|
Delaware
(State or other jurisdiction of
incorporation or organization) |
| |
6770
(Primary Standard Industrial
Classification Code Number) |
| |
85-3316188
(I.R.S. Employer
Identification Number) |
|
|
David A. Sakowitz
Jason D. Osborn Dominick P. DeChiara Winston & Strawn LLP 200 Park Avenue New York, NY 10166 (212) 294-6700 |
| |
Chieh Huang
Chief Executive Officer Giddy Inc. (d/b/a Boxed) 451 Broadway New York, NY 10013 Tel: (646) 586-5599 |
| |
Drew Capurro
Chad Rolston Latham & Watkins LLP 650 Town Center Drive 20th Floor Costa Mesa, CA 92626 Tel: (714) 540-1235 |
|
|
☐
Large accelerated filer
|
| |
☐
Accelerated filer
|
|
|
☒
Non-accelerated filer
|
| |
☒
Smaller reporting company
|
|
| | | |
☒
Emerging growth company
|
|
|
☐
Exchange Act Rule 13e-4(i)
(Cross-Border Issuer Tender Offer)
|
| |
☐
Exchange Act Rule 14d-1(d)
(Cross-Border Third-Party Tender Offer)
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| | ||||||||||||||||||||||||||||
Title of Each Class of Securities to be Registered
|
| | |
Amount to be
Registered |
| | |
Proposed Maximum
Offering Price Per Share |
| | |
Proposed Maximum
Aggregate Offering Price |
| | |
Amount of
Registration Fee |
| ||||||||||||
Common stock, par value $0.0001 per
share |
| | | | | 24,718,939(1) | | | | | | $ | 9.85(2) | | | | | | $ | 243,481,545.90 | | | | | | $ | 26,563.84(3)(4) | | |
| | | | | ii | | | |
| | | | | iii | | | |
| | | | | vii | | | |
| | | | | 1 | | | |
| | | | | 15 | | | |
| | | | | 29 | | | |
| | | | | 30 | | | |
| | | | | 32 | | | |
| | | | | 35 | | | |
| | | | | 37 | | | |
| | | | | 38 | | | |
| | | | | 86 | | | |
| | | | | 87 | | | |
| | | | | 94 | | | |
| | | | | 112 | | | |
| | | | | 128 | | | |
| | | | | 131 | | | |
| | | | | 133 | | | |
| | | | | 138 | | | |
| | | | | 140 | | | |
| | | | | 152 | | | |
| | | | | 153 | | | |
| | | | | 167 | | | |
| | | | | 178 | | | |
| | | | | 184 | | | |
| | | | | 199 | | | |
| | | | | 219 | | | |
| | | | | 233 | | | |
| | | | | 234 | | | |
| | | | | 238 | | | |
| | | | | 243 | | | |
| | | | | 250 | | | |
| | | | | 255 | | | |
| | | | | 256 | | | |
| | | | | 257 | | | |
| | | | | 258 | | | |
| | | | | 264 | | | |
| | | | | 267 | | | |
| | | | | 268 | | | |
| | | | | 269 | | | |
| | | | | F-1 | | | |
| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | | |
| | | | | D-1 | | | |
| | | | | E-1 | | | |
| | | | | F-1 | | | |
| | | | | G-1 | | | |
| | | | | II-1 | | |
| | |
Assuming
No Redemption |
| |
Assuming 50%
Redemptions(1) |
| |
Assuming
Maximum Redemption(2) |
| |||||||||
Boxed Equityholders(3)
|
| | | | 55,000,000 | | | | | | 55,000,000 | | | | | | 55,000,000 | | |
Public Stockholders(4)
|
| | | | 25,875,000 | | | | | | 12,937,500 | | | | | | 6,000,000 | | |
PIPE Investors
|
| | | | 3,250,000 | | | | | | 3,250,000 | | | | | | 3,250,000 | | |
Initial Stockholders(5)
|
| | | | 6,468,750 | | | | | | 6,468,750 | | | | | | 6,468,750 | | |
Total Shares(6)
|
| | | | 90,593,750 | | | | | | 77,656,250 | | | | | | 70,718,750 | | |
| | |
Assuming No
Redemption |
| |
Assuming 50%
Redemptions |
| |
Assuming Maximum
Redemptions |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Percentage
|
| |
Shares
|
| |
Percentage
|
| |
Shares
|
| |
Percentage
|
| ||||||||||||||||||
Total shares of New Boxed common stock outstanding at Closing
|
| | | | 90,593,750 | | | | | | 71.2% | | | | | | 77,656,250 | | | | | | 68.8% | | | | | | 70,718,750 | | | | | | 67.3% | | |
Shares underlying public warrants
|
| | | | 12,937,500 | | | | | | 10.2% | | | | | | 12,937,500 | | | | | | 11.5% | | | | | | 12,937,500 | | | | | | 12.3% | | |
Shares underlying Private Placement Warrants
|
| | | | 5,587,500 | | | | | | 4.4% | | | | | | 5,587,500 | | | | | | 5.0% | | | | | | 5,587,500 | | | | | | 5.3% | | |
| | |
Assuming No
Redemption |
| |
Assuming 50%
Redemptions |
| |
Assuming Maximum
Redemptions |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Percentage
|
| |
Shares
|
| |
Percentage
|
| |
Shares
|
| |
Percentage
|
| ||||||||||||||||||
Shares underlying
conversion of convertible notes |
| | | | 7,291,666 | | | | | | 5.7% | | | | | | 7,291,666 | | | | | | 6.5% | | | | | | 7,291,666 | | | | | | 6.9% | | |
Shares initially reserved for issuance under Incentive Award Plan(a)
|
| | | | 9,059,375 | | | | | | 7.1% | | | | | | 7,765,625 | | | | | | 6.9% | | | | | | 7,071,875 | | | | | | 6.7% | | |
Shares initially reserved for issuance under ESPP(a)
|
| | | | 1,811,875 | | | | | | 1.4% | | | | | | 1,553,125 | | | | | | 1.4% | | | | | | 1,414,375 | | | | | | 1.3% | | |
Total Shares
|
| | | | 127,281,666 | | | | | | 100.0% | | | | | | 112,791,666 | | | | | | 100.0% | | | | | | 105,021,666 | | | | | | 100.0% | | |
|
(in millions)
|
| |
Assuming No
Redemption |
| |
Assuming Maximum
Redemption |
| ||||||
Sources | | | | | | | | | | | | | |
Proceeds from Trust Account
|
| | | $ | 258.8 | | | | | $ | 60.0 | | |
Private Placement of Common Stock
|
| | | | 32.5 | | | | | | 32.5 | | |
Private Placement of Convertible Senior Notes
|
| | | | 87.5 | | | | | | 87.5 | | |
Sellers’ Equity
|
| | | | 550.0 | | | | | | 550.0 | | |
Seven Oaks’ Founder Shares(1)
|
| | | | 45.3 | | | | | | 45.3 | | |
Total Sources
|
| | | $ | 974.1 | | | | | $ | 775.3 | | |
Uses | | | | | | | | | | | | | |
Sellers’ Equity
|
| | | $ | 550.0 | | | | | $ | 550.0 | | |
Cash to New Boxed’s Balance Sheet
|
| | | | 332.4 | | | | | | 133.6 | | |
Seven Oaks’ Founder Shares(1)
|
| | | | 45.3 | | | | | | 45.3 | | |
Estimated Transaction Fees and Expenses
|
| | | | 46.4 | | | | | | 46.4 | | |
Total Uses
|
| | | $ | 974.1 | | | | | $ | 775.3 | | |
| | | | | | | | |
Period from
September 23, 2020 |
| |||
| | |
Six Months Ended
June 30, 2021 |
| |
(Inception) through
December 31, 2020 |
| ||||||
General and administrative expenses
|
| | | $ | 2,033,014 | | | | | | 84,565 | | |
General and administrative expenses – related party
|
| | | | 120,000 | | | | | | 20,000 | | |
Franchise tax expenses
|
| | | | 71,721 | | | | | | 54,695 | | |
Loss from operations
|
| | | | (2,224,735) | | | | | | (159,260) | | |
Financing costs – derivative warrant liabilities
|
| | | | — | | | | | | (168,086) | | |
Change in fair value of derivative warrant liabilities
|
| | | | 555,755 | | | | | | (3,890,255) | | |
Income (loss) from investments held in Trust Account
|
| | | | 51,542 | | | | | | (142) | | |
Net income
|
| | | $ | (1,617,438) | | | | | | (4,217,743) | | |
Weighted average shares outstanding of common stock subject to possible
redemption, basic and diluted |
| | | | 23,597,451 | | | | | | 25,571,831 | | |
Basic and diluted net income per share, common stock subject to possible
redemption |
| | | $ | — | | | | | | — | | |
Weighted average shares outstanding of common stock – non-redeemable,
basic and diluted |
| | |
|
8,746,299
|
| | | |
|
5,767,811
|
| |
Basic and diluted net income (loss) per share, common stock – non-redeemable
|
| | |
$
|
(0.18)
|
| | | |
|
(0.73)
|
| |
Balance Sheet Data
|
| |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
Total assets
|
| | | $ | 260,319,739 | | | | | $ | 261,273,723 | | |
Total liabilities
|
| | | $ | 23,289,058 | | | | | $ | 22,625,604 | | |
Class A common stock subject to possible redemptions
|
| | | $ | 232,030,680 | | | | | $ | 233,648,110 | | |
Total stockholders’ equity
|
| | | $ | 5,000,001 | | | | | $ | 5,000,009 | | |
| | |
Six Months Ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
(in thousands except for share and per share data)
|
| |||||||||||||||||||||||||||
Consolidated Statement of Operation Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenue
|
| | | $ | 83,208 | | | | | $ | 103,066 | | | | | $ | 187,174 | | | | | $ | 173,993 | | | | | $ | 140,236 | | |
Cost of sales
|
| | | | (73,160) | | | | | | (90,146) | | | | | | (161,271) | | | | | | (164,091) | | | | | | (133,524) | | |
Gross profit
|
| | | | 10,048 | | | | | | 12,920 | | | | | | 25,903 | | | | | | 9,902 | | | | | | 6,712 | | |
Advertising expense
|
| | | | (9,445) | | | | | | (1,207) | | | | | | (4,912) | | | | | | (20,703) | | | | | | (12,218) | | |
Selling, general, and administrative expense
|
| | | | (26,046) | | | | | | (26,384) | | | | | | (49,678) | | | | | | (54,892) | | | | | | (44,724) | | |
Loss of operations
|
| | | | (25,443) | | | | | | (14,671) | | | | | | (28,687) | | | | | | (65,693) | | | | | | (50,230) | | |
Other income (expense), net
|
| | | | 1,070 | | | | | | (4,795) | | | | | | (5,750) | | | | | | 291 | | | | | | (96) | | |
Loss before income taxes
|
| | | | (24,373) | | | | | | (19,466) | | | | | | (34,437) | | | | | | (65,402) | | | | | | (50,326) | | |
Provision for income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (24,373) | | | | | $ | (19,466) | | | | | $ | (34,437) | | | | | $ | (65,402) | | | | | $ | (50,326) | | |
Net loss per common share attributable to
common stockholders – basic and diluted |
| | | $ | (2.32) | | | | | $ | (1.93) | | | | | $ | (3.61) | | | | | $ | (6.83) | | | | | $ | (5.10) | | |
Weighted average common shares used to
compute net loss per share attributable to common stockholders – basic and diluted |
| | | | 9,925,159 | | | | | | 9,834,428 | | | | | | 9,842,737 | | | | | | 9,750,682 | | | | | | 9,695,257 | | |
| | |
As of June 30,
2021 |
| |
As of December 31,
|
| ||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||
Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | $ | 13,241 | | | | | $ | 30,043 | | | | | $ | 12,890 | | |
Total assets
|
| | | | 42,514 | | | | | | 59,665 | | | | | | 47,920 | | |
Total liabilities
|
| | | | 49,186 | | | | | | 42,906 | | | | | | 40,678 | | |
Total convertible preferred stock
|
| | | | 323,868 | | | | | | 325,201 | | | | | | 282,185 | | |
Total stockholders’ deficit
|
| | | | (330,540) | | | | | | (308,442) | | | | | | (274,943) | | |
(in thousands, except for per share information)
|
| |
Assuming No
Redemptions |
| |
Assuming
Maximum Redemptions |
| ||||||
Selected Unaudited Pro Forma Condensed Combined Statement of Operations Data Six Months Ended June 30, 2021
|
| | | | | | | | | | | | |
Net revenue
|
| | | $ | 83,208 | | | | | $ | 83,208 | | |
Basic and diluted net loss per common share
|
| | | $ | (0.34) | | | | | $ | (0.44) | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 88,653,125 | | | | | | 68,778,125 | | |
Selected Unaudited Pro Forma Condensed Combined Statement of Operations Data Year Ended December 31, 2020
|
| | | | | | | | | | | | |
Net revenue
|
| | | $ | 187,174 | | | | | $ | 187,174 | | |
Basic and diluted net loss per common share
|
| | | $ | (0.70) | | | | | $ | (0.90) | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 88,653,125 | | | | | | 68,778,125 | | |
Selected Unaudited Pro Forma Condensed Combined Balance Sheet Data as of
June 30, 2021 |
| | | | | | | | | | | | |
Total assets
|
| | | $ | 376,425 | | | | | $ | 177,675 | | |
Total liabilities
|
| | | $ | 166,258 | | | | | $ | 166,258 | | |
Total shareholders’ equity
|
| | | $ | 210,167 | | | | | $ | 11,417 | | |
| | |
Historical
|
| |
Pro Forma Combined
|
| |
Equivalent Pro Forma Combined(3)
|
| |||||||||||||||||||||||||||
| | |
Giddy Inc. d/b/a
Boxed |
| |
Seven Oaks
Acquisition Corp. |
| |
Assuming No
Redemptions |
| |
Assuming
Maximum Redemptions |
| |
Assuming No
Redemptions |
| |
Assuming
Maximum Redemptions |
| ||||||||||||||||||
As of and for the Six Months Ended June 30, 2021
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Book value per share, basic and diluted(1)
|
| | | $ | (33.27) | | | | | $ | 0.55 | | | | | $ | 2.37 | | | | | $ | 0.17 | | | | | $ | 2.27 | | | | | $ | 0.16 | | |
Net loss per share, basic
and diluted(2) |
| | | $ | (2.32) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss per share,
common stock subject to possible redemption , basic and diluted(2) |
| | | | — | | | | | $ | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net income per share,
common stock – non- redeemable, basic and diluted(2) |
| | | | — | | | | | $ | (0.18) | | | | | $ | (0.34) | | | | | $ | (0.44) | | | | | $ | (0.34) | | | | | $ | (0.44) | | |
| | |
Historical
|
| |
Pro Forma Combined
|
| |
Equivalent Pro Forma Combined
|
| |||||||||||||||||||||||||||
| | |
Giddy Inc. d/b/a
Boxed |
| |
Seven Oaks
Acquisition Corp. |
| |
Assuming No
Redemptions |
| |
Assuming
Maximum Redemptions |
| |
Assuming No
Redemptions |
| |
Assuming
Maximum Redemptions |
| ||||||||||||||||||
As of and for the Year Ended
December 31, 2020 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Book value per share, basic and diluted(1)
|
| | | $ | (31.19) | | | | | $ | 0.56 | | | | | $ | 2.37 | | | | | $ | 0.17 | | | | | $ | 2.27 | | | | | $ | 0.16 | | |
Net loss per share, basic and diluted(2)
|
| | | $ | (3.61) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss per share,
common stock subject to possible redemption, basic and diluted(2) |
| | | | — | | | | | $ | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss per share, common stock – non-redeemable, basic and diluted(2)
|
| | | | — | | | | | $ | (0.73) | | | | | $ | (0.70) | | | | | $ | (0.90) | | | | | $ | (0.70) | | | | | $ | (0.90) | | |
| | SEVEN OAKS’ BOARD OF DIRECTORS HAS UNANIMOUSLY DETERMINED THAT THE BUSINESS COMBINATION PROPOSAL, THE ORGANIZATIONAL DOCUMENTS PROPOSAL AND THE OTHER PROPOSALS TO BE PRESENTED AT THE SPECIAL MEETING ARE IN THE BEST INTERESTS OF AND ADVISABLE TO THE SEVEN OAKS STOCKHOLDERS AND RECOMMENDS THAT YOU VOTE “FOR” EACH OF THE PROPOSALS DESCRIBED ABOVE. | | |
(in millions)
|
| |
Assuming No
Redemption |
| |
Assuming Maximum
Redemption |
| ||||||
Sources | | | | | | | | | | | | | |
Proceeds from Trust Account
|
| | | $ | 258.8 | | | | | $ | 60.0 | | |
Private Placement of Common Stock
|
| | | | 32.5 | | | | | | 32.5 | | |
Private Placement of Convertible Senior Notes
|
| | | | 87.5 | | | | | | 87.5 | | |
Sellers’ Equity
|
| | | | 550.0 | | | | | | 550.0 | | |
Seven Oaks’ Founder Shares(1)
|
| | | | 45.3 | | | | | | 45.3 | | |
Total Sources
|
| | | $ | 974.1 | | | | | $ | 775.3 | | |
Uses | | | | | | | | | | | | | |
Sellers’ Equity
|
| | | $ | 550.0 | | | | | $ | 550.0 | | |
Cash to New Boxed’s Balance Sheet
|
| | | | 332.4 | | | | | | 133.6 | | |
Seven Oaks’ Founder Shares(1)
|
| | | | 45.3 | | | | | | 45.3 | | |
Estimated Transaction Fees and Expenses
|
| | | | 46.4 | | | | | | 46.4 | | |
Total Uses
|
| | | $ | 974.1 | | | | | $ | 775.3 | | |
| | | |
The Current Organizational Documents
|
| |
The Proposed Organizational
Documents |
|
|
Authorized Shares
(Advisory Organizational Documents Proposal A) |
| | The Current Organizational Documents authorize 401,000,000 shares, consisting of 380,000,000 shares of Seven Oaks Class A common stock, 20,000,000 shares of Seven Oaks Class B common stock and 1,000,000 shares of preferred stock. | | | The Proposed Organizational Documents authorize shares, consisting of shares of New Boxed common stock and shares of New Boxed preferred stock. | |
| | | | See Section 4.1 of the Current Charter. | | | See Article Fourth of the Proposed Charter. | |
|
Corporate Name
(Advisory Organizational Documents Proposal B) |
| | The Current Organizational Documents provide that the name of the company is “Seven Oaks Acquisition Corp.” | | | The Proposed Organizational Documents provide that the name of the corporation will be “Boxed, Inc.” | |
| | | | See Article First of the Current Charter. | | | See Article First of the Proposed Charter. | |
|
Perpetual Existence
(Advisory Organizational Documents Proposal B) |
| | The Current Organizational Documents provide that if Seven Oaks does not consummate a Business Combination (as defined in the Current Charter) by December 22, 2022, Seven Oaks will cease all operations except for the purposes of winding up and will redeem the public shares and liquidate Seven Oaks’ Trust Account. | | | The Proposed Organizational Documents do not include any provisions relating to New Boxed’s ongoing existence; the default under the DGCL will make New Boxed’s existence perpetual. | |
| | | |
The Current Organizational Documents
|
| |
The Proposed Organizational
Documents |
|
| | | | See Section 9.2 of the Current Charter. | | | Default rule under the DGCL. | |
|
Takeovers by Interested Stockholders
(Advisory Organizational Documents Proposal B) |
| | The Current Organizational Documents do not elect to opt out of Section 203 of the DGCL relating to takeovers by interested stockholders. | | | The Proposed Organizational Documents will have New Boxed elect not to be governed by Section 203 of the DGCL relating to takeovers by interested stockholders but will provide other similar restrictions regarding takeovers by interested stockholders. | |
| | | | Default rule under the DGCL. | | | See Article Tenth of the Proposed Charter. | |
|
Provisions Related to
Status as Blank Check Company (Advisory Organizational Documents Proposal B) |
| | The Current Organizational Documents include various provisions related to Seven Oaks’ status as a blank check company prior to the consummation of a business combination. | | | The Proposed Organizational Documents do not include such provisions related to Seven Oaks’ status as a blank check company, which no longer will apply upon consummation of the Business Combination, as Seven Oaks will cease to be a blank check company at such time. | |
| | | | See Article Ninth and Article Tenth of the Current Charter. | | | | |
| | |
Assuming
No Redemption |
| |
Assuming
Maximum Redemption(1) |
| ||||||
Boxed Equityholders(2)
|
| | | | 55,000,000 | | | | | | 55,000,000 | | |
Public Stockholders
|
| | | | 25,875,000 | | | | | | 6,000,000 | | |
PIPE Investors
|
| | | | 3,250,000 | | | | | | 3,250,000 | | |
Initial Stockholders(3)
|
| | | | 6,468,750 | | | | | | 6,468,750 | | |
Total Shares(4)
|
| | |
|
90,593,750
|
| | | |
|
70,718,750
|
| |
| | |
Assuming No
Redemption |
| |
Assuming
Maximum Redemptions |
| ||||||||||||||||||
| | |
Shares
|
| |
Percentage
|
| |
Shares
|
| |
Percentage
|
| ||||||||||||
Total shares of New Boxed common stock outstanding
at Closing |
| | | | 90,593,750 | | | | | | 71.2% | | | | | | 70,718,750 | | | | | | 67.3% | | |
Shares underlying public warrants
|
| | | | 12,937,500 | | | | | | 10.2% | | | | | | 12,937,500 | | | | | | 12.3% | | |
Shares underlying Private Placement Warrants
|
| | | | 5,587,500 | | | | | | 4.4% | | | | | | 5,587,500 | | | | | | 5.3% | | |
Shares underlying conversion of convertible notes
|
| | | | 7,291,666 | | | | | | 5.7% | | | | | | 7,291,666 | | | | | | 6.9% | | |
Shares initially reserved for issuance under Incentive Award Plan(a)
|
| | | | 9,059,375 | | | | | | 7.1% | | | | | | 7,071,875 | | | | | | 6.7% | | |
Shares initially reserved for issuance under ESPP(a)
|
| | | | 1,811,875 | | | | | | 1.4% | | | | | | 1,414,375 | | | | | | 1.3% | | |
Total Shares
|
| | | | 127,281,666 | | | | | | 100.0% | | | | | | 105,021,666 | | | | | | 100.0% | | |
| | |
Giddy Inc.
d/b/a Boxed (Historical for the six months ended 6/30/2021) |
| |
Seven Oaks
Acquisition Corp. (Historical for the six months ended 6/30/2021) |
| |
Reclassification
Adjustments |
| | | | |
Assuming
No Redemptions |
| |
Assuming
Maximum Redemptions |
| |||||||||||||||||||||||||||||||||
|
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| |||||||||||||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 13,241,162 | | | | | $ | 935,115 | | | | | $ | — | | | | | | | | $ | 332,392,087 | | | |
(a)
|
| | | $ | 346,568,364 | | | | | $ | (198,750,000) | | | |
(p)
|
| | | $ | 147,818,364 | | |
Accounts receivable, net
|
| | | | 3,364,432 | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 3,364,432 | | | | | | | | | | | | | | | 3,364,432 | | |
Inventories
|
| | | | 12,919,596 | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 12,919,596 | | | | | | | | | | | | | | | 12,919,596 | | |
Prepaid expenses and other current assets
|
| | | | 4,112,322 | | | | | | 583,224 | | | | | | — | | | | | | | | | | | | | | | | | | 4,695,546 | | | | | | | | | | | | | | | 4,695,546 | | |
Total current assets
|
| | | | 33,637,512 | | | | | | 1,518,339 | | | | | | — | | | | | | | | | 332,392,087 | | | | | | | | | 367,547,938 | | | | | | (198,750,000) | | | | | | | | | 168,797,938 | | |
Property and equipment, net
|
| | | | 8,687,513 | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 8,687,513 | | | | | | | | | | | | | | | 8,687,513 | | |
Investments held in Trust Account
|
| | | | — | | | | | | 258,801,400 | | | | | | — | | | | | | | | | (258,801,400) | | | |
(c)
|
| | | | — | | | | | | | | | | | | | | | — | | |
Other long-term assets
|
| | | | 189,456 | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 189,456 | | | | | | | | | | | | | | | 189,456 | | |
Total assets
|
| | | $ | 42,514,481 | | | | | $ | 260,319,739 | | | | | $ | — | | | | | | | | $ | 73,590,687 | | | | | | | | $ | 376,424,907 | | | | | $ | (198,750,000) | | | | | | | | $ | 177,674,907 | | |
Liabilities and Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 13,324,831 | | | | | $ | 25,190 | | | | | $ | — | | | | | | | | | | | | | | | | | $ | 13,350,021 | | | | | | | | | | | | | | $ | 13,350,021 | | |
Accrued expenses
|
| | | | 7,315,269 | | | | | | 1,354,505 | | | | | | — | | | | | | | | | | | | | | | | | | 8,669,774 | | | | | | | | | | | | | | | 8,669,774 | | |
Frachise tax payable
|
| | | | — | | | | | | 49,863 | | | | | | (49,863) | | | |
(m)
|
| | | | | | | | | | | | | — | | | | | | | | | | | | | | | — | | |
Deferred revenue
|
| | | | 4,155,752 | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 4,155,752 | | | | | | | | | | | | | | | 4,155,752 | | |
Other current liabilities
|
| | | | 17,383,407 | | | | | | — | | | | | | 49,863 | | | |
(m)
|
| | | | | | | | | | | | | 17,433,270 | | | | | | | | | | | | | | | 17,433,270 | | |
Term loan – current portion
|
| | | | 3,750,000 | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 3,750,000 | | | | | | | | | | | | | | | 3,750,000 | | |
Warrants to purchase common
shares |
| | | | 149,893 | | | | | | — | | | | | | — | | | | | | | | | (149,893) | | | |
(o)
|
| | | | — | | | | | | | | | | | | | | | — | | |
Warrants to purchase preferred
shares |
| | | | 672,978 | | | | | | — | | | | | | — | | | | | | | | | (672,978) | | | |
(o)
|
| | | | — | | | | | | | | | | | | | | | — | | |
Total current liabilities
|
| | | | 46,752,130 | | | | | | 1,429,558 | | | | | | — | | | | | | | | | (822,871) | | | | | | | | | 47,358,817 | | | | | | — | | | | | | | | | 47,358,817 | | |
Derivative warrant liabilities
|
| | | | — | | | | | | 21,859,500 | | | | | | — | | | | | | | | | — | | | | | | | | | 21,859,500 | | | | | | | | | | | | | | | 21,859,500 | | |
Earnout liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | 12,468,941 | | | |
(n)
|
| | | | 12,468,941 | | | | | | | | | | | | | | | 12,468,941 | | |
Long-term convertible debt, net
of issuance costs |
| | | | — | | | | | | — | | | | | | — | | | | | | | | | 87,500,000 | | | |
(b)
|
| | | | 82,136,567 | | | | | | | | | | | | | | | 82,136,567 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (5,363,433) | | | |
(e)
|
| | | | | | | | | | | | | | | | | | | | | |
Long-term term loan
|
| | | | 1,875,000 | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 1,875,000 | | | | | | | | | | | | | | | 1,875,000 | | |
Long-term other liabilities
|
| | | | 559,063 | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 559,063 | | | | | | | | | | | | | | | 559,063 | | |
Total liabilities
|
| | | $ | 49,186,193 | | | | | $ | 23,289,058 | | | | | $ | — | | | | | | | | $ | 93,782,637 | | | | | | | | $ | 166,257,888 | | | | | $ | — | | | | | | | | $ | 166,257,888 | | |
Commitments and Contingencies:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A common stock, $0.0001
par value; 23,203,068 and 23,364,811 shares subject to possible redemption at $10.00 per share as of June 30, 2021 and December 31, 2020, respectively |
| | | | | | | | | | 232,030,680 | | | | | | — | | | | | | | | | (232,030,680) | | | |
(i)
|
| | | | — | | | | | | | | | | | | | | | — | | |
Convertible Preferred Stock:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A preferred stock
$0.00001 par value per share; 6,952,573 shares authorized, issued and outstanding as of both June 30, 2021 and December 31, 2020, respectively |
| | | | 8,023,239 | | | | | | — | | | | | | — | | | | | | | | | (8,023,239) | | | |
(k)
|
| | | | — | | | | | | | | | | | | | | | — | | |
| | |
Giddy Inc.
d/b/a Boxed (Historical for the six months ended 6/30/2021) |
| |
Seven Oaks
Acquisition Corp. (Historical for the six months ended 6/30/2021) |
| |
Reclassification
Adjustments |
| | | | |
Assuming
No Redemptions |
| |
Assuming
Maximum Redemptions |
| |||||||||||||||||||||||||||||||||
|
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| |||||||||||||||||||||||||||||||||||
Class B preferred stock
$0.00001 par value per share; 5,690,347 shares authorized, issued and outstanding as of both June 30, 2021 and December 31, 2020, respectively |
| | | | 24,999,769 | | | | | | — | | | | | | — | | | | | | | | | (24,999,769) | | | |
(k)
|
| | | | — | | | | | | | | | | | | | | | — | | |
Class C-1 & C-2 preferred stock
$0.00001 par value per share; 11,652,624 shares authorized as of both June 30, 2021 and December 31, 2020; 11,564,263 shares issued and outstanding as of both June 30, 2021 and December 31, 2020, respectively |
| | | | 123,566,111 | | | | | | — | | | | | | — | | | | | | | | | (123,566,111) | | | |
(k)
|
| | | | — | | | | | | | | | | | | | | | — | | |
Class C-3 preferred stock
$0.00001 par value per share; 1,692,100 shares authorized as of both June 30, 2021 and December 31, 2020; 589,348 shares issued and outstanding as of both June 30, 2021 and December 31, 2020, respectively |
| | | | 5,734,356 | | | | | | — | | | | | | — | | | | | | | | | (5,734,356) | | | |
(k)
|
| | | | — | | | | | | | | | | | | | | | — | | |
Class D preferred stock
$0.00001 par value per share; 11,570,174 shares authorized, issued and outstanding as of both June 30, 2021 and December 31, 2020, respectively |
| | | | 119,620,218 | | | | | | — | | | | | | — | | | | | | | | | (119,620,218) | | | |
(k)
|
| | | | — | | | | | | | | | | | | | | | — | | |
Class E preferred stock
$0.00001 par value per share; 6,016,811 shares authorized, issued and outstanding as of both June 30, 2021 and December 31, 2020, respectively |
| | | | 41,925,138 | | | | | | — | | | | | | — | | | | | | | | | (41,925,138) | | | |
(k)
|
| | | | — | | | | | | | | | | | | | | | — | | |
Total Convertible Preferred Stock
|
| | | | 323,868,831 | | | | | | — | | | | | | — | | | | | | | | | (323,868,831) | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Stockholders’ Equity:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Common stock, $0.00001 par
value per share; 70,000,000 shares authorized as of both June 30, 2021 and December 31, 2020; 9,935,635 and 9,888,776 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively |
| | | | 99 | | | | | | — | | | | | | — | | | | | | | | | (99) | | | |
(l)
|
| | | | — | | | | | | | | | | | | | | | — | | |
Preferred stock, $0.0001 par
value; 1,000,000 shares authorized; none issued and outstanding |
| | | | | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | — | | |
| | |
Giddy Inc.
d/b/a Boxed (Historical for the six months ended 6/30/2021) |
| |
Seven Oaks
Acquisition Corp. (Historical for the six months ended 6/30/2021) |
| |
Reclassification
Adjustments |
| | | | |
Assuming
No Redemptions |
| |
Assuming
Maximum Redemptions |
| |||||||||||||||||||||||||||||||||
|
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| |||||||||||||||||||||||||||||||||||
Class A common stock, $0.0001
par value; 380,000,000 shares authorized; 2,671,932 and 2,510,189 shares issued and outstanding (excluding 23,203,068 and 23,364,811 shares subject to possible redemption) as of June 30, 2021 and December 31, 2020, respectively |
| | | | | | | | | | 268 | | | | | | — | | | | | | | | | 647 | | | |
(j)
|
| | | | 7,553 | | | | | | (1,988) | | | |
(p)
|
| | | | 5,565 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 2,383 | | | |
(i)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 4,160 | | | |
(k)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 95 | | | |
(l)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | — | | | |
(o)
|
| | | | | | | | | | | | | | | | | | | | | |
Class B common stock, $0.0001
par value; 20,000,000 shares authorized; 6,468,750 shares issued and outstanding as of June 30, 2021 and December 31, 2020 |
| | | | | | | | | | 647 | | | | | | — | | | | | | | | | (647) | | | |
(j)
|
| | | | — | | | | | | | | | | | | | | | — | | |
Additional paid-in capital
|
| | | | 9,256,634 | | | | | | 10,834,267 | | | | | | — | | | | | | | | | 32,500,000 | | | |
(b)
|
| | | | 573,504,857 | | | | | | (198,748,012) | | | |
(p)
|
| | | | 374,756,845 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (17,091,421) | | | |
(e)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (5,835,181) | | | |
(g)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 266,634 | | | |
(h)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 232,028,297 | | | |
(i)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 323,864,671 | | | |
(k)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 4 | | | |
(l)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (12,468,941) | | | |
(n)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 149,893 | | | |
(o)
|
| | | | | | | | | | | | | | | | | | | | | |
Accumulated deficit
|
| | | | (339,797,276) | | | | | | (5,835,181) | | | | | | — | | | | | | | | | (9,056,250) | | | |
(d)
|
| | | | (363,345,391) | | | | | | | | | | | | | | | (363,345,391) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (14,898,209) | | | |
(f)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 5,835,181 | | | |
(g)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (266,634) | | | |
(h)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 672,978 | | | |
(o)
|
| | | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity
(deficit) |
| | | $ | (330,540,543) | | | | | $ | 5,000,001 | | | | | $ | — | | | | | | | | $ | 535,707,561 | | | | | | | | $ | 210,167,019 | | | | | $ | (198,750,000) | | | | | | | | $ | 11,417,019 | | |
Total liabilities, convertible preferred stock, and shareholders’ equity
|
| | | $ | 42,514,481 | | | | | $ | 260,319,739 | | | | | $ | — | | | | | | | | $ | 73,590,687 | | | | | | | | $ | 376,424,907 | | | | | $ | (198,750,000) | | | | | | | | $ | 177,674,907 | | |
|
| | |
Giddy Inc.
d/b/a Boxed (Historical for the six months ended 6/30/2021) |
| |
Seven Oaks
Acquisition Corp. (Historical for the six months ended 6/30/2021) |
| |
Reclassification
Adjustments |
| | | | |
Assuming
No Redemptions |
| |
Assuming
Maximum Redemptions |
| ||||||||||||||||||||||||||||||
|
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Consolidated |
| |
Transaction
Accounting Adjustments |
| |
Pro Forma
Consolidated |
| |||||||||||||||||||||||||||||||||||
Net revenue
|
| | | $ | 83,207,750 | | | | | $ | — | | | | | $ | — | | | | | | | | $ | — | | | | | | | | $ | 83,207,750 | | | | | | | | | | | $ | 83,207,750 | | |
Cost of sales
|
| | | | 73,159,786 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 73,159,786 | | | | | | | | | | | | 73,159,786 | | |
Gross profit
|
| | | | 10,047,964 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 10,047,964 | | | | | | — | | | | | | 10,047,964 | | |
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising expense
|
| | | | 9,444,631 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 9,444,631 | | | | | | | | | | | | 9,444,631 | | |
Selling, general, and administrative expense
|
| | | | 26,045,568 | | | | | | 2,033,014 | | | | | | 71,721 | | | |
(cc)
|
| | | | — | | | | | | | | | 28,150,303 | | | | | | | | | | | | 28,150,303 | | |
Selling, general, and administrative expense – related party
|
| | | | — | | | | | | 120,000 | | | | | | — | | | | | | | | | — | | | | | | | | | 120,000 | | | | | | | | | | | | 120,000 | | |
Franchise tax expenses
|
| | | | — | | | | | | 71,721 | | | | | | (71,721) | | | |
(cc)
|
| | | | | | | | | | | | | — | | | | | | | | | | | | — | | |
Total selling and administrative expenses
|
| | | | 35,490,199 | | | | | | 2,224,735 | | | | | | — | | | | | | | | | — | | | | | | | | | 37,714,934 | | | | | | — | | | | | | 37,714,934 | | |
Loss from operations
|
| | | $ | (25,442,235) | | | | | $ | (2,224,735) | | | | | $ | — | | | | | | | | $ | — | | | | | | | | $ | (27,666,970) | | | | | $ | — | | | | | $ | (27,666,970) | | |
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of derivative warrant
liabilities |
| | | | — | | | | | | 555,755 | | | | | | — | | | | | | | | | — | | | | | | | | | 555,755 | | | | | | | | | | | | 555,755 | | |
Income from investments held in Trust Account
|
| | | | — | | | | | | 51,542 | | | | | | — | | | | | | | | | (51,542) | | | |
(aa)
|
| | | | — | | | | | | | | | | | | — | | |
Other income (expense), net
|
| | | | 1,070,447 | | | | | | — | | | | | | — | | | | | | | | | (536,343) | | | |
(bb)
|
| | | | (3,294,056) | | | | | | | | | | | | (3,294,056) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 1,340,800 | | | |
(dd)
|
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (3,028,846) | | | |
(ee)
|
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (2,140,114) | | | |
(ff)
|
| | | | | | | | | | | | | | | | | | |
Income (loss) before taxes
|
| | | | (24,371,788) | | | | | | (1,617,438) | | | | | | — | | | | | | | | | (4,416,045) | | | | | | | | | (30,405,271) | | | | | | — | | | | | | (30,405,271) | | |
Income tax expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | | | | — | | |
Net (loss) income
|
| | | $ | (24,371,788) | | | | | $ | (1,617,438) | | | | | $ | — | | | | | | | | $ | (4,416,045) | | | | | | | | $ | (30,405,271) | | | | | $ | — | | | | | $ | (30,405,271) | | |
Earnings Per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss per share attributable to Boxed common stockholders, basic and diluted
|
| | | $ | (2.32) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares of Boxed common stock used in computing net loss per share, basic and diluted
|
| | | | 9,925,159 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding of common stock subject to possible redeemption, basic and diluted
|
| | | | | | | | | | 23,597,451 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net income per share, common stock subject to possible redemption
|
| | | | | | | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding of
common stock – non-redeemable, basic and diluted |
| | | | | | | | | | 8,746,299 | | | | | | | | | | | | | | | 79,906,826 | | | | | | | | | 88,653,125 | | | | | | (19,875,000) | | | | | | 68,778,125 | | |
Basic and diluted net income per share, common stock – non-redeemable
|
| | | | | | | | | $ | (0.18) | | | | | | | | | | | | | | | | | | | | | | | $ | (0.34) | | | | | | | | | | | $ | (0.44) | | |
(Amounts in thousands, except for per
share information) |
| |
Giddy Inc.
d/b/a Boxed (Historical for the year ended 12/31/2020) |
| |
Seven Oaks
Acquisition Corp. (Historical for the period from 9/23/2020 (inception) through 12/31/2020) (Restated) |
| |
Reclassification
Adjustments |
| | | | |
Assuming
No Redemptions |
| |
Assuming
Maximum Redemptions |
| | | | ||||||||||||||||||||||||||||||||||||
|
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Consolidated |
| |
Transaction
Accounting Adjustments |
| |
Pro Forma
Consolidated |
| | | | |||||||||||||||||||||||||||||||||||||||||
Net revenue
|
| | | $ | 187,173,834 | | | | | $ | — | | | | | $ | — | | | | | | | | $ | — | | | | | | | | $ | 187,173,834 | | | | | | | | | | | $ | 187,173,834 | | | | | | | | | | ||
Cost of sales
|
| | | | 161,270,544 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 161,270,544 | | | | | | | | | | | | 161,270,544 | | | | | | | | | | ||
Gross profit
|
| | | | 25,903,290 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 25,903,290 | | | | | | — | | | | | | 25,903,290 | | | | | | | | ||||
Selling and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
Advertising expense
|
| | | | 4,912,269 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 4,912,269 | | | | | | | | | | | | 4,912,269 | | | | | | | | | | ||
Selling, general, and administrative expense
|
| | | | 49,677,783 | | | | | | 84,565 | | | | | | 54,695 | | | |
(cc)
|
| | | | 14,898,209 | | | |
(ee)
|
| | | | 64,715,252 | | | | | | | | | | | | 64,715,252 | | | | | | ||||||
Selling, general, and administrative expense – related party
|
| | | | — | | | | | | 20,000 | | | | | | — | | | | | | | | | — | | | | | | | | | 20,000 | | | | | | | | | | | | 20,000 | | | | | | | | | | ||
Franchise tax expenses
|
| | | | — | | | | | | 54,695 | | | | | | (54,695) | | | |
(cc)
|
| | | | — | | | | | | | | | — | | | | | | | | | | | | — | | | | | | ||||||
Total selling and administrative expenses
|
| | | | 54,590,052 | | | | | | 159,260 | | | | | | — | | | | | | | | | 14,898,209 | | | | | | | | | 69,647,521 | | | | | | — | | | | | | 69,647,521 | | | | | | | | ||||
Loss from operations
|
| | | $ | (28,686,762) | | | | | $ | (159,260) | | | | | $ | — | | | | | | | | $ | (14,898,209) | | | | | | | | $ | (43,744,231) | | | | | $ | — | | | | | $ | (43,744,231) | | | | | | | | ||||
Other (expense) income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
Financing costs – derivative warrant liabilities
|
| | | | — | | | | | | (168,086) | | | | | | — | | | | | | | | | — | | | | | | | | | (168,086) | | | | | | | | | | | | (168,086) | | | | | | | | | | ||
Change in fair value of derivatives warrant liabilities
|
| | | | — | | | | | | (3,890,255) | | | | | | — | | | | | | | | | — | | | | | | | | | (3,890,255) | | | | | | | | | | | | (3,890,255) | | | | | | | | | | ||
Net loss from investments held in Trust
Account |
| | | | — | | | | | | (142) | | | | | | — | | | | | | | | | 142 | | | |
(aa)
|
| | | | — | | | | | | | | | | | | — | | | | | | ||||||
Other income (expense), net
|
| | | | (5,749,814) | | | | | | — | | | | | | — | | | | | | | | | (1,072,687) | | | |
(bb)
|
| | | | (14,186,135) | | | | | | | | | | | | (14,186,135) | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | | | (972,000) | | | |
(dd)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (266,634) | | | |
(ff)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (6,125,000) | | | |
(gg)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before taxes
|
| | | | (34,436,576) | | | | | | (4,217,743) | | | | | | — | | | | | | | | | (23,334,388) | | | | | | | | | (61,988,707) | | | | | | — | | | | | | (61,988,707) | | | | | | | | ||||
Income tax expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | ||||
Net (loss) income
|
| | | $ | (34,436,576) | | | | | $ | (4,217,743) | | | | | $ | — | | | | | | | | $ | (23,334,388) | | | | | | | | $ | (61,988,707) | | | | | $ | — | | | | | $ | (61,988,707) | | | | | | | | ||||
Earnings Per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
Net loss per share attributable to
Boxed common stockholders, basic and diluted |
| | | $ | (3.61) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
Weighted average shares of Boxed common stock used in computing net loss per share, basic and
diluted |
| | | | 9,842,737 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
Weighted average shares outstanding
of common stock subject to possible redeemption, basic and diluted |
| | | | | | | | | | 25,571,831 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Basic and diluted net income per share,
common stock subject to possible redemption |
| | | | | | | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Weighted average shares outstanding
of common stock – non-redeemable, basic and diluted |
| | | | | | | | | | 5,767,811 | | | | | | | | | | | | | | | 82,885,314 | | | | | | | | | 88,653,125 | | | | | | (19,875,000) | | | | | | 68,778,125 | | | | | | | | | | | |
Basic and diluted net income per share,
common stock – non-redeemable |
| | | | | | | | | $ | (0.73) | | | | | | | | | | | | | | | | | | | | | | | $ | (0.70) | | | | | | | | | | | $ | (0.90) | | | | | |
|
Cash inflow from Private Placement and Convertible Notes
|
| | | $ | 120,000,000(b) | | |
|
Cash inflow from Seven Oaks Trust Account
|
| | | | 258,801,400(c) | | |
|
Payment of Seven Oaks deferred IPO costs
|
| | | | (9,056,250)(d) | | |
|
Payment of estimated transaction fees incurred by Boxed
|
| | | | (22,454,854)(e) | | |
|
Payment of estimated transaction fees incurred by Seven Oaks
|
| | | | (14,898,209)(f) | | |
|
Net Pro Forma Adjustment to Cash
|
| | | $ | 332,392,087(a) | | |
| | |
For the year ended December 31, 2020
|
| |
For the six months ended June 30, 2021
|
| ||||||||||||||||||
| | |
Assuming No
Redemptions |
| |
Assuming Maximum
Redemptions |
| |
Assuming No
Redemptions |
| |
Assuming Maximum
Redemptions |
| ||||||||||||
Pro Forma Basic and Diluted Loss Per Share
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Pro Forma net loss attributable to shareholders
|
| | | $ | (61,988,707) | | | | | $ | (61,988,707) | | | | | $ | (30,405,271) | | | | | $ | (30,405,271) | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 88,653,125 | | | | | | 68,778,125 | | | | | | 88,653,125 | | | | | | 68,778,125 | | |
Basic and diluted net loss per share
|
| | | $ | (0.70) | | | | | $ | (0.90) | | | | | $ | (0.34) | | | | | $ | (0.44) | | |
Pro Forma Weighted Average Shares – Basic and Diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Post-Combination Company shares issued to Boxed stockholders
|
| | | | 55,000,000 | | | | | | 55,000,000 | | | | | | 55,000,000 | | | | | | 55,000,000 | | |
Post-Combination Company shares issued to current Seven Oaks public shareholders
|
| | | | 25,875,000 | | | | | | 6,000,000 | | | | | | 25,875,000 | | | | | | 6,000,000 | | |
Total Post-Combination Company shares issued to Subscribers
|
| | | | 3,250,000 | | | | | | 3,250,000 | | | | | | 3,250,000 | | | | | | 3,250,000 | | |
Total Post-Combination Company shares issued to the Sponsor
|
| | | | 4,528,125 | | | | | | 4,528,125 | | | | | | 4,528,125 | | | | | | 4,528,125 | | |
Pro Forma Weighted Average Shares – Basic and Diluted
|
| | | | 88,653,125 | | | | | | 68,778,125 | | | | | | 88,653,125 | | | | | | 68,778,125 | | |
Name
|
| |
Age
|
| |
Positions
|
|
Gary Matthews | | |
63
|
| | Chief Executive Officer, Chairman and Director | |
Andrew C. Pearson | | |
49
|
| | Chief Financial Officer | |
David S. Harris | | |
61
|
| | Chief Operating Officer | |
Randolph K. Tucker | | |
50
|
| | Chief ESG Officer | |
Mark Hauser | | |
63
|
| | Director | |
Eileen Serra | | |
66
|
| | Director | |
Regynald Washington | | |
66
|
| | Director | |
Heidi Manna | | |
50
|
| | Director | |
| | |
LTM Period Ending June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
Advertising Expenses (in millions)
|
| | | $ | 13.2 | | | | | $ | 11.3 | | | | | $ | 4.9 | | | | | $ | 20.7 | | | | | $ | 12.2 | | |
Active Customers (in thousands)
|
| | | | 415 | | | | | | 527 | | | | | | 472 | | | | | | 515 | | | | | | 372 | | |
AOV
|
| | | $ | 115 | | | | | $ | 101 | | | | | $ | 108 | | | | | $ | 95 | | | | | $ | 92 | | |
GMV (in millions)
|
| | | $ | 182.2 | | | | | $ | 212.0 | | | | | $ | 207.9 | | | | | $ | 195.1 | | | | | $ | 152.7 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
(in thousands)
|
| |||||||||
Net revenue
|
| | | $ | 83,208 | | | | | $ | 103,066 | | |
Cost of sales
|
| | | | (73,160) | | | | | | (90,146) | | |
Gross profit
|
| | | | 10,048 | | | | | | 12,920 | | |
Advertising expense
|
| | | | (9,445) | | | | | | (1,207) | | |
Selling, general, and administrative expense
|
| | | | (26,046) | | | | | | (26,384) | | |
Loss from operations
|
| | | | (25,443) | | | | | | (14,671) | | |
Other income (expense), net
|
| | | | 1,070 | | | | | | (4,795) | | |
Loss before income taxes
|
| | | | (24,373) | | | | | | (19,466) | | |
Income taxes
|
| | | | — | | | | | | — | | |
Net loss
|
| | | $ | (24,373) | | | | | $ | (19,466) | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | | | | | | | |
(in thousands)
|
| | | | | | | |||
Net revenue
|
| | | $ | 187,174 | | | | | $ | 173,993 | | | | | $ | 140,236 | | |
Cost of sales
|
| | | | (161,271) | | | | | | (164,091) | | | | | | (133,524) | | |
Gross profit
|
| | | | 25,903 | | | | | | 9,902 | | | | | | 6,712 | | |
Advertising expense
|
| | | | (4,912) | | | | | | (20,703) | | | | | | (12,218) | | |
Selling, general, and administrative expense
|
| | | | (49,678) | | | | | | (54,892) | | | | | | (44,724) | | |
Loss from operations
|
| | | | (28,687) | | | | | | (65,693) | | | | | | (50,230) | | |
Other income (expense), net
|
| | | | (5,750) | | | | | | 291 | | | | | | (96) | | |
Loss before income taxes
|
| | | | — | | | | | | — | | | | | | — | | |
Income taxes
|
| | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (34,437) | | | | | $ | (65,402) | | | | | $ | (50,326) | | |
| | |
Six Months Ended June 30,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Net revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | 79,067 | | | | | $ | 103,066 | | | | | $ | (23,999) | | | | | | -23.3% | | |
Software & Services
|
| | | | 4,141 | | | | | | — | | | | | | 4,141 | | | | | | N/M | | |
Total net revenue
|
| | | $ | 83,208 | | | | | $ | 103,066 | | | | | $ | (19,858) | | | | | | -19.3% | | |
| | |
Six Months Ended June 30,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Advertising expense
|
| | | $ | 9,445 | | | | | $ | 1,207 | | | | | $ | 8,238 | | | | | | 682.8% | | |
Percentage of net revenue
|
| | | | -11.4% | | | | | | -1.2% | | | | | | | | | | | | | | |
| | |
Six Months Ended June 30,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Selling, general and administrative expense
|
| | | $ | 26,046 | | | | | $ | 26,384 | | | | | $ | (338) | | | | | | -1.3% | | |
Percentage of net revenue
|
| | | | -31% | | | | | | -26% | | | | | | | | | | | | | | |
| | |
Six Months Ended June 30,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Operating income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | | $ | (28,773) | | | | | $ | (13,508) | | | | | $ | (15,265) | | | | | | 113.0% | | |
Software & Services
|
| | | | 3,330 | | | | | | (1,163) | | | | | | 4,493 | | | | | | N/M | | |
Total operating loss
|
| | | $ | (25,443) | | | | | $ | (14,671) | | | | | $ | (10,772) | | | | | | 73.4% | | |
Percentage of net revenue
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Retail
|
| | |
|
-36%
|
| | | |
|
-13%
|
| | | | | | | | | | | | | |
Software & Services
|
| | |
|
80%
|
| | | | | N/M | | | | | | | | | | | | | | |
| | |
Six Months Ended June 30,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Other income (expense), net
|
| | | $ | 1,070 | | | | | $ | (4,795) | | | | | $ | 5,865 | | | | | | -122.0% | | |
Percentage of net revenue
|
| | | | -1% | | | | | | 5% | | | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Net revenue
|
| | | $ | 187,174 | | | | | $ | 173,993 | | | | | $ | 13,181 | | | | | | 7.6% | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Advertising expense
|
| | | $ | (4,912) | | | | | $ | (20,703) | | | | | $ | 15,791 | | | | | | -76.3% | | |
Percent of net revenue
|
| | |
|
2.6%
|
| | | |
|
11.9%
|
| | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Selling, general and administrative expense
|
| | | $ | (49,678) | | | | | $ | (54,892) | | | | | $ | 5,214 | | | | | | -9.5% | | |
Percent of net revenue
|
| | |
|
26.5%
|
| | | |
|
31.5%
|
| | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Other income (expense), net
|
| | | $ | (5,750) | | | | | $ | 291 | | | | | $ | (6,041) | | | | | | -2073.7% | | |
| | |
Years Ended December 31,
|
| | | | | | | |||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||
Percent of net revenue
|
| | |
|
3%
|
| | | |
|
-0.2%
|
| | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2019
|
| |
2018
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Net revenue
|
| | | $ | 173,993 | | | | | $ | 140,236 | | | | | $ | 33,757 | | | | | | 24.1% | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2019
|
| |
2018
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Advertising expense
|
| | | $ | (20,703) | | | | | $ | (12,218) | | | | | $ | (8,485) | | | | | | 69.4% | | |
Percent of net revenue
|
| | | | 11.9% | | | | | | 8.7% | | | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2019
|
| |
2018
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Selling, general and administrative expense
|
| | | $ | (54,892) | | | | | $ | (44,724) | | | | | $ | (10,168) | | | | | | 22.7% | | |
Percent of net revenue
|
| | | | 31.5% | | | | | | 31.9% | | | | | | | | | | | | | | |
| | |
Years Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands)
|
| |
2019
|
| |
2018
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Other income (expense), net
|
| | | $ | 291 | | | | | $ | (96) | | | | | $ | 387 | | | | | | -403.1% | | |
Percent of net revenue
|
| | |
|
0.2%
|
| | | |
|
-0.1%
|
| | | | | | | | | | | | | |
| | |
Six Months Ended June 30,
|
| |
Years Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
(in thousands)
|
| | | | ||||||||||||||||||||||||
Net loss
|
| | | $ | (24,373) | | | | | $ | (19,466) | | | | | $ | (34,437) | | | | | $ | (65,402) | | | | | $ | (50,326) | | |
Adjusted to exclude the following:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 2,464 | | | | | | 2,292 | | | | | | 4,786 | | | | | | 4,378 | | | | | | 4,733 | | |
Change in fair value of warrants and
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
convertible note derivative
|
| | | | (1,369) | | | | | | 4,653 | | | | | | 5,320 | | | | | | 496 | | | | | | (454) | | |
Interest income (expense)
|
| | | | 218 | | | | | | 196 | | | | | | 443 | | | | | | (188) | | | | | | 638 | | |
Other income (expense)
|
| | | | 81 | | | | | | (54) | | | | | | (13) | | | | | | (599) | | | | | | (87) | | |
Stock-based compensation
|
| | | | 854 | | | | | | 1,099 | | | | | | 1,956 | | | | | | 2,286 | | | | | | 1,330 | | |
Transaction costs 1
|
| | | | 2,911 | | | | | | — | | | | | | 102 | | | | | | 12 | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | (19,214) | | | | | $ | (11,280) | | | | | $ | (21,843) | | | | | $ | (59,017) | | | | | $ | (44,166) | | |
| | |
Six Months Ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
Net cash used in operating activities
|
| | | $ | (14,150) | | | | | $ | (7,258) | | | | | $ | (24,096) | | | | | $ | (45,881) | | | | | $ | (43,176) | | |
Net cash used in investing activities
|
| | | | (825) | | | | | | (1,462) | | | | | | (1,228) | | | | | | (3,879) | | | | | | (4,264) | | |
Net cash provided by (used in) financing activities
|
| | | | (1,827) | | | | | | 40,827 | | | | | | 42,478 | | | | | | 6,053 | | | | | | 81,402 | | |
| | |
Pre-Business Combination and PIPE Investment(2)
|
| |
Post-Business Combination and PIPE Investment
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Class A Common
Stock |
| |
Class B Common
Stock |
| |
% of
Common Stock |
| |
Assuming
No Redemptions |
| |
Assuming Maximum
Redemptions |
| |||||||||||||||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1)
|
| |
Number of
Shares |
| |
%
|
| |
Number of
Shares |
| |
%
|
| |
Number of
Shares of New Boxed Common Stock |
| |
%
of New Boxed Common Stock |
| |
Number of
Shares of New Boxed Common Stock |
| |
%
of New Boxed Common Stock |
| ||||||||||||||||||||||||||||||
5% Holders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Seven Oaks Sponsor LLC(3)
|
| | | | — | | | | | | — | | | | | | 5,304,375 | | | | | | 82.0% | | | | | | 16.4% | | | | | | 5,202,300 | | | | | | 5.7% | | | | | | 5,202,300 | | | | | | 7.4% | | |
JTCM Ventures(4)
|
| | | | — | | | | | | — | | | | | | 1,164,375 | | | | | | 18.0% | | | | | | 3.6% | | | | | | 1,141,450 | | | | | | 1.3% | | | | | | 1,141,450 | | | | | | 1.6% | | |
Entities affiliated with Castle Creek Arbitrage, LLC(5)
|
| | | | 1,820,000 | | | | | | 7.0% | | | | | | — | | | | | | — | | | | | | 5.6% | | | | | | 1,820,000 | | | | | | 2.0% | | | | | | 1,820,000 | | | | | | 2.6% | | |
Aristeia Capital, L.L.C.(6)
|
| | | | 1,500,000 | | | | | | 5.8% | | | | | | — | | | | | | — | | | | | | 4.6% | | | | | | 1,500,000 | | | | | | 1.7% | | | | | | 1,500,000 | | | | | | 2.1% | | |
Park West Asset Management(7)
|
| | | | 1,600,000 | | | | | | 6.2% | | | | | | — | | | | | | — | | | | | | 4.9% | | | | | | 1,600,000 | | | | | | 1.8% | | | | | | 1,600,000 | | | | | | 2.3% | | |
PepsiCo, Inc.(8)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,613,396 | | | | | | 5.1% | | | | | | 4,613,396 | | | | | | 6.5% | | |
AEON Co., Ltd.(9)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,651,206 | | | | | | 4.0% | | | | | | 3,651,206 | | | | | | 5.2% | | |
Directors and Executive Officers Pre-Business Combination
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gary S. Matthews(10)
|
| | | | — | | | | | | — | | | | | | 5,304,375 | | | | | | 82.0% | | | | | | 16.4% | | | | | | 5,222,300 | | | | | | 5.8% | | | | | | 5,222,300 | | | | | | 7.4% | | |
Mark Hauser(10)
|
| | | | — | | | | | | — | | | | | | 5,304,375 | | | | | | 82.0% | | | | | | 16.4% | | | | | | 5,222,300 | | | | | | 5.8% | | | | | | 5,222,300 | | | | | | 7.4% | | |
Andrew C. Pearson(10)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | |
David S. Harris(10)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | |
Randolph K. Tucker
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Eileen Serra
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Regynald Washington
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Heidi Manna
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All Seven Oaks directors and executive officers as a group (eight
individuals) |
| | | | — | | | | | | — | | | | | | 5,304,375 | | | | | | 82.0% | | | | | | 16.4% | | | | | | 5,262,300 | | | | | | 5.8% | | | | | | 5,262,300 | | | | | | 7.4% | | |
Directors and Executive Officers Post-Business Combination
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chieh Huang(11)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,441,561 | | | | | | 2.7% | | | | | | 2,441,561 | | | | | | 3.4% | | |
Alison Weick(12)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 80,417 | | | | | | * | | | | | | 80,417 | | | | | | * | | |
DJ Williams(13)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 365,463 | | | | | | * | | | | | | 365,463 | | | | | | * | | |
Jared Yaman(14)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,759,256 | | | | | | 1.9% | | | | | | 1,759,256 | | | | | | 2.5% | | |
Mark Zimowski(15)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 49,265 | | | | | | * | | | | | | 49,265 | | | | | | * | | |
Yuki Habu
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gary S. Matthews(3)
|
| | | | — | | | | | | — | | | | | | 5,304,375 | | | | | | 82.0% | | | | | | 16.4% | | | | | | 5,222,300 | | | | | | 5.8% | | | | | | 5,222,300 | | | | | | 7.4% | | |
Andrew C. Pearson
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | |
All New Boxed directors and executive officers as a group (individuals)
|
| | | | | | | | | | | | | | | | 5,304,375 | | | | | | 82.0% | | | | | | 16.4% | | | | | | 9,938,262 | | | | | | 10.9% | | | | | | 9,938,262 | | | | | | 13.9% | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers: | | | | | | | |
Chieh Huang | | |
39
|
| | Chief Executive Officer and Director | |
Mark Zimowski | | |
31
|
| | Chief Financial Officer | |
Jared Yaman | | |
40
|
| | Chief Operating Officer | |
Darrell (DJ) Williams | | |
41
|
| | Chief Business Development Officer | |
Alison Weick | | |
46
|
| | GM, Retail & Chief Marketing Officer | |
Non-Employee Directors: | | | | | | | |
Gary Matthews | | |
63
|
| | Chairman of the Board | |
Andrew Pearson | | |
49
|
| | Director | |
Yuki Habu | | |
53
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
|
| |
Option
Awards ($)(1) |
| |
Total
|
| ||||||||||||
Chieh Huang
|
| | | | 2020 | | | | | | 316,750 | | | | | | ― | | | | | | 316,750 | | |
Chief Executive Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Aaron Singer
|
| | | | 2020 | | | | | | 307,004 | | | | | | 250,320 | | | | | | 557,324 | | |
General Counsel, Chief Administrative Officer, and Secretary(2)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Alison Weick
|
| | | | 2020 | | | | | | 219,935 | | | | | | 343,780 | | | | | | 563,715 | | |
GM, Retail & Chief Marketing Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Option Awards
|
| |||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Number of Securities
Underlying Unexercised Options (#) Exercisable |
| |
Number of Securities
Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |||||||||||||||
Chieh Huang
|
| | | | 8/8/2019 | | | | | | 94,791(1) | | | | | | 80,209 | | | | | | 3.20 | | | | | | 8/7/2029 | | |
Aaron Singer
|
| | | | 7/29/2020 | | | | | | 21,875(2) | | | | | | 153,125 | | | | | | 3.00 | | | | | | 7/28/2030 | | |
| | | | | 8/8/2019 | | | | | | 100,479(3) | | | | | | 85,021 | | | | | | 3.20 | | | | | | 8/7/2029 | | |
| | | | | 8/16/2018 | | | | | | 54,625(4) | | | | | | 2,375 | | | | | | 3.17 | | | | | | 8/15/2028 | | |
| | | | | 2/23/2017 | | | | | | 57,500(4) | | | | | | 2,500 | | | | | | 3.04 | | | | | | 2/22/2027 | | |
| | | | | 7/28/2016 | | | | | | 90,000(5) | | | | | | — | | | | | | 2.33 | | | | | | 7/27/2026 | | |
Alison Weick
|
| | | | 7/29/2020 | | | | | | | | | | | | 200,000(6) | | | | | | 3.00 | | | | | | 7/28/2030 | | |
| | | | | 7/29/2020 | | | | | | | | | | | | 40,000(7) | | | | | | 3.00 | | | | | | 7/28/2030 | | |
|
Condensed Consolidated Financial Statements of Seven Oaks Acquisition Corp. as of June 30, 2021 and for the Three and Six Months Ended June 30, 2021 (unaudited)
|
| | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | |
|
Audited Financial Statements of Seven Oaks Acquisition Corp. as of December 31, 2020 and for the period from September 23, 2020 (inception) through December 31, 2020
|
| | | | | | |
| | | | | F-22 | | | |
| | | | | F-23 | | | |
| | | | | F-24 | | | |
| | | | | F-25 | | | |
| | | | | F-26 | | | |
| | | | | F-27 | | |
|
Condensed Consolidated Financial Statements of Giddy Inc. (d/b/a Boxed) as of June 30, 2021 and December 31, 2020 and for the Six Months Ended June 30, 2021 And 2020 (Unaudited)
|
| | | | | | |
| | | | | F-44 | | | |
| | | | | F-45 | | | |
| | | | | F-46 | | | |
| | | | | F-47 | | | |
| | | | | F-48 | | |
|
Audited Consolidated Financial Statements of Giddy Inc. (d/b/a Boxed) as of December 31, 2020 and 2019 and for each of the three years in the period ended December 31, 2020
|
| | | | | | |
| | | | | F-68 | | | |
| | | | | F-69 | | | |
| | | | | F-70 | | | |
| | | | | F-71 | | | |
| | | | | F-72 | | | |
| | | | | F-73 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
Assets: | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 935,115 | | | | | $ | 1,764,324 | | |
Prepaid expenses
|
| | | | 583,224 | | | | | | 759,541 | | |
Total current assets
|
| | | | 1,518,339 | | | | | | 2,523,865 | | |
Investments held in Trust Account
|
| | | | 258,801,400 | | | | | | 258,749,858 | | |
Total Assets
|
| | | $ | 260,319,739 | | | | | $ | 261,273,723 | | |
Liabilities and Stockholders’ Equity: | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 25,190 | | | | | $ | 52,319 | | |
Accrued expenses
|
| | | | 1,354,505 | | | | | | 103,335 | | |
Franchise tax payable
|
| | | | 49,863 | | | | | | 54,695 | | |
Total current liabilities
|
| | | | 1,429,558 | | | | | | 210,349 | | |
Derivative warrant liabilities
|
| | | | 21,859,500 | | | | | | 22,415,255 | | |
Total Liabilities
|
| | | | 23,289,058 | | | | | | 22,625,604 | | |
Commitments and Contingencies (Note 5) | | | | | | | | | | | | | |
Class A common stock, $0.0001 par value; 23,203,068 and 23,364,811 shares subject to possible redemption at $10.00 per share as of June 30, 2021 and December 31, 2020, respectively
|
| | | | 232,030,680 | | | | | | 233,648,110 | | |
Stockholders’ Equity: | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued
and outstanding |
| | | | — | | | | | | — | | |
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 2,671,932 and 2,510,189 shares issued and outstanding (excluding 23,203,068 and 23,364,811 shares subject to possible redemption) as of June 30, 2021 and December 31, 2020, respectively
|
| | | | 268 | | | | | | 251 | | |
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 6,468,750 shares issued and outstanding as of June 30, 2021 and December 31, 2020
|
| | | | 647 | | | | | | 647 | | |
Additional paid-in capital
|
| | | | 10,834,267 | | | | | | 9,216,854 | | |
Accumulated Deficit
|
| | | | (5,835,181) | | | | | | (4,217,743) | | |
Total stockholders’ equity
|
| | | | 5,000,001 | | | | | | 5,000,009 | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | 260,319,739 | | | | | $ | 261,273,723 | | |
| | |
For the Three Months
Ended June 30, 2021 |
| |
For the Six Months
Ended June 30, 2021 |
| ||||||
General and administrative expenses
|
| | | $ | 1,158,344 | | | | | $ | 2,033,014 | | |
General and administrative expenses – related party
|
| | | | 60,000 | | | | | | 120,000 | | |
Franchise tax expenses
|
| | | | 49,863 | | | | | | 71,721 | | |
Loss from operations
|
| | | | (1,268,207) | | | | | | (2,224,735) | | |
Change in fair value of derivative warrant liabilities
|
| | | | (5,001,745) | | | | | | 555,755 | | |
Income from investments held in Trust Account
|
| | | | 7,521 | | | | | | 51,542 | | |
Net loss
|
| | | $ | (6,262,431) | | | | | $ | (1,617,438) | | |
Weighted average shares outstanding of common stock subject to possible redemption, basic and diluted
|
| | | | 23,822,429 | | | | | | 23,597,451 | | |
Basic and diluted net income per share, common stock subject to possible redemption
|
| | | $ | — | | | | | $ | — | | |
Weighted average shares outstanding of common stock – non-redeemable, basic and diluted
|
| | |
|
8,521,321
|
| | | |
|
8,746,299
|
| |
Basic and diluted net loss per share, common stock – non-redeemable
|
| | | $ | (0.73) | | | | | $ | (0.18) | | |
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Retained
Earnings (Accumulated Deficit) |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||||||||||||||
|
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||
Balance – December 31, 2020
|
| | | | 2,510,189 | | | | | $ | 251 | | | | | | 6,468,750 | | | | | $ | 647 | | | | | $ | 9,216,854 | | | | | $ | (4,217,743) | | | | | $ | 5,000,009 | | |
Common stock subject to
possible redemption |
| | | | (464,500) | | | | | | (46) | | | | | | — | | | | | | — | | | | | | (4,644,954) | | | | | | — | | | | | | (4,645,000) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,644,993 | | | | | | 4,644,993 | | |
Balance – March 31, 2021
(unaudited) |
| | | | 2,045,689 | | | | | $ | 205 | | | | | | 6,468,750 | | | | | $ | 647 | | | | | $ | 4,571,900 | | | | | $ | 427,250 | | | | | $ | 5,000,002 | | |
Common stock subject to
possible redemption |
| | | | 626,243 | | | | | | 63 | | | | | | — | | | | | | — | | | | | | 6,262,367 | | | | | | — | | | | | | 6,262,430 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,262,431) | | | | | | (6,262,431) | | |
Balance – June 30, 2021 (unaudited)
|
| | | | 2,671,932 | | | | | $ | 268 | | | | | | 6,468,750 | | | | | $ | 647 | | | | | $ | 10,834,267 | | | | | $ | (5,835,181) | | | | | $ | 5,000,001 | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (1,617,438) | | |
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (555,755) | | |
|
Income from investments held in Trust Account
|
| | | | (51,542) | | |
| Changes in operating assets and liabilities: | | | | | | | |
|
Prepaid expenses
|
| | | | 176,317 | | |
|
Accounts payable
|
| | | | (27,129) | | |
|
Accrued expenses
|
| | | | 1,251,170 | | |
|
Franchise tax payable
|
| | | | (4,832) | | |
|
Net cash used in operating activities
|
| | | | (829,209) | | |
|
Net decrease in cash
|
| | | | (829,209) | | |
|
Cash – beginning of the period
|
| | |
|
1,764,324
|
| |
|
Cash – end of the period
|
| | | $ | 935,115 | | |
| Supplemental disclosure of noncash activities: | | | | | | | |
|
Change in Value of Class A common stock subject to possible redemption
|
| | | $ | (1,617,430) | | |
| | |
For The Three
Months Ended June 30, 2021 |
| |
For The Six
Months Ended June 30, 2021 |
| ||||||
Class A Common stock subject to possible redemption | | | | | | | | | | | | | |
Numerator: Earnings allocable to Common stock subject to possible
redemption |
| | | | | | | | | | | | |
Income from investments held in Trust Account
|
| | | $ | 6,744 | | | | | $ | 46,218 | | |
Less: Company’s portion available to be withdrawn to pay taxes
|
| | | | (6,744) | | | | | | (46,218) | | |
Net income attributable
|
| | |
$
|
—
|
| | | |
$
|
—
|
| |
Denominator: Weighted average Class A common stock subject to possible redemption
|
| | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | |
|
23,822,429
|
| | | |
|
23,597,451
|
| |
Basic and diluted net income per common share, Class A common stock subject to possible redemption
|
| | |
$
|
—
|
| | | |
$
|
—
|
| |
Non-Redeemable Common Stock | | | | | | | | | | | | | |
Numerator: Net income minus net earnings | | | | | | | | | | | | | |
Net loss
|
| | | $ | (6,262,431) | | | | | $ | (1,617,438) | | |
Less: Net income allocable to Class A common stock subject to possible redemption
|
| | | | — | | | | | | — | | |
Non-redeemable net loss
|
| | | $ | (6,262,431) | | | | | $ | (1,617,438) | | |
Denominator: weighted average Non-redeemable common stock | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding, Non-redeemable common stock
|
| | |
|
8,521,321
|
| | | |
|
8,746,299
|
| |
Basic and diluted net loss per common share, Non-redeemable common stock
|
| | | $ | (0.73) | | | | | $ | (0.18) | | |
Description
|
| |
Fair Value Measured as of December 31, 2021
|
| |||||||||||||||
|
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account
|
| | | $ | 258,749,858 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – public warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 15,654,375 | | |
Derivative warrant liabilities – private warrants
|
| | | | — | | | | | | — | | | | | | 6,760,880 | | |
| | | | $ | 258,749,858 | | | | | $ | — | | | | | $ | 22,415,255 | | |
Description
|
| |
Fair Value Measured as of June 30, 2021
|
| |||||||||||||||
|
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account
|
| | | $ | 258,801,400 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – public warrants
|
| | | $ | 15,266,250 | | | | | $ | 6,593,250 | | | | | $ | — | | |
Derivative warrant liabilities – private warrants
|
| | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 15,266,250 | | | | | $ | 6,593,250 | | | | | $ | — | | |
| | |
Public Warrants
|
| |
Private Warrants
|
| |
Total
|
| |||||||||
Derivative warrant liabilities at January 1, 2021
|
| | | $ | 15,654,375 | | | | | $ | 6,760,880 | | | | | $ | 22,415,255 | | |
Change in fair value of derivative warrant liabilities
|
| | | | (3,881,250) | | | | | | (1,676,250) | | | | | | (5,557,500) | | |
Derivative warrant liabilities at March 31, 2021
|
| | | | 11,773,125 | | | | | | 5,084,630 | | | | | | 16,857,755 | | |
Change in fair value of derivative warrant liabilities
|
| | | | 3,493,125 | | | | | | 1,508,620 | | | | | | 5,001,745 | | |
Derivative warrant liabilities at June 30, 2021
|
| | | $ | 15,266,250 | | | | | $ | 6,593,250 | | | | | $ | 21,859,500 | | |
| Assets: | | | | | | | |
| Current assets: | | | | | | | |
|
Cash
|
| | | $ | 1,764,324 | | |
|
Prepaid expenses
|
| | | | 759,541 | | |
|
Total current assets
|
| | | | 2,523,865 | | |
|
Investments held in Trust Account
|
| | | | 258,749,858 | | |
|
Total Assets
|
| | | | 261,273,723 | | |
| Liabilities and Stockholders’ Equity: | | | | | | | |
| Current liabilities: | | | | | | | |
|
Accounts payable
|
| | | $ | 52,319 | | |
|
Accrued expenses
|
| | | | 103,335 | | |
|
Franchise tax payable
|
| | | | 54,695 | | |
|
Total current liabilities
|
| | | | 210,349 | | |
|
Derivative warrant liabilities
|
| | | | 22,415,255 | | |
|
Total Liabilities
|
| | | | 22,625,604 | | |
| Commitments and Contingencies (Note 6) | | | | | | | |
|
Class A common stock, $0.0001 par value; 23,364,811 shares subject to possible redemption
at $10.00 per share |
| | | | 233,648,110 | | |
| Stockholders’ Equity: | | | | | | | |
|
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | |
|
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 2,510,189 shares
issued and outstanding (excluding 23,364,811 shares subject to possible redemption) |
| | | | 251 | | |
|
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 6,468,750 shares issued and outstanding
|
| | | | 647 | | |
|
Additional paid-in capital
|
| | | | 9,216,854 | | |
|
Accumulated deficit
|
| | | | (4,217,743) | | |
|
Total stockholders’ equity
|
| | | | 5,000,009 | | |
|
Total Liabilities and Stockholders’ Equity
|
| | | $ | 261,273,723 | | |
|
General and administrative expenses
|
| | | $ | 84,565 | | |
|
General and administrative expenses – related party
|
| | | | 20,000 | | |
|
Franchise tax expenses
|
| | | | 54,695 | | |
|
Loss from operations
|
| | | | (159,260) | | |
|
Financing costs – derivative warrant liabilities
|
| | | | (168,086) | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (3,890,255) | | |
|
Net loss from investments held in Trust Account
|
| | | | (142) | | |
|
Net loss
|
| | | $ | (4,217,743) | | |
|
Weighted average shares outstanding of common stock subject to possible redemption, basic and diluted
|
| | |
|
25,571,831
|
| |
|
Basic and diluted net income per share, common stock subject to possible redemption
|
| | | $ | — | | |
|
Weighted average shares outstanding of common stock – non-redeemable, basic and diluted
|
| | |
|
5,767,811
|
| |
|
Basic and diluted net loss per share, common stock – non-redeemable
|
| | |
$
|
(0.73)
|
| |
| | |
Common Stock
|
| | | | | | | | | | | | | | | | | | | |||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Additional Paid-In
Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – September 23, 2020 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B common stock to initial stockholders
|
| | | | — | | | | | | — | | | | | | 6,468,750 | | | | | | 647 | | | | | | 24,353 | | | | | | — | | | | | | 25,000 | | |
Sale of units in initial public offering, less fair value of public warrants
|
| | | | 25,875,000 | | | | | | 2,588 | | | | | | — | | | | | | — | | | | | | 245,809,913 | | | | | | — | | | | | | 245,812,501 | | |
Offering costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,971,639) | | | | | | — | | | | | | (2,971,639) | | |
common stock subject to possible
redemption |
| | | | (23,364,811) | | | | | | (2,337) | | | | | | — | | | | | | — | | | | | | (233,645,773) | | | | | | — | | | | | | (233,648,110) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,217,743) | | | | | | (4,217,743) | | |
Balance – December 31, 2020
|
| | | | 2,510,189 | | | | | $ | 251 | | | | | | 6,468,750 | | | | | $ | 647 | | | | | $ | 9,216,854 | | | | | $ | (4,217,743) | | | | | $ | 5,000,009 | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (4,217,743) | | |
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | |
|
Financing costs – derivative warrant liabilities
|
| | | | 168,086 | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | 3,890,255 | | |
|
Net loss from investments held in Trust Account
|
| | | | 142 | | |
| Changes in operating assets and liabilities: | | | | | | | |
|
Prepaid expenses
|
| | | | (759,541) | | |
|
Accounts payable
|
| | | | 18,249 | | |
|
Accrued expenses
|
| | | | 33,335 | | |
|
Franchise tax payable
|
| | | | 54,695 | | |
|
Net cash used in operating activities
|
| | | | (812,522) | | |
| Cash Flows from Investing Activities | | | | | | | |
|
Cash deposited in Trust Account
|
| | | | (258,750,000) | | |
|
Net cash used in investing activities
|
| | | | (258,750,000) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from issuance of Class B common stock to the initial stockholders
|
| | | | 25,000 | | |
|
Proceeds from note payable to related party
|
| | | | 105,000 | | |
|
Repayment of note payable to related party
|
| | | | (105,000) | | |
|
Proceeds received from initial public offering, gross
|
| | | | 258,750,000 | | |
|
Proceeds received from private placement
|
| | | | 5,587,501 | | |
|
Offering costs paid
|
| | | | (3,035,655) | | |
|
Net cash provided by financing activities
|
| | | | 261,326,846 | | |
|
Net increase in cash
|
| | | | 1,764,324 | | |
|
Cash – beginning of the period
|
| | |
|
—
|
| |
|
Cash – end of the period
|
| | | $ | 1,764,324 | | |
| Supplemental disclosure of noncash activities: | | | | | | | |
|
Offering costs included in accrued expenses
|
| | | $ | 70,000 | | |
|
Offering costs included in accounts payable
|
| | | $ | 34,070 | | |
|
Initial Value of Class A common stock subject to possible redemption
|
| | | $ | 237,636,460 | | |
|
Change in Value of Class A common stock subject to possible redemption
|
| | | $ | (3,988,350) | | |
| | |
As of December 31, 2020
|
| |||||||||||||||
| | |
As Previously Reported
|
| |
Restatement Adjustment
|
| |
As Restated
|
| |||||||||
Balance Sheet | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 261,273,723 | | | | | $ | — | | | | | $ | 261,273,723 | | |
Liabilities and stockholders’ equity
|
| | | | | | | | | | | | | | | | | | |
Total current liabilities
|
| | | $ | 210,349 | | | | | $ | — | | | | | $ | 210,349 | | |
Deferred underwriting commissions
|
| | | | | | | | | | — | | | | | | — | | |
Derivative warrant liabilities
|
| | | | — | | | | | | 22,415,255 | | | | | | 22,415,255 | | |
Total liabilities
|
| | | | 210,349 | | | | | | 22,415,255 | | | | | | 22,625,604 | | |
Class A common stock, $0.0001 par value; shares subject to possible redemption
|
| | | | 256,063,370 | | | | | | (22,415,260) | | | | | | 233,648,110 | | |
Stockholders’ equity | | | | | | | | | | | | | | | | | | | |
Preferred stock – $0.0001 par value
|
| | | | — | | | | | | — | | | | | | — | | |
Class A common stock – $0.0001 par value
|
| | | | 27 | | | | | | 224 | | | | | | 251 | | |
Class B common stock – $0.0001 par value
|
| | | | 647 | | | | | | — | | | | | | 647 | | |
Additional paid-in-capital
|
| | | | 5,158,732 | | | | | | 4,058,122 | | | | | | 9,216,854 | | |
Accumulated deficit
|
| | | | (159,402) | | | | | | (4,058,341) | | | | | | (4,217,743) | | |
Total stockholders’ equity
|
| | | | 5,000,004 | | | | | | 5 | | | | | | 5,000,009 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 261,273,723 | | | | | $ | — | | | | | $ | 261,273,723 | | |
| | |
Period From September 23, 2020 (Inception) Through
December 31, 2020 |
| |||||||||||||||
| | |
As Previously Reported
|
| |
Restatement Adjustment
|
| |
As Restated
|
| |||||||||
Statement of Operations | | | | | | | | | | | | | | | | | | | |
Loss from operations
|
| | | $ | (159,260) | | | | | $ | — | | | | | $ | (159,260) | | |
Other (expense) income:
|
| | | | | | | | | | | | | | | | | | |
Financing costs – derivative warrant liabilities
|
| | | | — | | | | | | (168,086) | | | | | | (168,086) | | |
Change in fair value of derivative warrant liabilities
|
| | | | — | | | | | | (3,890,255) | | | | | | (3,890,255) | | |
Net loss from investments held in Trust Acount
|
| | | | (142) | | | | | | — | | | | | | (142) | | |
Total other (expense) income
|
| | | | (142) | | | | | | (4,058,341) | | | | | | (4,058,483) | | |
Net loss
|
| | | $ | (159,402) | | | | | $ | (4,058,341) | | | | | $ | (4,217,743) | | |
Basic and Diluted weighted-average Class A common shares outstanding
|
| | | | 25,615,056 | | | | | | (43,225) | | | | | | 25,571,831 | | |
Basic and Diluted net income per Class A common shares
|
| | | $ | — | | | | | | — | | | | | $ | — | | |
Basic and Diluted weighted-average Class B common shares outstanding
|
| | | | 5,762,948 | | | | | | 4,863 | | | | | | 5,767,811 | | |
Basic and Diluted net loss per Class B common shares
|
| | | $ | (0.03) | | | | | $ | (0.70) | | | | | $ | (0.73) | | |
| | |
Period From September 23, 2020 (Inception) Through December 31, 2020
|
| |||||||||||||||
| | |
As Previously Reported
|
| |
Restatement Adjustment
|
| |
As Restated
|
| |||||||||
Statement of Cash Flows | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities
|
| | | | (812,522) | | | | | | — | | | | | | (812,522) | | |
Net cash used in investing activities
|
| | | | (258,750,000) | | | | | | — | | | | | | (258,750,000) | | |
Net cash provided by financing activities
|
| | | | 261,326,846 | | | | | | — | | | | | | 261,326,846 | | |
Net change in cash
|
| | | $ | 1,764,324 | | | | | $ | — | | | | | $ | 1,764,324 | | |
| | |
For The Period From
September 23, 2020 (inception) through December 31, 2020 |
| |||
Class A common stock subject to possible redemption | | | | | | | |
Numerator: Earnings allocable to common stock subject to possible redemption | | | | | | | |
Income from investments held in Trust Account
|
| | | $ | (128) | | |
Less: Company’s portion available to be withdrawn to pay taxes
|
| | | | 128 | | |
Net income attributable
|
| | | $ | — | | |
Denominator: Weighted average Class A common stock subject to possible redemption
|
| | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 25,571,831 | | |
Basic and diluted net income per common share, Class A common stock subject to possible redemption
|
| | | $ | — | | |
| | |
For The Period From
September 23, 2020 (inception) through December 31, 2020 |
| |||
Non-Redeemable Common Stock | | | | | | | |
Numerator: Net Loss minus Net Earnings | | | | | | | |
Net loss
|
| | | $ | (4,217,743) | | |
Net income allocable to Class A common stock subject to possible redemption
|
| | | | — | | |
Non-redeemable net loss
|
| | | $ | (4,217,743) | | |
Denominator: weighted average Non-redeemable common stock
|
| | | | — | | |
Basic and diluted weighted average shares outstanding, Non-redeemable common
stock |
| | | | 5,767,811 | | |
Basic and diluted net loss per common share, Non-redeemable common stock
|
| | | $ | (0.73) | | |
|
Description
|
| |
Quoted Prices in Active
Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account
|
| | | $ | 275,000,000 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – Public warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 15,654,375 | | |
Derivative warrant liabilities – Private warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 6,760,880 | | |
| | |
As of December 22, 2020
|
| |
As of December 31, 2020
|
| ||||||
Volatility
|
| | | | 19.5% | | | | | | 21.0% | | |
Stock price
|
| | | $ | 9.50 | | | | | $ | 9.75 | | |
Expected life of the options to convert
|
| | | | 5.33 | | | | | | 5.33 | | |
Risk-free rate
|
| | | | 0.55% | | | | | | 0.53% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
|
Derivative warrant liabilities at September 23, 2020 (inception)
|
| | | $ | — | | |
|
Issuance of Public and Private Warrants
|
| | | | 18,525,000 | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | 3,890,255 | | |
|
Derivative warrant liabilities at December 31, 2020
|
| | | $ | 22,415,255 | | |
| | |
Period from September 23, 2020
|
| |||
| | |
(inception) through December 31, 2020
|
| |||
Current | | | | | | | |
Federal
|
| | | $ | — | | |
State
|
| | | | — | | |
Deferred | | | | | | | |
Federal
|
| | | | (33,474) | | |
State
|
| | | | — | | |
Valuation allowance
|
| | | | 33,474 | | |
Income tax (benefit) provision
|
| | | $ | — | | |
| | |
December 31, 2020
|
| |||
Deferred tax assets: | | | | | | | |
Net-operating loss carryforward
|
| | | $ | 15,716 | | |
Start-up/Organization costs
|
| | | | 17,758 | | |
Total deferred tax assets
|
| | | | 33,474 | | |
Valuation allowance
|
| | | | (33,474) | | |
Deferred tax asset, net of allowance
|
| | | $ | — | | |
| | |
December 31, 2020
|
| |||
Statutory federal income tax rate
|
| | | | 21.0% | | |
Change in fair value of derivative warrant liabilities
|
| | | | (19.4)% | | |
Financing costs – derivative warrant liabilities
|
| | | | (0.8)% | | |
Change in valuation allowance
|
| | | | (0.8)% | | |
Income tax provision expense
|
| | | | 0.0% | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Net revenue
|
| | | $ | 83,207,750 | | | | | $ | 103,065,712 | | |
Cost of sales
|
| | | | (73,159,786) | | | | | | (90,146,352) | | |
Gross profit
|
| | | | 10,047,964 | | | | | | 12,919,360 | | |
Advertising expense
|
| | | | (9,444,631) | | | | | | (1,206,518) | | |
Selling, general, and administrative expense
|
| | | | (26,045,568) | | | | | | (26,383,902) | | |
Loss from operations
|
| | | | (25,442,235) | | | | | | (14,671,060) | | |
Other income (expense), net
|
| | | | 1,070,447 | | | | | | (4,794,927) | | |
Loss before income taxes
|
| | | | (24,371,788) | | | | | | (19,465,987) | | |
Income taxes
|
| | | | — | | | | | | — | | |
Net loss
|
| | | $ | (24,371,788) | | | | | $ | (19,465,987) | | |
Net loss per common share: | | | | | | | | | | | | | |
Basic net loss per common share
|
| | | $ | (2.32) | | | | | $ | (1.93) | | |
Diluted net loss per common share
|
| | | $ | (2.32) | | | | | $ | (1.93) | | |
Weighted average shares outstanding: | | | | | | | | | | | | | |
Basic
|
| | | | 9,925,159 | | | | | | 9,834,428 | | |
Diluted
|
| | | | 9,925,159 | | | | | | 9,834,428 | | |
| | |
Total Convertible
Preferred Stock |
| | |
Common
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||
Balances at January 1, 2021
|
| | | | 42,383,516 | | | | | $ | 325,200,758 | | | | | | | 9,888,776 | | | | | $ | 99 | | | | | $ | 6,982,996 | | | | | $ | (315,425,489) | | | | | $ | (308,442,394) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 854,484 | | | | | | — | | | | | | 854,484 | | |
Exercises of common stock options
|
| | | | — | | | | | | — | | | | | | | 46,859 | | | | | | — | | | | | | 87,228 | | | | | | — | | | | | | 87,228 | | |
Series C-3 preferred stock remeasurement
|
| | | | — | | | | | | (1,331,926) | | | | | | | — | | | | | | — | | | | | | 1,331,926 | | | | | | — | | | | | | 1,331,926 | | |
Other adjustments
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 1 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,371,788) | | | | | | (24,371,788) | | |
Balances at June 30, 2021
|
| | | | 42,383,516 | | | | | $ | 323,868,831 | | | | | | | 9,935,635 | | | | | $ | 99 | | | | | $ | 9,256,634 | | | | | $ | (339,797,276) | | | | | $ | (330,540,543) | | |
| | |
Total Convertible
Preferred Stock |
| | |
Common
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||
Balances at January 1, 2020
|
| | | | 36,366,705 | | | | | $ | 282,185,326 | | | | | | | 9,833,563 | | | | | $ | 99 | | | | | $ | 6,045,644 | | | | | $ | (280,988,910) | | | | | $ | (274,943,167) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,098,839 | | | | | | — | | | | | | 1,098,839 | | |
Exercises of common stock options
|
| | | | — | | | | | | — | | | | | | | 2,001 | | | | | | — | | | | | | 35,004 | | | | | | — | | | | | | 35,004 | | |
Issuance of Series E preferred stock for
cash |
| | | | 4,233,043 | | | | | | 30,000,000 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series E preferred stock for
conversion of convertible promissory notes |
| | | | 1,783,768 | | | | | | 12,644,170 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock issuance costs
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (3,408) | | | | | | — | | | | | | (3,408) | | |
Series C-3 preferred stock remeasurement
|
| | | | — | | | | | | (518,626) | | | | | | | — | | | | | | — | | | | | | 518,626 | | | | | | — | | | | | | 518,626 | | |
Other adjustments
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (120) | | | | | | 2 | | | | | | (118) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,465,987) | | | | | | (19,465,987) | | |
Balances at June 30, 2020
|
| | | | 42,383,516 | | | | | $ | 324,310,870 | | | | | | | 9,835,564 | | | | | $ | 99 | | | | | $ | 7,694,585 | | | | | $ | (300,454,895) | | | | | $ | (292,760,211) | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net loss
|
| | | $ | (24,371,788) | | | | | $ | (19,465,987) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 2,464,157 | | | | | | 2,291,761 | | |
Stock-based compensation
|
| | | | 854,484 | | | | | | 1,098,839 | | |
Bad debt expense/(change in reserve)
|
| | | | (115,227) | | | | | | 93,126 | | |
Change in fair value of warrants
|
| | | | (1,299,528) | | | | | | 226,312 | | |
Change in fair value of embedded derivative
|
| | | | — | | | | | | 4,323,770 | | |
Loss on extinguishment of convertible note
|
| | | | — | | | | | | 102,972 | | |
Other non-cash items
|
| | | | 99,100 | | | | | | 840,982 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
Receivables, net
|
| | | | (339,126) | | | | | | 1,186,797 | | |
Prepaid and other current assets
|
| | | | (1,980,427) | | | | | | 687,388 | | |
Inventories
|
| | | | 1,044,914 | | | | | | (51,792) | | |
Deferred revenue
|
| | | | 1,719,843 | | | | | | 365,214 | | |
Accrued expenses
|
| | | | 1,513,134 | | | | | | 1,027,442 | | |
Other current liabilities
|
| | | | 2,425,345 | | | | | | (222,223) | | |
Accounts payable
|
| | | | 4,251,902 | | | | | | (127,978) | | |
Long-term liabilities
|
| | | | (417,215) | | | | | | 365,625 | | |
Net cash used in operating activities
|
| | | | (14,150,432) | | | | | | (7,257,752) | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | |
Capital expenditures
|
| | | | (838,209) | | | | | | (1,462,260) | | |
Other investing activities
|
| | | | 13,500 | | | | | | — | | |
Net cash used in investing activities
|
| | | | (824,709) | | | | | | (1,462,260) | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | |
Principal payments on finance lease obligations
|
| | | | (38,971) | | | | | | (33,950) | | |
Proceeds from options exercise
|
| | | | 87,228 | | | | | | 35,004 | | |
Proceeds from sale of preferred stock
|
| | | | — | | | | | | 30,000,000 | | |
Preferred stock issuance costs
|
| | | | — | | | | | | (3,408) | | |
Proceeds from convertible note issuance
|
| | | | — | | | | | | 8,217,304 | | |
Repayments from borrowing
|
| | | | (1,875,000) | | | | | | (7,520,000) | | |
Proceeds from borrowing
|
| | | | — | | | | | | 10,132,500 | | |
Net cash provided by financing activities
|
| | | | (1,826,743) | | | | | | 40,827,449 | | |
Total change in cash
|
| | | | (16,801,884) | | | | | | 32,107,437 | | |
CASH BEGINNING OF PERIOD
|
| | | | 30,043,046 | | | | | | 12,889,931 | | |
CASH END OF PERIOD
|
| | | $ | 13,241,162 | | | | | $ | 44,997,368 | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | | | | | | | | | | | | | |
Cash paid during the period for:
|
| | | | | | | | | | | | |
Cash paid for taxes
|
| | | $ | 1,628 | | | | | $ | 3,788 | | |
Cash paid for interest
|
| | | $ | 220,786 | | | | | $ | 203,847 | | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITES:
|
| | | | | | | | | | | | |
Conversion of convertible promissory note to preferred stock
|
| | | $ | — | | | | | $ | 12,644,170 | | |
Deferred transaction costs included in accrued expense & accounts payable
|
| | | $ | 1,312,481 | | | | | $ | — | | |
| | |
Estimated Useful Lives
|
|
Leasehold improvements
|
| |
7 years
|
|
Warehouse equipment
|
| |
5 years
|
|
Computers and small tools
|
| |
3 years
|
|
Furniture and fixtures
|
| |
7 years
|
|
Capital lease asset
|
| |
7 years
|
|
Software development
|
| |
4 years
|
|
| | |
Contract liabilities
(deferred revenue) |
| |||
December 31, 2020
|
| | | $ | 2,435,909 | | |
Increases due to invoicing prior to satisfaction of performance obligations
|
| | | | 15,233,213 | | |
Performance obligations satisfied during the period
|
| | | | (13,513,370) | | |
June 30, 2021
|
| | | $ | 4,155,752 | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Direct Sales(1)
|
| | | $ | 70,093,690 | | | | | $ | 95,900,234 | | |
Channel Sales(2)
|
| | | | 8,972,960 | | | | | | 7,165,478 | | |
Software & Services(3)
|
| | | | 4,141,100 | | | | | | — | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Leasehold improvements
|
| | | $ | 8,160,889 | | | | | $ | 8,147,638 | | |
Warehouse equipment
|
| | | | 2,272,041 | | | | | | 2,192,471 | | |
Computers and small tools
|
| | | | 1,192,140 | | | | | | 1,061,177 | | |
Furniture and fixtures
|
| | | | 95,064 | | | | | | 95,064 | | |
Software development
|
| | | | 14,222,944 | | | | | | 13,608,520 | | |
Work in progress
|
| | | | 260,893 | | | | | | 359,992 | | |
| | | | | 26,203,971 | | | | | | 25,464,862 | | |
Less: Accumulated depreciation and amortization
|
| | | | (17,516,458) | | | | | | (15,053,466) | | |
Property and equipment, net
|
| | | $ | 8,687,513 | | | | | $ | 10,411,396 | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Credit card payable
|
| | | $ | 12,658,045 | | | | | $ | 10,473,079 | | |
Accrued sales tax payable
|
| | | | 1,683,434 | | | | | | 1,845,831 | | |
Deferred rent – short term
|
| | | | 510,839 | | | | | | 622,940 | | |
Credits liability
|
| | | | 621,269 | | | | | | 633,287 | | |
Other accrued liabilities
|
| | | | 1,909,820 | | | | | | 1,382,927 | | |
Total
|
| | | $ | 17,383,407 | | | | | $ | 14,958,064 | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
7th Amendment Term Loan, matures December 2022
|
| | | $ | 5,625,000 | | | | | $ | 7,500,000 | | |
Total Term Debt
|
| | | | 5,625,000 | | | | | | 7,500,000 | | |
Less: Current Portion
|
| | | | (3,750,000) | | | | | | (3,750,000) | | |
Long-term term Loan
|
| | | $ | 1,875,000 | | | | | $ | 3,750,000 | | |
| | |
June 30, 2021
|
| |||
2021
|
| | | $ | 3,750,000 | | |
2022
|
| | | | 1,875,000 | | |
2023
|
| | | | — | | |
2024
|
| | | | — | | |
Total
|
| | | $ | 5,625,000 | | |
| | |
June 30, 2021
|
| |
December 31, 2020
|
| ||||||
Expected volatility
|
| | | | 83.2% | | | | | | 57.0% | | |
Expected term (in years)
|
| | | | 0.42 | | | | | | 1.0 | | |
Risk free interest rate
|
| | | | 0.1% | | | | | | 1.7% | | |
Expected dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
| | |
Scenarios as of June 30, 2021
|
| | | | | | | |||||||||
|
Stay Private
|
| |
Business
Combination |
| |
December 31, 2020
|
| |||||||||||
Expected Volatility
|
| | | | 55.0% | | | | | | 26.3% | | | | | | 60.0% | | |
Expected term (in years)
|
| | | | 1.0 | | | | | | 0.5 | | | | | | 1.0 | | |
Risk free interest rate
|
| | | | 0.1% | | | | | | 0.1% | | | | | | 0.1% | | |
| | |
Scenarios as of June 30, 2021
|
| | | | | | | |||||||||
|
Stay Private
|
| |
Business
Combination |
| |
December 31, 2020
|
| |||||||||||
Expected Volatility
|
| | | | 55.0% | | | | | | 26.3% | | | | | | 60.0% | | |
Expected term (in years)
|
| | | | 1.0 | | | | | | 0.5 | | | | | | 1.0 | | |
Risk free interest rate
|
| | | | 0.1% | | | | | | 0.1% | | | | | | 0.1% | | |
| | |
Shares
Authorized |
| |
Shares
Issued and Outstanding |
| |
Issuance
Price Per Share |
| |
Carrying
Value |
| |
Liquidation
Preference |
| |||||||||||||||
Series A-1
|
| | | | 4,388,978 | | | | | | 4,388,978 | | | | | $ | 1.48 | | | | | | 6,490,026 | | | | | | 6,489,982 | | |
Series A-2
|
| | | | 1,993,093 | | | | | | 1,993,093 | | | | | $ | 0.55 | | | | | | 1,090,840 | | | | | | 1,090,820 | | |
Series A-3
|
| | | | 570,502 | | | | | | 570,502 | | | | | $ | 0.78 | | | | | | 442,374 | | | | | | 442,367 | | |
Series B-1
|
| | | | 5,128,198 | | | | | | 5,128,198 | | | | | $ | 4.48 | | | | | | 22,984,122 | | | | | | 22,984,071 | | |
Series B-2
|
| | | | 562,149 | | | | | | 562,149 | | | | | $ | 3.59 | | | | | | 2,015,647 | | | | | | 2,015,641 | | |
Series C-1
|
| | | | 10,618,436 | | | | | | 10,530,075 | | | | | $ | 10.88 | | | | | | 114,562,977 | | | | | | 114,587,113 | | |
Series C-2
|
| | | | 1,034,188 | | | | | | 1,034,188 | | | | | $ | 8.71 | | | | | | 9,003,134 | | | | | | 9,003,124 | | |
Series C-3
|
| | | | 1,692,100 | | | | | | 589,348 | | | | | $ | 10.88 | | | | | | 5,734,356 | | | | | | 6,412,106 | | |
Series D-1
|
| | | | 9,364,524 | | | | | | 9,364,524 | | | | | $ | 10.93 | | | | | | 97,926,083 | | | | | | 102,340,201 | | |
Series D-2
|
| | | | 2,205,650 | | | | | | 2,205,650 | | | | | $ | 9.84 | | | | | | 21,694,134 | | | | | | 21,694,112 | | |
Series E-1
|
| | | | 4,233,043 | | | | | | 4,233,043 | | | | | $ | 7.09 | | | | | | 33,707,750 | | | | | | 30,000,000 | | |
Series E-2
|
| | | | 1,783,768 | | | | | | 1,783,768 | | | | | $ | 4.61 | | | | | | 8,217,388 | | | | | | 8,217,284 | | |
| | | | | 43,574,629 | | | | | | 42,383,516 | | | | | | | | | | | | 323,868,831 | | | | | | | | |
| | |
Shares
Authorized |
| |
Shares
Issued and Outstanding |
| |
Issuance
Price Per Share |
| |
Carrying
Value |
| |
Liquidation
Preference |
| |||||||||||||||
Series A-1
|
| | | | 4,388,978 | | | | | | 4,388,978 | | | | | $ | 1.48 | | | | | | 6,490,026 | | | | | | 6,489,982 | | |
Series A-2
|
| | | | 1,993,093 | | | | | | 1,993,093 | | | | | $ | 0.55 | | | | | | 1,090,840 | | | | | | 1,090,820 | | |
Series A-3
|
| | | | 570,502 | | | | | | 570,502 | | | | | $ | 0.78 | | | | | | 442,374 | | | | | | 442,367 | | |
Series B-1
|
| | | | 5,128,198 | | | | | | 5,128,198 | | | | | $ | 4.48 | | | | | | 22,984,122 | | | | | | 22,984,071 | | |
Series B-2
|
| | | | 562,149 | | | | | | 562,149 | | | | | $ | 3.59 | | | | | | 2,015,647 | | | | | | 2,015,641 | | |
Series C-1
|
| | | | 10,618,436 | | | | | | 10,530,075 | | | | | $ | 10.88 | | | | | | 114,562,977 | | | | | | 114,587,113 | | |
Series C-2
|
| | | | 1,034,188 | | | | | | 1,034,188 | | | | | $ | 8.71 | | | | | | 9,003,134 | | | | | | 9,003,124 | | |
Series C-3
|
| | | | 1,692,100 | | | | | | 589,348 | | | | | $ | 10.88 | | | | | | 7,066,283 | | | | | | 6,412,106 | | |
Series D-1
|
| | | | 9,364,524 | | | | | | 9,364,524 | | | | | $ | 10.93 | | | | | | 97,926,084 | | | | | | 102,340,201 | | |
Series D-2
|
| | | | 2,205,650 | | | | | | 2,205,650 | | | | | $ | 9.84 | | | | | | 21,694,134 | | | | | | 21,694,112 | | |
Series E-1
|
| | | | 4,233,043 | | | | | | 4,233,043 | | | | | $ | 7.09 | | | | | | 33,707,750 | | | | | | 30,000,000 | | |
Series E-2
|
| | | | 1,783,768 | | | | | | 1,783,768 | | | | | $ | 4.61 | | | | | | 8,217,388 | | | | | | 8,217,284 | | |
| | | | | 43,574,629 | | | | | | 42,383,516 | | | | | | | | | | | | 325,200,758 | | | | | | | | |
| | |
Number of
Shares |
| |
Weighted
Average Exercise Price |
| |
Weighted
Average Remaining Contractual Life |
| |||||||||
Outstanding as of December 31, 2019
|
| | | | 8,009,767 | | | | | $ | 2.80 | | | | | | 8.17 | | |
Granted
|
| | | | — | | | | | | | | | | | | | | |
Exercised
|
| | | | (2,001) | | | | | | 1.73 | | | | | | | | |
Forfeited
|
| | | | (1,880,431) | | | | | | | | | | | | | | |
Outstanding as of June 30, 2020
|
| | | | 6,127,335 | | | | | $ | 2.71 | | | | | | 6.70 | | |
Outstanding as of December 31, 2020
|
| | | | 6,535,542 | | | | | $ | 2.97 | | | | | | 7.30 | | |
Granted
|
| | | | — | | | | | | | | | | | | | | |
Exercised
|
| | | | (46,859) | | | | | | 1.53 | | | | | | | | |
Forfeited
|
| | | | (942,167) | | | | | | | | | | | | | | |
Outstanding as of June 30, 2021
|
| | | | 5,546,516 | | | | | $ | 2.68 | | | | | | 6.17 | | |
Vested and expected to vest as of June 30, 2021
|
| | | | 5,546,516 | | | | | $ | 2.68 | | | | | | 6.17 | | |
Exercisable as of June 30, 2021
|
| | | | 4,091,832 | | | | | $ | 2.54 | | | | | | 5.28 | | |
| | |
Fair Value Hierarchy
|
| |||||||||||||||
June 30, 2021
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets – cash & cash equivalents
|
| | | $ | 13,241,162 | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 13,241,162 | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Common stock warrants
|
| | | | | | | | | | | | | | | $ | 149,893 | | |
Preferred stock warrants
|
| | | | | | | | | | | | | | | | 672,978 | | |
Total liabilities
|
| | | | | | | | | | | | | | | $ | 822,871 | | |
December 31, 2021
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets – cash & cash equivalents
|
| | | $ | 30,043,046 | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 30,043,046 | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Common stock warrants
|
| | | | | | | | | | | | | | | $ | 49,863 | | |
Preferred stock warrants
|
| | | | | | | | | | | | | | | | 2,072,536 | | |
Total liabilities
|
| | | | | | | | | | | | | | | $ | 2,122,399 | | |
| | |
For the Six Months
Ended June 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Numerator | | | | | | | | | | | | | |
Net loss
|
| | | $ | (24,371,788) | | | | | $ | (19,465,987) | | |
Less: accretion adjustment
|
| | | | (1,331,926) | | | | | | (518,626) | | |
Less: earnings allocated to particpating securites
|
| | | | — | | | | | | — | | |
Net loss attributable to common shareholders
|
| | | $ | (23,039,862) | | | | | $ | (18,947,361) | | |
Less: undistributed earnings allocated to participating securities
|
| | | | — | | | | | | — | | |
Denominator | | | | | | | | | | | | | |
Weighted-average shares – basic and diluted
|
| | | | 9,925,159 | | | | | | 9,834,428 | | |
Net loss per common share – basic and diluted
|
| | | $ | (2.32) | | | | | $ | (1.93) | | |
| | |
For the Six Months Ended
|
| |||||||||
| | |
June 30, 2021
|
| |
June 30, 2020
|
| ||||||
Series preferred stock, outstanding
|
| | | | 43,472,083 | | | | | | 43,472,087 | | |
Common stock warrants, outstanding
|
| | | | 37,607 | | | | | | 37,607 | | |
Preferred stock warrants, outstanding
|
| | | | 1,251,679 | | | | | | 1,251,679 | | |
Common stock options, outstanding
|
| | | | 5,596,516 | | | | | | 6,122,995 | | |
| | |
Retail
|
| |
Software & Services
|
| |
Total
|
| |||||||||
For the Six Months Ended June 30, 2021 | | | | | |||||||||||||||
Revenue
|
| | | $ | 79,066,650 | | | | | $ | 4,141,100 | | | | | $ | 83,207,750 | | |
Operating income (loss)
|
| | | | (28,772,531) | | | | | | 3,330,296 | | | | | | (25,442,235) | | |
For the Six Months Ended June 30, 2020 | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 103,065,712 | | | | | $ | — | | | | | $ | 103,065,712 | | |
Operating income (loss)
|
| | | | (13,508,320) | | | | | | (1,162,740) | | | | | | (14,671,060) | | |
| | |
2020
|
| |
2019
|
| ||||||
ASSETS | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 30,043,046 | | | | | $ | 12,889,931 | | |
Accounts receivable, net
|
| | | | 2,910,079 | | | | | | 3,661,603 | | |
Inventories
|
| | | | 13,964,510 | | | | | | 14,042,411 | | |
Prepaid expenses and other current assets
|
| | | | 2,131,895 | | | | | | 3,152,813 | | |
TOTAL CURRENT ASSETS
|
| | | | 49,049,530 | | | | | | 33,746,758 | | |
Property and equipment, net
|
| | | | 10,411,396 | | | | | | 13,652,770 | | |
Other long-term assets
|
| | | | 204,122 | | | | | | 520,225 | | |
TOTAL ASSETS
|
| | | $ | 59,665,048 | | | | | $ | 47,919,753 | | |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 9,072,929 | | | | | $ | 16,590,796 | | |
Accrued expenses
|
| | | | 5,802,135 | | | | | | 5,348,560 | | |
Deferred revenue
|
| | | | 2,435,909 | | | | | | 2,318,412 | | |
Other current liabilities
|
| | | | 14,958,064 | | | | | | 12,410,413 | | |
Term loan – current portion
|
| | | | 3,750,000 | | | | | | 1,680,000 | | |
Warrants to purchase common shares
|
| | | | 49,863 | | | | | | 59,624 | | |
Warrants to purchase preferred shares
|
| | | | 2,072,536 | | | | | | 1,179,201 | | |
TOTAL CURRENT LIABILITIES
|
| | | | 38,141,436 | | | | | | 39,587,006 | | |
LONG-TERM TERM LOAN
|
| | | | 3,750,000 | | | | | | 840,000 | | |
LONG-TERM OTHER LIABILITIES
|
| | | | 1,015,248 | | | | | | 250,588 | | |
CONVERTIBLE PREFERRED STOCK | | | | | | | | | | | | | |
Class A preferred stock
|
| | | | 8,023,239 | | | | | | 8,023,239 | | |
$0.00001 par value per share; 6,952,573 shares authorized, issued and outstanding as of December 31, 2020 and 2019, respectively
|
| | | | | | | | | | | | |
Class B preferred stock
|
| | | | 24,999,769 | | | | | | 24,999,769 | | |
$0.00001 par value per share; 5,690,347 shares authorized, issued and outstanding as of December 31, 2020 and 2019, respectively
|
| | | | | | | | | | | | |
Class C-1 & C-2 preferred stock
|
| | | | 123,566,111 | | | | | | 123,566,111 | | |
$0.00001 par value per share; 11,652,624 shares authorized as of December 31, 2020 and 2019;
11,564,263 shares issued and outstanding as of December 31, 2020 and 2019, respectively |
| | | | | | | | | | | | |
Class C-3 preferred stock
|
| | | | 7,066,283 | | | | | | 5,975,989 | | |
$0.00001 par value per share; 1,692,100 shares authorized as of December 31, 2020 and 2019; 589,348 shares issued and outstanding as of December 31, 2020 and 2019, respectively
|
| | | | | | | | | | | | |
Class D preferred stock
|
| | | | 119,620,218 | | | | | | 119,620,218 | | |
$0.00001 par value per share; 11,570,174 and 12,036,844 shares authorized as of December 31,
2020 and 2019; 11,570,174 and 11,570,174 shares issued and outstanding as of December 31, 2020 and 2019, respectively |
| | | | | | | | | | | | |
Class E preferred stock
|
| | | | 41,925,138 | | | | | | — | | |
$0.00001 par value per share; 6,016,811 shares authorized, issued and outstanding as of December 31, 2020
|
| | | | | | | | | | | | |
TOTAL CONVERTIBLE PREFERRED STOCK
|
| | | | 325,200,758 | | | | | | 282,185,326 | | |
STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Common stock
|
| | | | 99 | | | | | | 99 | | |
Common stock, $0.00001 par value per share; 70,000,000 and 65,000,000 shares authorized as
of December 31, 2020 and 2019; 9,888,776 and 9,833,563 shares issued and outstanding as of December 31, 2020 and 2019, respectively |
| | | | | | | | | | | | |
Additional paid-in capital
|
| | | | 6,982,996 | | | | | | 6,045,644 | | |
Accumulated deficit
|
| | | | (315,425,489) | | | | | | (280,988,910) | | |
TOTAL STOCKHOLDERS’ DEFICIT
|
| | | | (308,442,394) | | | | | | (274,943,167) | | |
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
|
| | | $ | 59,665,048 | | | | | $ | 47,919,753 | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Net revenue
|
| | | $ | 187,173,834 | | | | | $ | 173,992,897 | | | | | $ | 140,235,922 | | |
Cost of sales
|
| | | | (161,270,544) | | | | | | (164,091,469) | | | | | | (133,523,605) | | |
Gross profit
|
| | | | 25,903,290 | | | | | | 9,901,428 | | | | | | 6,712,317 | | |
Advertising expense
|
| | | | (4,912,269) | | | | | | (20,703,071) | | | | | | (12,217,926) | | |
Selling, general, and administrative expense
|
| | | | (49,677,783) | | | | | | (54,891,680) | | | | | | (44,724,097) | | |
Loss from operations
|
| | | | (28,686,762) | | | | | | (65,693,323) | | | | | | (50,229,706) | | |
Other income (expense), net
|
| | | | (5,749,814) | | | | | | 291,323 | | | | | | (96,114) | | |
Loss before income taxes
|
| | | | (34,436,576) | | | | | | (65,402,000) | | | | | | (50,325,820) | | |
Income taxes
|
| | | | — | | | | | | — | | | | | | — | | |
Net Loss
|
| | | $ | (34,436,576) | | | | | $ | (65,402,000) | | | | | $ | (50,325,820) | | |
Net loss per common share: | | | | | | | | | | | | | | | | | | | |
Basic net loss per common share
|
| | | $ | (3.61) | | | | | $ | (6.83) | | | | | $ | (5.10) | | |
Diluted net loss per common share
|
| | | $ | (3.61) | | | | | $ | (6.83) | | | | | $ | (5.10) | | |
Weighted average shares outstanding:
|
| | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 9,842,737 | | | | | | 9,750,682 | | | | | | 9,695,257 | | |
Diluted
|
| | | | 9,842,737 | | | | | | 9,750,682 | | | | | | 9,695,257 | | |
| | |
Total Convertible Preferred Stock
|
| | |
Common
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balances at January 1, 2018
|
| | | | 24,796,531 | | | | | $ | 162,317,582 | | | | | | | 9,630,872 | | | | | $ | 97 | | | | | $ | 2,488,996 | | | | | $ | (165,261,089) | | | | | $ | (162,771,996) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,329,616 | | | | | | — | | | | | | 1,329,616 | | |
Exercises of common stock options
|
| | | | — | | | | | | — | | | | | | | 91,209 | | | | | | 1 | | | | | | 85,890 | | | | | | — | | | | | | 85,891 | | |
Issuance of Series D preferred stock for cash
|
| | | | 8,449,486 | | | | | | 65,000,025 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series D preferred stock for conversion of convertible promissory notes
|
| | | | 2,205,650 | | | | | | 46,983,907 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Preferred stock issuance costs
|
| | | | — | | | | | | (2,342,406) | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series C-3 preferred stock remeasurement
|
| | | | — | | | | | | (907,596) | | | | | | | — | | | | | | — | | | | | | 907,596 | | | | | | — | | | | | | 907,596 | | |
Other adjustments
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1 | | | | | | (1) | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (50,325,820) | | | | | | (50,325,820) | | |
Balances at December 31, 2018
|
| | | | 35,451,667 | | | | | $ | 271,051,511 | | | | | | | 9,722,081 | | | | | $ | 98 | | | | | $ | 4,812,099 | | | | | $ | (215,586,910) | | | | | $ | (210,774,713) | | |
| | |
Total Convertible Preferred Stock
|
| | |
Common
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balances at January 1, 2019
|
| | | | 35,451,667 | | | | | $ | 271,051,511 | | | | | | | 9,722,081 | | | | | $ | 98 | | | | | $ | 4,812,099 | | | | | $ | (215,586,910) | | | | | $ | (210,774,713) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 2,286,349 | | | | | | — | | | | | | 2,286,349 | | |
Exercises of common stock options
|
| | | | — | | | | | | — | | | | | | | 111,482 | | | | | | 1 | | | | | | 102,319 | | | | | | — | | | | | | 102,320 | | |
Issuance of Series D preferred stock for cash
|
| | | | 915,038 | | | | | | 10,000,000 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Preferred stock issuance costs
|
| | | | — | | | | | | (21,308) | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series C-3 preferred stock remeasurement
|
| | | | — | | | | | | 1,155,122 | | | | | | | — | | | | | | — | | | | | | (1,155,122) | | | | | | — | | | | | | (1,155,122) | | |
Other adjustments
|
| | | | — | | | | | | 1 | | | | | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | (1) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (65,402,000) | | | | | | (65,402,000) | | |
Balances at December 31, 2019
|
| | | | 36,366,705 | | | | | $ | 282,185,326 | | | | | | | 9,833,563 | | | | | $ | 99 | | | | | $ | 6,045,644 | | | | | $ | (280,988,910) | | | | | $ | (274,943,167) | | |
| | |
Total Convertible Preferred Stock
|
| | |
Common
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balances at January 1, 2020
|
| | | | 36,366,705 | | | | | $ | 282,185,326 | | | | | | | 9,833,563 | | | | | $ | 99 | | | | | $ | 6,045,644 | | | | | $ | (280,988,910) | | | | | $ | (274,943,167) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,956,009 | | | | | | — | | | | | | 1,956,009 | | |
Exercises of common stock options
|
| | | | — | | | | | | — | | | | | | | 55,213 | | | | | | — | | | | | | 71,758 | | | | | | — | | | | | | 71,758 | | |
Issuance of Series E preferred stock for cash
|
| | | | 4,233,043 | | | | | | 30,000,000 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series E preferred stock for conversion of convertible promissory notes
|
| | | | 1,783,768 | | | | | | 12,644,170 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Preferred stock issuance costs
|
| | | | — | | | | | | (719,033) | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series C-3 preferred stock remeasurement
|
| | | | — | | | | | | 1,090,294 | | | | | | | — | | | | | | — | | | | | | (1,090,294) | | | | | | — | | | | | | (1,090,294) | | |
Other adjustments
|
| | | | — | | | | | | 1 | | | | | | | — | | | | | | — | | | | | | (122) | | | | | | (3) | | | | | | (125) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (34,436,576) | | | | | | (34,436,576) | | |
Balances at December 31, 2020
|
| | | | 42,383,516 | | | | | $ | 325,200,758 | | | | | | | 9,888,776 | | | | | $ | 99 | | | | | $ | 6,982,996 | | | | | $ | (315,425,489) | | | | | $ | (308,442,394) | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (34,436,576) | | | | | $ | (65,402,000) | | | | | $ | (50,325,820) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 4,785,778 | | | | | | 4,377,731 | | | | | | 4,733,389 | | |
Stock-based compensation
|
| | | | 1,956,009 | | | | | | 2,286,349 | | | | | | 1,329,616 | | |
Bad debt expense
|
| | | | 199,387 | | | | | | 133,742 | | | | | | 88,336 | | |
Change in fair value of warrants
|
| | | | 883,573 | | | | | | (178,668) | | | | | | (817,618) | | |
Change in fair value of embedded derivative
|
| | | | 4,323,770 | | | | | | — | | | | | | — | | |
Loss on extinguishment of convertible note
|
| | | | 102,972 | | | | | | — | | | | | | — | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Receivables, net
|
| | | | 552,137 | | | | | | (163,266) | | | | | | 694,073 | | |
Prepaid and other current assets
|
| | | | 1,020,918 | | | | | | 1,069,382 | | | | | | 535,799 | | |
Inventories
|
| | | | 77,901 | | | | | | 284,894 | | | | | | (4,101,540) | | |
Deferred revenue
|
| | | | 117,497 | | | | | | 897,512 | | | | | | 795,626 | | |
Accrued expenses
|
| | | | 453,575 | | | | | | (784,360) | | | | | | 2,076,928 | | |
Other current liabilities
|
| | | | 2,547,651 | | | | | | 6,011,974 | | | | | | 3,719,280 | | |
Accounts payable
|
| | | | (7,517,867) | | | | | | 5,388,131 | | | | | | 1,009,704 | | |
Long-term liabilities
|
| | | | 836,791 | | | | | | 198,017 | | | | | | (2,913,561) | | |
Net cash used in operating activities
|
| | | | (24,096,484) | | | | | | (45,880,562) | | | | | | (43,175,788) | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Capital expenditures
|
| | | | (1,536,631) | | | | | | (3,860,060) | | | | | | (4,300,645) | | |
Other investing activities
|
| | | | 308,331 | | | | | | (18,916) | | | | | | 36,465 | | |
Net cash used in investing activities
|
| | | | (1,228,300) | | | | | | (3,878,976) | | | | | | (4,264,180) | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | |
Principal payments on finance lease obligations
|
| | | | (72,130) | | | | | | (3,048,052) | | | | | | (3,325,148) | | |
Proceeds from options exercise
|
| | | | 71,758 | | | | | | 102,320 | | | | | | 85,891 | | |
Proceeds from sale of preferred stock
|
| | | | 30,000,000 | | | | | | 10,000,000 | | | | | | 65,000,025 | | |
Proceeds from convertible note issuance
|
| | | | 8,217,304 | | | | | | — | | | | | | 21,983,907 | | |
Preferred stock issuance costs
|
| | | | (719,033) | | | | | | (21,308) | | | | | | (2,342,406) | | |
Repayment of borrowings
|
| | | | (7,520,000) | | | | | | (980,000) | | | | | | — | | |
Proceeds from borrowing
|
| | | | 12,500,000 | | | | | | — | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 42,477,899 | | | | | | 6,052,960 | | | | | | 81,402,269 | | |
Total change in cash
|
| | | | 17,153,115 | | | | | | (43,706,578) | | | | | | 33,962,301 | | |
CASH BEGINNING OF YEAR
|
| | | | 12,889,931 | | | | | | 56,596,509 | | | | | | 22,634,208 | | |
CASH END OF YEAR
|
| | | $ | 30,043,046 | | | | | $ | 12,889,931 | | | | | $ | 56,596,509 | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
| | | | | | | | | | | | | | | | | | |
Cash paid during the year for:
|
| | | | | | | | | | | | | | | | | | |
Cash paid for taxes
|
| | | $ | 8,284 | | | | | $ | 10,292 | | | | | $ | 11,500 | | |
Cash paid for interest
|
| | | $ | 404,411 | | | | | $ | 301,155 | | | | | $ | 604,027 | | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITES:
|
| | | | | | | | | | | | | | | | | | |
Conversion of convertible promissory note to preferred
stock |
| | | $ | 12,644,170 | | | | | $ | — | | | | | $ | 46,983,907 | | |
For the Year Ended December 31, 2020
|
| ||||||||||||||||||||||||||||||
Column A
|
| |
Column B
|
| |
Column C
|
| |
Column D
|
| |
Column E
|
| ||||||||||||||||||
| | | | | | | | |
Additions
|
| | | | | | | | | | | | | |||||||||
Description
|
| |
Balance at
beginning of period |
| |
Charges to cost
and expenses |
| |
Charged to
other accounts |
| |
Deductions
|
| |
Balance at end
of period |
| |||||||||||||||
Reserve for doubtful accounts
|
| | | $ | 176,653 | | | | | | 28,731 | | | | | | — | | | | | | — | | | | | $ | 205,384 | | |
For the Year Ended December 31, 2019
|
| ||||||||||||||||||||||||||||||
Column A
|
| |
Column B
|
| |
Column C
|
| |
Column D
|
| |
Column E
|
| ||||||||||||||||||
| | | | | | | | |
Additions
|
| | | | | | | | | | | | | |||||||||
Description
|
| |
Balance at
beginning of period |
| |
Charges to cost
and expenses |
| |
Charged to
other accounts |
| |
Deductions
|
| |
Balance at end
of period |
| |||||||||||||||
Reserve for doubtful accounts
|
| | | $ | 141,282 | | | | | | 35,371 | | | | | | — | | | | | | — | | | | | $ | 176,653 | | |
For the Year Ended December 31, 2018
|
| ||||||||||||||||||||||||||||||
Column A
|
| |
Column B
|
| |
Column C
|
| |
Column D
|
| |
Column E
|
| ||||||||||||||||||
| | | | | | | | |
Additions
|
| | | | | | | | | | | | | |||||||||
Description
|
| |
Balance at
beginning of period |
| |
Charges to cost
and expenses |
| |
Charged to
other accounts |
| |
Deductions
|
| |
Balance at end
of period |
| |||||||||||||||
Reserve for doubtful accounts
|
| | | $ | 63,847 | | | | | | 77,436 | | | | | | — | | | | | | — | | | | | $ | 141,282 | | |
| | |
Estimated Useful Lives
|
|
Leasehold improvements
|
| |
7 years
|
|
Warehouse equipment
|
| |
5 years
|
|
Computers and small tools
|
| |
3 years
|
|
Furniture and fixtures
|
| |
7 years
|
|
Capital lease asset
|
| |
7 years
|
|
Software development
|
| |
4 years
|
|
| | |
Contract liabilities
(deferred revenue) |
| |||
December 31, 2018
|
| | | $ | 1,420,900 | | |
Increases due to invoicing prior to satisfaction of performance obligations
|
| | | | 17,989,998 | | |
Performance obligations satisfied during the period
|
| | | | (17,092,485) | | |
December 31, 2019
|
| | | $ | 2,318,412 | | |
Increases due to invoicing prior to satisfaction of performance obligations
|
| | | | 23,710,133 | | |
Performance obligations satisfied during the period
|
| | | | (23,592,636) | | |
December 31, 2020
|
| | | $ | 2,435,909 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Direct Sales(1)(3)
|
| | | $ | 176,836,569 | | | | | $ | 143,749,787 | | | | | $ | 116,120,832 | | |
Channel Sales(2)
|
| | | | 10,337,265 | | | | | | 30,243,110 | | | | | | 24,115,090 | | |
| | |
2020
|
| |
2019
|
| ||||||
Leasehold improvements
|
| | | $ | 8,147,638 | | | | | $ | 2,733,425 | | |
Warehouse equipment
|
| | | | 2,192,471 | | | | | | 2,050,032 | | |
Computers and small tools
|
| | | | 1,061,177 | | | | | | 989,989 | | |
Furniture and fixtures
|
| | | | 95,064 | | | | | | 95,064 | | |
Capital lease asset
|
| | | | — | | | | | | 8,979,516 | | |
Software development
|
| | | | 13,608,520 | | | | | | 12,567,836 | | |
Work in progress
|
| | | | 359,992 | | | | | | 834,420 | | |
| | | | $ | 25,464,862 | | | | | $ | 28,250,282 | | |
Less: Accumulated depreciation and amortization
|
| | | | (15,053,466) | | | | | | (14,597,512) | | |
Property and equipment, net
|
| | | $ | 10,411,396 | | | | | $ | 13,652,770 | | |
| | |
2020
|
| |
2019
|
| ||||||
Credit card payable
|
| | | $ | 10,473,079 | | | | | $ | 8,325,828 | | |
Accrued sales tax payable
|
| | | | 1,845,831 | | | | | | 1,749,590 | | |
Deferred rent – short term
|
| | | | 622,940 | | | | | | 796,047 | | |
Credits liability
|
| | | | 633,287 | | | | | | 438,550 | | |
Other accrued liabilities
|
| | | | 1,382,927 | | | | | | 1,100,398 | | |
Total
|
| | | $ | 14,958,064 | | | | | $ | 12,410,413 | | |
| | |
2020
|
| |
2019
|
| ||||||
5th Amendment term loan, matures May 2021
|
| | | $ | — | | | | | $ | 2,520,000 | | |
6th Amendment term loan, matures June 2020(1)
|
| | | | — | | | | | | — | | |
7th Amendment term loan, matures December 2022
|
| | | | 7,500,000 | | | | | | — | | |
Total term debt
|
| | | | 7,500,000 | | | | | | 2,520,000 | | |
Less: current portion
|
| | | | (3,750,000) | | | | | | (1,680,000) | | |
Long-term term loan
|
| | | $ | 3,750,000 | | | | | $ | 840,000 | | |
|
2021
|
| | | $ | 3,750,000 | | |
|
2022
|
| | | | 3,750,000 | | |
|
2023
|
| | | | — | | |
|
2024
|
| | | | — | | |
|
Total
|
| | | $ | 7,500,000 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Domestic
|
| | | $ | (34,436,576) | | | | | $ | (65,402,000) | | | | | $ | (50,325,820) | | |
Foreign
|
| | | | — | | | | | | — | | | | | | — | | |
Loss before income taxes
|
| | | $ | (34,436,576) | | | | | $ | (65,402,000) | | | | | $ | (50,325,820) | | |
2020
|
| |
Current
|
| |
Deferred
|
| |
Total
|
| |||||||||
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
2019
|
| |
Current
|
| |
Deferred
|
| |
Total
|
| |||||||||
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
2018
|
| |
Current
|
| |
Deferred
|
| |
Total
|
| |||||||||
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Federal statutory rate
|
| | | | 21.00% | | | | | | 21.00% | | | | | | 21.00% | | |
Permanent items
|
| | | | (2.74) | | | | | | (0.02) | | | | | | (0.01) | | |
State taxes (net of federal benefit)
|
| | | | 0.00 | | | | | | 0.00 | | | | | | 0.00 | | |
Deferred rate change
|
| | | | 0.00 | | | | | | (0.02) | | | | | | 0.02 | | |
Valuation allowance
|
| | | | (17.28) | | | | | | (20.28) | | | | | | (20.47) | | |
Stock-based compensation
|
| | | | (0.98) | | | | | | (0.68) | | | | | | (0.54) | | |
Total provision and effective tax rate
|
| | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Allowance for doubtful accounts
|
| | | $ | 49,815 | | | | | $ | 42,839 | | |
Accrued expenses
|
| | | | 220,548 | | | | | | 160,631 | | |
Inventory
|
| | | | 116,354 | | | | | | 127,349 | | |
Deferred rent
|
| | | | 151,089 | | | | | | 193,048 | | |
Lease liability
|
| | | | 62,499 | | | | | | 87,293 | | |
Warrants
|
| | | | 463,701 | | | | | | 261,436 | | |
Stock-based compensation
|
| | | | 202,722 | | | | | | 117,223 | | |
Charitable contributions
|
| | | | 460,274 | | | | | | 340,259 | | |
Net operating losses
|
| | | | 71,553,413 | | | | | | 66,025,752 | | |
Payroll taxes deferral
|
| | | | 202,385 | | | | | | — | | |
Disallowed interest expense
|
| | | | 216,444 | | | | | | 108,951 | | |
Total deferred tax assets
|
| | | $ | 73,699,244 | | | | | $ | 67,464,781 | | |
Less: valuation allowance
|
| | | | (72,057,082) | | | | | | (65,260,394) | | |
Net deferred tax assets
|
| | | $ | 1,642,162 | | | | | $ | 2,204,387 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Deferred tax liabilities: | | | | | | | | | | | | | |
Intangible assets
|
| | | $ | (839,927) | | | | | $ | (1,090,104) | | |
Property and equipment
|
| | | | (802,235) | | | | | | (1,114,283) | | |
Total deferred tax liabilities
|
| | | $ | (1,642,162) | | | | | $ | (2,204,387) | | |
Net deferred tax assets/liabilities
|
| | | $ | — | | | | | $ | — | | |
|
| | |
December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Beginning balance
|
| | | $ | 1,348,904 | | | | | $ | 1,372,064 | | | | | $ | — | | |
Increases based on tax positions during the current period
|
| | | | — | | | | | | 301,847 | | | | | | 1,617,975 | | |
(Decreases) based on tax positions during the current period
|
| | | | — | | | | | | (325,007) | | | | | | (245,911) | | |
Ending balance
|
| | | $ | 1,348,904 | | | | | $ | 1,348,904 | | | | | $ | 1,372,064 | | |
Year
|
| |
Lease Obligation
|
| |||
2021
|
| | | $ | 3,451,635 | | |
2022
|
| | | | 3,376,849 | | |
2023
|
| | | | 1,689,562 | | |
2024
|
| | | | 496,567 | | |
2025
|
| | | | 511,462 | | |
Thereafter
|
| | | | 348,145 | | |
Total | | | | $ | 9,874,220 | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Expected volatility
|
| | | | 57.0% | | | | | | 55.0% | | | | | | 58.0% | | |
Expected term (in years)
|
| | | | 1.0 | | | | | | 2.0 | | | | | | 4.0 | | |
Risk-free interest rate
|
| | | | 1.7% | | | | | | 1.7% | | | | | | 1.7% | | |
Expected dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Expected volatility
|
| | | | 60.0% | | | | | | 45.0% | | | | | | 45.0% | | |
Expected term (in years)
|
| | | | 1.0 | | | | | | 2.0 | | | | | | 4.0 | | |
Risk-free interest rate
|
| | | | 0.1% | | | | | | 1.6% | | | | | | 2.5% | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Expected volatility
|
| | | | 60.0% | | | | | | 45.0% | | | | | | 45.0% | | |
Expected term (in years)
|
| | | | 1.0 | | | | | | 2.0 | | | | | | 4.0 | | |
Risk-free interest rate
|
| | | | 0.1% | | | | | | 1.6% | | | | | | 2.5% | | |
| | |
Shares
Authorized |
| |
Shares Issued
and Outstanding |
| |
Issuance Price
Per Share |
| |
Carrying
Value |
| |
Liquidation
Preference |
| |||||||||||||||
Series A-1
|
| | | | 4,388,978 | | | | | | 4,388,978 | | | | | $ | 1.48 | | | | | | 6,490,026 | | | | | | 6,489,982 | | |
Series A-2
|
| | | | 1,993,093 | | | | | | 1,993,093 | | | | | $ | 0.55 | | | | | | 1,090,840 | | | | | | 1,090,820 | | |
Series A-3
|
| | | | 570,502 | | | | | | 570,502 | | | | | $ | 0.78 | | | | | | 442,374 | | | | | | 442,367 | | |
Series B-1
|
| | | | 5,128,198 | | | | | | 5,128,198 | | | | | $ | 4.48 | | | | | | 22,984,122 | | | | | | 22,984,071 | | |
Series B-2
|
| | | | 562,149 | | | | | | 562,149 | | | | | $ | 3.59 | | | | | | 2,015,647 | | | | | | 2,015,641 | | |
Series C-1
|
| | | | 10,618,436 | | | | | | 10,530,075 | | | | | $ | 10.88 | | | | | | 114,562,977 | | | | | | 114,587,113 | | |
Series C-2
|
| | | | 1,034,188 | | | | | | 1,034,188 | | | | | $ | 8.71 | | | | | | 9,003,134 | | | | | | 9,003,124 | | |
Series C-3
|
| | | | 1,692,100 | | | | | | 589,348 | | | | | $ | 10.88 | | | | | | 7,066,283 | | | | | | 6,412,106 | | |
Series D-1
|
| | | | 9,364,524 | | | | | | 9,364,524 | | | | | $ | 10.93 | | | | | | 97,926,084 | | | | | | 102,340,201 | | |
Series D-2
|
| | | | 2,205,650 | | | | | | 2,205,650 | | | | | $ | 9.84 | | | | | | 21,694,134 | | | | | | 21,694,112 | | |
Series E-1
|
| | | | 4,233,043 | | | | | | 4,233,043 | | | | | $ | 7.09 | | | | | | 33,707,750 | | | | | | 30,000,000 | | |
Series E-2
|
| | | | 1,783,768 | | | | | | 1,783,768 | | | | | $ | 4.61 | | | | | | 8,217,388 | | | | | | 8,217,284 | | |
| | | | | 43,574,629 | | | | | | 42,383,516 | | | | | | | | | | | | 325,200,758 | | | | | | | | |
| | |
Shares
Authorized |
| |
Shares Issued
and Outstanding |
| |
Issuance Price
Per Share |
| |
Carrying
Value |
| |
Liquidation
Preference |
| |||||||||||||||
Series A-1
|
| | | | 4,388,978 | | | | | | 4,388,978 | | | | | $ | 1.48 | | | | | | 6,490,026 | | | | | | 6,489,982 | | |
Series A-2
|
| | | | 1,993,093 | | | | | | 1,993,093 | | | | | $ | 0.55 | | | | | | 1,090,840 | | | | | | 1,090,820 | | |
Series A-3
|
| | | | 570,502 | | | | | | 570,502 | | | | | $ | 0.78 | | | | | | 442,374 | | | | | | 442,367 | | |
Series B-1
|
| | | | 5,128,198 | | | | | | 5,128,198 | | | | | $ | 4.48 | | | | | | 22,984,122 | | | | | | 22,984,071 | | |
Series B-2
|
| | | | 562,149 | | | | | | 562,149 | | | | | $ | 3.59 | | | | | | 2,015,647 | | | | | | 2,015,641 | | |
Series C-1
|
| | | | 10,618,436 | | | | | | 10,530,075 | | | | | $ | 10.88 | | | | | | 114,562,977 | | | | | | 114,587,113 | | |
Series C-2
|
| | | | 1,034,188 | | | | | | 1,034,188 | | | | | $ | 8.71 | | | | | | 9,003,134 | | | | | | 9,003,124 | | |
Series C-3
|
| | | | 1,692,100 | | | | | | 589,348 | | | | | $ | 10.88 | | | | | | 5,975,989 | | | | | | 6,413,220 | | |
Series D-1
|
| | | | 9,831,194 | | | | | | 9,364,524 | | | | | $ | 10.93 | | | | | | 97,926,084 | | | | | | 102,340,201 | | |
Series D-2
|
| | | | 2,205,650 | | | | | | 2,205,650 | | | | | $ | 9.84 | | | | | | 21,694,134 | | | | | | 21,694,112 | | |
| | | | | 38,024,488 | | | | | | 36,366,705 | | | | | | | | | | | | 282,185,326 | | | | | | | | |
| | |
Number of
Shares |
| |
Weighted
Average Exercise Price |
| |
Weighted
Average Remaining Contractual Life |
| |||||||||
Outstanding as of December 31, 2017
|
| | | | 5,101,695 | | | | | $ | 2.22 | | | | | | 8.55 | | |
Granted
|
| | | | 644,600 | | | | | | 3.17 | | | | | | | | |
Exercised
|
| | | | (91,209) | | | | | | 0.94 | | | | | | | | |
Forfeited
|
| | | | (1,094,300) | | | | | | | | | | | | | | |
Outstanding as of December 31, 2018
|
| | | | 4,560,786 | | | | | $ | 2.30 | | | | | | 7.59 | | |
Granted
|
| | | | 4,571,700 | | | | | | 3.20 | | | | | | | | |
Exercised
|
| | | | (111,482) | | | | | | 1.16 | | | | | | | | |
Forfeited
|
| | | | (1,011,237) | | | | | | | | | | | | | | |
Outstanding as of December 31, 2019
|
| | | | 8,009,767 | | | | | $ | 2.80 | | | | | | 8.17 | | |
Granted
|
| | | | 1,234,250 | | | | | | 3.00 | | | | | | | | |
Exercised
|
| | | | (55,213) | | | | | | 1.01 | | | | | | | | |
Forfeited
|
| | | | (2,653,262) | | | | | | | | | | | | | | |
Outstanding as of December 31, 2020
|
| | | | 6,535,542 | | | | | $ | 2.97 | | | | | | 7.30 | | |
Vested and expected to vest as of December 31, 2020
|
| | | | 6,535,542 | | | | | $ | 2.74 | | | | | | 7.30 | | |
Exercisable as of December 31, 2020
|
| | | | 3,986,608 | | | | | $ | 2.51 | | | | | | 6.29 | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Expected volatility
|
| | | | 51.8% | | | | | | 47.4% | | | | | | 46.9% | | |
Expected term (in years)
|
| | | | 5.99 | | | | | | 5.90 | | | | | | 5.90 | | |
Risk-free interest rate
|
| | | | 0.3% | | | | | | 1.8% | | | | | | 2.8% | | |
Expected dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
| | |
Fair Value Hierarchy
|
| |||||||||||||||
2020
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets – cash & cash equivalents
|
| | | $ | 30,043,046 | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 30,043,046 | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Common stock warrants
|
| | | | | | | | | | | | | | | $ | 49,863 | | |
Preferred stock warrants
|
| | | | | | | | | | | | | | | | 2,072,536 | | |
Total liabilities
|
| | | | | | | | | | | | | | | $ | 2,122,399 | | |
2019
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets – cash & cash equivalents
|
| | | $ | 12,889,931 | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 12,889,931 | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Common stock warrants
|
| | | | | | | | | | | | | | | $ | 59,624 | | |
Preferred stock warrants
|
| | | | | | | | | | | | | | | | 1,179,201 | | |
Total liabilities
|
| | | | | | | | | | | | | | | $ | 1,238,825 | | |
2018
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets – cash & cash equivalents
|
| | | $ | 56,596,509 | | | | | | | | | | | | | | |
Total Assets
|
| | | $ | 56,596,509 | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Common Stock Warrants
|
| | | | | | | | | | | | | | | $ | 59,624 | | |
Preferred Stock Warrants
|
| | | | | | | | | | | | | | | $ | 1,357,868 | | |
Total Liabilities
|
| | | | | | | | | | | | | | | $ | 1,417,492 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Numerator | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (34,436,576) | | | | | $ | (65,402,000) | | | | | $ | (50,325,820) | | |
Less: accretion adjustment
|
| | | | 1,090,294 | | | | | | 1,155,122 | | | | | | (907,596) | | |
Net loss attributable to common shareholders
|
| | | $ | (35,526,870) | | | | | $ | (66,557,122) | | | | | $ | (49,418,224) | | |
Denominator | | | | | | | | | | | | | | | | | | | |
Weighted-average shares – basic and diluted
|
| | | | 9,842,737 | | | | | | 9,750,682 | | | | | | 9,695,257 | | |
Net loss per common share – basic and diluted
|
| | | $ | (3.61) | | | | | $ | (6.83) | | | | | $ | (5.10) | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Series Preferred Stock, Outstanding
|
| | | | 43,427,083 | | | | | | 37,455,276 | | | | | | 36,499,925 | | |
Common Stock Warrants, Outstanding
|
| | | | 37,607 | | | | | | 37,607 | | | | | | 37,607 | | |
Preferred Stock Warrants, Outstanding
|
| | | | 1,251,679 | | | | | | 1,251,679 | | | | | | 1,251,679 | | |
Common Stock Options, Outstanding
|
| | | | 7,043,875 | | | | | | 8,079,462 | | | | | | 4,549,452 | | |
| | |
Retail
|
| |
Software &
Services |
| |
Total
|
| |||||||||
Year Ended December 31, 2018 | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 140,235,922 | | | | | $ | — | | | | | $ | 140,235,922 | | |
Operating Loss
|
| | | | (50,229,706) | | | | | | — | | | | | | (50,229,706) | | |
Year Ended December 31, 2019 | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 173,692,897 | | | | | $ | 300,000 | | | | | $ | 173,992,897 | | |
Operating Loss
|
| | | | (63,082,583) | | | | | | (2,610,740) | | | | | | (65,693,323) | | |
Year Ended December 31, 2020 | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 187,173,834 | | | | | $ | — | | | | | $ | 187,173,834 | | |
Operating Loss
|
| | | | (26,244,100) | | | | | | (2,442,662) | | | | | | (28,686,762) | | |
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Address: |
|
|
Exhibit
|
| |
Description
|
|
| 2.1#** | | | Agreement and Plan of Merger, dated as of June 13, 2021, by and among Seven Oaks Acquisition Corp., Blossom Merger Sub Inc., Blossom Merger Sub II, LLC, and Giddy Inc. (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K, filed with the SEC on June 14, 2021). | |
| 3.1** | | | | |
| 3.2** | | | | |
| 3.3** | | | | |
| 3.4** | | | | |
| 4.1* | | | Specimen Class A Common Stock Certificate. | |
| 4.2** | | | | |
| 4.3* | | | Form of Indenture pursuant to Convertible Note Subscription Agreement. | |
| 4.4* | | | Form of 7.00% Convertible Senior Notes due 2026 (included in Exhibit 4.3). | |
| 5.1* | | | Opinion of Winston & Strawn LLP as to the validity of the securities being registered. | |
| 8.1* | | | Opinion of Latham & Watkins LLP regarding certain U.S. federal income tax matters. | |
| 10.1** | | | | |
| 10.2** | | | | |
| 10.3** | | | | |
| 10.4** | | | Sponsor Agreement, dated as of June 13, 2021, by and among Seven Oaks Sponsor LLC, Giddy Inc., JonesTrading Institutional Services LLC, and Jones & Associates, Inc (incorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K, filed with the SEC on June 14, 2021). | |
| 10.5** | | | | |
| 10.6** | | | | |
| 10.7** | | | | |
| 10.8** | | | | |
| 10.9** | | | | |
| 10.9(a)** | | | | |
| 10.9(b)** | | | | |
| 10.10‡** | | | |
|
Exhibit
|
| |
Description
|
|
| | | | Services Co., Ltd. | |
| 10.11* | | | Form of Indemnification Agreement. | |
| 10.12** | | | | |
| 10.13‡** | | | | |
| 10.14#‡** | | | | |
| 23.1 | | | | |
| 23.2 | | | | |
| 23.3* | | | Consent of Winston & Strawn LLP (included in Exhibit 5.1 hereto). | |
| 24.1** | | | Power of Attorney (included on signature page to the initial filing of this Registration Statement). | |
| 99.1* | | | Form of Preliminary Proxy Card. | |
| 99.2** | | | | |
| 99.3** | | | | |
| 99.4** | | | Consent of Andrew Pearson to be named as a director. | |
| 101.INS** | | | XBRL Instance Document | |
| 101.SCH** | | | XBRL Taxonomy Extension Schema Document | |
| 101.CAL** | | | XBRL Taxonomy Extension Calculation Linkbase Document | |
| 101.DEF** | | | XBRL Taxonomy Extension Definition Linkbase Document | |
| 101.LAB** | | | XBRL Taxonomy Extension Label Linkbase Document | |
| 101.PRE** | | | XBRL Taxonomy Extension Presentation Linkbase Document | |
| | | | Seven Oaks Acquisition Corp. | | |||
| | | | By: | | |
/s/ Gary Matthews
|
|
| | | | Name: | | | Gary Matthews | |
| | | | Title: | | | Chief Executive Officer and Director | |
|
*By:
/s/ Gary Matthews
Gary Matthews
Attorney-in-Fact |
| | | | | | |