10-Q/A Filing

FINANCE OF AMERICA COMPANIES INC. CIK: 1828937 Q3 2020

Filing Information

Form Type	10-Q/A
Accession Number	`0001193125-21-177229`
Period End Date	20200930
Filing Date	20210528
Fiscal Year	2020
Fiscal Period	Q3
XBRL Instance	foa-20200930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 42 Cash Flow Statement 42 Stockholders Equity 28

Balance Sheet 66 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`	$974.32K	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`	$1.59M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$62.74K	USD	Point-in-time
Preference shares, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$47.08K	USD	Point-in-time
Preference shares, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preference shares, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.65M	USD	Point-in-time
Preference shares, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.02M	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$292.05M	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$293.26M	USD	Point-in-time
Preference shares, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preference shares, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preference shares, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preference shares, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total assets	`Assets`	$293.71M	USD	Point-in-time
Total assets	`Assets`	$294.28M	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`	$371.23K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.19M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$86.59K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$8.86K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.19M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$414.57K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.19M	shares	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$785.80K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$95.45K	USD	Point-in-time
Warrant liability	`WarrantLiabilities`	$18.82M	USD	Point-in-time
Warrant liability	`WarrantLiabilities`	$21.10M	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`	$31.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$28.10M	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 September 30, 2020 and December 31, 2019	`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 September 30, 2020 and December 31, 2019	`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 September 30, 2020 and December 31, 2019	`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 September 30, 2020 and December 31, 2019	`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 September 30, 2020 and December 31, 2019	`CommonStockValue`	$719.00	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-24.29M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.89M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$-21.89M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$-21.40M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$-22.21M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$8.57K	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$-24.29M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$-15.17M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$22.31K	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$-20.90M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$294.28M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$293.71M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.06M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$111.75K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.32M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$245.98K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.32M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-245.98K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-111.75K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.06M	USD	1 Quarter
Issuance costs allocated to the public warrants	`WarrantIssueCost`	$648.24K	USD	Point-in-time
Issuance costs allocated to the public warrants	`WarrantIssueCost`	$648.24K	USD	3 Qtrs
(Loss) gain on revaluation of warrant liability	`FairValueAdjustmentOfWarrants`	$1.11M	USD	1 Quarter
(Loss) gain on revaluation of warrant liability	`FairValueAdjustmentOfWarrants`	$951.25K	USD	1 Quarter
(Loss) gain on revaluation of warrant liability	`FairValueAdjustmentOfWarrants`	$-2.67M	USD	3 Qtrs
(Loss) gain on revaluation of warrant liability	`FairValueAdjustmentOfWarrants`	$2.28M	USD	3 Qtrs
Gain on marketable securities, dividends and interest held in Trust Account	`GainOnMarketableSecuritiesDividendAndInterestHeldInTrustAccount`	$86.80K	USD	1 Quarter
Gain on marketable securities, dividends and interest held in Trust Account	`GainOnMarketableSecuritiesDividendAndInterestHeldInTrustAccount`	$1.20M	USD	3 Qtrs
Gain on marketable securities, dividends and interest held in Trust Account	`GainOnMarketableSecuritiesDividendAndInterestHeldInTrustAccount`	$1.56M	USD	1 Quarter
Gain on marketable securities, dividends and interest held in Trust Account	`GainOnMarketableSecuritiesDividendAndInterestHeldInTrustAccount`	$3.32M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-2.08M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-13.74K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$4.61M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$498.85K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$5.09M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$6.73M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-2.40M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-7.05M	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	3 Qtrs
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	3 Qtrs
Basic and diluted net (loss) income per share, Public Shares	`BasicAndDilutedNetIncomePerSharePublicShare`	$0.35	USD	3 Qtrs
Basic and diluted net (loss) income per share, Public Shares	`BasicAndDilutedNetIncomePerSharePublicShare`	$-0.06	USD	3 Qtrs
Basic and diluted net (loss) income per share, Public Shares	`BasicAndDilutedNetIncomePerSharePublicShare`	$0.02	USD	1 Quarter
Basic and diluted net (loss) income per share, Public Shares	`BasicAndDilutedNetIncomePerSharePublicShare`	$-0.06	USD	1 Quarter
Basic and diluted weighted average shares outstanding of Founder Shares	`BasicAndDilutedWeightedAverageSharesOutstandingOfFounderShares`	7.19M	shares	3 Qtrs
Basic and diluted weighted average shares outstanding of Founder Shares	`BasicAndDilutedWeightedAverageSharesOutstandingOfFounderShares`	7.19M	shares	3 Qtrs
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 loss per share, Founder Shares	`BasicAndDilutedNetLossPerShareFounderShare`	$-0.70	USD	3 Qtrs
Basic and diluted net loss per share, Founder Shares	`BasicAndDilutedNetLossPerShareFounderShare`	$-0.06	USD	1 Quarter
Basic and diluted net loss per share, Founder Shares	`BasicAndDilutedNetLossPerShareFounderShare`	$-0.03	USD	1 Quarter
Basic and diluted net loss per share, Founder Shares	`BasicAndDilutedNetLossPerShareFounderShare`	$-0.10	USD	3 Qtrs

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.40M	USD	3 Qtrs
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$5.09M	USD	3 Qtrs
General and administrative expenses paid by related party	`IncreaseDecreaseInDueFromAffiliatesCurrent`	-	USD	3 Qtrs
General and administrative expenses paid by related party	`IncreaseDecreaseInDueFromAffiliatesCurrent`	$-2.21K	USD	3 Qtrs
Gain on marketable securities, dividends and interest held in Trust Account	`GainOnMarketableSecuritiesDividendAndInterestHeldInTrust`	$1.20M	USD	3 Qtrs
Gain on marketable securities, dividends and interest held in Trust Account	`GainOnMarketableSecuritiesDividendAndInterestHeldInTrust`	$3.32M	USD	3 Qtrs
Loss (gain) on revaluation of warrant liability	`GainLossOnRevaluationOfWarrantLiability`	$-2.28M	USD	3 Qtrs
Loss (gain) on revaluation of warrant liability	`GainLossOnRevaluationOfWarrantLiability`	$2.67M	USD	3 Qtrs
Loss (gain) on revaluation of warrant liability	`GainLossOnRevaluationOfWarrantLiability`	$-951.25K	USD	1 Quarter
Loss (gain) on revaluation of warrant liability	`GainLossOnRevaluationOfWarrantLiability`	$-1.11M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-15.65K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$101.99K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$79.62K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$284.63K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$405.71K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-87.69K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-615.48K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.00M	USD	3 Qtrs
Cash deposited in Trust Account	`CashDepositedInTrustAccount`	$287.50M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-287.50M	USD	3 Qtrs
Proceeds from note payable to related party	`ProceedsFromContributionsFromAffiliates`	$250.00K	USD	3 Qtrs
Repayment of note payable and advances from related party	`ProceedsFromRepaymentsOfNotesPayable`	$-252.21K	USD	3 Qtrs
Proceeds received from initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	$287.50M	USD	3 Qtrs
Proceeds from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$7.75M	USD	3 Qtrs
Offering costs paid	`OfferingCostsPaid`	$5.15M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$290.10M	USD	3 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.59M	USD	3 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-615.48K	USD	3 Qtrs
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$974.32K	USD	Point-in-time
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.59M	USD	Point-in-time
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.00K	USD	Point-in-time
Cash - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.62M	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$974.32K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.59M	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.00K	USD	Point-in-time
Cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.62M	USD	Point-in-time
Offering costs included in accrued expenses	`AccruedOfferingCostsCurrent1`	$85.00K	USD	3 Qtrs
Offering costs included in accrued expenses	`AccruedOfferingCostsCurrent1`	-	USD	3 Qtrs
Offering costs included in accounts payable	`OfferingCostsPayableCurrent`	$2.60K	USD	3 Qtrs
Offering costs included in accounts payable	`OfferingCostsPayableCurrent`	-	USD	3 Qtrs
Remeasurement of ordinary shares subject to possible redemption	`OrdinarySharesSubjectToPossibleRedemption`	$26.79M	USD	3 Qtrs
Deferred underwritting commissions	`DeferredUnderWrittingCommissions`	$9.19M	USD	3 Qtrs

Stockholders Equity 28 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period	`StockholdersEquity`	$-21.89M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$-21.40M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$-22.21M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$8.57K	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$-24.29M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$-15.17M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$22.31K	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$-20.90M	USD	Point-in-time
Proceeds from sale of private warrants in excess of fair value, as restated	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$775.00K	USD	1 Quarter
Remeasurement of ordinary shares subject to possible redemption	`RemeasurementOfOrdinarySharesSubjectToPossibleRedemption`	$30.10M	USD	3 Qtrs
Remeasurement of ordinary shares subject to possible redemption	`RemeasurementOfOrdinarySharesSubjectToPossibleRedemption`	$26.80M	USD	Point-in-time
Remeasurement of ordinary shares subject to possible redemption	`RemeasurementOfOrdinarySharesSubjectToPossibleRedemption`	$26.79M	USD	1 Quarter
Net income (loss), as restated	`NetIncomeLoss`	$-2.08M	USD	1 Quarter
Net income (loss), as restated	`NetIncomeLoss`	$-13.74K	USD	1 Quarter
Net income (loss), as restated	`NetIncomeLoss`	$4.61M	USD	1 Quarter
Net income (loss), as restated	`NetIncomeLoss`	$498.85K	USD	1 Quarter
Net income (loss), as restated	`NetIncomeLoss`	$5.09M	USD	3 Qtrs
Net income (loss), as restated	`NetIncomeLoss`	$6.73M	USD	1 Quarter
Net income (loss), as restated	`NetIncomeLoss`	$-2.40M	USD	3 Qtrs
Net income (loss), as restated	`NetIncomeLoss`	$-7.05M	USD	1 Quarter
Balance at end of period	`StockholdersEquity`	$-21.89M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$-21.40M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$-22.21M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$8.57K	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$-24.29M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$-15.17M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$22.31K	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$-20.90M	USD	Point-in-time

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