10-Q Filing

FINANCE OF AMERICA COMPANIES INC. CIK: 1828937 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001193125-21-163930`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	foa-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 18 Cash Flow Statement 25 Stockholders Equity 10

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Ordinary shares, par value (in dollars per share)	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Ordinary shares, par value (in dollars per share)	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Shares subject to possible redemption	`TemporaryEquitySharesSubjectToPossibleRedemption`	28.75M	shares	Point-in-time
Shares subject to possible redemption	`TemporaryEquitySharesSubjectToPossibleRedemption`	28.75M	shares	Point-in-time
Cash	`Cash`	$849.91K	USD	Point-in-time
Temporary Equity, Redemption Price Per Share	`TemporaryEquityRedemptionPricePerShare`	$10.00	USD	Point-in-time
Temporary Equity, Redemption Price Per Share	`TemporaryEquityRedemptionPricePerShare`	$10.00	USD	Point-in-time
Cash	`Cash`	$482.58K	USD	Point-in-time
Preference stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$70.85K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$10.83K	USD	Point-in-time
Preference stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preference stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Preference stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$860.74K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$553.43K	USD	Point-in-time
Preference stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preference stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$293.32M	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$293.32M	USD	Point-in-time
Preference stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total assets	`Assets`	$294.18M	USD	Point-in-time
Preference stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total assets	`Assets`	$293.88M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.19M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.92M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$916.94K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.19M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.19M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$607.10K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$779.41K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.19M	shares	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.53M	USD	Point-in-time
Warrant liability	`WarrantLiabilities`	$35.35M	USD	Point-in-time
Warrant liability	`WarrantLiabilities`	$25.41M	USD	Point-in-time
Deferred underwriting commissions	`DeferredUnderwritingCommission`	$9.19M	USD	Point-in-time
Deferred underwriting commissions	`DeferredUnderwritingCommission`	$9.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$46.24M	USD	Point-in-time
Total liabilities	`Liabilities`	$45.12M	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Ordinary shares, $0.0001 par value; 28,750,000 shares subject to possible redemption at $10.00 per share at March 31, 2021 and December 31, 2020	`TemporaryEquityCarryingAmountAttributableToParent`	$287.50M	USD	Point-in-time
Ordinary shares, $0.0001 par value; 28,750,000 shares subject to possible redemption at $10.00 per share at March 31, 2021 and December 31, 2020	`TemporaryEquityCarryingAmountAttributableToParent`	$287.50M	USD	Point-in-time
Preference shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preference shares, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 7,187,500 shares issued and outstanding (excluding 28,750,000 shares subject to possible redemption) at $10.00 per share at March 31, 2021 and December 31, 2020	`CommonStockValue`	$719.00	USD	Point-in-time
Ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 7,187,500 shares issued and outstanding (excluding 28,750,000 shares subject to possible redemption) at $10.00 per share at March 31, 2021 and December 31, 2020	`CommonStockValue`	$719.00	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-39.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-38.75M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$-38.75M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$-39.56M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$-15.17M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$-21.89M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$294.18M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$293.88M	USD	Point-in-time

Income Statement 18 line items

Line Item	Tag	Value	Unit	Period
General and administrative expenses	`GeneralAndAdministrativeExpense`	$9.14M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$167.13K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-9.14M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-167.13K	USD	1 Quarter
Gain on revaluation of warrant liability	`GainLossOnRevaluationOfWarrantLiability`	$5.76M	USD	1 Quarter
Gain on revaluation of warrant liability	`GainLossOnRevaluationOfWarrantLiability`	$9.94M	USD	1 Quarter
Gain on marketable securities, dividends and interest held in Trust Account	`GainOnMarketableSecuritiesDividendAndInterestHeldInTrustAccount`	$1.13M	USD	1 Quarter
Gain on marketable securities, dividends and interest held in Trust Account	`GainOnMarketableSecuritiesDividendAndInterestHeldInTrustAccount`	$6.99K	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.73M	USD	1 Quarter
Net income	`NetIncomeLoss`	$810.71K	USD	1 Quarter
Basic and diluted weighted average shares outstanding of Public Shares	`BasicAndDilutedWeightedAverageSharesOutstandingOfPublicShares`	28.75M	shares	1 Quarter
Basic and diluted weighted average shares outstanding of Public Shares	`BasicAndDilutedWeightedAverageSharesOutstandingOfPublicShares`	28.75M	shares	1 Quarter
Basic and diluted net income per share, Public Shares	`BasicAndDilutedNetIncomePerSharePublicShare`	$0.19	USD	1 Quarter
Basic and diluted net income per share, Public Shares	`BasicAndDilutedNetIncomePerSharePublicShare`	$0.02	USD	1 Quarter
Basic and diluted weighted average shares outstanding of Founder Shares	`BasicAndDilutedWeightedAverageSharesOutstandingOfFounderShares`	7.19M	shares	1 Quarter
Basic and diluted weighted average shares outstanding of Founder Shares	`BasicAndDilutedWeightedAverageSharesOutstandingOfFounderShares`	7.19M	shares	1 Quarter
Basic and diluted net income per share, Founder Shares	`BasicAndDilutedNetLossPerShareFounderShare`	$0.16	USD	1 Quarter
Basic and diluted net income per share, Founder Shares	`BasicAndDilutedNetLossPerShareFounderShare`	$0.02	USD	1 Quarter

Cash Flow Statement 25 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.73M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-810.71K	USD	1 Quarter
Gain on marketable securities, dividends and interest held in Trust Account	`GainOnMarketableSecuritiesDividendAndInterestHeldInTrust`	$6.99K	USD	1 Quarter
Gain on marketable securities, dividends and interest held in Trust Account	`GainOnMarketableSecuritiesDividendAndInterestHeldInTrust`	$1.13M	USD	1 Quarter
Gain on revaluation of warrant liability	`GainLossOnRevaluationOfWarrantLiability`	$5.76M	USD	1 Quarter
Gain on revaluation of warrant liability	`GainLossOnRevaluationOfWarrantLiability`	$9.94M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$60.02K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-16.90K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$9.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$11.34K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-172.31K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$41.14K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-367.32K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-97.75K	USD	1 Quarter
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-367.32K	USD	1 Quarter
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-97.75K	USD	1 Quarter
Cash-beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$849.91K	USD	Point-in-time
Cash-beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.49M	USD	Point-in-time
Cash-beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.59M	USD	Point-in-time
Cash-beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$482.58K	USD	Point-in-time
Cash-end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$849.91K	USD	Point-in-time
Cash-end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.49M	USD	Point-in-time
Cash-end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.59M	USD	Point-in-time
Cash-end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$482.58K	USD	Point-in-time
Prepaid expenses included in accounts payable	`PrepaidExpensesIncludedInAccountsPayable`	$63.75K	USD	1 Quarter

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period	`StockholdersEquity`	$-38.75M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$-39.56M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$-15.17M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$-21.89M	USD	Point-in-time
Net (loss) income	`NetIncomeLoss`	$6.73M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$810.71K	USD	1 Quarter
Balance at end of period	`StockholdersEquity`	$-38.75M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$-39.56M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$-15.17M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$-21.89M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.