Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2021 | |
Document Information Line Items | |
Entity Registrant Name | BM Technologies, Inc. |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | BM Technologies, Inc. (the “Company”) is filing this Amendment No. 3 on Form S-1/A (this “Amendment”) to its Amendment No. 1 on Form S-1/A which was originally filed with the Securities and Exchange Commission on July 19, 2021 (the “Original Filing”), and as amended in Amendment No. 2 on Form S-1/A filed with the Securities and Exchange Commission on July 22, 2021.The purpose of the Amendment is to correct scrivener’s errors in the BDO USA, LLP, Report of Independent Registered Public Accounting Firm (“Auditor’s Report”) and consent filed as Exhibit 23.2 thereto (“Consent”). The scrivener’s error in the Auditor’s Report concerns the date of the original Auditor’s Report, which referenced March 30, 2021 instead of March 31, 2021. No other changes were made to the Auditor’s Report.The Consent has been updated to reflect the correct original report date of March 31, 2021 and to correctly reflect the updated report date related to Notes 1, 4, and 17 as July 19, 2021. No other changes were made to the Consent.This Amendment does not reflect events occurring after the filing of the Original Filing or modify or update any amounts or disclosures within the financial statements and should be read in conjunction with the Original Filing made with the Securities and Exchange Commission. |
Entity Central Index Key | 0001725872 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Incorporation, State or Country Code | DE |
Consolidated Balance Sheets _ U
Consolidated Balance Sheets — Unaudited - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | |||
Cash and cash equivalents | $ 17,379 | $ 2,989 | |
Accounts receivable | 5,616 | 7,384 | |
Prepaid expenses and other current assets | 5,032 | 2,348 | |
Total current assets | 28,027 | 12,721 | |
Premises and equipment, net | 345 | 401 | |
Developed software, net | 36,952 | 39,657 | |
Goodwill | 5,259 | 5,259 | |
Other intangibles, net | 4,990 | 5,070 | |
Other assets | 942 | 853 | |
Total assets | 76,515 | 63,961 | |
Liabilities: | |||
Accounts payable and accrued liabilities | 9,998 | 7,346 | |
Taxes payable | 1,793 | ||
Payable to partner bank | 9,000 | 5,105 | |
Borrowings from partner bank | 5,427 | 21,000 | |
Current portion of operating lease liabilities | 714 | 701 | |
Deferred revenue, current | 3,134 | 2,588 | |
Total current liabilities | 30,066 | 36,740 | |
Operating lease liabilities | 235 | 430 | |
Deferred revenue, non-current | 1,490 | 2,101 | |
Liability for private warrants | 15,836 | ||
Total liabilities | 47,627 | 39,271 | |
Commitments and contingencies (Note 8) | |||
Shareholders’ equity: | |||
Preferred stock: Par value $0.0001 per share; 10,000,000 authorized, none issued or outstanding. | |||
Common stock: Par value $0.0001 per share; 1 billion shares authorized; 12,200,378 shares issued and outstanding at March 31, 2021; 6,123,432 shares issued and outstanding at December 31, 2020. | 1 | 1 | |
Additional paid in capital | 49,326 | 64,017 | |
Accumulated deficit | (20,439) | (39,328) | |
Total shareholders’ equity | 28,888 | 24,690 | $ 34,630 |
Total liabilities and shareholders’ equity | $ 76,515 | 63,961 | |
As Restated | |||
Liabilities: | |||
Deferred underwriting fee payable | 6,771,556 | 6,771,556 | |
Warrant liability | 75,973,939 | 7,639,893 | |
Total long term liabilities | 82,745,495 | 14,411,449 | |
Total liabilities | 104,479,566 | 15,175,577 | |
Commitments and contingencies (Note 8) | |||
Class A common stock subject to possible redemption, $0.0001 par value, 2,651,614 and 15,421,314 shares at redemption value of $10.10 per share at December 31, 2020 and December 31, 2019, respectively. | 26,781,301 | 155,755,276 | |
Shareholders’ equity: | |||
Preferred stock: Par value $0.0001 per share; 10,000,000 authorized, none issued or outstanding. | |||
Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 0 and 1,507,575 shares issued and outstanding (excluding 2,651,614 and 15,421,314 shares subject to possible redemption), as of December 31, 2020 and December 31, 2019, respectively | 151 | ||
Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of December 31, 2020 and December 31, 2019. | 423 | 423 | |
Additional paid in capital | |||
Accumulated deficit | (83,460,753) | 4,999,426 | |
Total stockholders’ equity | (83,460,330) | 5,000,000 | |
Total liabilities and shareholders’ equity | 47,800,537 | 175,930,853 | |
CURRENT ASSETS | |||
Cash | 43,178 | 482,665 | |
Prepaid expenses and other assets | 40,672 | 37,571 | |
Total current assets | 83,850 | 520,236 | |
OTHER ASSETS | |||
Marketable securities held in trust account | 27,713,815 | 175,410,617 | |
Escrow for private placement | 20,002,872 | ||
Total other assets | 47,716,687 | 175,410,617 | |
Total assets | 47,800,537 | 175,930,853 | |
CURRENT LIABILITIES | |||
Accounts payable | 1,656,199 | 111,968 | |
Private placement received in advance | 20,002,872 | ||
Taxes payable | 572,160 | ||
Franchise taxes payable | 30,000 | 80,000 | |
Due to affiliates | 45,000 | ||
Total current liabilities | $ 21,734,071 | $ 764,128 |
Consolidated Balance Sheets __2
Consolidated Balance Sheets — Unaudited (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding. | |||
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | |
Common stock, shares issued | 12,200,378 | 6,123,432 | |
Common stock, shares outstanding | 12,200,378 | 6,123,432 | |
As Restated | |||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding. | |||
As Restated | Class A Common Stock | |||
Common stock subject to possible redemption, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Common stock subject to possible redemption, shares | 2,651,614 | 15,421,314 | |
Common stock subject to possible redemption, per share (in Dollars per share) | $ 10.10 | $ 10.10 | |
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 0 | 1,507,575 | |
Common stock, shares outstanding | 0 | 1,507,575 | |
As Restated | Class B Common Stock | |||
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 10,000,000 | 10,000,000 | |
Common stock, shares issued | 4,232,222 | 4,232,222 | |
Common stock, shares outstanding | 4,232,222 | 4,232,222 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) — Unaudited - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating revenues: | ||||
Total operating revenues | $ 24,383 | $ 15,758 | ||
Operating expenses: | ||||
Technology, communication, and processing | 8,652 | 6,078 | ||
Salaries and employee benefits | 5,423 | 7,465 | ||
General and administrative | $ 292,252 | $ 155,854 | ||
Professional services | 1,737 | 3,958 | 1,532,958 | 219,533 |
Franchise tax | 200,000 | 200,000 | ||
Support services - related party | 185,384 | 224,000 | ||
Provision for operating losses | 1,329 | 883 | ||
Occupancy | 352 | 419 | ||
Customer related supplies | 475 | 51 | ||
Advertising and promotion | 191 | 217 | ||
Merger and acquisition related expenses | 50 | |||
Other | 457 | 770 | 212,129 | |
Change in fair value of warrant liability | (68,334,046) | 1,909,973 | ||
Interest income on investments held in Trust Account | 1,405,514 | 3,950,927 | ||
Total operating expenses | 18,616 | 19,891 | ||
Total other income | (66,716,403) | 5,860,900 | ||
Total expenses | 2,210,594 | 799,387 | ||
Income (loss) from operations | 5,767 | (4,133) | ||
Non-operating income and expense: | ||||
Gain on fair value of private warrant liability | 15,003 | (68,334,046) | 1,909,973 | |
Interest expense | (54) | (394) | ||
Income (loss) before income tax expense | 20,716 | (4,527) | (68,926,997) | 5,061,513 |
Income tax expense | 1,827 | 7 | 297,748 | 788,018 |
Net income (loss) | $ 18,889 | $ (4,534) | $ (69,224,745) | $ 4,273,495 |
Basic shares outstanding (in Shares) | 11,900 | 6,123 | ||
Diluted shares outstanding (in Shares) | 15,512 | 6,123 | ||
Basic earnings (loss) per common share (in Dollars per share) | $ 1.59 | $ (0.74) | ||
Diluted earnings (loss) per common share (in Dollars per share) | $ 0.25 | $ (0.74) | ||
Interchange and card revenue [Member] | ||||
Operating revenues: | ||||
Total operating revenues | $ 8,351 | $ 6,607 | ||
Servicing fees from partner bank [Member] | ||||
Operating revenues: | ||||
Total operating revenues | 9,372 | 4,765 | ||
Account fees [Member] | ||||
Operating revenues: | ||||
Total operating revenues | 2,686 | 2,909 | ||
University fees [Member] | ||||
Operating revenues: | ||||
Total operating revenues | 1,324 | 1,285 | ||
Other revenue [Member] | ||||
Operating revenues: | ||||
Total operating revenues | $ 2,650 | $ 192 | ||
Class A Common Stock | ||||
Non-operating income and expense: | ||||
Weighted average shares outstanding of common stock (in Shares) | 8,655,806 | 16,928,889 | ||
Basic and diluted net income (loss) per share (in Dollars per share) | $ 0.13 | $ 0.18 | ||
Class B Common Stock | ||||
Non-operating income and expense: | ||||
Weighted average shares outstanding of common stock (in Shares) | 4,232,222 | 4,232,222 | ||
Basic and diluted net income (loss) per share (in Dollars per share) | $ (16.62) | $ 0.31 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity — Unaudited - USD ($) $ in Thousands | Class ACommon Stock | Class BCommon Stock | Common Stock Shares of Common Stock Outstanding | Common Stock | Additional Paid in Capital | Accumulated Deficit | Total | ||||
Balance (as restated) at Jan. 01, 2019 | $ 193 | $ 423 | $ 4,999,384 | $ 5,000,000 | |||||||
Balance (as restated) (in Shares) at Jan. 01, 2019 | 1,930,693 | 4,232,222 | |||||||||
Change in shares of Class A common stock subject to redemption | $ (42) | (4,273,453) | (4,273,495) | ||||||||
Change in shares of Class A common stock subject to redemption (in Shares) | (423,118) | ||||||||||
Net income (loss) | 4,273,495 | 4,273,495 | |||||||||
Balance (as restated) at Dec. 31, 2019 | $ 151 | $ 423 | 4,999,426 | 5,000,000 | |||||||
Balance (as restated) (in Shares) at Dec. 31, 2019 | 1,507,575 | 4,232,222 | |||||||||
Balance at Dec. 31, 2019 | $ 1 | [1] | 62,164 | [1] | (27,535) | [1] | 34,630 | ||||
Balance (in Shares) at Dec. 31, 2019 | [1] | 6,123,432 | |||||||||
Net income (loss) | (4,534) | (4,534) | |||||||||
Capital contribution from Customers Bank | 864 | 864 | |||||||||
Balance at Mar. 31, 2020 | 1 | 63,028 | (32,069) | 30,960 | |||||||
Balance (in Shares) at Mar. 31, 2020 | 6,123,432 | ||||||||||
Balance at Dec. 31, 2019 | 1 | [1] | 62,164 | [1] | (27,535) | [1] | 34,630 | ||||
Balance (in Shares) at Dec. 31, 2019 | [1] | 6,123,432 | |||||||||
Balance (as restated) at Dec. 31, 2019 | $ 151 | $ 423 | 4,999,426 | 5,000,000 | |||||||
Balance (as restated) (in Shares) at Dec. 31, 2019 | 1,507,575 | 4,232,222 | |||||||||
Reclassification from Temporary Equity to APIC | $ 1,276 | 128,972,698 | 128,973,974 | ||||||||
Redemption of Class A common stock | $ (1,427) | (148,208,645) | (148,210,072) | ||||||||
Redemption of Class A common stock (in Shares) | (14,277,275) | ||||||||||
Reclassification from APIC to retained earnings | 19,235,947 | (19,235,435) | 512 | ||||||||
Net income (loss) | (69,224,745) | (69,224,745) | |||||||||
Balance (as restated) at Dec. 31, 2020 | $ 423 | (83,460,753) | (83,460,330) | ||||||||
Balance (as restated) (in Shares) at Dec. 31, 2020 | (12,769,700) | 4,232,222 | |||||||||
Balance at Dec. 31, 2020 | 1 | [1] | 64,017 | [1] | (39,328) | [1] | 24,690 | ||||
Balance (in Shares) at Dec. 31, 2020 | [1] | 6,123,432 | |||||||||
Net income (loss) | 18,889 | 18,889 | |||||||||
Valuation of private warrants | (30,839) | (30,839) | |||||||||
Recapitalization transaction | 16,148 | 16,148 | |||||||||
Recapitalization transaction (in Shares) | 6,076,946 | ||||||||||
Balance at Mar. 31, 2021 | $ 1 | $ 49,326 | $ (20,439) | $ 28,888 | |||||||
Balance (in Shares) at Mar. 31, 2021 | 12,200,378 | ||||||||||
[1] | Retroactively restated in connection with the merger. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | ||||
Net income (loss) | $ 18,889 | $ (4,534) | $ (69,224,745) | $ 4,273,495 |
Interest earned in Trust Account | (1,405,514) | (3,950,927) | ||
Other income remitted directly to Trust Account | (212,129) | |||
Depreciation and amortization of premises and equipment | 56 | 92 | ||
Amortization of developed software | 2,823 | 2,761 | ||
Amortization of other intangible assets | 80 | 267 | ||
Non-cash lease expense | 282 | 258 | ||
Share-based compensation expense | 5 | 171 | ||
(Gain) loss on revaluation of warrant liability | (15,003) | 68,334,046 | (1,909,973) | |
Increase (decrease) in accounts receivable | 1,768 | (1,652) | ||
Increase (decrease) in prepaid expenses & other current assets | (2,683) | 6,643 | (3,101) | 34,298 |
Accounts payable | 1,544,231 | (146,591) | ||
Income taxes payable | (572,160) | 355,314 | ||
Franchise taxes payable | (50,000) | (120,000) | ||
Increase in receivable from partner bank | 849 | |||
Decrease in other assets | (372) | (145) | ||
Increase (decrease) in accounts payable and accrued liabilities | 3,923 | (5,819) | ||
(Decrease) in operating lease liabilities | (182) | (258) | ||
(Decrease) increase in deferred revenue | (67) | 2,967 | ||
Increase (decrease) in other liabilities | (3,117) | |||
Net Cash Provided by (Used in) Operating Activities | 9,519 | (1,517) | (1,589,372) | (1,464,384) |
Cash Flows from Investing Activities: | ||||
Purchases and development of software | (117) | (1,084) | ||
Purchases of premises and equipment | (31) | |||
Cash released from Trust Account for Class A common stock redemptions | 148,155,560 | |||
Cash moved to escrow from private placement received in advance | (20,002,872) | |||
Investment income released from Trust Account to pay taxes | 1,104,885 | 754,104 | ||
Net Cash Used in Investing Activities | (117) | (1,115) | 129,257,573 | 754,104 |
Cash Flows from Financing Activities: | ||||
Repayment of borrowings from partner bank | (15,572) | |||
Cash from recapitalization transaction | 20,560 | |||
Capital contribution from partner bank | 693 | |||
Cash used for Class A common stock redemptions | (148,155,560) | |||
Proceeds from private placement received in advance | 20,002,872 | |||
Proceeds from due to affiliates | 45,000 | |||
Net Cash Provided by Financing Activities | 4,988 | 693 | (128,107,688) | |
Net Increase (Decrease) in Cash and Cash Equivalents | 14,390 | (1,939) | (439,487) | (710,280) |
Cash and Cash Equivalents – Beginning | 43,178 | 482,665 | 482,665 | 1,192,945 |
Cash and Cash Equivalents – Ending | 43,178 | 482,665 | ||
Change in value of Class A common stock subject to possible redemption | (128,973,974) | 4,273,495 | ||
Interest paid | 119 | |||
Income taxes paid | 904,885 | 432,704 | ||
Share based compensation recorded as capital contribution from Customers Bank | 171 | |||
Cash and Cash Equivalents – Beginning | 2,989 | 8,586 | 8,586 | |
Cash and Cash Equivalents – Ending | $ 17,379 | $ 6,647 | $ 2,989 | $ 8,586 |
Description of the Business and
Description of the Business and Merger Transaction | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
DESCRIPTION OF THE BUSINESS AND MERGER TRANSACTION | NOTE 1 — DESCRIPTION OF THE BUSINESS AND MERGER TRANSACTION Description of the Business BM Technologies, Inc. (“BMT” or “the Company”) provides state-of-the-art high-tech digital banking and disbursement services to consumers and students nationwide through a full service fintech banking platform, accessible to customers anywhere and anytime through digital channels. BMT facilitates deposits and banking services between a customer and an FDIC insured partner bank. BMT’s Banking-as-a-Service (“BaaS”) business model leverages partners’ existing customer bases to achieve high volume, low-cost customer acquisition in its Disbursement, White Label, and Workplace Banking businesses. BMT has four primary revenue sources: interchange and card revenue, servicing fees from the Bank, account fees, and university fees. The majority of revenues are driven by customer activity (deposits, spend, transactions, etc.) but may be paid or passed through by our partner bank, universities, or paid directly by customers. BMT is a Pennsylvania corporation, incorporated in May 2016, and until January 4, 2021, was a wholly-owned subsidiary of Customers Bank (“Customers Bank”). Customers Bank is a Pennsylvania state-chartered bank and a wholly-owned subsidiary of Customers Bancorp, Inc. (the “Bancorp” or “Customers Bancorp”), a bank holding company. Customers Bank is our current partner bank. Our partner bank holds the FDIC insured deposits that we source and service and is the issuing bank on our debit cards. Our partner bank pays us a deposit servicing fee for the deposits generated and passes through interchange income earned from debit transactions. BMT is not a bank, does not hold a bank charter, and it does not provide banking services, and as a result we are not subject to direct banking regulation, except as a service provider to our partner bank. We are also subject to the regulations of the Department of Education, due to our student Disbursements business, and are periodically examined by them. Our contracts with most of our higher education institutional clients requires us to comply with numerous laws and regulations, including, where applicable, regulations promulgated by the Department of Education (“ED”) regarding the handling of student financial aid funds received by institutions on behalf of their students under Title IV; FERPA; the Electronic Fund Transfer Act and Regulation E; the USA PATRIOT Act and related anti-money laundering requirements; and certain federal rules regarding safeguarding personal information, including rules implementing the privacy provisions of GLBA. Other products and services offered by us may also be subject to other federal and state laws and regulations. Merger with Megalith Financial Acquisition Corporation On January 4, 2021, BankMobile Technologies, Inc. (“BankMobile”), Megalith Financial Acquisition Corp. (“Megalith”), and MFAC Merger Sub Inc., consummated the transaction contemplated by the merger agreement entered into on August 6, 2020. In connection with the closing of the merger, Megalith changed its name to BM Technologies, Inc. Effective January 6, 2021, Megalith’s units ceased trading, and the Company’s common stock and warrants began trading on the NYSE American under the symbols “BMTX” and “BMTX-WT,” respectively. The merger was accounted for as a reverse recapitalization in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). Under this method of accounting, BankMobile was treated as the “acquirer” company for financial reporting purposes and as a result, the transaction was treated as the equivalent of BankMobile issuing stock for the net assets of Megalith, accompanied by a recapitalization. The excess of the fair value of the shares issued over the value of the net monetary assets of Megalith was recognized as an adjustment to shareholders’ equity. There was no goodwill or other intangible assets recorded in the merger. BankMobile was determined to be the accounting acquirer based on the following predominant factors: ● Customers Bank stockholders have the largest portion of voting rights in the post-combination company; ● The board of directors and senior management of the post-combination company are primarily composed of individuals associated with BankMobile; ● BankMobile was the larger entity based on historical operating activity, assets, revenues and employees at the time of the closing of the merger; ● The ongoing operating activities of the post-combination company comprise those of BankMobile. The following table provides a summary of the significant sources and uses of cash related to the closing of the merger transaction: (amounts in thousands) Cash at Megalith $ 27,669 Cash from PIPE (private investment in public entity) investors 20,003 Total sources of cash 47,672 Cash paid to underwriters and other transaction costs (3,987 ) Cash paid to Customers Bank as consideration (23,125 ) Cash from recapitalization transaction (A) 20,560 Cash used to pay down BMT debt (8,834 ) Cash received by BMT and used to pay down debt (6,738 ) Total cash used to pay down outstanding debt (B) (15,572 ) Net cash received by BMT from the reverse recapitalization transaction at March 31, 2021 (=A+B) 4,988 90 day merger true-up, accrued by BMT at March 31, 2021 (a) (3,672 ) Final cash to BMT from the reverse recapitalization transaction $ 1,316 (a) The Company expects to payout the $3.7 million in cash in late May 2021. The following table provides a reconciliation of the common shares related to the merger: Shares related to the recapitalization transaction - January 4, 2021 6,076,946 Shares held by legacy BankMobile shareholders - December 31, 2020 6,123,432 Total shares issued and outstanding, March 31, 2021 12,200,378 | Note 1 — Description of Organization and Business Operations BM Technologies, Inc. (formerly known as Megalith Financial Acquisition Corp.) (the “Company”) was incorporated in Delaware on November 13, 2017. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). Business Combination On January 4, 2021 the Company consummated the previously announced business combination pursuant to the Agreement and Plan of Merger, dated as of August 6, 2020 (as amended, the “Merger Agreement”), by and among the Company, MFAC Merger Sub Inc., a Pennsylvania corporation and an indirect wholly-owned subsidiary of the Company (“Merger Sub”), BankMobile Technologies, Inc., a Pennsylvania corporation (“BankMobile”), Customers Bank, a Pennsylvania state chartered bank and the sole stockholder of BankMobile (“Customers Bank”), and Customers Bancorp, Inc., a Pennsylvania corporation and the parent bank holding company for Customers Bank. Business Prior to the Business Combination All business activity of the Company through December 31, 2020 related to the Company’s formation and Initial Public Offering, which is described below, searching for a business target and consummation of the Business Combination. The Company did not generate any operating revenues through the completion of the Business Combination. The Company did generate non-operating income in the form of interest income earned on marketable securities from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s initial public offering (“Initial Public Offering”) was declared effective on August 23, 2018. On August 28, 2018, the Company consummated the Initial Public Offering of 15,000,000 units (“Units”) with respect to the Class A Common Stock included in the Units being offered (the “Public Shares”) at $10.00 per Unit generating gross proceeds of $150,000,000, which is discussed in Note 3. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 6,560,000 warrants (“Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to the Company’s sponsor, MFA Investor Holdings, LLC ($5,810,000) (the “Sponsor”) and Chardan Capital Markets, LLC ($750,000) (“Chardan”), generating gross proceeds of $6,560,000, which is described in Note 4. Offering costs for the Initial Public Offering amounted to $10,521,211, consisting of $3,192,889 of underwriting fees, $6,771,556 of deferred underwriting fees payable (which are held in the Trust Account (defined below)) and $556,766 of other costs. As described in Note 5, the $6,771,556 deferred underwriting fee became payable upon completion of the Business Combination. Following the closing of the Initial Public Offering on August 28, 2018, an amount of $151,500,000 ($10.10 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement Warrants was placed in a trust account (“Trust Account”) and was invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as described below. On September 21, 2018, the Company consummated the closing of the sale of 1,928,889 additional Units upon receiving notice of the underwriter’s election to partially exercise its overallotment option (“Overallotment Units”), generating additional gross proceeds of $19,288,890 and incurring additional offering costs of $964,445 in underwriting fees which were partially deferred until the completion of the Company’s initial Business Combination. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 385,778 Private Placement Warrants to the Sponsor, generating gross proceeds of $385,778. Entry Into a Materially Definitive Agreement On August 6, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, MFAC Merger Sub Inc., a Pennsylvania corporation and (“Merger Sub”) a wholly-owned subsidiary of the Company, BankMobile Technologies, Inc., a Pennsylvania corporation (“BankMobile”) and Customers Bank, a Pennsylvania state chartered bank and the sole stockholder of BankMobile (the “Stockholder”). Pursuant to the Merger Agreement, at the closing of the transactions contemplated by the Merger Agreement (the “Closing”), BankMobile will merge with and into Merger Sub, with Merger Sub continuing as the surviving corporation (the “Surviving Corporation”). The aggregate consideration to be paid pursuant to the Merger Agreement to the Stockholder will be an amount (the “Merger Consideration”) equal to: (i) $140,000,000 (the “Enterprise value”), minus (ii) $9,324,323 (“Sponsor Equity Adjustment”), plus (or minus, if negative) (iii) BankMobile’s net working capital less a target net working capital of $10,000,000, minus (iv) the aggregate amount of any outstanding indebtedness of BankMobile at Closing, and minus (v) the amount of any unpaid transaction expenses of BankMobile, the Company’s transaction expenses and other liabilities of the Company due and owing at the Closing. The Merger Consideration will consist of cash and stock. The cash portion of the Merger Consideration (“Cash Consideration”) will be equal to (A) the amount of any proceeds of the PIPE Investment (described below under “Private Placement”); plus (B) an amount equal to one-half (1/2) of the difference between the (i) cash and cash equivalents of the Company, including any funds in the Trust Account after giving effect to the completion of the redemption of shares of the Company’s public stockholders (“Redemption”), less (ii) a cash reserve to be used for the benefit of the Surviving Corporation in the Merger, in the amount of $10,000,000 (such difference between clause (i) and (ii) which resulting amount if otherwise negative shall be equal to zero, being the “Remaining Trust Account Amount”); minus (C) the Company’s transaction expenses and other liabilities of the Company due and owing at the Closing; plus (D) the cash and cash equivalents of BankMobile; minus (E) BankMobile’s unpaid transaction expenses; minus (F) a cash reserve in the amount of $5,000,000. The stock portion of the Merger Consideration consists of a number of shares of the Company’s Class A common stock (the “Merger Consideration Shares”) with an aggregate value equal to (the “Merger Consideration Share Amount”) (a) the Merger Consideration, minus (b) the Cash Consideration, with the Stockholder receiving a number of shares of the Company Class A common stock equal to the Merger Consideration Share Amount, divided by $10.38 (the “Per Share Price”). The Merger Consideration is subject to adjustment after the Closing based on confirmed amounts of the net working capital, the outstanding indebtedness of BankMobile and any unpaid transaction expenses of BankMobile, as of the Closing Date. If the adjustment is a negative adjustment in favor of the Company, the Stockholder will deliver to the Company a number of shares of Class A common stock of the Company with a value equal to the absolute value of the adjustment amount (with each share valued at the Per Share Price). If the adjustment is a positive adjustment in favor of BankMobile, the Company will issue to the Stockholder an additional number of shares of Class A common stock of the Company with a value equal to the adjustment amount (with each share valued at the Per Share Price). The Merger Consideration is also subject to reduction for the indemnification obligations of the Stockholder. On November 2, 2020, the Company entered into a First Amendment to Agreement and Plan of Merger (the “First Amendment”) with the other parties to the Agreement and Plan of Merger, dated as of August 6, 2020 (the “Original Agreement”, and as amended, including by the First Amendment, the “Merger Agreement”), by and among, the Company, MFAC Merger Sub Inc., a Pennsylvania corporation and a wholly-owned subsidiary of the Company (“Merger Sub”), BankMobile, and Customers Bank, a Pennsylvania state chartered bank and the sole stockholder of BankMobile (“Customers Bank”), and with Customers Bancorp, a Pennsylvania corporation and the sole shareholder of Customers Bank (“Customers Bancorp”). The Original Agreement provided that a portion of the consideration payable to Customers Bank in the Proposed Transaction was to be paid in shares (the “Merger Consideration Shares”) of the Company’s Class A common stock to Customers Bank. Pursuant to the First Amendment, the Original Agreement was amended to provide that (i) Customers Bancorp would become a party to the Merger Agreement, (ii) the Merger Consideration Shares will now be issued to the stockholders of Customers Bancorp, and (iii) Customers Bancorp may at its discretion, upon written notice to the Company, redirect or reallocate the distribution of the Merger Consideration Shares at any time prior to the closing of the Proposed Transaction (the “Closing”) to other parties. Additionally, the Original Agreement was amended to provide that, subject to certain exceptions, there will be restrictions on the sale or transfer of the Merger Consideration Shares for a period of twelve months after the Closing, rather than for a period of 180 days after the Closing as contemplated by the Lock-Up Agreement attached to the Original Agreement. Going Concern and Liquidity In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company had until January 4, 2021 to consummate one or more business combinations, meeting certain conditions, or else it would cease all operations except for the purpose of liquidating. The Company closed a qualified business combination on January 4, 2021. Management had initially determined that the mandatory liquidation, should a business combination not occur, and potential subsequent dissolution raised substantial doubt about the Company’s ability to continue as a going concern. Given that the Company underwent the business combination on January 4, 2021, the conditions raising substantial doubt concerning the Company’s ability to continue as a going concern have been alleviated. Restatement of Previously Issued Annual Financial Statements The Company has restated its financial statements as of December 31, 2020, for the years ended December 31, 2020 and December 31, 2019, as well as the unaudited financial statements for the three month periods ended March 31, 2020 and 2019, the three and six month periods ended June 30, 2020 and 2019 and the three and nine month periods ended September 30, 2020 and 2019, to correct misstatements in those prior periods primarily related to misstatements identified in improperly applying accounting guidance for warrants, recognizing them as equity instead of a warrant liability, under the guidance of ASC 815-40, Contracts in Entity’s Own Equity, and not properly accounting for the entire amount of redeemable common shares as temporary equity carried at redemption value in accordance with the guidance in ASC 480. See Note 9 - Restatement of Previously Issued Financial Statements for additional information regarding the errors identified and the restatement adjustments made to the financial statements |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These interim unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). These interim unaudited financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of BMT for the interim periods presented. Material estimates that are particularly susceptible to significant change in the near-term relate to the valuation of deferred tax assets, the valuation of the private warrants, and the annual goodwill and intangible asset impairment analysis. Prior periods presented for comparative purposes represent the balances and activity of BankMobile Technologies, Inc. (other than shares which were retroactively restated in connection with the merger). Seasonality BMT’s higher education serviced deposits fluctuate throughout the year due primarily to the relationship between the deposits level and the typical cycles of student enrollment in higher education institutions. Serviced deposit balances typically experience seasonal lows in June and July when student enrollment is lower and experience seasonal highs in September and January when student enrollment is high and individual account balances are generally at their peak. Debit spend follows a similar seasonal trend, but may slightly lag increases in balances. Impact of COVID-19 In March 2020, the outbreak of COVID-19 was recognized as a pandemic by the World Health Organization. The spread of COVID-19 created a global public health crisis that resulted in unprecedented uncertainty, economic volatility and disruption in financial markets and in governmental, commercial and consumer activity in the United States and globally, including the markets that BMT serves. With the initial outbreak of COVID-19 in 2020, the Company experienced an initial decline in revenues as compared to the pre-COVID-19 period, which was followed by an increase in revenues resulting from the benefit of federal stimulus on account balances and activity levels, a trend that has continued into the first quarter of 2021. The extent to which the COVID-19 pandemic will impact the operations and financial results of BMT during the remainder of 2021 and beyond remains uncertain, and we will continue to monitor the impact closely. Significant Accounting Policies These interim unaudited financial statements should be read in conjunction with the 2020 audited financial statements of BMT, which describe BMT’s significant accounting policies. There have been no material changes to BMT’s significant accounting policies during the three months ended March 31, 2021. Certain information and footnote disclosures normally included in the annual financial statements have been omitted from these interim unaudited financial statements as permitted by U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies. The Company has elected not to use the extended transition period under the JOBS Act. The Company has both Private and Public Warrants outstanding which are being treated differently for accounting purposes. Note 9 - Shareholders’ Equity provides additional information. Recently Adopted Accounting Standards On January 1, 2021, the Company adopted Financial Accounting Standards Board (“FASB”) ASU 2019-12: Simplifying the Accounting for Income Taxes (Topic 740) Accounting Pronouncements Issued But Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20 Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. As a smaller reporting company, ASU 2020-06 is effective for BMT for fiscal years beginning after December 15, 2023. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact that ASU 2020-06 may have on its consolidated financial statements and related disclosures. | Note 2 — Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and MFAC Merger Sub Inc., its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. Reclassification Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the presentation of the current period consolidated financial statements. These reclassifications had no effect on the previously reported net income. Emerging Growth Company The Company is an “emerging growth company” as defined in Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s consolidated financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2020 and 2019. Redeemable Common Stock As discussed in Note 1 – Description of Organization and Business Operations, all of the 16,928,889 shares held by public stockholders outstanding contained a redemption feature which allows for the redemption of Class A common stock under the Company’s liquidation or tender offer and stockholder approval provisions. In accordance with Financial Accounting Standard Board (“FASB”) Topic ASC 480, “Distinguishing Liabilities from Equity,” (“ASC 480”) redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. On May 26, 2020, the Company’s stockholders approved an extension of the date by which the Company must consummate an initial business combination from May 28, 2020 to August 28, 2020 (or November 30, 2020 if the Company has executed a definitive agreement for an initial business combination by August 28, 2020, which was subsequently extended for two more months before the Merger closed on January 4, 2021). In connection with this extension, on June 3, 2020, 13,733,885 shares of Class A common stock were redeemed for an approximate total value of $142.6 million from the Trust Account. During December 2020 an additional 543,390 shares of Class A common stock were redeemed for an approximate total value of $5.6 million The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security at the end of each reporting period. Increases or decreases in the carrying number of redeemable shares of Class A common stock shall be affected by charges against additional paid in capital. If additional paid in capital is reduced to zero, any additional charges are applied against accumulated deficit. Accordingly, at December 31, 2020, 2,651,614 shares of Class A common stock included in the units at the Public Offering were classified outside of permanent equity at approximately $10.10 per share. At December 31, 2019, 15,421,314 shares of Class A common stock included in the units at the Public Offering were classified outside of permanent equity at approximately $10.10 per share. Offering Costs Offering costs consist principally of legal, accounting, underwriting fees and other costs directly related to the Initial Public Offering. Offering costs amounting to $9,910,981 were charged to stockholders’ equity and $610,230 allocated to the issuance of warrant liability were charged to statement of operations. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Corporation coverage limits of $250,000. At December 31, 2020 and 2019, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account. Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying consolidated balance sheets, primarily due to their short-term nature. Net Income (Loss) Per Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income per share is computed by dividing net income applicable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and Private Placement to purchase an aggregate of 23,874,667 shares of Class A common stock in the calculation of diluted earnings per share, since their inclusion would be anti-dilutive under the treasury stock method. The Company’s statements of operations includes a presentation of income per share for common stock subject to redemption in a manner similar to the two-class method of income per share. Net income per share, basic and diluted for Class A common stock is calculated by dividing the investment income earned on the Trust Account and Other Income of $1,617,643 and $3,950,927, net of applicable income and franchise taxes of $497,748 and $988,018 by the weighted average number of shares of Class A common stock outstanding for the years ended December 31, 2020 and December 31, 2019, respectively. Net income (loss) per share, basic and diluted for Class B common stock is calculated by dividing the net income, less income attributable to Class A common stock, by the weighted average number of shares of Class B common stock outstanding for the period. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Warrants The Company accounts for warrants issued in accordance with the guidance contained in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 815, “Derivatives and Hedging,” under which the warrants for shares of the Company’s common stock that are not indexed to its own stock do not meet the criteria for equity treatment and must be recorded as derivative liabilities. Accordingly, warrants are classified as liabilities at their fair value and adjusted at each reporting period. Any change in fair value is recognized as a component of other income (expense), net on the Statement of Operations. Adjustment of liability for changes in fair value will be continued until the earlier of the expiration or exercise of the common stock warrants. At that time, the portion of the warrant liability related to the common stock warrants will be reclassified to additional paid-in capital. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the balance sheet carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. For the years ended December 31, 2020 and 2019, the change in the valuation allowance was $422,225, and $125,871, respectively. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts were accrued for the payment of interest and as of December 31, 2020 or 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax basis of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. Current income taxes are based on the year’s income taxable for federal and state income tax reporting purposes. Total tax provision may differ from the statutory tax rates applied to income before provision for income taxes due principally to expenses charged which are not tax deductible. The total provision for income taxes is comprised of the following for the years ended: December 31, December 31, 2020 2019 Current Expense 297,748 788,018 Deferred Expense (422,225 ) (125,871 ) Change in Valuation Allowance 422,225 125,871 Total Income Tax Expense 297,748 788,018 The net deferred tax assets and liabilities in the accompanying balance sheets included the following components: December 31, December 31, Deferred tax assets $ 657,341 $ 235,116 Deferred tax liabilities - - Valuation allowance for deferred tax assets (657,341 ) (235,116 ) Net deferred tax assets $ - $ - The deferred tax assets as of December 31, 2020 and 2019 were comprised of the tax effect of cumulative temporary differences as follows: December 31, December 31, Capitalized expenses before business combination $ 657,341 $ 235,116 Valuation allowance for deferred tax assets (657,341 ) (235,116 ) Total $ - $ - In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, Management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. As of December 31, 2020 and 2019, the valuation allowance was $657,341 and $235,116, respectively. A reconciliation of the statutory federal income tax rate (benefit) to the Company’s effective tax rate is as follows: December 31, December 31, 2020 2019 Statutory federal income tax rate 21.0 % 21 % Change in fair value of derivative warrant liabilities -20.8 % -7.92 % State taxes, net of federal tax benefit 0 % 0 % Valuation allowance -0.6 % 2.5 % Income tax (benefit) expense -0.4 % 15.6 % Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s consolidated financial statements. Trust Account The Trust Account can be invested in U.S. government securities, within the meaning set forth in the Investment Company Act, having a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act. The Company’s amended and restated certificate of incorporation provide that, other than the withdrawal of interest to pay income and franchise taxes and up to $100,000 of interest to pay dissolution expenses if any, none of the funds held in the Trust Account will be released until the earlier of: (i) the completion of the Business Combination; (ii) the redemption of Public Shares properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete the Business Combination within the Combination Period or (iii) the redemption of 100% of the Public Shares if the Company is unable to complete a Business Combination within the Combination Period. |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Credit Loss, Additional Improvements [Abstract] | |
ACCOUNTS RECEIVABLE | NOTE 3 — ACCOUNTS RECEIVABLE Accounts receivable primarily relate to reimbursements to be received from a white label partner, as described in collaborative arrangements below, and uncollected university subscription and disbursement services fees, and are recorded at face amounts less an allowance for doubtful accounts. Management evaluates accounts receivable and establishes the allowance for doubtful accounts based on historical experience, analysis of past due accounts and other current available information. Accounts receivable deemed to be uncollectible are individually identified and are charged-off against the allowance for doubtful accounts. Charge-offs of uncollectible accounts have historically been immaterial and the Company had no allowance for doubtful accounts as of March 31, 2021 and December 31, 2020. |
Premises and Equipment & Develo
Premises and Equipment & Developed Software | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT & DEVELOPED SOFTWARE | NOTE 4 — PREMISES AND EQUIPMENT & DEVELOPED SOFTWARE Premises and Equipment The components of premises and equipment were as follows: (amounts in thousands) Expected Useful Life March 31, December 31, Leasehold improvements 5 years $ 28 $ 28 Furniture, fixtures and equipment 10 years 243 243 IT equipment 3 to 5 years 1,675 1,675 1,946 1,946 Accumulated amortization (1,601 ) (1,545 ) Total $ 345 $ 401 BMT recorded depreciation expense of less than $0.1 million for the three months ended March 31, 2021 and March 31, 2020, which is recorded in “Occupancy” on the unaudited consolidated statements of income (loss). Developed Software The components of developed software were as follows: (amounts in thousands) Expected Useful Life March 31, December 31, Higher One Disbursement business developed software 10 years $ 27,400 $ 27,400 Internally developed software 3 to 5 years 40,105 40,104 Work-in-process 1,736 1,620 69,241 69,124 Accumulated amortization (32,289 ) (29,467 ) Total $ 36,952 $ 39,657 BMT recorded amortization expense of $2.8 million for both the three months ended March 31, 2021 and 2020, which is reported in Technology, communication and processing |
Goodwill and Intangibles
Goodwill and Intangibles | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLES | NOTE 5 — GOODWILL AND INTANGIBLES Goodwill represents the excess of the purchase price over the identifiable net assets of businesses acquired through business combinations accounted for under the acquisition method. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangible assets are amortized on a straight-line basis over periods ranging from four to twenty years. Goodwill and other intangible assets are reviewed for impairment annually as of October 31 and between annual tests when events and circumstances indicate that impairment may have occurred. The goodwill impairment charge represents the amount by which the reporting unit’s carrying amount exceeds its fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The Company had $5.3 million of goodwill as of March 31, 2021 and December 31, 2020. The components of other intangibles as of March 31, 2021 and December 31, 2020 were as follows: (amounts in thousands) Expected Useful Life March 31, December 31, Customer relationships – universities 20 years $ 6,402 $ 6,402 Accumulated amortization (1,412 ) (1,332 ) Total $ 4,990 $ 5,070 BMT recorded amortization expense of $80 thousand and $267 thousand for the three months ended March 31, 2021 and 2020, respectively, which is reported in Other expenses The non-compete agreement was fully amortized as of June 30, 2020. The university customer relationships will be amortized in future periods as follows: Remainder of 2021 $ 240 2022 320 2023 320 2024 320 2025 320 After 2025 3,470 Total $ 4,990 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
LEASES | NOTE 6 — LEASES At March 31, 2021, BMT leased two offices under operating leases. One of the leases listed our former owner as the lessee, but that lease was transferred to the Company in April 2021. The leases consist of 5-year lease terms with options to renew the leases or extend the term annually or with mutual agreement. Leases include variable lease payments that are based on an index or rate, such as an annual increase in operating expenses over the initial lease year’s expenses. Variable lease payments are not included in the liability or right-of-use (“ROU”) asset and are recognized in the period in which the obligations for those payments are incurred. BMT’s operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. As BMT’s operating leases do not provide an implicit rate, BMT utilized the incremental borrowing rate of our former parent when determining the present value of lease payments. The following table summarizes operating lease ROU assets and operating lease liabilities and their corresponding balance sheet classification: (amounts in thousands) Classification March 31, December 31, Assets: Operating lease ROU assets Other assets $ 936 $ 1,218 Liabilities: Operating lease liabilities Operating lease liabilities $ 949 $ 1,131 The following table summarizes operating lease cost and its corresponding income statement location for the periods presented: Three Months Ended (amounts in thousands) Classification 2021 2020 Operating lease cost Occupancy $ 275 $ 258 The maturities of non-cancelable operating lease liabilities were as follows at March 31, 2021: (amounts in thousands) March 31, 2021 $ 540 2022 419 Total minimum payments 959 Less: interest (10 ) Present value of lease liabilities $ 949 The following table summarizes the weighted average remaining lease term and discount rate for BMT’s operating leases at March 31, 2021 and December 31, 2020: (amounts in thousands) March 31, December 31, Weighted average remaining lease term (years) Operating leases 1.3 years 1.6 years Weighted average discount rate Operating leases 1.0 % 1.4 % |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 7 — DEBT Borrowings from partner bank BMT has a $10.0 million line of credit with its partner bank. The amount that may be borrowed is subject to a borrowing base limit that is based on a percentage of BMT’s accounts receivable balance. The borrowing base limit was $5.8 million as of March 31, 2021. The $10.0 million line of credit carries an interest rate equal to one-month LIBOR plus 375 bps and matures on January 4, 2022. LIBOR means the One Month London Inter-Bank Offered Rate as published in the Money Section of the Wall Street Journal on the last U.S. business day of the month, but in no event shall LIBOR be less than 50 basis points. Interest is paid monthly in arrears with the principal due in its entirety at the maturity date on January 4, 2022. Borrowed funds may be repaid at any time without penalty. There was $5.4 million outstanding under the line of credit as of March 31, 2021. BMT paid $1.4 million in April 2021, resulting in a remaining balance outstanding of $4.0 million as of April 30, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | NOTE 8 — COMMITMENTS AND CONTINGENCIES Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are any such matters that will have a material effect on the financial statements that are not currently accrued for. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution may have a material adverse effect on BMT’s results of operations for a particular period, and future changes in circumstances or additional information could result in accruals or resolution in excess of established accruals, which could adversely affect BMT’s results of operations, potentially materially. | Note 5 — Commitments and Contingencies Underwriting Agreement The Company had granted the underwriters a 45-day option to purchase up to 2,250,000 additional Units to cover over-allotments at the Initial Public Offering price less the underwriting discounts and commissions. On September 21, 2018, the underwriters exercised a partial exercise of their overallotment option and purchased 1,928,889 units at a purchase price of $10.00 per unit. The underwriters were paid a cash underwriting discount of $0.20 per unit, or approximately $3 million in the aggregate at the closing of the Initial Public Offering and $192,889 in conjunction with the underwriters’ partial exercise of its overallotment option. In addition, the underwriters are entitled to a deferred underwriting commissions of $0.40 per unit, or approximately $6 million in the aggregate from the closing of the Initial Public Offering and $771,556 from the underwriters’ partial exercise of its overallotment option will be payable to the underwriters. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. |
Shareholders' Equity and Privat
Shareholders' Equity and Private Warrant Liability | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | ||
SHAREHOLDERS' EQUITY AND PRIVATE WARRANT LIABILITY | NOTE 9 — SHAREHOLDERS’ EQUITY AND PRIVATE WARRANT LIABILITY The consolidated statements of changes in equity reflect the reverse recapitalization as of January 4, 2021, as discussed in Note 1. Since BankMobile was determined to be the accounting acquirer in the transaction, all periods prior to the consummation of the transaction reflect the balances and activity of BankMobile (other than shares which were retroactively restated in connection with the transaction). Class A Common Stock The Company is authorized to issue 1,000,000,000 shares of common stock, par value $0.0001 per share. At March 31, 2021, there were 12,200,378 shares of common stock issued and outstanding, which includes the 300,000 performance shares discussed below. Each holder of common stock is entitled to one vote for each share of common stock held of record by such holder on all matters on which stockholders generally are entitled to vote. The holders of common stock do not have cumulative voting rights in the election of directors. Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the case of election of directors, by a plurality) of the votes entitled to be cast by all stockholders present in person or represented by proxy, voting together as a single class. Performance Shares The Company has 300,000 common shares, par value $0.0001 per share, issued and outstanding that are held in escrow, subject to release only if the vesting criteria occurs before the seventh anniversary of the closing date of the merger. If the vesting criteria has not occurred prior to the seventh anniversary of the closing date of the merger, the shares will be forfeited and cancelled. The vesting criteria means either (1) the volume weighted average price of the Company’s common stock on the principal exchange on which such securities are then listed or quoted shall have been at or above $15.00 for twenty (20) trading days (which need not be consecutive) over a thirty (30) trading day period; or (ii) the Company sells shares of its capital stock in a secondary offering for at least $15.00 per share, in each case subject to equitable adjustment for share splits, share dividends, reorganizations, combinations, recapitalizations and similar transactions affecting the shares of the Company’s common stock after the merger, and possible reduction for certain dividends granted to the Company’s common stock, or (2) the Company undergoes certain change in control or sales transactions. Preferred Stock The Company is authorized to issue 10,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At March 31, 2021 and December 31, 2020, there were no shares of preferred stock issued or outstanding. Warrants At March 31, 2021, there were 23,874,667 warrants to purchase our common stock outstanding, consisting of 16,928,889 public warrants and 6,945,778 private warrants. Each whole warrant entitles the registered holder to purchase one whole share of common stock at a price of $11.50 per share. The warrants will expire five years after the completion of the merger (January 4, 2026) or earlier upon redemption or liquidation and the Company has redemption rights if our common stock trades above $24.00 for 20 out of 30 days. The private warrants are identical to the public warrants except that the private warrants are non-redeemable and exercisable on a cashless basis so long as they are held by the sponsor and certain others. As of March 31, 2021, none of the Company’s outstanding Private or Public Warrants have been exercised. The Private Warrants and the Public Warrants are treated differently for accounting purposes, as follows: Private Warrants In accordance with FASB ASC Topic 480, Distinguishing Liabilities from Equity, Opening Balance Sheet Impact: Liability for Private Warrants Additional paid-in-capital The fair value of the Private Warrants was estimated using a modified version of the Black-Scholes option pricing formula. We assumed a term for the Private Warrants equal to the contractual term from the merger date and then discounted the resulting value to the valuation date. Among the key inputs and assumptions we used in the pricing formula were: a term of 5 years; volatility of 20%; a dividend yield of zero; an underlying stock price of $11.65; a risk free interest rate of 0.85%; and a closing price of the Public Warrants of $2.00 per share. Income Statement Impact Change in fair value of warrant liabilities Liability for Private Warrants Balance Sheet Impact Cash Flow Impact Shareholders’ Equity Impact Public Warrants In accordance with FASB ASC Topic 480, Distinguishing Liabilities from Equity, Dividend Policy We have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of its initial business combination. The payment of cash dividends by the Company in the future will be dependent upon the Company’s revenues and earnings, if any, capital requirements and general financial condition. The payment of any dividends will be within the discretion of the board of directors of the Company. Further, the Company’s line of credit agreement with our lender prohibits the Company from issuing any dividends or making any distributions to shareholders. Equity Incentive Plan Our 2020 Equity Incentive Plan (the “Equity Incentive Plan”) provides for the grant of incentive stock options, or ISOs, nonstatutory stock options, or NSOs, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards, and other forms of equity compensation, or collectively, stock awards, all of which may be granted to employees, including officers, non-employee directors and consultants of us and its affiliates. Additionally, the Equity Incentive Plan provides for the grant of performance cash awards. ISOs may be granted only to employees. All other awards may be granted to employees, including officers, and to non-employee directors and consultants. Initially, the aggregate number of shares of Common Stock that may be issued pursuant to stock awards under the Equity Incentive Plan will not exceed 10% of the issued and outstanding shares of our common stock. Awards made under the Equity Incentive Plan as of March 31, 2021 have been immaterial. | Note 7 — Stockholders’ Equity Common Stock Class A Common Stock Class B Common Stock Holders of Class A Common Stock and Class B Common Stock will vote together as a single class on all other matters submitted to a vote of stockholders except as required by law. The shares of Class B Common Stock were automatically converted into Class A common stock at the time of a Merger on a one-for-one basis. Preferred Stock Private Placement In connection with the Private Placement, the Sponsor, the Company, and a PIPE Investor entered into an agreement (“Agreement to Transfer Sponsor Securities”), pursuant to which the Sponsor will transfer 178,495 founder shares and 1,311,501 private placement warrants to the PIPE Investor, unless such transfer would trigger a warrant price adjustment under the warrant agreement. After the Closing until the PIPE Investor, its affiliates or managed funds collectively hold less than 15% of the issued and outstanding common stock of the Company. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | NOTE 10 — REVENUES Revenues The table below presents the Company’s revenues disaggregated by nature of the revenue stream and the pattern or timing of revenue recognition for the periods indicated. The Company has one reportable segment and all revenues are earned in the U.S. Three Months Ended (amounts in thousands) 2021 2020 Revenues from contracts with customers: Revenue recognized at point in time: Interchange and card revenue $ 8,351 $ 6,607 Servicing fees from partner bank 9,372 4,765 Account fees 2,686 2,909 University fees - disbursement activity 276 293 Other 2,650 192 Total revenue recognized at point in time $ 23,335 $ 14,766 Revenue recognized over time: University fees - subscriptions $ 1,048 $ 992 Total revenue recognized over time 1,048 992 Total revenue recognized from contracts with customers $ 24,383 $ 15,758 Deferred revenues Deferred revenue consists of amounts received from clients prior to the performance of services. Deferred revenue is recognized over the service period on a straight-line basis or when the contractual performance obligation has been satisfied. The Company classifies deferred revenue on the balance sheet in Deferred revenue -current Deferred revenue - non-curren The deferred revenue balances were as follows: March 31, (amounts in thousands) 2021 2020 Deferred revenue, beginning of period $ 4,689 $ 1,938 Deferred revenue, end of period $ 4,624 $ 4,905 During the three months ended March 31, 2021 and 2020, the Company recognized approximately $0.9 million and $0.7 million, respectively, in the period from amounts included in deferred revenue at the beginning of the period. Unbilled receivables The Company had $3.2 million of unbilled receivables as of March 31, 2021. Unbilled receivables are reported in Prepaid expenses and other current assets |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 11 — INCOME TAXES The Company records tax expense during interim periods using an estimated annual effective tax rate approach. The Company’s effective tax rate was 8.9% for the three months ended March 31, 2021. The effective tax rate differs from the Company’s marginal tax rate of 26.0% due to the non-taxable fair value adjustments related to the non-compensatory private warrant liability being recorded through earnings as well as tax expense related to the estimated annual increase of the valuation allowance established against deferred tax assets. Deferred tax assets as of March 31, 2021 was $25.8 million and consisted mainly of Section 197 intangibles. These Section 197 intangibles resulted from a step up in tax basis of the assets acquired from BankMobile Technologies, Inc., which for GAAP purposes were not recorded at fair value. The Company has no net operating loss or other carryforward deferred tax assets. A valuation allowance is recognized when it is more likely than not that all or a portion of the deferred tax asset will be realized based on the weight of the available positive and negative evidence. Management determined the verifiable negative evidence from the cumulative losses of the trade or business of BankMobile Technologies, Inc. outweighed any available positive evidence as of March 31, 2021, but will continue to evaluate this determination each quarterly period going forward. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | NOTE 12 — EARNINGS (LOSS) PER SHARE The following are the components and results of operations and earnings (loss) per common share calculations for the periods presented: Three Months Ended (amounts in thousands, except per share data) 2021 2020 Net income (loss) available to common shareholders $ 18,889 $ (4,534 ) Weighted-average common shares outstanding – basic 11,900 6,123 Weighted-average common shares outstanding – diluted 15,512 6,123 Earnings (loss) per common share - basic $ 1.59 $ (0.74 ) Earnings (loss) per common share - diluted $ 0.25 $ (0.74 ) There were no potentially dilutive warrants and performance shares not included in the calculation of diluted shares in the periods presented in the table because the impact would have been anti-dilutive. |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 13 — DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS BMT uses fair value measurements to disclose the fair value of its financial instruments. FASB’s ASC 825, Financial Instruments Fair Value Measurements In accordance with ASC 820, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for BMT’s financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, focusing on an exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. The fair value guidance also establishes a fair value hierarchy and describes the following three levels used to classify fair value measurements: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following methods and assumptions were used to estimate the fair values of BMT’s financial instruments as of March 31, 2021 and December 31, 2020: Cash and cash equivalents: The carrying amount reported on the balance sheet for cash and cash equivalents consists of a non-interest bearing deposit, which approximate its fair value. The deposit is classified as a Level 1 fair value, based upon the lowest level of input that is significant to its fair value measurement. Accounts receivable: The carrying amount of accounts receivable approximates fair value because of the short term nature of these items. Payable to partner bank: The payables to our partner bank represent the amount due resulting from normal operating activities between our partner bank and BMT. The carrying amount approximates its fair value due to the short term nature of the item. Borrowings from partner bank: BMT has a $10.0 million line of credit with our partner bank, with $5.4 million outstanding as of March 31, 2021. The carrying amount of the borrowings from our partner bank approximates its fair value due to its floating interest rate and short-term nature. The liability is classified as a Level 2 fair value based upon the lowest level of input that is significant to the fair value measurement. Liability for Private Warrants: The fair value of the Private Warrants was estimated using a modified version of the Black-Scholes option pricing formula for European calls. We assumed a term for the Private Warrants equal to the contractual term from the merger date and then discounted the resulting value to the valuation date. Among the key inputs and assumptions we used in the pricing formula at March 31, 2021 were the following: a term of 5 years; volatility of 20%; a dividend yield of zero; an underlying stock price of $11.65; a risk free interest rate of 0.85%; and a closing price of the Public Warrants of $2.00 per share. The warrant liability is classified as a Level 3 fair value based upon the lowest level of input that is significant to the fair value measurement. Fair Value Measurements at March 31, 2021 (amounts in thousands) Carrying Amount Estimated Fair Value Quoted Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 17,379 $ 17,379 $ 17,379 $ — $ — Liabilities: Borrowings from partner bank $ 5,345 $ 5,345 $ — $ 5,345 $ — Liability for Private Warrants (a) 15,836 15,836 $ — $ — 15,836 (a) The initial fair value of the warrants was $30.8 million on January 4, 2021, the merger date. The $15.0 million change in fair value during the first quarter was reported in Gain on fair value of private warrant liability Fair Value Measurements at December 31, 2020 (amounts in thousands) Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 2,989 $ 2,989 $ 2,989 $ — $ — Liabilities: Borrowings from partner bank $ 21,000 $ 21,000 $ — $ 21,000 $ — | Note 8 — Fair Value Measurement The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December 31, 2020 and 2019, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level December 31, December 31, Assets: Marketable securities in Trust Account 1 $ 27,713,815 $ 175,410,617 Liabilities: Public Warrants 1 $ 49,093,778 $ 5,417,244 Private Placement Warrants 2 $ 26,880,161 $ 2,222,649 There were no transfers between different levels of the valuation hierarchy during the years ended December 31, 2020 or 2019. Transfer to/from Levels 1, 2, and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. Public prices are used as valuation inputs for both the public and private warrants. |
Relationship with Our Partner B
Relationship with Our Partner Bank | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
RELATIONSHIP WITH OUR PARTNER BANK | NOTE 14 — RELATIONSHIP WITH OUR PARTNER BANK Our partner bank holds the FDIC insured deposits that we source and service and is the issuing bank on our debit cards. Our partner bank pays us a deposit servicing fee for the deposits generated and passes through interchange income earned from debit transactions. The CEO of our partner bank is an immediate family member of our CEO. Servicing Fees and interchange income from partner bank On January 4, 2021, we entered into a Deposit Processing Services Agreement (the “Deposit Servicing Agreement”) with our partner bank, providing that it would establish and maintain deposit accounts and other banking services in connection with customized products and services offered by us, and we would provide certain other related services in connection with the accounts. The initial term continues until December 31, 2022, which shall automatically renew for additional three year terms unless either party gives written notice of non-renewal within 180 days prior to the expiration of the term. As compensation, our partner bank retains any and all revenue generated from the funds held in the deposit accounts, and pays us a monthly servicing fee largely based on deposits, and a monthly interchange fee equal to all debit card interchange revenues on demand deposit accounts generated by us for our partner bank plus the difference between Durbin Exempt and Durbin regulated interchange revenue. Payable to partner bank At the end of each month, BMT and its partner bank typically have a cash settlement payment related to on-going operating activities between the entities. At March 31, 2021, BMT had $9.0 million payable to its partner bank, primarily consisting of prepaid fees and for certain services received, as well as a true-up payment required by the merger agreement. Bank Borrowings BMT has a $10.0 million line of credit with our partner bank, with $5.4 million outstanding as of March 31, 2021. Operating leases As of March 31, 2021, BMT leased two offices under operating leases. One of the leases listed the partner bank as the lessee, but that lease was transferred to the Company in April 2021. Transition Services Agreement On January 4, 2021, we entered into a Transition Services Agreement with our partner bank, pursuant to which each party agrees for a period of up to twelve months to provide certain transition services listed therein to the other party. In consideration for the services, we pay our partner bank a service fee of $12,500 per month, plus any expenses associated with the services. We may terminate the Transition Services Agreement without penalty with at least 30 days advance written notice if we determine there is no longer a business need for the services. | Note 4 — Related Party Transactions Founder Shares On November 13, 2017, the Sponsor purchased 4,312,500 shares (the “Founder Shares”) of the Company’s Class B Common Stock, par value $0.0001 (“Class B Common Stock”) for an aggregate price of $25,000. The Founder Shares converted into Class A common stock upon consummation of the Merger on a one-for-one basis. The Founder Shares included up to 562,500 shares subject to forfeiture to the extent that the 45-day over-allotment option was not exercised in full by the underwriters. Since the underwriters exercised the over-allotment option in part, the Sponsor forfeited 80,278 Founder Shares on September 21, 2018. The Founder Shares forfeited by the Sponsor were cancelled by the Company. The Initial Stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. Private Placement Warrants Concurrently with the closing of the Initial Public Offering, the Sponsor and Chardan purchased an aggregate of 6,560,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant (5,810,000 by the Sponsor and 750,000 by Chardan) for an aggregate purchase price of $6,560,000. Each whole Private Placement Warrant is exercisable for one whole share of Class A Common Stock at a price of $11.50 per share (subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like and for certain issuances of equity or equity-linked securities). Concurrently with the underwriter’s partial exercise of the over-allotment, the Company consummated a private sale of an additional 385,778 Private Placement Warrants to the Sponsor at a price of $1.00 per Private Placement Unit generating gross proceeds of $385,778. The proceeds from the Private Placement Warrants were added to the proceeds from the Initial Public Offering and the underwriter’s partial exercise of the over-allotment are held in the Trust Account. Registration Rights The holders of Founder Shares, Private Placement Warrants and Warrants that may be issued upon conversion of working capital loans, if any, are entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to shares of Class A Common Stock) pursuant to a registration rights agreement. These holders will be entitled to certain demand and “piggyback” registration rights. The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of working capital loans, if any, are entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to shares of Class A Common Stock) pursuant to a registration rights agreement dated August 23, 2018. These holders are entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Related Party Loans On November 27, 2017, the Sponsor had agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note, amended and restated on June 30, 2018 (the “Note”). This loan was non-interest bearing and payable on the earlier of December 31, 2018 or as soon as practical after the Initial Public Offering. The Company had drawn $2,000 on the Note as of December 31, 2017 and had borrowed an additional $105,500 in 2018. The Company fully repaid these amounts to the Sponsor in September 2018. Support Services The Company presently occupies office space provided by an affiliate of the Sponsor. The affiliate has agreed that, until the Company consummates a Business Combination, it will make such office space, as well as certain administrative and support services, available to the Company, as may be required by the Company from time to time. The Company will pay the affiliate an aggregate of $2,000 per month for such office space, administrative and support services. The Company ceased paying for the office space in October 2020. For the years ending December 31, 2020 and 2019, the total support services costs were $20,000 and $24,000, respectively. The Company agreed to pay an entity affiliated with the President a fee of approximately $16,667 per month until the earlier of the consummation of the Business Combination or liquidation. A bonus of $78,000 was paid out after the successful completion of the Initial Public Offering. The Company ceased paying the President on approximately November 15, 2020. The total amount paid to this entity was $165,384 and $200,000 for the two years in the period ended December 31, 2020, respectively. |
Initial Public Offering and Pri
Initial Public Offering and Private Placement | 12 Months Ended |
Dec. 31, 2020 | |
Initial Public Offering And Private Placement [Abstract] | |
Initial Public Offering and Private Placement | Note 3 — Initial Public Offering and Private Placement Pursuant to the Initial Public Offering, the Company sold 16,928,889 units at a price of $10.00 per Unit. Each Unit consists of one share of Class A Common Stock (such shares of Class A Common Stock included in the Units being offered, the “Public Shares”), and one redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to adjustment (see Note 6). |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Warrants | Note 6 – Warrants Warrants — The Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. The Company agreed to as soon as practicable, but in no event later than 15 business days, after the closing of a Business Combination, use its reasonable best efforts to file with the SEC, and within 60 business days following a Business Combination to have declared effective, a registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed. Notwithstanding the above, if the Class A common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its reasonable best efforts to qualify the shares under applicable blue sky laws to the extent an exemption is not available. The Company may call the Public Warrants for redemption (except with respect to the Private Placement Warrants): ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and ● if, and only if, the reported last sale price of the Company’s Class A common stock equals or exceeds $24.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. In addition, except in the case of the Private Placement Warrants purchased by Chardan, if (x) we issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial Business Combination at an issue price or effective issue price of less than $9.50 per share of Class A Common Stock (with such issue price or effective issue price to be determined in good faith by our board of directors), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial Business Combination, and (z) the volume weighted average trading price of our Class A Common Stock during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial Business Combination (such price, the “Market Value”) is below $9.50 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Market Value, and the $24.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 240% of the Market Value. The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the Class A common stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. Accounting for Warrants – Additionally, certain adjustments to the settlement amount of the Private Placement Warrants are based on a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under ASC 815-40, and thus the Private Placement Warrants are not considered indexed to the Company’s own stock and not eligible for an exception from derivative accounting. The accounting treatment of derivative financial instruments requires that the Company record a derivative liability upon the issuance of the warrants at the closing of this offering. Accordingly, the Company expects to classify each warrant as a liability at its fair value. The Public Warrants were allocated a portion of the proceeds from the issuance of the Units equal to its fair value. The warrant liability is subject to remeasurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s Statements of Operations. The Company will reassess the classification of the warrants at each balance sheet date. If the classification changes as a result of events during the period, the warrants will be reclassified as of the date of the event that causes the reclassification. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Restatement of Previously Issued Financial Statements | Note 9 — Restatement of Previously Issued Financial Statements On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the Securities and Exchange Commission together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Statement”). Specifically, the SEC Statement focused in part on provisions in warrant agreements that provide for settlement of cash in a tender offer that is different than the underlying stock and the potential changes to the settlement amounts dependent upon the characteristics of the warrant holder and because the holder of a warrant is not an input into the pricing of a fixed-for-fixed option on equity shares, such provisions would preclude the warrant from being classified in equity and thus the warrant should be classified as a liability. As a result of the SEC Statement, the Company reevaluated the accounting treatment of the public warrants and the private placement warrants issued in connection with the Company’s initial public offering that were originally recorded as equity. Because these warrants contain provisions whereby the settlement amount varies depending upon the characteristics of the warrant holder, and have the tender offer provisions that could preference one of our two classes of stock in the event of such tender offer, these warrants should have been recorded at fair value as a liability in the Company’s consolidated balance sheet. Accordingly, due to this restatement, the public warrants and the private placement warrants are now classified as a liability on the Company’s balance sheet at December 31, 2020 and December 31, 2019 and related interim periods. These warrants are measured at fair value initially and subsequently at each reporting date with changes in the fair value recognized as a gain or loss in the Company’s statements of operations. These warrants are deemed equity instruments for income tax purposes, and accordingly, there is no tax accounting impact relating to changes in the fair value of these warrants. The Company’s management has concluded it is appropriate to restate (i) the Company’s previously issued audited financial statements as of December 31, 2020 and December 31, 2019, as previously reported in its Form 10-K and (ii) quarterly unaudited financial statements for the quarterly periods ended March 31, 2019, June 30, 2019, September 30, 2019, March 31, 2020, June 30, 2020 and September 30, 2020. The restated classification and reported values of the Warrants as accounted for under ASC 815-40 are included in the financial statements herein. The impact of this correction to the applicable reporting periods for the financial statement line items impacted are presented as of and for the years ended December 31, 2020 and 2019. The following presents a reconciliation of the Balance Sheets, Statements of Operations, and Statements of Cash Flows from the prior periods as previously reported to the restated amounts. The Restatement Adjustments below reflect the entries to record the liability for the Public and Private Warrants issued as part of Megalith Financial Acquisition Corp.’s initial public offering and private placement, respectively, and to account for the adjustment to fair value of this liability at the end of each period presented. The fair value of the Public and Private Warrants was $13.8 million and $9.5 million at the initial offering and December 31, 2018, respectively. In addition, it was determined an expense of approximately $0.6 million was incurred related to costs directly associated with the issuance of the Public Warrants. These effects are reflected in the restated equity balances at January 1, 2019. For each subsequent quarter and year end, the liability was revalued and the change in fair value reflected in “Change in fair value of warrant liability” in the Statement of Operations. December 31, 2020 As Restatement As ASSETS CURRENT ASSETS Cash $ 43,178 $ - $ 43,178 Prepaid expenses and other assets 40,672 - 40,672 Total current assets 83,850 - 83,850 OTHER ASSETS Marketable securities held in trust account 27,713,815 - 27,713,815 Escrow for private placement 20,002,872 - 20,002,872 Total other assets 47,716,687 - 47,716,687 TOTAL ASSETS 47,800,537 - 47,800,537 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 1,656,199 - 1,656,199 Private placement received in advance 20,002,872 - 20,002,872 Income taxes payable - - - Franchise taxes payable 30,000 - 30,000 Due to affiliates 45,000 - 45,000 Total current liabilities 21,734,071 - 21,734,071 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 75,973,939 75,973,939 Total long term liabilities 6,771,556 75,973,939 82,745,495 Total liabilities 28,505,627 75,973,939 104,479,566 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 2,651,614 shares at redemption value of $10.10 per share at December 31, 2020 14,294,907 12,486,394 26,781,301 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none - - - Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 0 shares issued and outstanding (excluding 2,651,614 shares subject to possible redemption), as of December 31, 2020 124 (124 ) - Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of December 31, 2020. 423 - 423 Additional paid-in capital 3,233,443 (3,233,443 ) - Retained earnings (accumulated deficit) 1,766,013 (85,226,766 ) (83,460,753 ) Total stockholders’ equity 5,000,003 (88,460,333 ) (83,460,330 ) TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 47,800,537 $ 0 $ 47,800,537 December 31, 2019 As Restatement As ASSETS CURRENT ASSETS Cash $ 482,665 $ - $ 482,665 Prepaid expenses and other assets 37,571 - 37,571 Total current assets 520,236 - 520,236 OTHER ASSETS Marketable securities held in trust account 175,410,617 - 175,410,617 Escrow for private placement - - - Total other assets 175,410,617 - 175,410,617 TOTAL ASSETS 175,930,853 - 175,930,853 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 111,968 - 111,968 Private placement received in advance - - - Income taxes payable 572,160 - 572,160 Franchise taxes payable 80,000 - 80,000 Due to affiliates - - - Total current liabilities 764,128 - 764,128 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 7,639,893 7,639,893 Total long term liabilities 6,771,556 7,639,893 14,411,449 Total liabilities 7,535,684 7,639,893 15,175,577 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 15,421,314 shares at redemption value of $10.10 per share at December 31, 2019 163,395,164 (7,639,888 ) 155,755,276 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none - - - Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 1,507,575 shares issued and outstanding (excluding 15,421,314 shares subject to possible redemption), as of December 31, 2019 76 75 151 Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of December 31, 2019 423 - 423 Additional paid-in capital 2,342,794 (2,342,794 ) - Retained earnings (accumulated deficit) 2,656,712 2,342,714 4,999,426 Total stockholders’ equity 5,000,005 (5 ) 5,000,000 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 175,930,853 $ 0 $ 175,930,853 For the year ended December 31, 2020 As Restatement As OPERATING EXPENSES General and administrative $ 292,252 $ - $ 292,252 Legal and professional fees 1,532,958 - 1,532,958 Franchise tax 200,000 - 200,000 Support services - related party 185,384 - 185,384 Total expenses 2,210,594 - 2,210,594 OTHER INCOME Other income 212,129 - 212,129 Change in fair value of warrant liability (68,334,046 ) (68,334,046 ) Interest income on investments held in Trust Account 1,405,514 - 1,405,514 Total other income 1,617,643 (68,334,046 ) (66,716,403 ) INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES (592,951 ) (68,334,046 ) (68,926,997 ) Income tax expense 297,748 - 297,748 NET LOSS $ (890,699 ) $ (68,334,046 ) $ (69,224,745 ) Weighted average shares outstanding of Class A common stock 8,655,806 - 8,655,806 Basic and diluted net income per share, Class A $ 0.13 $ (0.00 ) $ 0.13 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.48 ) $ (16.14 ) $ (16.62 ) For the year ended December 31, 2019 As Restatement As OPERATING EXPENSES General and administrative $ 155,854 $ - $ 155,854 Legal and professional fees 219,533 - 219,533 Franchise tax 200,000 - 200,000 Support services - related party 224,000 - 224,000 Total expenses 799,387 - 799,387 OTHER INCOME Other income - - - Change in fair value of warrant liability 1,909,973 1,909,973 Interest income on investments held in Trust Account 3,950,927 - 3,950,927 Total other income 3,950,927 1,909,973 5,860,900 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 3,151,540 1,909,973 5,061,513 Income tax expense 788,018 - 788,018 NET INCOME $ 2,363,522 $ 1,909,973 $ 4,273,495 Weighted average shares outstanding of Class A common stock 16,928,889 - 16,928,889 Basic and diluted net income per share, Class A $ 0.18 $ (0.00 ) $ 0.18 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.14 ) $ 0.45 $ 0.31 For the year ended December 31, 2020 As Restatement As CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (890,699 ) $ (68,334,046 ) $ (69,224,745 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Interest earned in Trust Account (1,405,514 ) - (1,405,514 ) Other income remitted directly to Trust Account (212,129 ) - (212,129 ) Change in fair value of warrant liability - 68,334,046 68,334,046 Changes in operating assets and liabilities: Prepaid expenses and other assets (3,101 ) - (3,101 ) Accounts payable 1,544,231 - 1,544,231 Income taxes payable (572,160 ) - (572,160 ) Franchise taxes payable (50,000 ) - (50,000 ) Net cash flows used in operating activities (1,589,372 ) - (1,589,372 ) CASH FLOWS FROM INVESTING ACTIVITIES Cash released from Trust Account for Class A common stock redemptions 148,155,560 - 148,155,560 Cash moved to escrow from private placement received in advance (20,002,872 ) - (20,002,872 ) Investment income released from Trust Account to pay taxes 1,104,885 - 1,104,885 Net cash flows provided by financing activities 129,257,573 - 129,257,573 CASH FLOWS FROM FINANCING ACTIVITIES Cash used for Class A common stock redemptions (148,155,560 ) - (148,155,560 ) Proceeds from private placement received in advance 20,002,872 - 20,002,872 Proceeds from due to affiliates 45,000 - 45,000 Net cash flows used in financing activities (128,107,688 ) - (128,107,688 ) NET CHANGE IN CASH (439,487 ) - (439,487 ) CASH, BEGINNING OF YEAR 482,665 - 482,665 CASH, END OF YEAR $ 43,178 $ - $ 43,178 Supplemental disclosure of noncash activities: Change in value of Class A common stock subject to possible redemption $ (149,100,257 ) $ 20,126,283 $ (128,973,974 ) Supplemental cash flow disclosure: Income taxes paid $ 904,885 $ - $ 904,885 For the year ended December 31, 2019 As Restatement As CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 2,363,522 $ 1,909,973 $ 4,273,495 Adjustments to reconcile net income (loss) to net cash used in operating activities: Interest earned in Trust Account (3,950,927 ) - (3,950,927 ) Other income remitted directly to Trust Account - - - Change in fair value of warrant liability - (1,909,973 ) (1,909,973 ) Changes in operating assets and liabilities: Prepaid expenses and other assets 34,298 - 34,298 Accounts payable (146,591 ) - (146,591 ) Income taxes payable 355,314 - 355,314 Franchise taxes payable (120,000 ) - (120,000 ) Net cash flows used in operating activities (1,464,384 ) - (1,464,384 ) CASH FLOWS FROM INVESTING ACTIVITIES Cash released from Trust Account for Class A common stock redemptions - - - Cash moved to escrow from private placement received in advance - - - Investment income released from Trust Account to pay taxes 754,104 - 754,104 Net cash flows provided by financing activities 754,104 - 754,104 CASH FLOWS FROM FINANCING ACTIVITIES Cash used for Class A common stock redemptions - - - Proceeds from private placement received in advance - - - Proceeds from due to affiliates - - - Net cash flows used in financing activities - - - NET CHANGE IN CASH (710,280 ) - (710,280 ) CASH, BEGINNING OF YEAR 1,192,945 - 1,192,945 CASH, END OF YEAR $ 482,665 $ - $ 482,665 Supplemental disclosure of noncash activities: Change in value of Class A common stock subject to possible redemption $ 2,363,521 $ 1,909,974 $ 4,273,495 Supplemental cash flow disclosure: Income taxes paid $ 432,704 $ - $ 432,704 The following presents a reconciliation of the unaudited Balance Sheets from the balances previously reported to the restated balances as of March 31, 2020, June 30,2020, September 30, 2020, March 31, 2019, June 30, 2019 and September 30, 2019. March 31, 2020 (unaudited) As Restatement As ASSETS CURRENT ASSETS Cash $ 311,303 $ - $ 311,303 Prepaid expenses and other assets 26,946 - 26,946 Total current assets 338,249 - 338,249 OTHER ASSETS Marketable securities held in trust account 176,763,122 - 176,763,122 Escrow for private placement - - Total other assets 176,763,122 - 176,763,122 TOTAL ASSETS 177,101,371 - 177,101,371 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 122,977 - 122,977 Private placement received in advance - - - Income taxes payable 845,702 - 845,702 Franchise taxes payable 50,000 - 50,000 Due to affiliates - - Total current liabilities 1,018,679 - 1,018,679 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 5,252,427 5,252,427 Total long term liabilities 6,771,556 5,252,427 12,023,983 Total liabilities 7,790,235 5,252,427 13,042,662 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 15,748,387 shares at redemption value of $10.10 per share at March 31, 2020 164,311,133 (5,252,424 ) 159,058,709 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none - - - Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 1,180,502 shares issued and outstanding (excluding 15,748,387 shares subject to possible redemption), as of March 31, 2020 67 51 118 Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of March 31, 2020 423 - 423 Additional paid-in capital 1,426,834 (1,426,834 ) - Retained earnings 3,572,679 1,426,780 4,999,459 Total stockholders’ equity 5,000,003 (3 ) 5,000,000 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 177,101,371 $ 0 $ 177,101,371 June 30, 2020 As Restatement As ASSETS CURRENT ASSETS Cash $ 599,156 $ - $ 599,156 Prepaid expenses and other assets 16,321 - 16,321 Total current assets 615,477 - 615,477 OTHER ASSETS Marketable securities held in trust account 33,164,861 - 33,164,861 Escrow for private placement - - Total other assets 33,164,861 - 33,164,861 TOTAL ASSETS 33,780,338 - 33,780,338 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 221,898 - 221,898 Private placement received in advance - - - Income taxes payable 271,937 - 271,937 Franchise taxes payable 20,000 - 20,000 Due to affiliates - - Total current liabilities 513,835 - 513,835 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 20,054,720 20,054,720 Total long term liabilities 6,771,556 20,054,720 26,826,276 Total liabilities 7,285,391 20,054,720 27,340,111 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 3,195,004 shares at redemption value of $10.10 per share at June 30, 2020 21,494,941 10,774,599 32,269,540 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none - - - Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 0 shares issued and outstanding (excluding 3,195,004 shares subject to possible redemption), as of June 30, 2020 108 (108 ) - Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of June 30, 2020 423 - 423 Additional paid-in capital 1,671,219 (1,671,219 ) - Retained earnings (accumulated deficit) 3,328,256 (29,157,993 ) (25,829,737 ) Total stockholders’ equity 5,000,006 (30,829,320 ) (25,829,314 ) TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 33,780,338 $ 0 $ 33,780,338 September 30, 2020 As Restatement As ASSETS CURRENT ASSETS Cash $ 11,009 - $ 11,009 Prepaid expenses and other assets 74,997 - 74,997 Total current assets 86,006 - 86,006 OTHER ASSETS Marketable securities held in trust account 33,178,146 - 33,178,146 Escrow for private placement - - Total other assets 33,178,146 - 33,178,146 TOTAL ASSETS 33,264,152 - 33,264,152 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 951,622 - 951,622 Private placement received in advance - - - Income taxes payable - - - Franchise taxes payable 30,000 - 30,000 Due to affiliates - - Total current liabilities 981,622 - 981,622 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 18,049,387 18,049,387 Total long term liabilities 6,771,556 18,049,387 24,820,943 Total liabilities 7,753,178 18,049,387 25,802,565 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 3,195,004 shares at redemption value of $10.10 per share at September 30, 2020 20,510,971 11,758,569 32,269,540 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none - - - Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 0 shares issued and outstanding (excluding 3,195,004 shares subject to possible redemption), as of September 30, 2020 117 (117 ) - Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of September 30, 2020 423 - 423 Additional paid-in capital 2,655,181 (2,655,181 ) - Retained earnings (accumulated deficit) 2,344,282 (27,152,659 ) (24,808,377 ) Total stockholders’ equity 5,000,003 (29,807,957 ) (24,807,954 ) TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 33,264,152 $ (0 ) $ 33,264,152 March 31, 2019 As Restatement As ASSETS CURRENT ASSETS Cash $ 853,425 $ - $ 853,425 Prepaid expenses and other assets 69,446 - 69,446 Total current assets 922,871 - 922,871 OTHER ASSETS Marketable securities held in trust account 173,274,478 - 173,274,478 Escrow for private placement - - Total other assets 173,274,478 - 173,274,478 TOTAL ASSETS 174,197,349 - 174,197,349 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 343,598 - 343,598 Private placement received in advance - - Income taxes payable 429,131 - 429,131 Franchise taxes payable 50,000 - 50,000 Due to affiliates - - Total current liabilities 822,729 - 822,729 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 6,684,907 6,684,907 Total long term liabilities 6,771,556 6,684,907 13,456,463 Total liabilities 7,594,285 6,684,907 14,279,192 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 15,338,432 shares at redemption value of $10.10 per share at March 31, 2019 161,603,060 (6,684,902 ) 154,918,158 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none - - - Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 1,590,457 shares issued and outstanding (excluding 15,338,432 shares subject to possible redemption), as of March 31, 2019 94 65 159 Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of March 31, 2019 423 - 423 Additional paid-in capital 4,134,879 (4,134,879 ) - Retained earnings 864,608 4,134,810 4,999,418 Total stockholders’ equity 5,000,004 (4 ) 5,000,000 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 174,197,349 $ 0 $ 174,197,349 June 30, 2019 As Restatement As ASSETS CURRENT ASSETS Cash $ 429,215 $ - $ 429,215 Prepaid expenses and other assets 58,821 - 58,821 Total current assets 488,036 - 488,036 OTHER ASSETS Marketable securities held in trust account 174,189,472 - 174,189,472 Escrow for private placement - - Total other assets 174,189,472 - 174,189,472 TOTAL ASSETS 174,677,508 - 174,677,508 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 247,967 - 247,967 Private placement received in advance - - Income taxes payable 324,096 - 324,096 Franchise taxes payable 40,000 - 40,000 Due to affiliates - - Total current liabilities 612,063 - 612,063 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 7,162,400 7,162,400 Total long term liabilities 6,771,556 7,162,400 13,933,956 Total liabilities 7,383,619 7,162,400 14,546,019 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 15,359,553 shares at redemption value of $10.10 per share at June 30, 2019 162,293,880 (7,162,391 ) 155,131,489 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 1,569,336 shares issued and outstanding (excluding 15,359,553 shares subject to possible redemption), as of June 30, 2019 87 70 157 Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of June 30, 2019 423 - 423 Additional paid-in capital 3,444,067 (3,444,067 ) - Retained earnings 1,555,432 3,443,988 4,999,420 Total stockholders’ equity 5,000,009 (9 ) 5,000,000 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 174,677,508 $ 0 $ 174,677,508 September 30, 2019 As Restatement As ASSETS CURRENT ASSETS Cash $ 685,621 $ - $ 685,621 Prepaid expenses and other assets 48,196 - 48,196 Total current assets 733,817 - 733,817 OTHER ASSETS Marketable securities held in trust account 174,618,157 - 174,618,157 Escrow for private placement - - Total other assets 174,618,157 - 174,618,157 TOTAL ASSETS 175,351,974 - 175,351,974 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 236,169 - 236,169 Private placement received in advance - - Income taxes payable 448,145 - 448,145 Franchise taxes payable 40,000 - 40,000 Due to affiliates - - Total current liabilities 724,314 - 724,314 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 9,072,373 9,072,373 Total long term liabilities 6,771,556 9,072,373 15,843,929 Total liabilities 7,495,870 9,072,373 16,568,243 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 15,226,112 shares at redemption value of $10.10 per share at September 30, 2019 162,856,097 (9,072,366 ) 153,783,731 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 1,702,777 shares issued and outstanding (excluding 15,226,112 shares subject to possible redemption), as of September 30, 2019 81 90 171 Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of September 30, 2019 423 - 423 Additional paid-in capital 2,881,856 (1,534,111 ) 1,347,745 Retained earnings 2,117,647 1,534,015 3,651,662 Total stockholders’ equity 5,000,007 (7 ) 5,000,000 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 175,351,974 $ 0 $ 175,351,974 The following presents a reconciliation of the unaudited Statements of Operations from the amounts previously reported to the restated amounts for the three month period ended March 31, 2020, the three and six month periods ended June 30, 2020, the three and nine month periods ended September 30, 2020, the three month period ended March 31, 2019, the three and six month periods ended June 30, 2019 and the three and nine month periods ended September 30, 2019. For the three months ended March 31, 2020 (unaudited) As Restatement As OPERATING EXPENSES General and administrative $ 19,074 $ - $ 19,074 Legal and professional fees 41,768 - 41,768 Franchise tax 50,000 - 50,000 Support services - related party 52,154 - 52,154 Total expenses 162,996 - 162,996 OTHER INCOME Other income - - - Change in fair value of warrant liability - 2,387,467 2,387,467 Interest income on investments held in Trust Account 1,352,505 - 1,352,505 Total other income 1,352,505 2,387,467 3,739,972 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 1,189,509 2,387,467 3,576,976 Income tax expense 273,542 - 273,542 NET INCOME $ 915,967 $ 2,387,467 $ 3,303,434 Weighted average shares outstanding of Class A common stock 16,928,889 - 16,928,889 Basic and diluted net income per share, Class A $ 0.06 $ 0.00 $ 0.06 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.03 ) $ 0.57 $ 0.54 For the three months ended June 30, 2020 (unaudited) As Restatement As OPERATING EXPENSES General and administrative $ 13,820 $ - $ 13,820 Legal and professional fees 161,571 - 161,571 Franchise tax 50,000 - 50,000 Support services - related party 59,846 - 59,846 Total expenses 285,237 - 285,237 OTHER INCOME Other income - - - Change in fair value of warrant liability - (14,802,294 ) (14,802,294 ) Interest income on investments held in Trust Account 38,392 - 38,392 Total other income 38,392 (14,802,294 ) (14,763,902 ) INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES (246,845 ) (14,802,294 ) (15,049,139 ) Income tax expense (2,422 ) - (2,422 ) NET LOSS $ (244,423 ) $ (14,802,294 ) $ (15,046,717 ) Weighted average shares outstanding of Class A common stock 11,740,532 - 11,740,532 Basic and diluted net income per share, Class A $ - $ (0.00 ) $ (0.00 ) Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.06 ) $ (3.49 ) $ (3.55 ) For the three months ended September 30, 2020 As Reported Restatement Adjustments As Restated OPERATING EXPENSES General and administrative $ 49,172 $ - $ 49,172 Legal and professional fees 853,628 - 853,628 Franchise tax 50,000 - 50,000 Support services - related party 52,154 - 52,154 Total expenses 1,004,954 - 1,004,954 OTHER INCOME Other income - - - Change in fair value of warrant liability - 2,005,333 2,005,333 Interest income on investments held in Trust Account 13,285 - 13,285 Total other income 13,285 2,005,333 2,018,618 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES (991,669 ) 2,005,333 1,013,664 Income tax expense (7,695 ) - (7,695 ) NET INCOME $ (983,974 ) $ 2,005,333 $ 1,021,359 Weighted average shares outstanding of Class A common stock 3,195,004 - 3,195,004 Basic and diluted net income per share, Class A $ - $ (0.01 ) $ (0.01 ) Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net (loss) income per share, Class B $ (0.23 ) $ 0.48 $ 0.25 For the six months ended June 30, 2020 As Reported Restatement Adjustments As Restated OPERATING EXPENSES General and administrative $ 32,895 $ - $ 32,895 Legal and professional fees 203,338 - 203,338 Franchise tax 100,000 - 100,000 Support services - related party 112,000 - 112,000 Total expenses 448,233 - 448,233 OTHER INCOME Other income - - - Change in fair value of warrant liability - (12,414,827 ) (12,414,827 ) Interest income on investments held in Trust Account 1,390,897 - 1,390,897 Total other income 1,390,897 (12,414,827 ) (11,023,930 ) INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 942,664 (12,414,827 ) (11,472,163 ) Income tax expense 271,120 - 271,120 NET LOSS $ 671,544 $ (12,414,827 ) $ (11,743,283 ) Weighted average shares outstanding of Class A common stock 14,334,711 - 14,334,711 Basic and diluted net income per share, Class A $ 0.07 $ 0.00 $ 0.07 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.08 ) $ (2.94 ) $ (3.02 ) For the nine months ended September 30, 2020 As Reported Restatement Adjustments As Restated OPERATING EXPENSES General and administrative $ 82,067 $ - $ 82,067 Legal and professional fees 1,056,966 - 1,056,966 Franchise tax 150,000 - 150,000 Support services - related party 164,154 - 164,154 Total expenses 1,453,187 - 1,453,187 OTHER INCOME Other income - - - Change in fair value of warrant liability - (10,409,494 ) (10,409,494 ) Interest income on investments held in Trust Account 1,404,182 - 1,404,182 Total other income (10,409,494 ) (9,005,312 ) INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES (49,005 ) (10,409,494 ) (10,458,499 ) Income tax expense 263,425 - 263,425 NET LOSS $ (312,430 ) $ (10,409,494 ) $ (10,721,924 ) Weighted average shares outstanding of Class A common stock 10,566,869 - 10,566,869 Basic and diluted net income per share, Class A $ 0.09 $ 0.00 $ 0.09 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.31 ) $ (2.46 ) $ (2.77 ) For the three months ended March 31, 2019 (unaudited) As Reported Restatement Adjustments As Restated OPERATING EXPENSES General and administrative $ 123,248 $ - $ 123,248 Legal and professional fees 51,579 - 51,579 Franchise tax 50,000 - 50,000 Support services - related party 52,154 - 52,154 Total expenses 276,981 - 276,981 OTHER INCOME Other income - - - Change in fair value of warrant liability - 2,864,960 2,864,960 Interest income on investments held in Trust Account 1,060,684 - 1,060,684 Total other income 1,060,684 2,864,960 3,925,644 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 783,703 2,864,960 3,648,663 Income tax expense 212,285 - 212,285 NET INCOME $ 571,418 $ 2,864,960 $ 3,436,378 Weighted average shares outstanding of Class A common stock 16,928,889 - 16,928,889 Basic and diluted net income per share, Class A $ 0.05 $ (0.00 ) $ 0.05 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net (loss) income per share, Class B $ (0.05 ) $ 0.67 $ 0.62 For the three months ended June 30, 2019 (unaudited) As Restatement As OPERATING EXPENSES General and administrative $ 17,263 $ - $ 17,263 Legal and professional fees 57,769 - 57,769 Franchise tax 70,000 - 70,000 Support services - related party 59,846 - 59,846 Total expenses 204,878 - 204,878 OTHER INCOME Other income - - - Change in fair value of warrant liability - (477,493 ) (477,493 ) Interest income on investments held in Trust Account 1,115,194 - 1,115,194 Total other income 1,115,194 (477,493 ) 637,701 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 910,316 (477,493 ) 432,823 Income tax expense 219,492 - 219,492 NET INCOME $ 690,824 $ (477,493 ) $ 213,331 Weighted average shares outstanding of Class A common stock 16,928,889 - 16,928,889 Basic and diluted net income per share, Class A $ 0.05 $ (0.00 ) $ 0.05 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.03 ) $ (0.11 ) $ (0.14 ) For the three months ended September 30, 2019 As Restatement As OPERATING EXPENSES General and administrative $ 24,411 $ - $ 24,411 Legal and professional fees 30,383 - 30,383 Franchise tax 40,000 - 40,000 Support services - related party 52,154 - 52,154 Total expenses 146,948 - 146,948 OTHER INCOME Other income - - - Change in fair value of warrant liability - (1,909,973 ) (1,909,973 ) Interest income on investments held in Trust Account 887,300 - 887,300 Total other income 887,300 (1,909,973 ) (1,022,673 ) INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 740,352 (1,909,973 ) (1,169,621 ) Income tax expense 178,137 - 178,137 NET LOSS $ 562,215 $ (1,909,973 ) $ (1,347,758 ) Weighted average shares outstanding of Class A common stock 16,928,889 - 16,928,889 Basic and diluted net income per share, Class A $ 0.04 $ (0.00 ) $ 0.04 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.03 ) $ (0.45 ) $ (0.48 ) For the six months ended June 30, 2019 (unaudited) As Restateme |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10 — Subsequent Events On January 4, 2021 the Company consummated the business combination (the “Closing”) contemplated by the Agreement and Plan of Merger, dated as of August 6, 2020 (as amended, the “Merger Agreement”), by and among the Company, MFAC Merger Sub Inc., a Pennsylvania corporation and an indirect wholly-owned subsidiary of the Company (“Merger Sub”), BankMobile Technologies, Inc., a Pennsylvania corporation (“BankMobile”), Customers Bank, a Pennsylvania state chartered bank and the sole stockholder of BankMobile (“Customers Bank”), and Customers Bancorp, Inc., a Pennsylvania corporation and the parent bank holding company for Customers Bank. As a result of the Closing and the transactions contemplated by the Merger Agreement, (i) BankMobile merged with and into Merger Sub (the “Merger”), with Merger Sub surviving the Merger as a wholly-owned indirect subsidiary of the Company, and (ii) the Company’s name was changed from Megalith Financial Acquisition Corp. to BM Technologies, Inc. The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the consolidated financial statements were available to be issued on July 12, 2021. Other than the restatements above in Note 9, the Company determined that there have been no other events that have occurred that would require adjustments to the disclosures of the consolidated financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation These interim unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). These interim unaudited financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of BMT for the interim periods presented. Material estimates that are particularly susceptible to significant change in the near-term relate to the valuation of deferred tax assets, the valuation of the private warrants, and the annual goodwill and intangible asset impairment analysis. Prior periods presented for comparative purposes represent the balances and activity of BankMobile Technologies, Inc. (other than shares which were retroactively restated in connection with the merger). | Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. |
Seasonality | Seasonality BMT’s higher education serviced deposits fluctuate throughout the year due primarily to the relationship between the deposits level and the typical cycles of student enrollment in higher education institutions. Serviced deposit balances typically experience seasonal lows in June and July when student enrollment is lower and experience seasonal highs in September and January when student enrollment is high and individual account balances are generally at their peak. Debit spend follows a similar seasonal trend, but may slightly lag increases in balances. | |
Impact of COVID-19 | Impact of COVID-19 In March 2020, the outbreak of COVID-19 was recognized as a pandemic by the World Health Organization. The spread of COVID-19 created a global public health crisis that resulted in unprecedented uncertainty, economic volatility and disruption in financial markets and in governmental, commercial and consumer activity in the United States and globally, including the markets that BMT serves. With the initial outbreak of COVID-19 in 2020, the Company experienced an initial decline in revenues as compared to the pre-COVID-19 period, which was followed by an increase in revenues resulting from the benefit of federal stimulus on account balances and activity levels, a trend that has continued into the first quarter of 2021. The extent to which the COVID-19 pandemic will impact the operations and financial results of BMT during the remainder of 2021 and beyond remains uncertain, and we will continue to monitor the impact closely. | |
Significant Accounting Policies | Significant Accounting Policies These interim unaudited financial statements should be read in conjunction with the 2020 audited financial statements of BMT, which describe BMT’s significant accounting policies. There have been no material changes to BMT’s significant accounting policies during the three months ended March 31, 2021. Certain information and footnote disclosures normally included in the annual financial statements have been omitted from these interim unaudited financial statements as permitted by U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies. The Company has elected not to use the extended transition period under the JOBS Act. The Company has both Private and Public Warrants outstanding which are being treated differently for accounting purposes. Note 9 - Shareholders’ Equity provides additional information. | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards On January 1, 2021, the Company adopted Financial Accounting Standards Board (“FASB”) ASU 2019-12: Simplifying the Accounting for Income Taxes (Topic 740) | |
Accounting Pronouncements Issued But Not Yet Adopted | Accounting Pronouncements Issued But Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470- 20 Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share (EPS) for convertible instruments by using the if-converted method. In addition, entities must presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. As a smaller reporting company, ASU 2020-06 is effective for BMT for fiscal years beginning after December 15, 2023. Entities should adopt the guidance as of the beginning of the fiscal year of adoption and cannot adopt the guidance in an interim reporting period. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact that ASU 2020-06 may have on its consolidated financial statements and related disclosures. | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and MFAC Merger Sub Inc., its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. | |
Reclassification | Reclassification Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the presentation of the current period consolidated financial statements. These reclassifications had no effect on the previously reported net income. | |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company” as defined in Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s consolidated financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. | |
Cash and cash equivalents | Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2020 and 2019. | |
Redeemable Common Stock | Redeemable Common Stock As discussed in Note 1 – Description of Organization and Business Operations, all of the 16,928,889 shares held by public stockholders outstanding contained a redemption feature which allows for the redemption of Class A common stock under the Company’s liquidation or tender offer and stockholder approval provisions. In accordance with Financial Accounting Standard Board (“FASB”) Topic ASC 480, “Distinguishing Liabilities from Equity,” (“ASC 480”) redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. On May 26, 2020, the Company’s stockholders approved an extension of the date by which the Company must consummate an initial business combination from May 28, 2020 to August 28, 2020 (or November 30, 2020 if the Company has executed a definitive agreement for an initial business combination by August 28, 2020, which was subsequently extended for two more months before the Merger closed on January 4, 2021). In connection with this extension, on June 3, 2020, 13,733,885 shares of Class A common stock were redeemed for an approximate total value of $142.6 million from the Trust Account. During December 2020 an additional 543,390 shares of Class A common stock were redeemed for an approximate total value of $5.6 million The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security at the end of each reporting period. Increases or decreases in the carrying number of redeemable shares of Class A common stock shall be affected by charges against additional paid in capital. If additional paid in capital is reduced to zero, any additional charges are applied against accumulated deficit. Accordingly, at December 31, 2020, 2,651,614 shares of Class A common stock included in the units at the Public Offering were classified outside of permanent equity at approximately $10.10 per share. At December 31, 2019, 15,421,314 shares of Class A common stock included in the units at the Public Offering were classified outside of permanent equity at approximately $10.10 per share. | |
Offering Costs | Offering Costs Offering costs consist principally of legal, accounting, underwriting fees and other costs directly related to the Initial Public Offering. Offering costs amounting to $9,910,981 were charged to stockholders’ equity and $610,230 allocated to the issuance of warrant liability were charged to statement of operations. | |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Corporation coverage limits of $250,000. At December 31, 2020 and 2019, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account. | |
Financial Instruments | Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying consolidated balance sheets, primarily due to their short-term nature. | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income per share is computed by dividing net income applicable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and Private Placement to purchase an aggregate of 23,874,667 shares of Class A common stock in the calculation of diluted earnings per share, since their inclusion would be anti-dilutive under the treasury stock method. The Company’s statements of operations includes a presentation of income per share for common stock subject to redemption in a manner similar to the two-class method of income per share. Net income per share, basic and diluted for Class A common stock is calculated by dividing the investment income earned on the Trust Account and Other Income of $1,617,643 and $3,950,927, net of applicable income and franchise taxes of $497,748 and $988,018 by the weighted average number of shares of Class A common stock outstanding for the years ended December 31, 2020 and December 31, 2019, respectively. Net income (loss) per share, basic and diluted for Class B common stock is calculated by dividing the net income, less income attributable to Class A common stock, by the weighted average number of shares of Class B common stock outstanding for the period. | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | |
Warrants | Warrants The Company accounts for warrants issued in accordance with the guidance contained in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 815, “Derivatives and Hedging,” under which the warrants for shares of the Company’s common stock that are not indexed to its own stock do not meet the criteria for equity treatment and must be recorded as derivative liabilities. Accordingly, warrants are classified as liabilities at their fair value and adjusted at each reporting period. Any change in fair value is recognized as a component of other income (expense), net on the Statement of Operations. Adjustment of liability for changes in fair value will be continued until the earlier of the expiration or exercise of the common stock warrants. At that time, the portion of the warrant liability related to the common stock warrants will be reclassified to additional paid-in capital. | |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the balance sheet carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. For the years ended December 31, 2020 and 2019, the change in the valuation allowance was $422,225, and $125,871, respectively. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts were accrued for the payment of interest and as of December 31, 2020 or 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax basis of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. Current income taxes are based on the year’s income taxable for federal and state income tax reporting purposes. Total tax provision may differ from the statutory tax rates applied to income before provision for income taxes due principally to expenses charged which are not tax deductible. The total provision for income taxes is comprised of the following for the years ended: December 31, December 31, 2020 2019 Current Expense 297,748 788,018 Deferred Expense (422,225 ) (125,871 ) Change in Valuation Allowance 422,225 125,871 Total Income Tax Expense 297,748 788,018 The net deferred tax assets and liabilities in the accompanying balance sheets included the following components: December 31, December 31, Deferred tax assets $ 657,341 $ 235,116 Deferred tax liabilities - - Valuation allowance for deferred tax assets (657,341 ) (235,116 ) Net deferred tax assets $ - $ - The deferred tax assets as of December 31, 2020 and 2019 were comprised of the tax effect of cumulative temporary differences as follows: December 31, December 31, Capitalized expenses before business combination $ 657,341 $ 235,116 Valuation allowance for deferred tax assets (657,341 ) (235,116 ) Total $ - $ - In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, Management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. As of December 31, 2020 and 2019, the valuation allowance was $657,341 and $235,116, respectively. A reconciliation of the statutory federal income tax rate (benefit) to the Company’s effective tax rate is as follows: December 31, December 31, 2020 2019 Statutory federal income tax rate 21.0 % 21 % Change in fair value of derivative warrant liabilities -20.8 % -7.92 % State taxes, net of federal tax benefit 0 % 0 % Valuation allowance -0.6 % 2.5 % Income tax (benefit) expense -0.4 % 15.6 % | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s consolidated financial statements. | |
Trust Account | Trust Account The Trust Account can be invested in U.S. government securities, within the meaning set forth in the Investment Company Act, having a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act. The Company’s amended and restated certificate of incorporation provide that, other than the withdrawal of interest to pay income and franchise taxes and up to $100,000 of interest to pay dissolution expenses if any, none of the funds held in the Trust Account will be released until the earlier of: (i) the completion of the Business Combination; (ii) the redemption of Public Shares properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete the Business Combination within the Combination Period or (iii) the redemption of 100% of the Public Shares if the Company is unable to complete a Business Combination within the Combination Period. |
Description of the Business a_2
Description of the Business and Merger Transaction (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Sources and Uses of Cash Related to Closing of Merger Transaction and Reconciliation of Common Shares Related to Merger | (amounts in thousands) Cash at Megalith $ 27,669 Cash from PIPE (private investment in public entity) investors 20,003 Total sources of cash 47,672 Cash paid to underwriters and other transaction costs (3,987 ) Cash paid to Customers Bank as consideration (23,125 ) Cash from recapitalization transaction (A) 20,560 Cash used to pay down BMT debt (8,834 ) Cash received by BMT and used to pay down debt (6,738 ) Total cash used to pay down outstanding debt (B) (15,572 ) Net cash received by BMT from the reverse recapitalization transaction at March 31, 2021 (=A+B) 4,988 90 day merger true-up, accrued by BMT at March 31, 2021 (a) (3,672 ) Final cash to BMT from the reverse recapitalization transaction $ 1,316 (a) The Company expects to payout the $3.7 million in cash in late May 2021. Shares related to the recapitalization transaction - January 4, 2021 6,076,946 Shares held by legacy BankMobile shareholders - December 31, 2020 6,123,432 Total shares issued and outstanding, March 31, 2021 12,200,378 |
Premises and Equipment & Deve_2
Premises and Equipment & Developed Software (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of components of premises and equipment | (amounts in thousands) Expected Useful Life March 31, December 31, Leasehold improvements 5 years $ 28 $ 28 Furniture, fixtures and equipment 10 years 243 243 IT equipment 3 to 5 years 1,675 1,675 1,946 1,946 Accumulated amortization (1,601 ) (1,545 ) Total $ 345 $ 401 |
Schedule of components of developed software | (amounts in thousands) Expected Useful Life March 31, December 31, Higher One Disbursement business developed software 10 years $ 27,400 $ 27,400 Internally developed software 3 to 5 years 40,105 40,104 Work-in-process 1,736 1,620 69,241 69,124 Accumulated amortization (32,289 ) (29,467 ) Total $ 36,952 $ 39,657 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of components of other intangibles | (amounts in thousands) Expected Useful Life March 31, December 31, Customer relationships – universities 20 years $ 6,402 $ 6,402 Accumulated amortization (1,412 ) (1,332 ) Total $ 4,990 $ 5,070 |
Schedule of future amortization | Remainder of 2021 $ 240 2022 320 2023 320 2024 320 2025 320 After 2025 3,470 Total $ 4,990 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Schedule of operating lease ROU assets and Liabilities | (amounts in thousands) Classification March 31, December 31, Assets: Operating lease ROU assets Other assets $ 936 $ 1,218 Liabilities: Operating lease liabilities Operating lease liabilities $ 949 $ 1,131 |
Schedule of operating lease cost and weighted average remaining lease term and discount rate | Three Months Ended (amounts in thousands) Classification 2021 2020 Operating lease cost Occupancy $ 275 $ 258 |
Schedule of maturities of non-cancelable operating lease liabilities | (amounts in thousands) March 31, 2021 $ 540 2022 419 Total minimum payments 959 Less: interest (10 ) Present value of lease liabilities $ 949 |
Schedule of weighted average remaining lease term | (amounts in thousands) March 31, December 31, Weighted average remaining lease term (years) Operating leases 1.3 years 1.6 years Weighted average discount rate Operating leases 1.0 % 1.4 % |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Three Months Ended (amounts in thousands) 2021 2020 Revenues from contracts with customers: Revenue recognized at point in time: Interchange and card revenue $ 8,351 $ 6,607 Servicing fees from partner bank 9,372 4,765 Account fees 2,686 2,909 University fees - disbursement activity 276 293 Other 2,650 192 Total revenue recognized at point in time $ 23,335 $ 14,766 Revenue recognized over time: University fees - subscriptions $ 1,048 $ 992 Total revenue recognized over time 1,048 992 Total revenue recognized from contracts with customers $ 24,383 $ 15,758 |
Deferred Revenue Balances | March 31, (amounts in thousands) 2021 2020 Deferred revenue, beginning of period $ 4,689 $ 1,938 Deferred revenue, end of period $ 4,624 $ 4,905 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of components and results of operations and earnings (loss) per common share calculations | Three Months Ended (amounts in thousands, except per share data) 2021 2020 Net income (loss) available to common shareholders $ 18,889 $ (4,534 ) Weighted-average common shares outstanding – basic 11,900 6,123 Weighted-average common shares outstanding – diluted 15,512 6,123 Earnings (loss) per common share - basic $ 1.59 $ (0.74 ) Earnings (loss) per common share - diluted $ 0.25 $ (0.74 ) |
Disclosures About Fair Value _2
Disclosures About Fair Value of Financial Instruments (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Schedule of estimated Fair Values of Financial Instruments | Fair Value Measurements at March 31, 2021 (amounts in thousands) Carrying Amount Estimated Fair Value Quoted Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 17,379 $ 17,379 $ 17,379 $ — $ — Liabilities: Borrowings from partner bank $ 5,345 $ 5,345 $ — $ 5,345 $ — Liability for Private Warrants (a) 15,836 15,836 $ — $ — 15,836 (a) The initial fair value of the warrants was $30.8 million on January 4, 2021, the merger date. The $15.0 million change in fair value during the first quarter was reported in Gain on fair value of private warrant liability Fair Value Measurements at December 31, 2020 (amounts in thousands) Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 2,989 $ 2,989 $ 2,989 $ — $ — Liabilities: Borrowings from partner bank $ 21,000 $ 21,000 $ — $ 21,000 $ — | |
Schedule of fair value on a recurring basis | Description Level December 31, December 31, Assets: Marketable securities in Trust Account 1 $ 27,713,815 $ 175,410,617 Liabilities: Public Warrants 1 $ 49,093,778 $ 5,417,244 Private Placement Warrants 2 $ 26,880,161 $ 2,222,649 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | December 31, December 31, 2020 2019 Current Expense 297,748 788,018 Deferred Expense (422,225 ) (125,871 ) Change in Valuation Allowance 422,225 125,871 Total Income Tax Expense 297,748 788,018 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, December 31, Deferred tax assets $ 657,341 $ 235,116 Deferred tax liabilities - - Valuation allowance for deferred tax assets (657,341 ) (235,116 ) Net deferred tax assets $ - $ - |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | December 31, December 31, Capitalized expenses before business combination $ 657,341 $ 235,116 Valuation allowance for deferred tax assets (657,341 ) (235,116 ) Total $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | December 31, December 31, 2020 2019 Statutory federal income tax rate 21.0 % 21 % Change in fair value of derivative warrant liabilities -20.8 % -7.92 % State taxes, net of federal tax benefit 0 % 0 % Valuation allowance -0.6 % 2.5 % Income tax (benefit) expense -0.4 % 15.6 % |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Balance Sheets | December 31, 2020 As Restatement As ASSETS CURRENT ASSETS Cash $ 43,178 $ - $ 43,178 Prepaid expenses and other assets 40,672 - 40,672 Total current assets 83,850 - 83,850 OTHER ASSETS Marketable securities held in trust account 27,713,815 - 27,713,815 Escrow for private placement 20,002,872 - 20,002,872 Total other assets 47,716,687 - 47,716,687 TOTAL ASSETS 47,800,537 - 47,800,537 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 1,656,199 - 1,656,199 Private placement received in advance 20,002,872 - 20,002,872 Income taxes payable - - - Franchise taxes payable 30,000 - 30,000 Due to affiliates 45,000 - 45,000 Total current liabilities 21,734,071 - 21,734,071 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 75,973,939 75,973,939 Total long term liabilities 6,771,556 75,973,939 82,745,495 Total liabilities 28,505,627 75,973,939 104,479,566 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 2,651,614 shares at redemption value of $10.10 per share at December 31, 2020 14,294,907 12,486,394 26,781,301 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none - - - Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 0 shares issued and outstanding (excluding 2,651,614 shares subject to possible redemption), as of December 31, 2020 124 (124 ) - Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of December 31, 2020. 423 - 423 Additional paid-in capital 3,233,443 (3,233,443 ) - Retained earnings (accumulated deficit) 1,766,013 (85,226,766 ) (83,460,753 ) Total stockholders’ equity 5,000,003 (88,460,333 ) (83,460,330 ) TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 47,800,537 $ 0 $ 47,800,537 December 31, 2019 As Restatement As ASSETS CURRENT ASSETS Cash $ 482,665 $ - $ 482,665 Prepaid expenses and other assets 37,571 - 37,571 Total current assets 520,236 - 520,236 OTHER ASSETS Marketable securities held in trust account 175,410,617 - 175,410,617 Escrow for private placement - - - Total other assets 175,410,617 - 175,410,617 TOTAL ASSETS 175,930,853 - 175,930,853 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 111,968 - 111,968 Private placement received in advance - - - Income taxes payable 572,160 - 572,160 Franchise taxes payable 80,000 - 80,000 Due to affiliates - - - Total current liabilities 764,128 - 764,128 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 7,639,893 7,639,893 Total long term liabilities 6,771,556 7,639,893 14,411,449 Total liabilities 7,535,684 7,639,893 15,175,577 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 15,421,314 shares at redemption value of $10.10 per share at December 31, 2019 163,395,164 (7,639,888 ) 155,755,276 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none - - - Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 1,507,575 shares issued and outstanding (excluding 15,421,314 shares subject to possible redemption), as of December 31, 2019 76 75 151 Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of December 31, 2019 423 - 423 Additional paid-in capital 2,342,794 (2,342,794 ) - Retained earnings (accumulated deficit) 2,656,712 2,342,714 4,999,426 Total stockholders’ equity 5,000,005 (5 ) 5,000,000 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 175,930,853 $ 0 $ 175,930,853 March 31, 2020 (unaudited) As Restatement As ASSETS CURRENT ASSETS Cash $ 311,303 $ - $ 311,303 Prepaid expenses and other assets 26,946 - 26,946 Total current assets 338,249 - 338,249 OTHER ASSETS Marketable securities held in trust account 176,763,122 - 176,763,122 Escrow for private placement - - Total other assets 176,763,122 - 176,763,122 TOTAL ASSETS 177,101,371 - 177,101,371 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 122,977 - 122,977 Private placement received in advance - - - Income taxes payable 845,702 - 845,702 Franchise taxes payable 50,000 - 50,000 Due to affiliates - - Total current liabilities 1,018,679 - 1,018,679 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 5,252,427 5,252,427 Total long term liabilities 6,771,556 5,252,427 12,023,983 Total liabilities 7,790,235 5,252,427 13,042,662 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 15,748,387 shares at redemption value of $10.10 per share at March 31, 2020 164,311,133 (5,252,424 ) 159,058,709 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none - - - Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 1,180,502 shares issued and outstanding (excluding 15,748,387 shares subject to possible redemption), as of March 31, 2020 67 51 118 Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of March 31, 2020 423 - 423 Additional paid-in capital 1,426,834 (1,426,834 ) - Retained earnings 3,572,679 1,426,780 4,999,459 Total stockholders’ equity 5,000,003 (3 ) 5,000,000 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 177,101,371 $ 0 $ 177,101,371 June 30, 2020 As Restatement As ASSETS CURRENT ASSETS Cash $ 599,156 $ - $ 599,156 Prepaid expenses and other assets 16,321 - 16,321 Total current assets 615,477 - 615,477 OTHER ASSETS Marketable securities held in trust account 33,164,861 - 33,164,861 Escrow for private placement - - Total other assets 33,164,861 - 33,164,861 TOTAL ASSETS 33,780,338 - 33,780,338 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 221,898 - 221,898 Private placement received in advance - - - Income taxes payable 271,937 - 271,937 Franchise taxes payable 20,000 - 20,000 Due to affiliates - - Total current liabilities 513,835 - 513,835 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 20,054,720 20,054,720 Total long term liabilities 6,771,556 20,054,720 26,826,276 Total liabilities 7,285,391 20,054,720 27,340,111 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 3,195,004 shares at redemption value of $10.10 per share at June 30, 2020 21,494,941 10,774,599 32,269,540 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none - - - Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 0 shares issued and outstanding (excluding 3,195,004 shares subject to possible redemption), as of June 30, 2020 108 (108 ) - Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of June 30, 2020 423 - 423 Additional paid-in capital 1,671,219 (1,671,219 ) - Retained earnings (accumulated deficit) 3,328,256 (29,157,993 ) (25,829,737 ) Total stockholders’ equity 5,000,006 (30,829,320 ) (25,829,314 ) TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 33,780,338 $ 0 $ 33,780,338 September 30, 2020 As Restatement As ASSETS CURRENT ASSETS Cash $ 11,009 - $ 11,009 Prepaid expenses and other assets 74,997 - 74,997 Total current assets 86,006 - 86,006 OTHER ASSETS Marketable securities held in trust account 33,178,146 - 33,178,146 Escrow for private placement - - Total other assets 33,178,146 - 33,178,146 TOTAL ASSETS 33,264,152 - 33,264,152 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 951,622 - 951,622 Private placement received in advance - - - Income taxes payable - - - Franchise taxes payable 30,000 - 30,000 Due to affiliates - - Total current liabilities 981,622 - 981,622 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 18,049,387 18,049,387 Total long term liabilities 6,771,556 18,049,387 24,820,943 Total liabilities 7,753,178 18,049,387 25,802,565 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 3,195,004 shares at redemption value of $10.10 per share at September 30, 2020 20,510,971 11,758,569 32,269,540 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none - - - Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 0 shares issued and outstanding (excluding 3,195,004 shares subject to possible redemption), as of September 30, 2020 117 (117 ) - Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of September 30, 2020 423 - 423 Additional paid-in capital 2,655,181 (2,655,181 ) - Retained earnings (accumulated deficit) 2,344,282 (27,152,659 ) (24,808,377 ) Total stockholders’ equity 5,000,003 (29,807,957 ) (24,807,954 ) TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 33,264,152 $ (0 ) $ 33,264,152 March 31, 2019 As Restatement As ASSETS CURRENT ASSETS Cash $ 853,425 $ - $ 853,425 Prepaid expenses and other assets 69,446 - 69,446 Total current assets 922,871 - 922,871 OTHER ASSETS Marketable securities held in trust account 173,274,478 - 173,274,478 Escrow for private placement - - Total other assets 173,274,478 - 173,274,478 TOTAL ASSETS 174,197,349 - 174,197,349 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 343,598 - 343,598 Private placement received in advance - - Income taxes payable 429,131 - 429,131 Franchise taxes payable 50,000 - 50,000 Due to affiliates - - Total current liabilities 822,729 - 822,729 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 6,684,907 6,684,907 Total long term liabilities 6,771,556 6,684,907 13,456,463 Total liabilities 7,594,285 6,684,907 14,279,192 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 15,338,432 shares at redemption value of $10.10 per share at March 31, 2019 161,603,060 (6,684,902 ) 154,918,158 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none - - - Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 1,590,457 shares issued and outstanding (excluding 15,338,432 shares subject to possible redemption), as of March 31, 2019 94 65 159 Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of March 31, 2019 423 - 423 Additional paid-in capital 4,134,879 (4,134,879 ) - Retained earnings 864,608 4,134,810 4,999,418 Total stockholders’ equity 5,000,004 (4 ) 5,000,000 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 174,197,349 $ 0 $ 174,197,349 June 30, 2019 As Restatement As ASSETS CURRENT ASSETS Cash $ 429,215 $ - $ 429,215 Prepaid expenses and other assets 58,821 - 58,821 Total current assets 488,036 - 488,036 OTHER ASSETS Marketable securities held in trust account 174,189,472 - 174,189,472 Escrow for private placement - - Total other assets 174,189,472 - 174,189,472 TOTAL ASSETS 174,677,508 - 174,677,508 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 247,967 - 247,967 Private placement received in advance - - Income taxes payable 324,096 - 324,096 Franchise taxes payable 40,000 - 40,000 Due to affiliates - - Total current liabilities 612,063 - 612,063 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 7,162,400 7,162,400 Total long term liabilities 6,771,556 7,162,400 13,933,956 Total liabilities 7,383,619 7,162,400 14,546,019 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 15,359,553 shares at redemption value of $10.10 per share at June 30, 2019 162,293,880 (7,162,391 ) 155,131,489 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 1,569,336 shares issued and outstanding (excluding 15,359,553 shares subject to possible redemption), as of June 30, 2019 87 70 157 Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of June 30, 2019 423 - 423 Additional paid-in capital 3,444,067 (3,444,067 ) - Retained earnings 1,555,432 3,443,988 4,999,420 Total stockholders’ equity 5,000,009 (9 ) 5,000,000 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 174,677,508 $ 0 $ 174,677,508 September 30, 2019 As Restatement As ASSETS CURRENT ASSETS Cash $ 685,621 $ - $ 685,621 Prepaid expenses and other assets 48,196 - 48,196 Total current assets 733,817 - 733,817 OTHER ASSETS Marketable securities held in trust account 174,618,157 - 174,618,157 Escrow for private placement - - Total other assets 174,618,157 - 174,618,157 TOTAL ASSETS 175,351,974 - 175,351,974 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 236,169 - 236,169 Private placement received in advance - - Income taxes payable 448,145 - 448,145 Franchise taxes payable 40,000 - 40,000 Due to affiliates - - Total current liabilities 724,314 - 724,314 LONG TERM LIABILITIES Deferred underwriting fee payable 6,771,556 - 6,771,556 Warrant Liability - 9,072,373 9,072,373 Total long term liabilities 6,771,556 9,072,373 15,843,929 Total liabilities 7,495,870 9,072,373 16,568,243 COMMITMENTS AND CONTINGENCIES Class A common stock subject to possible redemption, $0.0001 par value, 15,226,112 shares at redemption value of $10.10 per share at September 30, 2019 162,856,097 (9,072,366 ) 153,783,731 STOCKHOLDERS’ EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none Class A Common Stock; $0.0001 par value; 100,000,000 shares authorized; 1,702,777 shares issued and outstanding (excluding 15,226,112 shares subject to possible redemption), as of September 30, 2019 81 90 171 Class B Common Stock; $0.0001 par value; 10,000,000 shares authorized; 4,232,222 shares issued and outstanding as of September 30, 2019 423 - 423 Additional paid-in capital 2,881,856 (1,534,111 ) 1,347,745 Retained earnings 2,117,647 1,534,015 3,651,662 Total stockholders’ equity 5,000,007 (7 ) 5,000,000 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 175,351,974 $ 0 $ 175,351,974 |
Schedule of operation statement | For the year ended December 31, 2020 As Restatement As OPERATING EXPENSES General and administrative $ 292,252 $ - $ 292,252 Legal and professional fees 1,532,958 - 1,532,958 Franchise tax 200,000 - 200,000 Support services - related party 185,384 - 185,384 Total expenses 2,210,594 - 2,210,594 OTHER INCOME Other income 212,129 - 212,129 Change in fair value of warrant liability (68,334,046 ) (68,334,046 ) Interest income on investments held in Trust Account 1,405,514 - 1,405,514 Total other income 1,617,643 (68,334,046 ) (66,716,403 ) INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES (592,951 ) (68,334,046 ) (68,926,997 ) Income tax expense 297,748 - 297,748 NET LOSS $ (890,699 ) $ (68,334,046 ) $ (69,224,745 ) Weighted average shares outstanding of Class A common stock 8,655,806 - 8,655,806 Basic and diluted net income per share, Class A $ 0.13 $ (0.00 ) $ 0.13 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.48 ) $ (16.14 ) $ (16.62 ) For the year ended December 31, 2019 As Restatement As OPERATING EXPENSES General and administrative $ 155,854 $ - $ 155,854 Legal and professional fees 219,533 - 219,533 Franchise tax 200,000 - 200,000 Support services - related party 224,000 - 224,000 Total expenses 799,387 - 799,387 OTHER INCOME Other income - - - Change in fair value of warrant liability 1,909,973 1,909,973 Interest income on investments held in Trust Account 3,950,927 - 3,950,927 Total other income 3,950,927 1,909,973 5,860,900 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 3,151,540 1,909,973 5,061,513 Income tax expense 788,018 - 788,018 NET INCOME $ 2,363,522 $ 1,909,973 $ 4,273,495 Weighted average shares outstanding of Class A common stock 16,928,889 - 16,928,889 Basic and diluted net income per share, Class A $ 0.18 $ (0.00 ) $ 0.18 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.14 ) $ 0.45 $ 0.31 For the three months ended March 31, 2020 (unaudited) As Restatement As OPERATING EXPENSES General and administrative $ 19,074 $ - $ 19,074 Legal and professional fees 41,768 - 41,768 Franchise tax 50,000 - 50,000 Support services - related party 52,154 - 52,154 Total expenses 162,996 - 162,996 OTHER INCOME Other income - - - Change in fair value of warrant liability - 2,387,467 2,387,467 Interest income on investments held in Trust Account 1,352,505 - 1,352,505 Total other income 1,352,505 2,387,467 3,739,972 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 1,189,509 2,387,467 3,576,976 Income tax expense 273,542 - 273,542 NET INCOME $ 915,967 $ 2,387,467 $ 3,303,434 Weighted average shares outstanding of Class A common stock 16,928,889 - 16,928,889 Basic and diluted net income per share, Class A $ 0.06 $ 0.00 $ 0.06 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.03 ) $ 0.57 $ 0.54 For the three months ended June 30, 2020 (unaudited) As Restatement As OPERATING EXPENSES General and administrative $ 13,820 $ - $ 13,820 Legal and professional fees 161,571 - 161,571 Franchise tax 50,000 - 50,000 Support services - related party 59,846 - 59,846 Total expenses 285,237 - 285,237 OTHER INCOME Other income - - - Change in fair value of warrant liability - (14,802,294 ) (14,802,294 ) Interest income on investments held in Trust Account 38,392 - 38,392 Total other income 38,392 (14,802,294 ) (14,763,902 ) INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES (246,845 ) (14,802,294 ) (15,049,139 ) Income tax expense (2,422 ) - (2,422 ) NET LOSS $ (244,423 ) $ (14,802,294 ) $ (15,046,717 ) Weighted average shares outstanding of Class A common stock 11,740,532 - 11,740,532 Basic and diluted net income per share, Class A $ - $ (0.00 ) $ (0.00 ) Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.06 ) $ (3.49 ) $ (3.55 ) For the three months ended September 30, 2020 As Reported Restatement Adjustments As Restated OPERATING EXPENSES General and administrative $ 49,172 $ - $ 49,172 Legal and professional fees 853,628 - 853,628 Franchise tax 50,000 - 50,000 Support services - related party 52,154 - 52,154 Total expenses 1,004,954 - 1,004,954 OTHER INCOME Other income - - - Change in fair value of warrant liability - 2,005,333 2,005,333 Interest income on investments held in Trust Account 13,285 - 13,285 Total other income 13,285 2,005,333 2,018,618 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES (991,669 ) 2,005,333 1,013,664 Income tax expense (7,695 ) - (7,695 ) NET INCOME $ (983,974 ) $ 2,005,333 $ 1,021,359 Weighted average shares outstanding of Class A common stock 3,195,004 - 3,195,004 Basic and diluted net income per share, Class A $ - $ (0.01 ) $ (0.01 ) Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net (loss) income per share, Class B $ (0.23 ) $ 0.48 $ 0.25 For the six months ended June 30, 2020 As Reported Restatement Adjustments As Restated OPERATING EXPENSES General and administrative $ 32,895 $ - $ 32,895 Legal and professional fees 203,338 - 203,338 Franchise tax 100,000 - 100,000 Support services - related party 112,000 - 112,000 Total expenses 448,233 - 448,233 OTHER INCOME Other income - - - Change in fair value of warrant liability - (12,414,827 ) (12,414,827 ) Interest income on investments held in Trust Account 1,390,897 - 1,390,897 Total other income 1,390,897 (12,414,827 ) (11,023,930 ) INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 942,664 (12,414,827 ) (11,472,163 ) Income tax expense 271,120 - 271,120 NET LOSS $ 671,544 $ (12,414,827 ) $ (11,743,283 ) Weighted average shares outstanding of Class A common stock 14,334,711 - 14,334,711 Basic and diluted net income per share, Class A $ 0.07 $ 0.00 $ 0.07 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.08 ) $ (2.94 ) $ (3.02 ) For the nine months ended September 30, 2020 As Reported Restatement Adjustments As Restated OPERATING EXPENSES General and administrative $ 82,067 $ - $ 82,067 Legal and professional fees 1,056,966 - 1,056,966 Franchise tax 150,000 - 150,000 Support services - related party 164,154 - 164,154 Total expenses 1,453,187 - 1,453,187 OTHER INCOME Other income - - - Change in fair value of warrant liability - (10,409,494 ) (10,409,494 ) Interest income on investments held in Trust Account 1,404,182 - 1,404,182 Total other income (10,409,494 ) (9,005,312 ) INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES (49,005 ) (10,409,494 ) (10,458,499 ) Income tax expense 263,425 - 263,425 NET LOSS $ (312,430 ) $ (10,409,494 ) $ (10,721,924 ) Weighted average shares outstanding of Class A common stock 10,566,869 - 10,566,869 Basic and diluted net income per share, Class A $ 0.09 $ 0.00 $ 0.09 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.31 ) $ (2.46 ) $ (2.77 ) For the three months ended March 31, 2019 (unaudited) As Reported Restatement Adjustments As Restated OPERATING EXPENSES General and administrative $ 123,248 $ - $ 123,248 Legal and professional fees 51,579 - 51,579 Franchise tax 50,000 - 50,000 Support services - related party 52,154 - 52,154 Total expenses 276,981 - 276,981 OTHER INCOME Other income - - - Change in fair value of warrant liability - 2,864,960 2,864,960 Interest income on investments held in Trust Account 1,060,684 - 1,060,684 Total other income 1,060,684 2,864,960 3,925,644 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 783,703 2,864,960 3,648,663 Income tax expense 212,285 - 212,285 NET INCOME $ 571,418 $ 2,864,960 $ 3,436,378 Weighted average shares outstanding of Class A common stock 16,928,889 - 16,928,889 Basic and diluted net income per share, Class A $ 0.05 $ (0.00 ) $ 0.05 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net (loss) income per share, Class B $ (0.05 ) $ 0.67 $ 0.62 For the three months ended June 30, 2019 (unaudited) As Restatement As OPERATING EXPENSES General and administrative $ 17,263 $ - $ 17,263 Legal and professional fees 57,769 - 57,769 Franchise tax 70,000 - 70,000 Support services - related party 59,846 - 59,846 Total expenses 204,878 - 204,878 OTHER INCOME Other income - - - Change in fair value of warrant liability - (477,493 ) (477,493 ) Interest income on investments held in Trust Account 1,115,194 - 1,115,194 Total other income 1,115,194 (477,493 ) 637,701 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 910,316 (477,493 ) 432,823 Income tax expense 219,492 - 219,492 NET INCOME $ 690,824 $ (477,493 ) $ 213,331 Weighted average shares outstanding of Class A common stock 16,928,889 - 16,928,889 Basic and diluted net income per share, Class A $ 0.05 $ (0.00 ) $ 0.05 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.03 ) $ (0.11 ) $ (0.14 ) For the three months ended September 30, 2019 As Restatement As OPERATING EXPENSES General and administrative $ 24,411 $ - $ 24,411 Legal and professional fees 30,383 - 30,383 Franchise tax 40,000 - 40,000 Support services - related party 52,154 - 52,154 Total expenses 146,948 - 146,948 OTHER INCOME Other income - - - Change in fair value of warrant liability - (1,909,973 ) (1,909,973 ) Interest income on investments held in Trust Account 887,300 - 887,300 Total other income 887,300 (1,909,973 ) (1,022,673 ) INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 740,352 (1,909,973 ) (1,169,621 ) Income tax expense 178,137 - 178,137 NET LOSS $ 562,215 $ (1,909,973 ) $ (1,347,758 ) Weighted average shares outstanding of Class A common stock 16,928,889 - 16,928,889 Basic and diluted net income per share, Class A $ 0.04 $ (0.00 ) $ 0.04 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net loss per share, Class B $ (0.03 ) $ (0.45 ) $ (0.48 ) For the six months ended June 30, 2019 (unaudited) As Restatement As OPERATING EXPENSES General and administrative $ 119,619 $ - $ 119,619 Legal and professional fees 130,239 - 130,239 Franchise tax 120,000 - 120,000 Support services - related party 112,000 - 112,000 Total expenses 481,858 - 481,858 OTHER INCOME Other income - - - Change in fair value of warrant liability - 2,387,467 2,387,467 Interest income on investments held in Trust Account 2,175,878 - 2,175,878 Total other income 2,175,878 2,387,467 4,563,345 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 1,694,020 2,387,467 4,081,487 Income tax expense 431,778 - 431,778 NET INCOME $ 1,262,242 $ 2,387,467 $ 3,649,709 Weighted average shares outstanding of Class A common stock 16,928,889 - 16,928,889 Basic and diluted net income per share, Class A $ 0.10 $ (0.00 ) $ 0.10 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net income per share, Class B $ - $ 0.48 $ 0.48 For the nine months ended September 30, 2019 As Restatement As OPERATING EXPENSES General and administrative $ 144,030 $ - $ 144,030 Legal and professional fees 160,622 - 160,622 Franchise tax 160,000 - 160,000 Support services - related party 164,154 - 164,154 Total expenses 628,806 - 628,806 OTHER INCOME Other income - - - Change in fair value of warrant liability - 477,493 477,493 Interest income on investments held in Trust Account 3,063,178 - 3,063,178 Total other income 3,063,178 477,493 3,540,671 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 2,434,372 477,493 2,911,865 Income tax expense 609,915 - 609,915 NET INCOME $ 1,824,457 $ 477,493 $ 2,301,950 Weighted average shares outstanding of Class A common stock 16,928,889 - 16,928,889 Basic and diluted net income per share, Class A $ 0.14 $ (0.00 ) $ 0.14 Weighted average shares outstanding of Class B common stock 4,232,222 - 4,232,222 Basic and diluted net (loss) income per share, Class B $ (0.11 ) $ 0.11 $ 0.54 |
Schedule of cash flow statement | For the year ended December 31, 2020 As Restatement As CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (890,699 ) $ (68,334,046 ) $ (69,224,745 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Interest earned in Trust Account (1,405,514 ) - (1,405,514 ) Other income remitted directly to Trust Account (212,129 ) - (212,129 ) Change in fair value of warrant liability - 68,334,046 68,334,046 Changes in operating assets and liabilities: Prepaid expenses and other assets (3,101 ) - (3,101 ) Accounts payable 1,544,231 - 1,544,231 Income taxes payable (572,160 ) - (572,160 ) Franchise taxes payable (50,000 ) - (50,000 ) Net cash flows used in operating activities (1,589,372 ) - (1,589,372 ) CASH FLOWS FROM INVESTING ACTIVITIES Cash released from Trust Account for Class A common stock redemptions 148,155,560 - 148,155,560 Cash moved to escrow from private placement received in advance (20,002,872 ) - (20,002,872 ) Investment income released from Trust Account to pay taxes 1,104,885 - 1,104,885 Net cash flows provided by financing activities 129,257,573 - 129,257,573 CASH FLOWS FROM FINANCING ACTIVITIES Cash used for Class A common stock redemptions (148,155,560 ) - (148,155,560 ) Proceeds from private placement received in advance 20,002,872 - 20,002,872 Proceeds from due to affiliates 45,000 - 45,000 Net cash flows used in financing activities (128,107,688 ) - (128,107,688 ) NET CHANGE IN CASH (439,487 ) - (439,487 ) CASH, BEGINNING OF YEAR 482,665 - 482,665 CASH, END OF YEAR $ 43,178 $ - $ 43,178 Supplemental disclosure of noncash activities: Change in value of Class A common stock subject to possible redemption $ (149,100,257 ) $ 20,126,283 $ (128,973,974 ) Supplemental cash flow disclosure: Income taxes paid $ 904,885 $ - $ 904,885 For the year ended December 31, 2019 As Restatement As CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 2,363,522 $ 1,909,973 $ 4,273,495 Adjustments to reconcile net income (loss) to net cash used in operating activities: Interest earned in Trust Account (3,950,927 ) - (3,950,927 ) Other income remitted directly to Trust Account - - - Change in fair value of warrant liability - (1,909,973 ) (1,909,973 ) Changes in operating assets and liabilities: Prepaid expenses and other assets 34,298 - 34,298 Accounts payable (146,591 ) - (146,591 ) Income taxes payable 355,314 - 355,314 Franchise taxes payable (120,000 ) - (120,000 ) Net cash flows used in operating activities (1,464,384 ) - (1,464,384 ) CASH FLOWS FROM INVESTING ACTIVITIES Cash released from Trust Account for Class A common stock redemptions - - - Cash moved to escrow from private placement received in advance - - - Investment income released from Trust Account to pay taxes 754,104 - 754,104 Net cash flows provided by financing activities 754,104 - 754,104 CASH FLOWS FROM FINANCING ACTIVITIES Cash used for Class A common stock redemptions - - - Proceeds from private placement received in advance - - - Proceeds from due to affiliates - - - Net cash flows used in financing activities - - - NET CHANGE IN CASH (710,280 ) - (710,280 ) CASH, BEGINNING OF YEAR 1,192,945 - 1,192,945 CASH, END OF YEAR $ 482,665 $ - $ 482,665 Supplemental disclosure of noncash activities: Change in value of Class A common stock subject to possible redemption $ 2,363,521 $ 1,909,974 $ 4,273,495 Supplemental cash flow disclosure: Income taxes paid $ 432,704 $ - $ 432,704 For the three months ended March 31, 2020 (unaudited) As Restatement As CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 915,967 $ 2,387,467 $ 3,303,434 Adjustments to reconcile net income to net cash used in operating activities: Interest earned in Trust Account (1,352,505 ) - (1,352,505 ) Change in fair value of warrant liability - (2,387,467 ) (2,387,467 ) Changes in operating assets and liabilities: Prepaid expenses and other assets 10,625 - 10,625 Accounts payable 11,009 - 11,009 Income taxes payable 273,542 - 273,542 Franchise taxes payable (30,000 ) - (30,000 ) Net cash flows used in operating activities (171,362 ) - (171,362 ) NET DECREASE IN CASH (171,362 ) - (171,362 ) CASH, BEGINNING OF PERIOD 482,665 - 482,665 CASH, END OF PERIOD $ 311,303 - $ 311,303 Supplemental disclosure of noncash activities: Change in value of Class A common stock subject to possible redemption $ 915,969 (4,219,403 ) $ (3,303,434 ) For the six months ended June 30, 2020 As Restatement As CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 671,544 $ (12,414,827 ) $ (11,743,283 ) Adjustments to reconcile net income to net cash used in operating activities: Interest earned in Trust Account (1,390,897 ) - (1,390,897 ) Change in fair value of warrant liability - 12,414,827 12,414,827 Changes in operating assets and liabilities: Prepaid expenses and other assets 21,250 - 21,250 Accounts payable 109,930 - 109,930 Income taxes payable (300,223 ) - (300,223 ) Franchise taxes payable (60,000 ) - (60,000 ) Net cash flows used in operating activities (948,396 ) - (948,396 ) CASH FLOWS FROM INVESTING ACTIVITIES Cash released from Trust Account for Class A common stock redemptions 142,571,767 - 142,571,767 Investment income released from Trust Account to pay taxes 1,064,887 - 1,064,887 Net cash flows used in financing activities 143,636,654 - 143,636,654 CASH FLOWS FROM FINANCING ACTIVITIES Cash used for Class A common stock redemption (142,571,767 ) - (142,571,767 ) Net cash flows provided by financing activities (142,571,767 ) - (142,571,767 ) NET INCREASE (DECREASE) IN CASH 116,491 - 116,491 CASH, BEGINNING OF PERIOD 482,665 - 482,665 CASH, END OF PERIOD $ 599,156 $ - $ 599,156 Supplemental disclosure of noncash activities: Federal income taxes paid from operating account 571,343 - 571,343 Change in value of Class A common stock subject to possible redemption $ (141,900,223 ) $ 18,414,488 $ (123,485,735 ) For the nine months ended September 30, 2020 (unaudited) As Restatement As CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (312,430 ) $ (10,409,494 ) $ (10,721,924 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Interest earned in Trust Account (1,404,182 ) - (1,404,182 ) Change in fair value of warrant liability - 10,409,494 10,409,494 Changes in operating assets and liabilities: Prepaid expenses and other assets (37,426 ) - (37,426 ) Accounts payable 839,654 - 839,654 Income taxes payable (572,160 ) - (572,160 ) Franchise taxes payable (50,000 ) - (50,000 ) Net cash flows used in operating activities (1,536,544 ) - (1,536,544 ) CASH FLOWS FROM INVESTING ACTIVITIES Cash released from Trust Account for Class A common stock redemptions 142,571,768 - 142,571,768 Investment income released from Trust Account to pay taxes 1,064,888 - 1,064,888 Net cash flows provided by investing activities 143,636,656 - 143,636,656 CASH FLOWS FROM FINANCING ACTIVITIES Cash used for Class A common stock redemptions (142,571,768 ) - (142,571,768 ) Net cash flows used in financing activities (142,571,768 ) - (142,571,768 ) NET DECREASE IN CASH (471,656 ) - (471,656 ) CASH, BEGINNING OF PERIOD 482,665 - 482,665 CASH, END OF PERIOD $ 11,009 $ - $ 11,009 Supplemental disclosure of noncash activities: Federal income taxes paid from operating account $ 904,885 $ - $ 904,885 Change in value of Class A common stock subject to possible redemption $ (142,884,193 ) $ 19,398,458 $ (123,485,735 ) For the three months ended March 31, 2019 As Restatement As CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 571,418 $ 2,864,960 $ 3,436,378 Adjustments to reconcile net income to net cash used in operating activities: Interest earned in Trust Account (1,060,684 ) - (1,060,684 ) Change in fair value of warrant liability - (2,864,960 ) (2,864,960 ) Changes in operating assets and liabilities: Prepaid expenses and other assets 2,423 - 2,423 Accounts payable 85,039 - 85,039 Income taxes payable 212,285 - 212,285 Franchise taxes payable (150,000 ) - (150,000 ) Net cash flows used in operating activities (339,519 ) - (339,519 ) NET DECREASE IN CASH (339,520 ) - (339,520 ) CASH, BEGINNING OF PERIOD 1,192,945 - 1,192,945 CASH, END OF PERIOD $ 853,425 - 853,425 Supplemental disclosure of noncash activities: Change in value of Class A common stock subject to possible redemption $ 571,417 2,864,961 3,436,378 For the six months ended June 30, 2019 As Restatement As CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,262,242 $ 2,387,467 $ 3,649,709 Adjustments to reconcile net income to net cash used in operating activities: Interest earned in Trust Account (2,175,878 ) - (2,175,878 ) Change in fair value of warrant liability - (2,387,467 ) (2,387,467 ) Changes in operating assets and liabilities: Prepaid expenses and other assets 13,048 - 13,048 Accounts payable (10,592 ) - (10,592 ) Income taxes payable 107,250 - 107,250 Franchise taxes payable (160,000 ) - (160,000 ) Net cash flows used in operating activities (963,930 ) (963,930 ) CASH FLOWS FROM INVESTING ACTIVITIES Cash released from Trust Account for Class A common stock redemptions - - - Investment income released from Trust Account to pay taxes 200,200 - 200,200 Net cash flows used in financing activities 200,200 - 200,200 CASH FLOWS FROM FINANCING ACTIVITIES Cash used for Class A common stock redemption - - - Net cash flows provided by financing activities - - - NET INCREASE (DECREASE) IN CASH (763,730 ) - (763,730 ) CASH, BEGINNING OF PERIOD 1,192,945 - 1,192,945 CASH, END OF PERIOD $ 429,215 $ - $ 429,215 Supplemental disclosure of noncash activities: Federal income taxes paid from operating account $ 324,528 $ - $ 324,528 Change in value of Class A common stock subject to possible redemption $ 1,262,237 $ 2,387,472 $ 3,649,709 For the nine months ended September 30, 2019 As Restatement As CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 1,824,457 $ 477,493 $ 2,301,950 Adjustments to reconcile net income (loss) to net cash used in operating activities: Interest earned in Trust Account (3,063,178 ) - (3,063,178 ) Change in fair value of warrant liability - (477,493 ) (477,493 ) Changes in operating assets and liabilities: Prepaid expenses and other assets 23,673 - 23,673 Accounts payable (22,390 ) - (22,390 ) Income taxes payable 231,299 - 231,299 Franchise taxes payable (160,000 ) - (160,000 ) - Net cash flows used in operating activities (1,166,139 ) - (1,166,139 ) - CASH FLOWS FROM INVESTING ACTIVITIES - Cash released from Trust Account for Class A common stock redemptions - - - Investment income released from Trust Account to pay taxes 658,815 - 658,815 - Net cash flows provided by investing activities 658,815 - 658,815 - CASH FLOWS FROM FINANCING ACTIVITIES - Cash used for Class A common stock redemptions - - - - Net cash flows used in financing activities - - - - NET DECREASE IN CASH (507,324 ) - (507,324 ) - CASH, BEGINNING OF PERIOD 1,192,945 - 1,192,945 - CASH, END OF PERIOD $ 685,621 $ - $ 685,621 - Supplemental disclosure of noncash activities: - Federal income taxes paid from operating account $ 378,616 $ - $ 378,616 Change in value of Class A common stock subject to possible redemption $ 1,824,454 $ 477,496 $ 2,301,950 |
Description of the Business a_3
Description of the Business and Merger Transaction (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
May 31, 2021USD ($) | Sep. 21, 2018 | Aug. 28, 2018USD ($)$ / sharesshares | Mar. 31, 2020 | Dec. 31, 2020USD ($)$ / sharesshares | |
Description of the Business and Merger Transaction (Details) [Line Items] | |||||
Number of primary revenue sources | 4 | ||||
Deferred underwriting fee payable | $ 6,771,556 | ||||
Public share price (in Dollars per share) | $ / shares | $ 10 | ||||
Enterprise value | $ 140,000,000 | ||||
Sponsor equity adjustment | 9,324,323 | ||||
Net working capital | $ 10,000,000 | ||||
Merging consideration, description | The cash portion of the Merger Consideration (“Cash Consideration”) will be equal to (A) the amount of any proceeds of the PIPE Investment (described below under “Private Placement”); plus (B) an amount equal to one-half (1/2) of the difference between the (i) cash and cash equivalents of the Company, including any funds in the Trust Account after giving effect to the completion of the redemption of shares of the Company’s public stockholders (“Redemption”), less (ii) a cash reserve to be used for the benefit of the Surviving Corporation in the Merger, in the amount of $10,000,000 (such difference between clause (i) and (ii) which resulting amount if otherwise negative shall be equal to zero, being the “Remaining Trust Account Amount”); minus (C) the Company’s transaction expenses and other liabilities of the Company due and owing at the Closing; plus (D) the cash and cash equivalents of BankMobile; minus (E) BankMobile’s unpaid transaction expenses; minus (F) a cash reserve in the amount of $5,000,000. | ||||
Per share price (in Dollars per share) | $ / shares | $ 10.38 | ||||
Chardan Capital Markets, LLC [Member] | |||||
Description of the Business and Merger Transaction (Details) [Line Items] | |||||
Sale of warrants (in Shares) | shares | 750,000 | ||||
Sponsor [Member] | |||||
Description of the Business and Merger Transaction (Details) [Line Items] | |||||
Sale of warrants (in Shares) | shares | 5,810,000 | ||||
Initial Public Offering [Member] | |||||
Description of the Business and Merger Transaction (Details) [Line Items] | |||||
Sale of initial public offering units (in Shares) | shares | 15,000,000 | ||||
share price (in Dollars per share) | $ / shares | $ 10 | ||||
Gross proceeds | $ 150,000,000 | ||||
Offering costs for the initial public offering | $ 10,521,211 | ||||
Underwriting fees | 3,192,889 | ||||
Deferred underwriting fee payable | 6,771,556 | ||||
Other costs | $ 556,766 | ||||
Net proceeds from sale of units | $ 151,500,000 | ||||
Public share price (in Dollars per share) | $ / shares | $ 10.10 | ||||
Private Placement [Member] | Chardan Capital Markets, LLC [Member] | |||||
Description of the Business and Merger Transaction (Details) [Line Items] | |||||
Sale of warrants (in Shares) | shares | 6,560,000 | ||||
Private placement warrant price per share (in Dollars per share) | $ / shares | $ 1 | ||||
Private Placement Warrants [Member] | Chardan Capital Markets, LLC [Member] | |||||
Description of the Business and Merger Transaction (Details) [Line Items] | |||||
Gross proceeds | $ 6,560,000 | ||||
Over-Allotment Option [Member] | |||||
Description of the Business and Merger Transaction (Details) [Line Items] | |||||
Sale of stock, description | the Company consummated the closing of the sale of 1,928,889 additional Units upon receiving notice of the underwriter’s election to partially exercise its overallotment option (“Overallotment Units”), generating additional gross proceeds of $19,288,890 and incurring additional offering costs of $964,445 in underwriting fees which were partially deferred until the completion of the Company’s initial Business Combination. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 385,778 Private Placement Warrants to the Sponsor, generating gross proceeds of $385,778. | ||||
Forecast [Member] | |||||
Description of the Business and Merger Transaction (Details) [Line Items] | |||||
Payment for 90 day merger true-up | $ 3,700,000 |
Description of the Business a_4
Description of the Business and Merger Transaction (Details) - Summary of Significant Sources and Uses of Cash Related to Closing of Merger Transaction and Reconciliation of Common Shares Related to Merger - USD ($) $ in Thousands | Jan. 04, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Summary of Significant Sources and Uses of Cash Related to Closing of Merger Transaction and Reconciliation of Common Shares Related to Merger [Abstract] | ||||
Cash at Megalith | $ 27,669 | |||
Cash from PIPE (private investment in public entity) investors | 20,003 | |||
Total sources of cash | 47,672 | |||
Cash paid to underwriters and other transaction costs | (3,987) | |||
Cash paid to Customers Bank as consideration | (23,125) | |||
Cash from recapitalization transaction (A) | 20,560 | |||
Cash used to pay down BMT debt | (8,834) | |||
Cash received by BMT and used to pay down debt | (6,738) | |||
Total cash used to pay down outstanding debt (B) | (15,572) | |||
Net cash received by BMT from the reverse recapitalization transaction at March 31, 2021 (=A+B) | 4,988 | |||
90 day merger true-up, accrued by BMT at March 31, 2021 (a) | [1] | (3,672) | ||
Final cash to BMT from the reverse recapitalization transaction | $ 1,316 | |||
Shares related to the recapitalization transaction - January 4, 2021 (in Shares) | 6,076,946 | |||
Shares held by legacy BankMobile shareholders - December 31, 2020 (in Shares) | 6,123,432 | |||
Total shares issued and outstanding, March 31, 2021 (in Shares) | 12,200,378 | |||
[1] | The Company expects to payout the $3.7 million in cash in late May 2021. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
May 26, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||
Shares held by public stockholders outstanding (in Shares) | 16,928,889 | ||
Redeemable common stock, description | the Company’s stockholders approved an extension of the date by which the Company must consummate an initial business combination from May 28, 2020 to August 28, 2020 (or November 30, 2020 if the Company has executed a definitive agreement for an initial business combination by August 28, 2020, which was subsequently extended for two more months before the Merger closed on January 4, 2021). In connection with this extension, on June 3, 2020, 13,733,885 shares of Class A common stock were redeemed for an approximate total value of $142.6 million from the Trust Account. During December 2020 an additional 543,390 shares of Class A common stock were redeemed for an approximate total value of $5.6 million | ||
Offering costs | $ 9,910,981 | ||
Additional charges for underwriter's over-allotment | 610,230 | ||
Federal depository insurance coverage | $ 250,000 | ||
Aggregate shares of common stock (in Shares) | 23,874,667 | ||
Investment income earned | $ 1,617,643 | $ 3,950,927 | |
Net of applicable income and franchise taxes | 497,748 | 988,018 | |
Change in the valuation allowance | 422,225 | 125,871 | |
Valuation allowance | 657,341 | $ 235,116 | |
Dissolution expense | $ 100,000 | ||
Trust account, description | The Company’s amended and restated certificate of incorporation provide that, other than the withdrawal of interest to pay income and franchise taxes and up to $100,000 of interest to pay dissolution expenses if any, none of the funds held in the Trust Account will be released until the earlier of: (i) the completion of the Business Combination; (ii) the redemption of Public Shares properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete the Business Combination within the Combination Period or (iii) the redemption of 100% of the Public Shares if the Company is unable to complete a Business Combination within the Combination Period. | ||
Class A Common Stock [Member] | |||
Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | |||
Share outstanding (in Shares) | 2,651,614 | 15,421,314 | |
Common stock subject to possible redemption, per share (in Dollars per share) | $ 10.10 | $ 10.10 |
Premises and Equipment & Deve_3
Premises and Equipment & Developed Software (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 0.1 | $ 0.1 |
Amortization expense | $ 2.8 | $ 2.8 |
Premises and Equipment & Deve_4
Premises and Equipment & Developed Software (Details) - Schedule of components of premises and equipment - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 1,946 | $ 1,946 |
Accumulated amortization | (1,601) | (1,545) |
Total | $ 345 | 401 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Expected Useful Life | 5 years | |
Premises and equipment, gross | $ 28 | 28 |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Expected Useful Life | 10 years | |
Premises and equipment, gross | $ 243 | 243 |
IT equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 1,675 | $ 1,675 |
Minimum [Member] | IT equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Expected Useful Life | 3 years | |
Maximum [Member] | IT equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Expected Useful Life | 5 years |
Premises and Equipment & Deve_5
Premises and Equipment & Developed Software (Details) - Schedule of components of developed software - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Premises and Equipment & Developed Software (Details) - Schedule of components of developed software [Line Items] | ||
Developed software, gross | $ 69,241 | $ 69,124 |
Accumulated amortization | (32,289) | (29,467) |
Total | $ 36,952 | 39,657 |
Higher One Disbursement business developed software [Member] | ||
Premises and Equipment & Developed Software (Details) - Schedule of components of developed software [Line Items] | ||
Expected Useful Life | 10 years | |
Developed software, gross | $ 27,400 | 27,400 |
Software Development [Member] | ||
Premises and Equipment & Developed Software (Details) - Schedule of components of developed software [Line Items] | ||
Developed software, gross | 40,105 | 40,104 |
Work-in-process [Member] | ||
Premises and Equipment & Developed Software (Details) - Schedule of components of developed software [Line Items] | ||
Developed software, gross | $ 1,736 | $ 1,620 |
Minimum [Member] | Software Development [Member] | ||
Premises and Equipment & Developed Software (Details) - Schedule of components of developed software [Line Items] | ||
Expected Useful Life | 3 years | |
Maximum [Member] | Software Development [Member] | ||
Premises and Equipment & Developed Software (Details) - Schedule of components of developed software [Line Items] | ||
Expected Useful Life | 5 years |
Goodwill and Intangibles (Detai
Goodwill and Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Goodwill and Intangibles (Details) [Line Items] | |||
Goodwill | $ 5,259 | $ 5,259 | |
Amortization expense | $ 80 | $ 267 | |
Minimum [Member] | |||
Goodwill and Intangibles (Details) [Line Items] | |||
Intangible assets useful life | 4 years | ||
Maximum [Member] | |||
Goodwill and Intangibles (Details) [Line Items] | |||
Intangible assets useful life | 20 years | ||
Goodwill [Member] | |||
Goodwill and Intangibles (Details) [Line Items] | |||
Goodwill | $ 5,300 | $ 5,300 |
Goodwill and Intangibles (Det_2
Goodwill and Intangibles (Details) - Schedule of components of other intangibles - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (1,412) | $ (1,332) |
Total | $ 4,990 | 5,070 |
Customer relationships – universities [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Expected Useful Life | 20 years | |
Other intangibles, gross | $ 6,402 | $ 6,402 |
Goodwill and Intangibles (Det_3
Goodwill and Intangibles (Details) - Schedule of future amortization - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of future amortization [Abstract] | ||
Remainder of 2021 | $ 240 | |
2022 | 320 | |
2023 | 320 | |
2024 | 320 | |
2025 | 320 | |
After 2025 | 3,470 | |
Total | $ 4,990 | $ 5,070 |
Leases (Details)
Leases (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Number of office space locations leased under operating leases | 2 |
Operating lease terms | 5 years |
Leases (Details) - Schedule of
Leases (Details) - Schedule of operating lease ROU assets and Liabilities - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Assets: | ||
Operating lease ROU assets, classification | Other assets | |
Operating lease ROU assets | $ 936 | $ 1,218 |
Liabilities: | ||
Operating lease liabilities, classification | Operating lease liabilities | |
Operating lease liabilities | $ 949 | $ 1,131 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of operating lease cost and weighted average remaining lease term and discount rate - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of operating lease cost and weighted average remaining lease term and discount rate [Abstract] | ||
Operating lease cost, classification | Occupancy | |
Operating lease cost | $ 275 | $ 258 |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of maturities of non-cancelable operating lease liabilities $ in Thousands | Mar. 31, 2021USD ($) |
Schedule of maturities of non-cancelable operating lease liabilities [Abstract] | |
2021 | $ 540 |
2022 | 419 |
Total minimum payments | 959 |
Less: interest | (10) |
Present value of lease liabilities | $ 949 |
Leases (Details) - Schedule o_4
Leases (Details) - Schedule of weighted average remaining lease term | Mar. 31, 2021 | Dec. 31, 2020 |
Weighted average remaining lease term (years) | ||
Operating leases | 1 year 3 months 18 days | 1 year 7 months 6 days |
Weighted average discount rate | ||
Operating leases | 1.00% | 1.40% |
Debt (Details)
Debt (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | |
Debt (Details) [Line Items] | ||||
Line of credit, maximum borrowing capacity | $ 10,000,000 | |||
Borrowing base limit | 5,800,000 | |||
Line of credit, amount outstanding | 5,400,000 | $ 105,500 | ||
Line of credit, amount paid down | 15,572,000 | |||
Subsequent Event [Member] | ||||
Debt (Details) [Line Items] | ||||
Line of credit, amount outstanding | $ 4,000,000 | |||
Line of credit, amount paid down | $ 1,400,000 | |||
LIBOR [Member] | ||||
Debt (Details) [Line Items] | ||||
Line of credit, amount outstanding | $ 10,000,000 | |||
Maximum [Member] | ||||
Debt (Details) [Line Items] | ||||
Line of credit, basis spread on variable interest rate | 375.00% | |||
Minimum [Member] | ||||
Debt (Details) [Line Items] | ||||
Line of credit, basis spread on variable interest rate | 50.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - $ / shares | 1 Months Ended | 12 Months Ended | |
Sep. 21, 2018 | Dec. 31, 2020 | Mar. 31, 2021 | |
Commitments and Contingencies (Details) [Line Items] | |||
Purchase price (in Dollars per share) | $ 11.65 | ||
Description of underwriting agreement | The underwriters were paid a cash underwriting discount of $0.20 per unit, or approximately $3 million in the aggregate at the closing of the Initial Public Offering and $192,889 in conjunction with the underwriters’ partial exercise of its overallotment option. In addition, the underwriters are entitled to a deferred underwriting commissions of $0.40 per unit, or approximately $6 million in the aggregate from the closing of the Initial Public Offering and $771,556 from the underwriters’ partial exercise of its overallotment option will be payable to the underwriters. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. | ||
Over-Allotment Option [Member] | |||
Commitments and Contingencies (Details) [Line Items] | |||
Purchase of additional units of shares | 2,250,000 | ||
Underwriters exercised a partial exercise | 1,928,889 | ||
Purchase price (in Dollars per share) | $ 10 |
Shareholders' Equity and Priv_2
Shareholders' Equity and Private Warrant Liability (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 04, 2021 | Nov. 13, 2017 | |
Shareholders' Equity and Private Warrant Liability (Details) [Line Items] | |||||
Common stock, par value (in Dollars per share) | $ 0.0001 | ||||
Common shares | 16,928,889 | ||||
Performance shares description | The vesting criteria means either (1) the volume weighted average price of the Company’s common stock on the principal exchange on which such securities are then listed or quoted shall have been at or above $15.00 for twenty (20) trading days (which need not be consecutive) over a thirty (30) trading day period; or (ii) the Company sells shares of its capital stock in a secondary offering for at least $15.00 per share, in each case subject to equitable adjustment for share splits, share dividends, reorganizations, combinations, recapitalizations and similar transactions affecting the shares of the Company’s common stock after the merger, and possible reduction for certain dividends granted to the Company’s common stock, or (2) the Company undergoes certain change in control or sales transactions. | ||||
Preferred stock, shares authorized | 10,000,000 | 1,000,000 | 1,000,000 | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | ||||
Common stock redemption rights (in Dollars per share) | $ 24 | ||||
Warrant gain (in Dollars) | $ 68,334,046,000 | $ (1,909,973,000) | |||
Warrant liability (in Dollars) | $ 30,800,000 | ||||
Terms | 5 years | ||||
Volatility | 20.00% | ||||
Dividend yield | 0.00% | ||||
Stock price (in Dollars per share) | $ 11.65 | ||||
Risk free interest rate | 0.85% | ||||
Closing price of public warrant (in Dollars per share) | $ 2 | ||||
Revaluation of private warrants (in Dollars) | $ 15,000,000 | ||||
Issued and outstanding shares common stock | 0.10 | ||||
Forfeiture of shares | 80,278 | ||||
Value of shares issued to PIPE Investors (in Dollars) | $ 20,000,000 | ||||
Issued and outstanding percentage | 15.00% | ||||
Performance Shares [Member] | |||||
Shareholders' Equity and Private Warrant Liability (Details) [Line Items] | |||||
Common stock, par value (in Dollars per share) | $ 0.0001 | ||||
Common shares | 300,000 | ||||
Warrant [Member] | |||||
Shareholders' Equity and Private Warrant Liability (Details) [Line Items] | |||||
Stock outstanding | 23,874,667 | ||||
Common stock price per share (in Dollars per share) | $ 11.50 | ||||
Private Warrants [Member] | |||||
Shareholders' Equity and Private Warrant Liability (Details) [Line Items] | |||||
Warrant gain (in Dollars) | $ 15,000,000 | ||||
Public Warrant [Member] | Warrant [Member] | |||||
Shareholders' Equity and Private Warrant Liability (Details) [Line Items] | |||||
Stock outstanding | 16,928,889 | ||||
Private Placement [Member] | |||||
Shareholders' Equity and Private Warrant Liability (Details) [Line Items] | |||||
Shares transferred | 1,311,501 | ||||
Private Placement [Member] | Warrant [Member] | |||||
Shareholders' Equity and Private Warrant Liability (Details) [Line Items] | |||||
Stock outstanding | 6,945,778 | ||||
Founder Shares [Member] | |||||
Shareholders' Equity and Private Warrant Liability (Details) [Line Items] | |||||
Shares transferred | 178,495 | ||||
Class A Common Stock [Member] | |||||
Shareholders' Equity and Private Warrant Liability (Details) [Line Items] | |||||
Common stock, shares authorized | 1,000,000,000 | 100,000,000 | 100,000,000 | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common stock shares issued | 12,200,378 | ||||
Common Stock, Shares, Outstanding | 12,200,378 | ||||
Performance shares | 300,000 | ||||
Common stock subject to possible redemption shares | 1,415,287 | 16,177,739 | |||
Class A Common Stock [Member] | As Restated | |||||
Shareholders' Equity and Private Warrant Liability (Details) [Line Items] | |||||
Common stock shares issued | 0 | 1,507,575 | |||
Class B Common Stock [Member] | |||||
Shareholders' Equity and Private Warrant Liability (Details) [Line Items] | |||||
Common stock, shares authorized | 10,000,000 | 10,000,000 | |||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||
Common Stock, Shares, Outstanding | 4,232,222 | 4,232,222 | |||
Class B Common Stock [Member] | |||||
Shareholders' Equity and Private Warrant Liability (Details) [Line Items] | |||||
Description of common stock conversion basis | Holders of Class B Common Stock are entitled to one vote for each share. | ||||
Class B Common Stock [Member] | As Restated | |||||
Shareholders' Equity and Private Warrant Liability (Details) [Line Items] | |||||
Common stock, shares authorized | 10,000,000 | 10,000,000 | |||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||
Common stock shares issued | 4,232,222 | 4,232,222 | |||
Common Stock, Shares, Outstanding | 4,232,222 | 4,232,222 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Amount recognized in the period from amounts included in deferred revenue at beginning of period | $ 0.9 | $ 0.7 |
Unbilled receivables | $ 3.2 |
Revenues (Details) - Disaggrega
Revenues (Details) - Disaggregation of Revenue - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue recognized at point in time: | ||
Total revenue recognized from contracts with customers | $ 24,383 | $ 15,758 |
Other [Member] | ||
Revenue recognized at point in time: | ||
Total revenue recognized from contracts with customers | 2,650 | 192 |
Total revenue recognized at point in time [Member] | ||
Revenue recognized at point in time: | ||
Total revenue recognized from contracts with customers | 23,335 | 14,766 |
Total revenue recognized over time [Member] | ||
Revenue recognized at point in time: | ||
Total revenue recognized from contracts with customers | 1,048 | 992 |
Interchange and card revenue [Member[ | ||
Revenue recognized at point in time: | ||
Total revenue recognized from contracts with customers | 8,351 | 6,607 |
Servicing fees from partner bank [Member] | ||
Revenue recognized at point in time: | ||
Total revenue recognized from contracts with customers | 9,372 | 4,765 |
Account fees [Member] | ||
Revenue recognized at point in time: | ||
Total revenue recognized from contracts with customers | 2,686 | 2,909 |
University fees - disbursement activity [Member] | ||
Revenue recognized at point in time: | ||
Total revenue recognized from contracts with customers | 276 | 293 |
University fees - subscriptions [Member] | ||
Revenue recognized at point in time: | ||
Total revenue recognized from contracts with customers | $ 1,048 | $ 992 |
Revenues (Details) - Deferred R
Revenues (Details) - Deferred Revenue Balances - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Deferred Revenue Balances [Abstract] | |||
Deferred revenue, beginning of period | $ 4,689 | $ 4,905 | $ 1,938 |
Deferred revenue, end of period | $ 4,624 | $ 4,689 | $ 4,905 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Effective tax rate | 8.90% |
Marginal tax rate | 26.00% |
Deferred tax assets (in Dollars) | $ 25.8 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - Schedule of components and results of operations and earnings (loss) per common share calculations - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of components and results of operations and earnings (loss) per common share calculations [Abstract] | ||
Net income (loss) available to common shareholders | $ 18,889 | $ (4,534) |
Weighted-average common shares outstanding – basic | 11,900 | 6,123 |
Weighted-average common shares outstanding – diluted | 15,512 | 6,123 |
Earnings (loss) per common share - basic | $ 1.59 | $ (0.74) |
Earnings (loss) per common share - diluted | $ 0.25 | $ (0.74) |
Disclosures About Fair Value _3
Disclosures About Fair Value of Financial Instruments (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 04, 2021 | Mar. 31, 2021 |
Disclosures About Fair Value of Financial Instruments (Details) [Line Items] | ||
Line of credit, borrowing capacity | $ 10 | |
Fair value assumptions, expected term | 5 years | |
Fair value assumptions, volatility rate | 20.00% | |
Fair value assumptions, dividend yield | 0.00% | |
Fair value assumptions, underlying stock price (in Dollars per share) | $ 11.65 | |
Fair value assumptions, risk free interest rate | 0.85% | |
Fair value assumptions, exercise price, closing price of public warrants (in Dollars per share) | $ 2 | |
Fair value of the warrants | $ 30.8 | |
Gain on fair value of private warrant liability | $ 15 | |
Partner Bank [Member] | ||
Disclosures About Fair Value of Financial Instruments (Details) [Line Items] | ||
Line of credit, borrowing capacity | 10 | |
Line of credit, amount outstanding | $ 5.4 | |
Private Warrants [Member] | ||
Disclosures About Fair Value of Financial Instruments (Details) [Line Items] | ||
Fair value assumptions, expected term | 5 years | |
Fair value assumptions, volatility rate | 20.00% | |
Fair value assumptions, dividend yield | 0.00% | |
Fair value assumptions, underlying stock price (in Dollars per share) | $ 11.65 |
Disclosures About Fair Value _4
Disclosures About Fair Value of Financial Instruments (Details) - Schedule of estimated Fair Values of Financial Instruments - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents [Member] | |||
Assets: | |||
Carrying Amount | $ 17,379 | $ 2,989 | |
Estimated Fair Value | 17,379 | 2,989 | |
Borrowings from partner bank [Member] | |||
Assets: | |||
Carrying Amount | 5,345 | 21,000 | |
Estimated Fair Value | 5,345 | 21,000 | |
Liability for Private Warrants [Member] | |||
Assets: | |||
Carrying Amount | [1] | 15,836 | |
Estimated Fair Value | [1] | 15,836 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and cash equivalents [Member] | |||
Assets: | |||
Fair Value Measurements | 17,379 | 2,989 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Borrowings from partner bank [Member] | |||
Assets: | |||
Fair Value Measurements | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Liability for Private Warrants [Member] | |||
Assets: | |||
Fair Value Measurements | [1] | ||
Significant Other Observable Inputs (Level 2) [Member] | Cash and cash equivalents [Member] | |||
Assets: | |||
Fair Value Measurements | |||
Significant Other Observable Inputs (Level 2) [Member] | Borrowings from partner bank [Member] | |||
Assets: | |||
Fair Value Measurements | 5,345 | 21,000 | |
Significant Other Observable Inputs (Level 2) [Member] | Liability for Private Warrants [Member] | |||
Assets: | |||
Fair Value Measurements | [1] | ||
Significant Unobservable Inputs (Level 3) [Member] | Cash and cash equivalents [Member] | |||
Assets: | |||
Fair Value Measurements | |||
Significant Unobservable Inputs (Level 3) [Member] | Borrowings from partner bank [Member] | |||
Assets: | |||
Fair Value Measurements | |||
Significant Unobservable Inputs (Level 3) [Member] | Liability for Private Warrants [Member] | |||
Assets: | |||
Fair Value Measurements | [1] | $ 15,836 | |
[1] | The initial fair value of the warrants was $30.8 million on January 4, 2021, the merger date. The $15.0 million change in fair value during the first quarter was reported in Gain on fair value of private warrant liability |
Relationship with Our Partner_2
Relationship with Our Partner Bank (Details) | Jan. 04, 2021USD ($) | Nov. 13, 2017USD ($)$ / sharesshares | Sep. 21, 2018shares | Dec. 31, 2017USD ($) | Nov. 27, 2017USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2018USD ($) |
Relationship with Our Partner Bank (Details) [Line Items] | |||||||||
Line of credit, maximum borrowing capacity | $ 10,000,000 | ||||||||
Additional borrowings | $ 5,400,000 | $ 105,500 | |||||||
Number of office space locations leased under operating leases | 2 | ||||||||
Common stock, par value (in Dollars per share) | $ / shares | $ 0.0001 | ||||||||
Sponsor forfeited (in Shares) | shares | 80,278 | ||||||||
Additional amount | $ 20,002,872,000 | ||||||||
Offering cost | $ 300,000 | ||||||||
Amount drawn on notes | $ 2,000 | ||||||||
Payment of affiliate an aggregate of per month | 2,000 | ||||||||
Total support services costs incurred | 20,000 | 24,000 | |||||||
Total amount payable | $ 165,384 | $ 200,000 | |||||||
Affiliated Entity [Member] | |||||||||
Relationship with Our Partner Bank (Details) [Line Items] | |||||||||
Additional borrowings | $ 10,000,000 | ||||||||
Founder Shares [Member] | |||||||||
Relationship with Our Partner Bank (Details) [Line Items] | |||||||||
Purchase of common stock shares (in Shares) | shares | 4,312,500 | ||||||||
Common stock aggregate price | $ 25,000 | ||||||||
Sponsor forfeited (in Shares) | shares | 562,500 | 80,278 | |||||||
Business combination, description | The Initial Stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. | ||||||||
Sponsor [Member] | |||||||||
Relationship with Our Partner Bank (Details) [Line Items] | |||||||||
Purchase of aggregate shares (in Shares) | shares | 5,810,000 | ||||||||
Chardan [Member] | |||||||||
Relationship with Our Partner Bank (Details) [Line Items] | |||||||||
Purchase of aggregate shares (in Shares) | shares | 750,000 | ||||||||
President [Member] | Business Combination [Member] | |||||||||
Relationship with Our Partner Bank (Details) [Line Items] | |||||||||
Business combination, description | The Company agreed to pay an entity affiliated with the President a fee of approximately $16,667 per month until the earlier of the consummation of the Business Combination or liquidation. A bonus of $78,000 was paid out after the successful completion of the Initial Public Offering. | ||||||||
Private Placement Warrants [Member] | |||||||||
Relationship with Our Partner Bank (Details) [Line Items] | |||||||||
Additional amount | $ 385,778 | ||||||||
Aggregate price (in Dollars per share) | $ / shares | $ 1 | ||||||||
Purchase of aggregate shares (in Shares) | shares | 385,778 | ||||||||
Private Placement Warrants [Member] | Sponsor and Chardan [Member] | |||||||||
Relationship with Our Partner Bank (Details) [Line Items] | |||||||||
Additional amount | $ 6,560,000 | ||||||||
Aggregate price (in Dollars per share) | $ / shares | $ 1 | ||||||||
Purchase of aggregate shares (in Shares) | shares | 6,560,000 | ||||||||
Private placement warrants, description | Each whole Private Placement Warrant is exercisable for one whole share of Class A Common Stock at a price of $11.50 per share (subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like and for certain issuances of equity or equity-linked securities). | ||||||||
Partner Bank [Member] | Affiliated Entity [Member] | |||||||||
Relationship with Our Partner Bank (Details) [Line Items] | |||||||||
Payable to partner bank | 9,000,000 | ||||||||
Line of credit, maximum borrowing capacity | 10,000,000 | ||||||||
Additional borrowings | $ 5,400,000 | ||||||||
Number of office space locations leased under operating leases | 1 | ||||||||
Partner Bank [Member] | Deposit Servicing Agreement [Member] | Affiliated Entity [Member] | |||||||||
Relationship with Our Partner Bank (Details) [Line Items] | |||||||||
Automatic renewal terms | 3 years | ||||||||
Period of written notice of non-renewal required prior to expiration of the term | 180 years | ||||||||
Partner Bank [Member] | Transition Services Agreement [Member] | Affiliated Entity [Member] | |||||||||
Relationship with Our Partner Bank (Details) [Line Items] | |||||||||
Period each party agreed to provide certain transition services to the other party | 12 months | ||||||||
Monthly service fee | $ 12,500 | ||||||||
Period of advance written notice required to terminate agreement without penalty | 30 days |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - Schedule of total provision (benefit) for income taxes - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of total provision (benefit) for income taxes [Abstract] | ||||
Current Expense | $ 297,748 | $ 788,018 | ||
Deferred Expense | (422,225) | (125,871) | ||
Change in Valuation Allowance | 422,225 | 125,871 | ||
Total Income Tax Expense | $ 1,827 | $ 7 | $ 297,748 | $ 788,018 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - Schedule of net deferred tax assets and liabilities - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of net deferred tax assets and liabilities [Abstract] | ||
Deferred tax assets | $ 657,341 | $ 235,116 |
Deferred tax liabilities | ||
Valuation allowance for deferred tax assets | (657,341) | (235,116) |
Net deferred tax assets |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of tax effect of cumulative temporary differences - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of tax effect of cumulative temporary differences [Abstract] | ||
Capitalized expenses before business combination | $ 657,341 | $ 235,116 |
Valuation allowance for deferred tax assets | (657,341) | (235,116) |
Total |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of reconciliation of the statutory federal income tax rate (benefit) to the effective tax rate | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of reconciliation of the statutory federal income tax rate (benefit) to the effective tax rate [Abstract] | ||
Statutory federal income tax rate | 21.00% | 21.00% |
Change in fair value of derivative warrant liabilities | (20.80%) | (7.92%) |
State taxes, net of federal tax benefit | 0.00% | 0.00% |
Valuation allowance | (0.60%) | 2.50% |
Income tax (benefit) expense | (0.40%) | 15.60% |
Initial Public Offering and P_2
Initial Public Offering and Private Placement (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Initial Public Offering and Private Placement (Details) [Line Items] | |
Proposed public offering | shares | 16,928,889 |
Sale of stock price per unit | $ / shares | $ 10 |
Class A Common Stock [Member] | |
Initial Public Offering and Private Placement (Details) [Line Items] | |
Public warrant, description | Each Unit consists of one share of Class A Common Stock (such shares of Class A Common Stock included in the Units being offered, the “Public Shares”), and one redeemable warrant (each, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to adjustment (see Note 6). |
Warrants (Details)
Warrants (Details) | 12 Months Ended |
Dec. 31, 2020$ / shares | |
Warrants (Details) [Line Items] | |
Common stock per value | $ 9.50 |
Equity proceeds | 60.00% |
Market value per share | $ 9.50 |
Market value, percent | 240.00% |
Redemption trigger price | $ 24 |
Warrant [Member] | |
Warrants (Details) [Line Items] | |
Public warrants for redemption, description | ●in whole and not in part; ● at a price of $0.01 per warrant; ● upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and ●if, and only if, the reported last sale price of the Company’s Class A common stock equals or exceeds $24.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. |
Market Value [Member] | |
Warrants (Details) [Line Items] | |
Market value, percent | 115.00% |
Fair Value Measurement (Details
Fair Value Measurement (Details) - Schedule of fair value on a recurring basis - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Public warrants [Member] | ||
Liabilities: | ||
Public Warrants | $ 49,093,778 | $ 5,417,244 |
Private placement warrants [Member] | ||
Liabilities: | ||
Public Warrants | 26,880,161 | 2,222,649 |
Level 1 [Member] | ||
Assets: | ||
Marketable securities in Trust Account | $ 27,713,815 | $ 175,410,617 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Condensed Financial Information Disclosure [Abstract] | |
Fair value of public warrants | $ 13.8 |
Fair value of private warrants | 9.5 |
Incurred related to costs directly | $ 0.6 |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements (Details) - Schedule of Balance Sheets - USD ($) | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
As Reported [Member] | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ 43,178 | $ 11,009 | $ 599,156 | $ 311,303 | $ 482,665 | $ 685,621 | $ 429,215 | $ 853,425 |
Prepaid expenses and other assets | 40,672 | 74,997 | 16,321 | 26,946 | 37,571 | 48,196 | 58,821 | 69,446 |
Total current assets | 83,850 | 86,006 | 615,477 | 338,249 | 520,236 | 733,817 | 488,036 | 922,871 |
OTHER ASSETS | ||||||||
Marketable securities held in trust account | 27,713,815 | 33,178,146 | 33,164,861 | 176,763,122 | 175,410,617 | 174,618,157 | 174,189,472 | 173,274,478 |
Escrow for private placement | 20,002,872 | |||||||
Total other assets | 47,716,687 | 33,178,146 | 33,164,861 | 176,763,122 | 175,410,617 | 174,618,157 | 174,189,472 | 173,274,478 |
TOTAL ASSETS | 47,800,537 | 33,264,152 | 33,780,338 | 177,101,371 | 175,930,853 | 175,351,974 | 174,677,508 | 174,197,349 |
CURRENT LIABILITIES | ||||||||
Accounts payable | 1,656,199 | 951,622 | 221,898 | 122,977 | 111,968 | 236,169 | 247,967 | 343,598 |
Private placement received in advance | 20,002,872 | |||||||
Income taxes payable | 271,937 | 845,702 | 572,160 | 448,145 | 324,096 | 429,131 | ||
Franchise taxes payable | 30,000 | 30,000 | 20,000 | 50,000 | 80,000 | 40,000 | 40,000 | 50,000 |
Due to affiliates | 45,000 | |||||||
Total current liabilities | 21,734,071 | 981,622 | 513,835 | 1,018,679 | 764,128 | 724,314 | 612,063 | 822,729 |
LONG TERM LIABILITIES | ||||||||
Deferred underwriting fee payable | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 |
Warrant Liability | ||||||||
Total long term liabilities | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 |
Total liabilities | 28,505,627 | 7,753,178 | 7,285,391 | 7,790,235 | 7,535,684 | 7,495,870 | 7,383,619 | 7,594,285 |
Common stock subject to possible redemption | 14,294,907 | 20,510,971 | 21,494,941 | 164,311,133 | 163,395,164 | 162,856,097 | 162,293,880 | 161,603,060 |
STOCKHOLDERS’ EQUITY | ||||||||
Preferred stock, value | ||||||||
Additional paid-in capital | 3,233,443 | 2,655,181 | 1,671,219 | 1,426,834 | 2,342,794 | 2,881,856 | 3,444,067 | 4,134,879 |
Retained earnings (accumulated deficit) | 1,766,013 | 2,344,282 | 3,328,256 | 3,572,679 | 2,656,712 | 2,117,647 | 1,555,432 | 864,608 |
Total stockholders’ equity | 5,000,003 | 5,000,003 | 5,000,006 | 5,000,003 | 5,000,005 | 5,000,007 | 5,000,009 | 5,000,004 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 47,800,537 | 33,264,152 | 33,780,338 | 177,101,371 | 175,930,853 | 175,351,974 | 174,677,508 | 174,197,349 |
As Reported [Member] | Class A Common Stock | ||||||||
STOCKHOLDERS’ EQUITY | ||||||||
Common Stock value | 124 | 117 | 108 | 67 | 76 | 81 | 87 | 94 |
As Reported [Member] | Class B Common Stock | ||||||||
STOCKHOLDERS’ EQUITY | ||||||||
Common Stock value | 423 | 423 | 423 | 423 | 423 | 423 | 423 | 423 |
Restatement Adjustments [Member] | ||||||||
CURRENT ASSETS | ||||||||
Cash | ||||||||
Prepaid expenses and other assets | ||||||||
Total current assets | ||||||||
OTHER ASSETS | ||||||||
Marketable securities held in trust account | ||||||||
Escrow for private placement | ||||||||
Total other assets | ||||||||
TOTAL ASSETS | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | ||||||||
Private placement received in advance | ||||||||
Income taxes payable | ||||||||
Franchise taxes payable | ||||||||
Due to affiliates | ||||||||
Total current liabilities | ||||||||
LONG TERM LIABILITIES | ||||||||
Deferred underwriting fee payable | ||||||||
Warrant Liability | 75,973,939 | 18,049,387 | 20,054,720 | 5,252,427 | 7,639,893 | 9,072,373 | 7,162,400 | 6,684,907 |
Total long term liabilities | 75,973,939 | 18,049,387 | 20,054,720 | 5,252,427 | 7,639,893 | 9,072,373 | 7,162,400 | 6,684,907 |
Total liabilities | 75,973,939 | 18,049,387 | 20,054,720 | 5,252,427 | 7,639,893 | 9,072,373 | 7,162,400 | 6,684,907 |
Common stock subject to possible redemption | 12,486,394 | 11,758,569 | 10,774,599 | (5,252,424) | (7,639,888) | (9,072,366) | (7,162,391) | (6,684,902) |
STOCKHOLDERS’ EQUITY | ||||||||
Preferred stock, value | ||||||||
Additional paid-in capital | (3,233,443) | (2,655,181) | (1,671,219) | (1,426,834) | (2,342,794) | (1,534,111) | (3,444,067) | (4,134,879) |
Retained earnings (accumulated deficit) | (85,226,766) | (27,152,659) | (29,157,993) | 1,426,780 | 2,342,714 | 1,534,015 | 3,443,988 | 4,134,810 |
Total stockholders’ equity | (88,460,333) | (29,807,957) | (30,829,320) | (3) | (5) | (7) | (9) | (4) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Restatement Adjustments [Member] | Class A Common Stock | ||||||||
STOCKHOLDERS’ EQUITY | ||||||||
Common Stock value | (124) | (117) | (108) | 51 | 75 | 90 | 70 | 65 |
As Adjusted [Member] | ||||||||
CURRENT ASSETS | ||||||||
Cash | 43,178 | 11,009 | 599,156 | 311,303 | 482,665 | 685,621 | 429,215 | 853,425 |
Prepaid expenses and other assets | 40,672 | 74,997 | 16,321 | 26,946 | 37,571 | 48,196 | 58,821 | 69,446 |
Total current assets | 83,850 | 86,006 | 615,477 | 338,249 | 520,236 | 733,817 | 488,036 | 922,871 |
OTHER ASSETS | ||||||||
Marketable securities held in trust account | 27,713,815 | 33,178,146 | 33,164,861 | 176,763,122 | 175,410,617 | 174,618,157 | 174,189,472 | 173,274,478 |
Escrow for private placement | 20,002,872 | |||||||
Total other assets | 47,716,687 | 33,178,146 | 33,164,861 | 176,763,122 | 175,410,617 | 174,618,157 | 174,189,472 | 173,274,478 |
TOTAL ASSETS | 47,800,537 | 33,264,152 | 33,780,338 | 177,101,371 | 175,930,853 | 175,351,974 | 174,677,508 | 174,197,349 |
CURRENT LIABILITIES | ||||||||
Accounts payable | 1,656,199 | 951,622 | 221,898 | 122,977 | 111,968 | 236,169 | 247,967 | 343,598 |
Private placement received in advance | 20,002,872 | |||||||
Income taxes payable | 271,937 | 845,702 | 572,160 | 448,145 | 324,096 | 429,131 | ||
Franchise taxes payable | 30,000 | 30,000 | 20,000 | 50,000 | 80,000 | 40,000 | 40,000 | 50,000 |
Due to affiliates | 45,000 | |||||||
Total current liabilities | 21,734,071 | 981,622 | 513,835 | 1,018,679 | 764,128 | 724,314 | 612,063 | 822,729 |
LONG TERM LIABILITIES | ||||||||
Deferred underwriting fee payable | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 | 6,771,556 |
Warrant Liability | 75,973,939 | 18,049,387 | 20,054,720 | 5,252,427 | 7,639,893 | 9,072,373 | 7,162,400 | 6,684,907 |
Total long term liabilities | 82,745,495 | 24,820,943 | 26,826,276 | 12,023,983 | 14,411,449 | 15,843,929 | 13,933,956 | 13,456,463 |
Total liabilities | 104,479,566 | 25,802,565 | 27,340,111 | 13,042,662 | 15,175,577 | 16,568,243 | 14,546,019 | 14,279,192 |
Common stock subject to possible redemption | 26,781,301 | 32,269,540 | 32,269,540 | 159,058,709 | 155,755,276 | 153,783,731 | 155,131,489 | 154,918,158 |
STOCKHOLDERS’ EQUITY | ||||||||
Preferred stock, value | ||||||||
Additional paid-in capital | 1,347,745 | |||||||
Retained earnings (accumulated deficit) | (83,460,753) | (24,808,377) | (25,829,737) | 4,999,459 | 4,999,426 | 3,651,662 | 4,999,420 | 4,999,418 |
Total stockholders’ equity | (83,460,330) | (24,807,954) | (25,829,314) | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 47,800,537 | 33,264,152 | 33,780,338 | 177,101,371 | 175,930,853 | 175,351,974 | 174,677,508 | 174,197,349 |
As Adjusted [Member] | Class A Common Stock | ||||||||
STOCKHOLDERS’ EQUITY | ||||||||
Common Stock value | 118 | 151 | 171 | 157 | 159 | |||
As Adjusted [Member] | Class B Common Stock | ||||||||
STOCKHOLDERS’ EQUITY | ||||||||
Common Stock value | $ 423 | $ 423 | $ 423 | $ 423 | $ 423 | $ 423 | $ 423 | $ 423 |
Restatement of Previously Iss_5
Restatement of Previously Issued Financial Statements (Details) - Schedule of Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
As Reported [Member] | ||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||||||||
Preferred stock, shares outstanding | ||||||||
As Reported [Member] | Class A Common Stock | ||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Common stock subject to possible redemption, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock subject to possible redemption, shares | 2,651,614 | 3,195,004 | 3,195,004 | 15,748,387 | 15,421,314 | 15,226,112 | 15,359,553 | 15,338,432 |
Common stock subject to possible redemption, per share (in Dollars per share) | $ 10.10 | $ 10.10 | $ 10.10 | $ 10.10 | $ 10.10 | $ 10.10 | $ 10.10 | $ 10.10 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 0 | 0 | 0 | 1,180,502 | 1,507,575 | 1,702,777 | 1,569,336 | 1,590,457 |
Common stock, shares outstanding | 0 | 0 | 0 | 1,180,502 | 1,507,575 | 1,702,777 | 1,569,336 | 1,590,457 |
As Reported [Member] | Class B Common Stock | ||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock, shares issued | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 |
Common stock, shares outstanding | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 |
Restatement Adjustments [Member] | ||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||||||||
Preferred stock, shares outstanding | ||||||||
Restatement Adjustments [Member] | Class A Common Stock | ||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Common stock subject to possible redemption, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock subject to possible redemption, shares | 2,651,614 | 3,195,004 | 3,195,004 | 15,748,387 | 15,421,314 | 15,226,112 | 15,359,553 | 15,338,432 |
Common stock subject to possible redemption, per share (in Dollars per share) | $ 10.10 | $ 10.10 | $ 10.10 | $ 10.10 | $ 10.10 | $ 10.10 | $ 10.10 | $ 10.10 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 0 | 0 | 0 | 1,180,502 | 1,507,575 | 1,702,777 | 1,569,336 | 1,590,457 |
Common stock, shares outstanding | 0 | 0 | 0 | 1,180,502 | 1,507,575 | 1,702,777 | 1,569,336 | 1,590,457 |
Restatement Adjustments [Member] | Class B Common Stock | ||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock, shares issued | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 |
Common stock, shares outstanding | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 |
As Adjusted [Member] | ||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||||||||
Preferred stock, shares outstanding | ||||||||
As Adjusted [Member] | Class A Common Stock | ||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Common stock subject to possible redemption, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Common stock subject to possible redemption, shares | 3,195,004 | 3,195,004 | 15,748,387 | 15,421,314 | 15,226,112 | 15,359,553 | 15,338,432 | |
Common stock subject to possible redemption, per share (in Dollars per share) | $ 10.10 | $ 10.10 | $ 10.10 | $ 10.10 | $ 10.10 | $ 10.10 | $ 10.10 | |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 0 | 0 | 0 | 1,180,502 | 1,507,575 | 1,702,777 | 1,569,336 | 1,590,457 |
Common stock, shares outstanding | 0 | 0 | 0 | 1,180,502 | 1,507,575 | 1,702,777 | 1,569,336 | 1,590,457 |
As Adjusted [Member] | Class B Common Stock | ||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock, shares issued | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 |
Common stock, shares outstanding | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 |
Restatement of Previously Iss_6
Restatement of Previously Issued Financial Statements (Details) - Schedule of operation statement - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
As Reported [Member] | ||||||||||||
OPERATING EXPENSES | ||||||||||||
General and administrative | $ 49,172 | $ 13,820 | $ 19,074 | $ 24,411 | $ 17,263 | $ 123,248 | $ 32,895 | $ 119,619 | $ 82,067 | $ 144,030 | $ 292,252 | $ 155,854 |
Legal and professional fees | 853,628 | 161,571 | 41,768 | 30,383 | 57,769 | 51,579 | 203,338 | 130,239 | 1,056,966 | 160,622 | 1,532,958 | 219,533 |
Franchise tax | 50,000 | 50,000 | 50,000 | 40,000 | 70,000 | 50,000 | 100,000 | 120,000 | 150,000 | 160,000 | 200,000 | 200,000 |
Support services - related party | 52,154 | 59,846 | 52,154 | 52,154 | 59,846 | 52,154 | 112,000 | 112,000 | 164,154 | 164,154 | 185,384 | 224,000 |
Total expenses | 1,004,954 | 285,237 | 162,996 | 146,948 | 204,878 | 276,981 | 448,233 | 481,858 | 1,453,187 | 628,806 | 2,210,594 | 799,387 |
OTHER INCOME | ||||||||||||
Other income | 212,129 | |||||||||||
Change in fair value of warrant liability | ||||||||||||
Interest income on investments held in Trust Account | 13,285 | 38,392 | 1,352,505 | 887,300 | 1,115,194 | 1,060,684 | 1,390,897 | 2,175,878 | 1,404,182 | 3,063,178 | 1,405,514 | 3,950,927 |
Total other income | 13,285 | 38,392 | 1,352,505 | 887,300 | 1,115,194 | 1,060,684 | 1,390,897 | 2,175,878 | 3,063,178 | 1,617,643 | 3,950,927 | |
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | (991,669) | (246,845) | 1,189,509 | 740,352 | 910,316 | 783,703 | 942,664 | 1,694,020 | (49,005) | 2,434,372 | (592,951) | 3,151,540 |
Income tax expense | (7,695) | (2,422) | 273,542 | 178,137 | 219,492 | 212,285 | 271,120 | 431,778 | 263,425 | 609,915 | 297,748 | 788,018 |
NET INCOME (Loss) | $ (983,974) | $ (244,423) | $ 915,967 | $ 562,215 | $ 690,824 | $ 571,418 | $ 671,544 | $ 1,262,242 | $ (312,430) | $ 1,824,457 | $ (890,699) | $ 2,363,522 |
As Reported [Member] | Class A common stock [Member] | ||||||||||||
OTHER INCOME | ||||||||||||
Weighted average shares outstanding of common stock (in Shares) | 3,195,004 | 11,740,532 | 16,928,889 | 16,928,889 | 16,928,889 | 16,928,889 | 14,334,711 | 16,928,889 | 10,566,869 | 16,928,889 | 8,655,806 | 16,928,889 |
Basic and diluted net (loss) income per share (in Dollars per share) | $ 0.06 | $ 0.04 | $ 0.05 | $ 0.05 | $ 0.07 | $ 0.10 | $ 0.09 | $ 0.14 | $ 0.13 | $ 0.18 | ||
As Reported [Member] | Class B common stock [Member] | ||||||||||||
OTHER INCOME | ||||||||||||
Weighted average shares outstanding of common stock (in Shares) | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 |
Basic and diluted net (loss) income per share (in Dollars per share) | $ (0.23) | $ (0.06) | $ (0.03) | $ (0.03) | $ (0.03) | $ (0.05) | $ (0.08) | $ (0.31) | $ (0.11) | $ (0.48) | $ (0.14) | |
Restatement Adjustments [Member] | ||||||||||||
OPERATING EXPENSES | ||||||||||||
General and administrative | ||||||||||||
Legal and professional fees | ||||||||||||
Franchise tax | ||||||||||||
Support services - related party | ||||||||||||
Total expenses | ||||||||||||
OTHER INCOME | ||||||||||||
Other income | ||||||||||||
Change in fair value of warrant liability | 2,005,333 | (14,802,294) | 2,387,467 | (1,909,973) | (477,493) | 2,864,960 | (12,414,827) | 2,387,467 | (10,409,494) | 477,493 | (68,334,046) | 1,909,973 |
Interest income on investments held in Trust Account | ||||||||||||
Total other income | 2,005,333 | (14,802,294) | 2,387,467 | (1,909,973) | (477,493) | 2,864,960 | (12,414,827) | 2,387,467 | (10,409,494) | 477,493 | (68,334,046) | 1,909,973 |
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 2,005,333 | (14,802,294) | 2,387,467 | (1,909,973) | (477,493) | 2,864,960 | (12,414,827) | 2,387,467 | (10,409,494) | 477,493 | (68,334,046) | 1,909,973 |
Income tax expense | ||||||||||||
NET INCOME (Loss) | $ 2,005,333 | $ (14,802,294) | $ 2,387,467 | $ (1,909,973) | $ (477,493) | $ 2,864,960 | $ (12,414,827) | $ 2,387,467 | $ (10,409,494) | $ 477,493 | $ (68,334,046) | $ 1,909,973 |
Restatement Adjustments [Member] | Class A common stock [Member] | ||||||||||||
OTHER INCOME | ||||||||||||
Weighted average shares outstanding of common stock (in Shares) | ||||||||||||
Basic and diluted net (loss) income per share (in Dollars per share) | $ (0.01) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Restatement Adjustments [Member] | Class B common stock [Member] | ||||||||||||
OTHER INCOME | ||||||||||||
Weighted average shares outstanding of common stock (in Shares) | ||||||||||||
Basic and diluted net (loss) income per share (in Dollars per share) | $ 0.48 | $ (3.49) | $ 0.57 | $ (0.45) | $ (0.11) | $ 0.67 | $ (2.94) | $ 0.48 | $ (2.46) | $ 0.11 | $ (16.14) | $ 0.45 |
As Restated [Member] | ||||||||||||
OPERATING EXPENSES | ||||||||||||
General and administrative | $ 49,172 | $ 13,820 | $ 19,074 | $ 24,411 | $ 17,263 | $ 123,248 | $ 32,895 | $ 119,619 | $ 82,067 | $ 144,030 | $ 292,252 | $ 155,854 |
Legal and professional fees | 853,628 | 161,571 | 41,768 | 30,383 | 57,769 | 51,579 | 203,338 | 130,239 | 1,056,966 | 160,622 | 1,532,958 | 219,533 |
Franchise tax | 50,000 | 50,000 | 50,000 | 40,000 | 70,000 | 50,000 | 100,000 | 120,000 | 150,000 | 160,000 | 200,000 | 200,000 |
Support services - related party | 52,154 | 59,846 | 52,154 | 52,154 | 59,846 | 52,154 | 112,000 | 112,000 | 164,154 | 164,154 | 185,384 | 224,000 |
Total expenses | 1,004,954 | 285,237 | 162,996 | 146,948 | 204,878 | 276,981 | 448,233 | 481,858 | 1,453,187 | 628,806 | 2,210,594 | 799,387 |
OTHER INCOME | ||||||||||||
Other income | 212,129 | |||||||||||
Change in fair value of warrant liability | 2,005,333 | (14,802,294) | 2,387,467 | (1,909,973) | (477,493) | 2,864,960 | (12,414,827) | 2,387,467 | (10,409,494) | 477,493 | (68,334,046) | 1,909,973 |
Interest income on investments held in Trust Account | 13,285 | 38,392 | 1,352,505 | 887,300 | 1,115,194 | 1,060,684 | 1,390,897 | 2,175,878 | 1,404,182 | 3,063,178 | 1,405,514 | 3,950,927 |
Total other income | 2,018,618 | (14,763,902) | 3,739,972 | (1,022,673) | 637,701 | 3,925,644 | (11,023,930) | 4,563,345 | (9,005,312) | 3,540,671 | (66,716,403) | 5,860,900 |
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 1,013,664 | (15,049,139) | 3,576,976 | (1,169,621) | 432,823 | 3,648,663 | (11,472,163) | 4,081,487 | (10,458,499) | 2,911,865 | (68,926,997) | 5,061,513 |
Income tax expense | (7,695) | (2,422) | 273,542 | 178,137 | 219,492 | 212,285 | 271,120 | 431,778 | 263,425 | 609,915 | 297,748 | 788,018 |
NET INCOME (Loss) | $ 1,021,359 | $ (15,046,717) | $ 3,303,434 | $ (1,347,758) | $ 213,331 | $ 3,436,378 | $ (11,743,283) | $ 3,649,709 | $ (10,721,924) | $ 2,301,950 | $ (69,224,745) | $ 4,273,495 |
As Restated [Member] | Class A common stock [Member] | ||||||||||||
OTHER INCOME | ||||||||||||
Weighted average shares outstanding of common stock (in Shares) | 3,195,004 | 11,740,532 | 16,928,889 | 16,928,889 | 16,928,889 | 16,928,889 | 14,334,711 | 16,928,889 | 10,566,869 | 16,928,889 | 8,655,806 | 16,928,889 |
Basic and diluted net (loss) income per share (in Dollars per share) | $ (0.01) | $ 0 | $ 0.06 | $ 0.04 | $ 0.05 | $ 0.05 | $ 0.07 | $ 0.10 | $ 0.09 | $ 0.14 | $ 0.13 | $ 0.18 |
As Restated [Member] | Class B common stock [Member] | ||||||||||||
OTHER INCOME | ||||||||||||
Weighted average shares outstanding of common stock (in Shares) | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 | 4,232,222 |
Basic and diluted net (loss) income per share (in Dollars per share) | $ 0.25 | $ (3.55) | $ 0.54 | $ (0.48) | $ (0.14) | $ 0.62 | $ (3.02) | $ 0.48 | $ (2.77) | $ 0.54 | $ (16.62) | $ 0.31 |
Restatement of Previously Iss_7
Restatement of Previously Issued Financial Statements (Details) - Schedule of cash flow statement - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
As Reported [Member] | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ 915,967 | $ 571,418 | $ 671,544 | $ 1,262,242 | $ (312,430) | $ 1,824,457 | $ (890,699) | $ 2,363,522 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Interest earned in Trust Account | (1,352,505) | (1,060,684) | (1,390,897) | (2,175,878) | (1,404,182) | (3,063,178) | (1,405,514) | (3,950,927) |
Other income remitted directly to Trust Account | (212,129) | |||||||
Change in fair value of warrant liability | ||||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other assets | 10,625 | 2,423 | 21,250 | 13,048 | (37,426) | 23,673 | (3,101) | 34,298 |
Accounts payable | 11,009 | 85,039 | 109,930 | (10,592) | 839,654 | (22,390) | 1,544,231 | (146,591) |
Income taxes payable | 273,542 | 212,285 | (300,223) | 107,250 | (572,160) | 231,299 | (572,160) | 355,314 |
Franchise taxes payable | (30,000) | (150,000) | (60,000) | (160,000) | (50,000) | (160,000) | (50,000) | (120,000) |
Net cash flows used in operating activities | (171,362) | (339,519) | (948,396) | (963,930) | (1,536,544) | (1,166,139) | (1,589,372) | (1,464,384) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Cash released from Trust Account for Class A common stock redemptions | 142,571,767 | 142,571,768 | 148,155,560 | |||||
Cash moved to escrow from private placement received in advance | (20,002,872) | |||||||
Investment income released from Trust Account to pay taxes | 1,064,887 | 200,200 | 1,064,888 | 658,815 | 1,104,885 | 754,104 | ||
Net cash flows provided by financing activities | 143,636,654 | 200,200 | 143,636,656 | 658,815 | 129,257,573 | 754,104 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Cash used for Class A common stock redemptions | (142,571,767) | (142,571,768) | (148,155,560) | |||||
Proceeds from private placement received in advance | 20,002,872 | |||||||
Proceeds from due to affiliates | 45,000 | |||||||
Net cash flows used in financing activities | (142,571,767) | (142,571,768) | (128,107,688) | |||||
NET CHANGE IN CASH | (171,362) | (339,520) | 116,491 | (763,730) | (471,656) | (507,324) | (439,487) | (710,280) |
CASH, BEGINNING OF YEAR | 482,665 | 1,192,945 | 482,665 | 1,192,945 | 482,665 | 1,192,945 | 482,665 | 1,192,945 |
CASH, END OF YEAR | 311,303 | 853,425 | 599,156 | 429,215 | 11,009 | 685,621 | 43,178 | 482,665 |
Supplemental disclosure of noncash activities: | ||||||||
Federal income taxes paid from operating account | 571,343 | 324,528 | 904,885 | 378,616 | ||||
Change in value of Class A common stock subject to possible redemption | 915,969 | 571,417 | (141,900,223) | 1,262,237 | (142,884,193) | 1,824,454 | (149,100,257) | 2,363,521 |
Supplemental cash flow disclosure: | ||||||||
Income taxes paid | 904,885 | 432,704 | ||||||
Restatement Adjustments [Member] | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income (loss) | 2,387,467 | 2,864,960 | (12,414,827) | 2,387,467 | (10,409,494) | 477,493 | (68,334,046) | 1,909,973 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Interest earned in Trust Account | ||||||||
Other income remitted directly to Trust Account | ||||||||
Change in fair value of warrant liability | (2,387,467) | (2,864,960) | 12,414,827 | (2,387,467) | 10,409,494 | (477,493) | 68,334,046 | (1,909,973) |
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other assets | ||||||||
Accounts payable | ||||||||
Income taxes payable | ||||||||
Franchise taxes payable | ||||||||
Net cash flows used in operating activities | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Cash released from Trust Account for Class A common stock redemptions | ||||||||
Cash moved to escrow from private placement received in advance | ||||||||
Investment income released from Trust Account to pay taxes | ||||||||
Net cash flows provided by financing activities | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Cash used for Class A common stock redemptions | ||||||||
Proceeds from private placement received in advance | ||||||||
Proceeds from due to affiliates | ||||||||
Net cash flows used in financing activities | ||||||||
NET CHANGE IN CASH | ||||||||
CASH, BEGINNING OF YEAR | ||||||||
CASH, END OF YEAR | ||||||||
Supplemental disclosure of noncash activities: | ||||||||
Federal income taxes paid from operating account | ||||||||
Change in value of Class A common stock subject to possible redemption | (4,219,403) | 2,864,961 | 18,414,488 | 2,387,472 | 19,398,458 | 477,496 | 20,126,283 | 1,909,974 |
Supplemental cash flow disclosure: | ||||||||
Income taxes paid | ||||||||
As Restated [Member] | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income (loss) | 3,303,434 | 3,436,378 | (11,743,283) | 3,649,709 | (10,721,924) | 2,301,950 | (69,224,745) | 4,273,495 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Interest earned in Trust Account | (1,352,505) | (1,060,684) | (1,390,897) | (2,175,878) | (1,404,182) | (3,063,178) | (1,405,514) | (3,950,927) |
Other income remitted directly to Trust Account | (212,129) | |||||||
Change in fair value of warrant liability | (2,387,467) | (2,864,960) | 12,414,827 | (2,387,467) | 10,409,494 | (477,493) | 68,334,046 | (1,909,973) |
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other assets | 10,625 | 2,423 | 21,250 | 13,048 | (37,426) | 23,673 | (3,101) | 34,298 |
Accounts payable | 11,009 | 85,039 | 109,930 | (10,592) | 839,654 | (22,390) | 1,544,231 | (146,591) |
Income taxes payable | 273,542 | 212,285 | (300,223) | 107,250 | (572,160) | 231,299 | (572,160) | 355,314 |
Franchise taxes payable | (30,000) | (150,000) | (60,000) | (160,000) | (50,000) | (160,000) | (50,000) | (120,000) |
Net cash flows used in operating activities | (171,362) | (339,519) | (948,396) | (963,930) | (1,536,544) | (1,166,139) | (1,589,372) | (1,464,384) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Cash released from Trust Account for Class A common stock redemptions | 142,571,767 | 142,571,768 | 148,155,560 | |||||
Cash moved to escrow from private placement received in advance | (20,002,872) | |||||||
Investment income released from Trust Account to pay taxes | 1,064,887 | 200,200 | 1,064,888 | 658,815 | 1,104,885 | 754,104 | ||
Net cash flows provided by financing activities | 143,636,654 | 200,200 | 143,636,656 | 658,815 | 129,257,573 | 754,104 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Cash used for Class A common stock redemptions | (142,571,767) | (142,571,768) | (148,155,560) | |||||
Proceeds from private placement received in advance | 20,002,872 | |||||||
Proceeds from due to affiliates | 45,000 | |||||||
Net cash flows used in financing activities | (142,571,767) | (142,571,768) | (128,107,688) | |||||
NET CHANGE IN CASH | (171,362) | (339,520) | 116,491 | (763,730) | (471,656) | (507,324) | (439,487) | (710,280) |
CASH, BEGINNING OF YEAR | 482,665 | 1,192,945 | 482,665 | 1,192,945 | 482,665 | 1,192,945 | 482,665 | 1,192,945 |
CASH, END OF YEAR | 311,303 | 853,425 | 599,156 | 429,215 | 11,009 | 685,621 | 43,178 | 482,665 |
Supplemental disclosure of noncash activities: | ||||||||
Federal income taxes paid from operating account | 571,343 | 324,528 | 904,885 | 378,616 | ||||
Change in value of Class A common stock subject to possible redemption | $ (3,303,434) | $ 3,436,378 | $ (123,485,735) | $ 3,649,709 | $ (123,485,735) | $ 2,301,950 | (128,973,974) | 4,273,495 |
Supplemental cash flow disclosure: | ||||||||
Income taxes paid | $ 904,885 | $ 432,704 |