Exhibit 99.1
Fisker Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(amounts in thousands, except share and per share data)
Three Months Ended Dec. 31, | Years Ended December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Operating costs and expenses: | ||||||||||||||||
General and administrative | $ | 14,216 | $ | 743 | $ | 22,272 | $ | 3,626 | ||||||||
Research and development | 17,090 | 2,019 | 21,052 | 6,962 | ||||||||||||
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Total operating costs and expenses | 31,306 | 2,763 | 43,324 | 10,588 | ||||||||||||
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Loss from operations | (31,306 | ) | (2,763 | ) | (43,324 | ) | (10,588 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Other income (expense) | 196 | (25 | ) | 346 | (33 | ) | ||||||||||
Interest expense | (284 | ) | (158 | ) | (1,610 | ) | (178 | ) | ||||||||
Changes in fair value - convertible equity security & embedded derivative | 19,356 | (71 | ) | (10,053 | ) | (80 | ) | |||||||||
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Total other income (expense) | 19,269 | (254 | ) | (11,317 | ) | (291 | ) | |||||||||
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Net loss | $ | (12,037 | ) | $ | (3,017 | ) | $ | (54,641 | ) | $ | (10,879 | ) | ||||
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Basic and Diluted net loss per share | $ | (0.05 | ) | $ | (0.03 | ) | $ | (0.40 | ) | $ | (0.10 | ) | ||||
Basic and Diluted weighted average common shares outstanding | 223,116,142 | 105,388,078 | 135,034,921 | 105,343,914 |
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Fisker Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(amounts in thousands, except share and per share data)
As of December 31, | ||||||||
2020 | 2019 | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 991,158 | $ | 1,858 | ||||
Prepaid expenses and other current assets | 9,872 | 18 | ||||||
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Total current assets | 1,001,029 | 1,876 | ||||||
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Non-current assets: | ||||||||
Property and equipment, net | 945 | 65 | ||||||
Right of use asset, net | 2,548 | 135 | ||||||
Other non-current assets | 1,329 | — | ||||||
Intangible asset | 58,041 | — | ||||||
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Total noncurrent assets | 62,862 | 200 | ||||||
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Total assets | $ | 1,063,892 | $ | 2,076 | ||||
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Current liabilities: | ||||||||
Accounts payable | $ | 5,158 | $ | 2,135 | ||||
Accrued expenses | 7,408 | 928 | ||||||
Lease liabilities (short term) | 655 | 144 | ||||||
Founders demand note payable | — | 250 | ||||||
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Total current liabilities | 13,220 | 3,456 | ||||||
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Non-current liabilities: | ||||||||
Customer deposits | 3,527 | 946 | ||||||
Bridge notes payable | — | 3,797 | ||||||
Lease liabilities | 1,912 | — | ||||||
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Total non-current liabilities | 5,439 | 4,743 | ||||||
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Total liabilities | 18,659 | 8,199 | ||||||
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Temporary equity | — | 11,021 | ||||||
Stockholder’s equity (deficit) | 1,045,232 | (17,143 | ) | |||||
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Total liabilities and equity | $ | 1,063,892 | $ | 2,076 | ||||
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5
Fisker Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(amounts in thousands, except share and per share data)
Three Months Ended Dec. 31, | Years Ended December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Cash flows from Operating Activities | ||||||||||||||||
Net loss | $ | (12,037 | ) | $ | (3,017 | ) | $ | (54,641 | ) | $ | (10,879 | ) | ||||
Stock-based comp | 377 | 42 | 711 | 85 | ||||||||||||
Depreciation and Amortization | 51 | 6 | 77 | 25 | ||||||||||||
Change in operating assets and liabilities | 206 | 383 | 395 | 3,151 | ||||||||||||
Other operating activities | (18,660 | ) | 237 | 15,452 | 358 | |||||||||||
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Net cash used in operating activities | (30,064 | ) | (2,349 | ) | (38,006 | ) | (7,260 | ) | ||||||||
Cash flows from Investing Activities | ||||||||||||||||
Purchase of property and equipment | (453 | ) | — | (677 | ) | (14 | ) | |||||||||
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Net cash used in investing activities | (453 | ) | — | (677 | ) | (14 | ) | |||||||||
Cash flows from Financing Activities | ||||||||||||||||
Proceeds from issuance of bridge notes | — | 2,496 | 5,372 | 3,579 | ||||||||||||
Proceeds from issuance of convertible security | — | — | 46,500 | — | ||||||||||||
Proceeds from exercise of warrants / stock options | 4 | 2 | 87 | 8 | ||||||||||||
Proceeds from share issuance, net | 976,694 | �� | — | 976,023 | — | |||||||||||
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Net cash provided by financing activities | 976,699 | 2,498 | 1,027,982 | 3,586 | ||||||||||||
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Net increase / (decrease) in cash and cash equivalents | 946,181 | 149 | 989,300 | (3,688 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 44,976 | 1,710 | 1,858 | 5,546 | ||||||||||||
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Cash and cash equivalents, end of period | $ | 991,158 | $ | 1,858 | $ | 991,158 | $ | 1,858 | ||||||||
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