XML 20 R2.htm IDEA: XBRL DOCUMENT v3.22.0.1
Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash $ 43,324 $ 25,000
Deferred Offering costs 80,000
Prepaid expenses 612,449
Total current assets 655,773 105,000
Cash held in Trust Account 172,516,200
Total assets 173,171,973 105,000
Current liabilities:    
Accounts payable and accrued expenses 2,621,918 80,450
Due to related party 191,250 998
Total current liabilities 2,813,168 81,448
Warrant liability 8,599,233
Total liabilities 11,412,401 81,448
Commitments
MEZZANINE EQUITY:    
Class A Common stock subject to possible redemption; 17,250,000 shares (at redemption value of $10.00 per share) 172,500,000
Stockholders’ equity (deficit):    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Class A Common stock, $0.0001 par value; 100,000,000 shares authorized; 520,000 shares issued and outstanding as of December 31, 2021 and none issued and outstanding at December 31, 2020 (excluding 17,250,000 subject to redemption) 52
Class B Common stock, $0.0001 par value; 10,000,000 shares authorized; 4,312,500 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively 431 431
Additional paid-in capital 24,569
Accumulated deficit (10,740,911) (1,448)
Total stockholders’ equity (deficit) (10,740,428) 23,552
Total liabilities and stockholders’ equity (deficit) 173,171,973 105,000
FaZe Clan Inc.    
Current assets:    
Cash 17,018,000 4,431,000
Accounts receivable, net 6,266,000 2,167,000
Contract assets 4,118,000 1,348,000
Inventory 6,000 59,000
Content asset, net 474,000
Prepaid expenses and other assets 6,190,000 1,330,000
Total current assets 34,072,000 9,335,000
Restricted cash 600,000
Property, equipment and leasehold improvements, net 925,000 677,000
Intangible assets, net 738,000 437,000
Other long-term assets 733,000 75,000
Total assets 37,068,000 10,524,000
Current liabilities:    
Accounts payable and accrued expenses 28,381,000 14,194,000
Short-term debt 3,148,000 2,910,000
Contract liabilities 7,902,000 1,111,000
Other current liabilities 7,000 77,000
Total current liabilities 39,438,000 18,292,000
Long-term debt, net of discounts (Note 6) 70,854,000 30,983,000
Total liabilities 110,292,000 49,275,000
Commitments  
MEZZANINE EQUITY:    
Series A preferred stock, $0.00001 par value, 3,545,529 shares authorized at December 31, 2021 and 2020, respectively, 3,237,800 shares issued and outstanding at December 31, 2021 and 2020, respectively. 33,705,000 33,705,000
Stockholders’ equity (deficit):    
Common stock, $0.00001 par value; 31,900,878 shares authorized at December 31, 2021 and 2020, respectively; 8,461,706 and 7,397,055 shares issued and outstanding at December 31, 2021 and 2020, respectively.
Additional paid-in capital 5,479,000 3,086,000
Accumulated deficit (112,408,000) (75,542,000)
Total stockholders’ equity (deficit) (106,929,000) (72,456,000)
Total liabilities and stockholders’ equity (deficit) $ 37,068,000 $ 10,524,000