

 

 

 

 

 

 

 

 

 

 

Net loss per share, basic and diluted(1)

$

(2.71

)

 

$

(3.20

)

 

$

(4.05

)

 

$

(4.66

)

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

 

9,234,238

 

 

 

7,877,106

 

 

 

8,944,836

 

 

 

7,784,688

 

 

(1)
Prior period results have been adjusted to reflect the Reverse Stock Split of the Class A Common Stock at a ratio of 1-for-30 that became effective April 24, 2023. See Note 1, “Description of Business and Basis of Presentation,” for details.

 

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

2


 

MONEYLION INC.

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

(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 April 1, 2023

 

25,701,595

 

 

 

$

173,328

 

 

 

 

8,799,069

 

 

$

1

 

 

$

771,881

 

 

$

(666,691

)

 

$

(9,700

)

 

$

95,491

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,250

 

 

 

 

 

 

 

 

 

5,250

 

Exercise of stock options and warrants and vesting of RSUs and PSUs, net of tax withholdings

 

 

 

 

 

 

 

 

 

72,128

 

 

 

 

 

 

(183

)

 

 

 

 

 

 

 

 

(183

)

Issuance of options and preferred stock in connection with Engine Acquisition and the related contingent consideration, net of working capital adjustments

 

4,354,092

 

 

 

 

1,440

 

 

 

 

23,453

 

 

 

 

 

 

304

 

 

 

 

 

 

 

 

 

304

 

Voluntary conversion of preferred stock to common stock

 

(6,634

)

 

 

 

(45

)

 

 

 

228

 

 

 

 

 

 

45

 

 

 

 

 

 

 

 

 

45

 

Reversal of previously accrued dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,667

 

 

 

 

 

 

 

 

 

2,667

 

Settlement of accrued dividends on preferred stock

 

 

 

 

 

 

 

 

 

229,605

 

 

 

 

 

 

2,976

 

 

 

 

 

 

 

 

 

2,976

 

Automatic conversion of redeemable convertible preferred stock (Series A)

 

(30,049,053

)

 

 

 

(174,723

)

 

 

 

1,012,093

 

 

 

 

 

 

174,849

 

 

 

 

 

 

 

 

 

174,849

 

Other

 

 

 

 

 

 

 

 

 

(901

)

 

 

 

 

 

(11

)

 

 

 

 

 

 

 

 

(11

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,723

)

 

 

 

 

 

(27,723

)

Balances at June 30, 2023

 

 

 

 

$

 

 

 

 

10,135,675

 

 

$

1

 

 

$

957,778

 

 

$

(694,414

)

 

$

(9,700

)

 

$

253,665

 

 

 

Redeemable Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

Preferred Stock (Series A)

 

 

 

Class A Common Stock

 

 

Additional

 

 

Accumulated

 

 

Treasury

 

 

Stockholders'

 

 

Shares

 

 

 

Amount

 

 

 

Shares(1)

 

 

Amount(1)

 

 

Paid-in Capital(1)

 

 

Deficit

 

 

Stock

 

 

Equity

 

Balances at January 1, 2023

 

25,655,579

 

 

 

$

173,208

 

 

 

 

8,587,345

 

 

$

1

 

 

$

766,839

 

 

$

(657,979

)

 

$

(9,700

)

 

$

99,161

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,955

 

 

 

 

 

 

 

 

 

10,955

 

Exercise of stock options and warrants and vesting of RSUs and PSUs, net of tax withholdings

 

 

 

 

 

 

 

 

 

172,925

 

 

 

 

 

 

(782

)

 

 

 

 

 

 

 

 

(782

)

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

 

 

 

 

 

 

 

 

 

110,925

 

 

 

 

 

 

1,914

 

 

 

 

 

 

 

 

 

1,914

 

Issuance of equity in connection with Engine Acquisition and the related contingent consideration, net of working capital adjustments

 

4,400,172

 

 

 

 

1,560

 

 

 

 

23,453

 

 

 

 

 

 

304

 

 

 

 

 

 

 

 

 

304

 

Voluntary conversion of preferred stock to common stock

 

(6,698

)

 

 

 

(45

)

 

 

 

230

 

 

 

 

 

 

45

 

 

 

 

 

 

 

 

 

45

 

Reversal of previously accrued dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

690

 

 

 

 

 

 

 

 

 

690

 

Settlement of accrued dividends on preferred stock

 

 

 

 

 

 

 

 

 

229,605

 

 

 

 

 

 

2,976

 

 

 

 

 

 

 

 

 

2,976

 

Automatic conversion of redeemable convertible preferred stock (Series A)

 

(30,049,053

)

 

 

 

(174,723

)

 

 

 

1,012,093

 

 

 

 

 

 

174,849

 

 

 

 

 

 

 

 

 

174,849

 

Other