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10-Q
Table of Contents
falseQ3--12-31Dave Inc./DE0001841408Redeemable warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per shareCA
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
 
 
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
 
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
                    
to
                    
 
 
DAVE INC.
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
  
001-40161
  
86-1481509
(State or other jurisdiction of
  
(Commission
  
(I.R.S Employer
incorporation or organization)
  
File Number)
  
Identification No.)
1265 South Cochran Ave
Los Angeles, CA 90019
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (844)
857-3283
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading
Symbol(s)
  
Name of each exchange
on which registered
Common Stock, par value of $0.0001 per share
  
DAVE
  
The Nasdaq Stock Market LLC
Redeemable warrants, each whole warrant exercisable for one share of Class A common
  
DAVEW
  
The Nasdaq Stock Market LLC
stock, each at an exercise price of $11.50 per share
        
Securities registered pursuant to Section 12(g) of the Act: None
 
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.    Yes  ☐    No  ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T(§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2of
the Exchange Act.
 
Large accelerated filer   ☐    Accelerated filer   ☐
       
Non-accelerated filer
   ☒    Smaller reporting company   ☒
       
         Emerging growth company   ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2of
the Act).    Yes  ☐    No  ☒
As of
October 31, 2022
, the number of outstanding shares of Dave Inc.’s Class A common stock was 329,656,200 and the number of outstanding shares of Dave Inc.’s Class V common stock was 48,450,639.
 
 
 

Table of Contents

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION

     5  

Item 1.

   Unaudited Condensed Consolidated Financial Statements      5  

Item 2.

   Management’s Discussion and Analysis of Financial Condition and Results of Operations      42  

Item 3.

   Quantitative and Qualitative Disclosures About Market Risk      60  

Item 4.

   Controls and Procedures      60  

PART II – OTHER INFORMATION

     62  

Item 1.

   Legal Proceedings      62  

Item 1A.

   Risk Factors      62  

Item 2.

   Unregistered Sales of Equity Securities and Use of Proceeds      63  

Item 3.

   Defaults Upon Senior Securities      63  

Item 4.

   Mine Safety Disclosures      63  

Item 5.

   Other Information      63  

Item 6.

   Exhibits      64  

SIGNATURE

     65  

 

2

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Form 10-Q” or this “report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are forward looking and as such are not historical facts. All statements contained in this Form 10-Q other than statements of historical fact, including statements regarding our future results of operations, financial position, market size and opportunity, our business strategy and plans, efforts to regain compliance with the listing requirements of the Nasdaq Stock Market (“Nasdaq”), the factors affecting our performance and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “should,” “would,” “can,” “expect,” “project,” “outlook,” “forecast,” “objective,” “plan,” “potential,” “seek,” “grow,” “target,” “if” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the section titled “Risk Factors” set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”) on March 25, 2022 (the “Annual Report”) and in our subsequently filed quarterly reports on Form 10-Q and current reports. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Form 10-Q may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Forward-looking statements contained in this Form 10-Q involve a number of judgments, risks and uncertainties, including, without limitation, risks related to:

 

  •  

the ability of Dave to compete in its highly competitive industry;

 

  •  

the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry;

 

  •  

the ability of Dave to manage its growth as a public company;

 

  •  

the ability of Dave to protect intellectual property and trade secrets;

 

  •  

changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business;

 

  •  

the ability to attract or maintain a qualified workforce;

 

  •  

level of product service failures that could lead Dave members (“Members”) to use competitors’ services;

 

  •  

investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings;

 

  •  

the ability to maintain the listing of Dave Class A Common Stock on Nasdaq;

 

  •  

the effects of the COVID-19 pandemic, the Russia-Ukraine war or rising inflation on Dave’s business;

 

  •  

the possibility that Dave may be adversely affected by other economic, business, and/or competitive factors; and

 

  •  

other risks and uncertainties described in this Form 10-Q, including those described under Item 1A, “Risk Factors” of the Annual Report.

We caution you that the foregoing list of judgments, risks and uncertainties that may cause actual results to differ materially from those in the forward-looking statements may not be complete. You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we do not intend to update any of these forward-looking statements after the date of this report or to conform these statements to actual results or revised expectations.

As a result of a number of known and unknown risks and uncertainties, including without limitation, the important factors described in Part I, Item 1A, “Risk Factors” in the Annual Report and in our subsequently filed quarterly report on Form 10-A, our actual results or performance may be materially different from those expressed or implied by these forward- looking statements.

This report contains estimates, projections and other information concerning our industry, our business and the markets for our products. We obtained the industry, market and similar data set forth in this report from our own internal estimates and research and from industry research, publications, surveys and studies conducted by third parties, including governmental agencies. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. While we believe that the data we use from third parties is reliable, we have not separately verified these data. You are cautioned not to give undue weight to any such information, projections and estimates.

 

3

Table of Contents

As used in this report, the “Company,” “Dave,” “we,” “us,” “our” and similar terms refer Dave Inc. (f/k/a VPC Impact Acquisition Holdings III, Inc.) and its consolidated subsidiaries, unless otherwise noted or the context otherwise requires.

 

4

Table of Contents
P3DP3DThe corresponding adjustment to APIC related to the reverse recapitalization was comprised of (i) approximately $178.5 million which represents the fair value of the consideration transferred in the Business Combination, less the excess of the fair value of the shares issued over the value of the net monetary assets of VPCC, net of transaction costs and (ii) approximately $72.2 million which represents the conversion of the convertible preferred stock into Dave Class A Common Stock. 0001841408 2022-01-01 2022-09-30 0001841408 2021-01-01 2021-09-30 0001841408 2021-12-31 0001841408 2022-09-30 0001841408 2022-07-01 2022-09-30 0001841408 2021-07-01 2021-09-30 0001841408 2021-01-01 2021-12-31 0001841408 2021-09-30 0001841408 2021-06-07 0001841408 2021-11-30 0001841408 2022-01-05 0001841408 2022-03-21 0001841408 2021-06-30 0001841408 2022-06-30 0001841408 2020-12-31 0001841408 dave:EstimationOfValuationMember 2022-09-30 0001841408 us-gaap:CommonClassAMember 2022-09-30 0001841408 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Part I - Financial Information
Item 1. Financial Statements
Dave Inc. and Subsidiary
Condensed Consolidated Balance Sheets
(in thousands; except share data)
(unaudited)
 
 
  
As of September 30,
 
 
As of December 31,
 
 
  
2022
 
 
2021
 
Assets
  
 
Current assets:
  
 
Cash and cash equivalents
    $ 38,558     $ 32,009  
Marketable securities
      —         8,226  
Member advances, net of allowance for unrecoverable advances of $22,116 and $11,995 as
of September
 
30, 2022 and December
 
31, 2021, respectively
      87,608       49,013  
Short-term investments
      185,323       —  
Prepaid income taxes
      691       1,381  
Deferred issuance costs
      —         5,131  
Prepaid expenses and other current assets
      10,117       4,443  
    
 
 
    
 
 
  
Total current assets
   
 
322,297
 
  
 
100,203
 
Property and equipment, net
      914       685  
Lease
right-of-use
assets (related-party of $796 and $970 as of September
 
30, 2022 and December
 
31, 2021, respectively)
      796       2,702  
Intangible assets, net
      9,430       7,849  
Derivative asset on loans to stockholders
      —         35,253  
Debt facility commitment fee, long-term
      87       131  
Restricted cash
      702       363  
    
 
 
    
 
 
  
Total assets
   
$
334,226
 
  
$
147,186
 
    
 
 
    
 
 
  
Liabilities, and stockholders’ equity
                 
Current liabilities:
                 
Accounts payable
    $ 14,654     $ 13,044  
Accrued expenses
      15,704       13,045  
Lease liabilities, short-term (related-party of $274 and $243 as of September 30, 2022 and December 31, 2021, respectively)
      274       1,920  
Legal settlement accrual
      10,050       3,701  
Note payable
      —         15,051  
Credit facility
      20,000       20,000  
Convertible debt, current
      —         695  
Interest payable, convertible notes, current
      —         25  
Other current liabilities
      2,544       1,153  
    
 
 
    
 
 
  
Total current liabilities
   
 
63,226
 
  
 
68,634
 
Lease liabilities, long-term (related-party of $611 and $822 as of September 30, 2022 and December 31, 2021, respectively)
      611       970  
Debt facility, long-term
      45,000       35,000  
Convertible debt, long-term
      101,552      
—

  
Warrant liabilities
      423       3,726  
Earnout liabilities
      66      
—

  
Other
non-current
liabilities
      123       119  
    
 
 
    
 
 
  
Total liabilities
   
$
211,001
 
  
$
108,449
 
    
 
 
    
 
 
  
Commitments and contingencies (Note 1
6
)
                 
Stockholders’ equity:
                 
Preferred stock, par value per share $0.0001, 10,000,000 shares authorized; 0 shares issued
and outstanding at September 30, 2022 and December 31, 2021
    $ —       $ —    
Class A common stock, par value per share $0.0001, 500,000,000 shares authorized;
329,596,893 and 297,094,254 shares
issued at September 30, 2022 and December 31,
2021, respectively; 328,010,856 and 297,094,254 shares outstanding at September 30,
2022 and December 31, 2021, respectively
      32       30  
Class V common stock, par value per share $0.0001, 100,000,000 shares authorized;
48,450,639 shares issued and outstanding at September 30, 2022 and December 31, 2021,
respectively;
      5       5  
Treasury stock
      —       (5 ) 
Additional
paid-in
capital
      266,525       86,796  
Accumulated other comprehensive loss
      (3,026 )      —    
Loans to stockholders
      —         (15,192 ) 
Accumulated deficit
      (140,311 )     (32,897 ) 
    
 
 
    
 
 
  
Total stockholders’ equity
   
$
123,225
 
  
$
38,737
 
    
 
 
    
 
 
  
Total liabilities, and stockholders’ equity
   
$
334,226
 
  
$
147,186
 
    
 
 
    
 
 
  
See accompanying notes to the condensed consolidated financial statements.
 
5
Table of Contents
Dave Inc. and Subsidiary
Condensed Consolidated Statements of Operations
(in thousands)
(unaudited)
 
 
  
For the Three Months Ended
September 30,
 
 
For the Nine Months Ended
September 30,
 
 
  
2022
 
 
2021
 
 
2022
 
 
2021
 
Operating revenues:
  
 
 
 
Service based revenue, net
    $ 52,795     $ 37,338     $ 135,054     $ 104,142  
Transaction based revenue, net
      4,012       2,860       10,109       7,711  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total operating revenues, net
   
 
56,807
 
  
 
40,198
 
  
 
145,163
 
  
 
111,853
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses:
                                 
Provision for unrecoverable advances
      18,353       10,760       45,995       21,693  
Processing and servicing fees
      9,494       6,205       23,627       16,920  
Advertising and marketing
      24,090       12,949       57,087       38,844  
Compensation and benefits
      24,294       15,432       81,326       34,685  
Other operating expenses
      18,498       10,523       50,738       31,987  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total operating expenses
   
 
94,729
 
  
 
55,869
 
  
 
258,773
 
  
 
144,129
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other (income) expenses:
                                 
Interest income
      (1,171 )      (470 )      (1,831 )      (610 ) 
Interest expense
      2,403       709       6,246       1,494  
Legal settlement and litigation expenses
      6,845       343       6,845       952  
Other strategic financing and transactional expenses
      2,209       29       5,040       253  
Gain on extinguishment of liability
      —         —         (4,290 )      —    
Changes in fair value of earnout liabilities
      18       —         (9,616 )      —    
Changes in fair value of derivative asset on loans to stockholders
      —         (9,001 )      5,572       (33,043 ) 
Changes in fair value of warrant liabilities
      (748 )      614       (14,232 )      3,480  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total other expenses (income), net
   
 
9,556
 
  
 
(7,776
)
 
  
 
(6,266
 )  
 
(27,474
)
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net loss before provision (benefit) for income taxes
   
 
(47,478
 )  
 
(7,895
)
 
  
 
(107,344
 )  
 
(4,802
)
 
Provision (benefit) for income taxes
      26       (6 )      70       (1 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net loss
   
$
(47,504
 )  
$
(7,889
)
 
  
$
(107,414
 )  
$
(4,801
)
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net loss per share:
                                 
Basic
   
$
(0.13
) 
   $ (0.06 )   
$
(0.29
) 
   $ (0.04 ) 
Diluted
   
$
(0.13
) 
   $ (0.06 )   
$
(0.29
) 
   $ (0.04 ) 
Weighted-average shares used to compute net loss per share
                                 
Basic
     
374,507,465
       137,833,983      
368,843,244
       135,678,324  
Diluted
     
374,507,465
       137,833,983      
368,843,244
       135,678,324  
See accompanying notes to the condensed consolidated financial statements.
 
6
Table of Contents
Dave Inc. and Subsidiary
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)
(unaudited)
 
                                 
 
  
For the Three Months Ended
September 30,
 
 
For the Nine Months Ended
September 30,
 
 
  
2022
 
 
2021
 
 
2022
 
 
2021
 
                                 
Net loss
    $
(47,504
 )   $
(7,889
 )    $
(107,414
 )   $
(4,801
 ) 
Other comprehensive loss:
                                 
Unrealized loss on
available-for-sale
securities, net of tax $
0
and $
0
     
(596
 )      —        
(3,026
 )      —    
    
 
 
    
 
 
    
 
 
    
 
 
  
Comprehensive loss
    $
(48,100
 )   $
(7,889
 )    $
(110,440
 )   $
(4,801
 ) 
See accompanying notes to the condensed consolidated financial statements.
 
7
Table of Contents
Dave Inc. and Subsidiary
Condensed Consolidated Statement of Stockholders’ Equity
(in thousands, except share data)
(unaudited)
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
  
Common stock
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Series A

convertible

preferred stock
 
 
Series
B-1

convertible

preferred stock
 
 
Series B-2

convertible

preferred stock
 
  
Common stock
 
  
Class A
 
 
Class V
 
  
Additional

paid-in

capital
 
 
Loans to
stockholders
 
 
Treasury
stock
 
 
Accumulated
other
comprehensive
loss
 
 
Accumulated

deficit
 
 
Total

stockholders’

equity
 
 
  
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
  
Shares
 
 
Amount
 
  
Shares
 
 
Amount
 
 
Shares
 
  
Amount
 
Balance at January 1, 2022 (as
previously reported)
   
 
133,216,940
 
  
$
9,881
 
  
 
13,326,050
 
  
$
49,675
 
  
 
3,991,610
 
  
$
12,617
 
  
 
104,022,678
 
  
$
0.1
 
  
 
—  
 
  
$
—  
 
  
 
—  
 
   
$
—  
 
   
$
14,658
 
  
$
(15,192
) 
  
$
(5
) 
  
$
—  
 
  
$
(32,897
) 
  
$
(33,436
) 
Retroactive application of
recapitalization
      (133,216,940 )      (9,881 )      (13,326,050 )      (49,675 )      (3,991,610 )      (12,617 )      (104,022,678 )      (0.1 )      297,094,254       30       48,450,639        5        72,138       —         —         —         —        
72,173
  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at January 1, 2022 (as
adjusted)
   
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
297,094,254
 
  
 
30
 
  
 
48,450,639
 
   
 
5
 
   
 
86,796
 
  
 
(15,192
) 
  
 
(5
) 
  
 
—  
 
  
 
(32,897
) 
  
 
38,737
 
Issuance of Class A common stock in
connection with stock plans
      —         —         —         —         —         —         —         —         7,324,118       —         —          —          1,655       —         —         —         —        
1,655
 
Issuance of Class A common stock
pursuant to the PIPE financing
      —         —         —         —         —         —         —         —         21,000,000       2       —          —          209,999       —         —         —         —        
210,001
 
Issuance of Class A common stock
pursuant to the Merger Agreement
      —         —         —         —         —         —         —         —         6,765,322       1       —          —          (26,702 )              —         —         —        
(26,701
) 
Exercise of Series
B-1
preferred
stock warrants, net of settlement
      —         —         —         —         —         —         —         —         450,841       —         —          —          3,365       —         —         —         —        
3,365
 
Conversion of 2019 convertible notes
and accrued interest to Class A
common stock
      —         —         —         —         —         —         —         —         225,330       —         —          —          720       —         —         —         —        
720
 
Repurchase of Class A common
stock
      —         —         —         —         —         —         —         —         (198,505 )      —         —          —          (1,588 )      —         5       —         —        
(1,583
) 
Exercise of warrant for Class A
common stock
      —         —         —         —         —         —         —         —         110       —         —          —          —         —         —         —         —        
—
  		  
Stockholder loans interest
      —         —         —         —         —         —         —         —         —         —         —          —          —         (12 )      —         —         —        
(12
) 
Exercise of derivative asset and
paydown of stockholder loans
      —         —         —         —         —         —         —         —         (6,014,250 )      (1 )      —          —          (44,885 )      15,204       —         —         —        
(29,682
) 
Extinguishment of liability
      —         —         —         —         —         —         —         —         1,363,636       —         —          —          3,150       —         —         —         —        
3,150
 
Stock-based compensation
      —         —         —         —         —         —         —         —         —         —         —          —          34,015       —         —         —         —        
34,015
 
Unrealized loss on
available-for-sale

securities
      —         —         —         —         —         —         —         —         —         —         —          —          —         —         —         (3,026 )      —        
(3,026
)
Net loss
      —         —         —         —         —         —         —         —         —         —         —          —          —         —         —         —         (107,414 )    
(107,414
 )
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at September 30, 2022
   
 
—  
 
  
$
—  
 
  
 
—  
 
  
$
—  
 
  
 
—  
 
  
$
—  
 
  
 
—  
 
  
$
—  
 
  
 
328,010,856
 
  
$
32
 
  
 
48,450,639
 
   
$
5
 
   
$
266,525
 
  
$
—  
 
  
$
—  
 
  
$
(3,026
) 
  
$
(140,311
 )  
$
123,225
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
  
Common stock
 
  
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
  
Series A

convertible

preferred stock
 
 
Series B-1

convertible

preferred stock
 
 
Series B-2

convertible
preferred stock
 
  
Common stock
 
  
Class A
 
  
Class V
 
  
Additional
paid-in

capital
 
  
Loans to
stockholders
 
 
Treasury
stock
 
 
Accumulated
other
comprehensive
loss
 
  
Accumulated
deficit
 
 
Total
stockholders’
equity
 
 
  
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
  
Shares
 
 
Amount
 
  
Shares
 
  
Amount
 
  
Shares
 
  
Amount
 
Balance at January 1, 2021 (as
previously reported)
   
 
133,216,940
 
  
$
9,881
 
  
 
13,326,050
 
  
$
49,675
 
  
 
3,991,610
 
  
$
12,617
 
  
 
100,223,194
 
  
$
0.1
 
  
 
—  
 
   
$
—  
 
   
 
—  
 
   
$
—  
 
   
$
5,493
 
   
$
(14,764
) 
  
$
(154
) 
  
$
—  
 
   
$
(12,904
) 
  
$
(22,329
) 
Retroactive application of
recapitalization
      (133,216,940 )      (9,881 )      (13,326,050 )      (49,675 )      (3,991,610 )      (12,617 )      (100,223,194 )      (0.1 )      291,948,352        29        48,450,639        5        72,139        —         —         —          —        
72,173
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
 
Balance at January 1, 2021 (as
adjusted)
   
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
291,948,352
 
   
 
29
 
   
 
48,450,639
 
   
 
5
 
   
 
77,632
 
   
 
(14,764
) 
  
 
(154
) 
  
 
—  
 
   
 
(12,904
) 
  
 
49,844
 
Issuance of common stock for stock
option exercises
      —         —         —         —         —         —         —         —         3,187,574        —          —          —          1,375        —         —         —          —        
1,375
 
Vesting of stock option early exercises
      —         —         —         —         —         —         —         —         —          —          —          —          75        —         —         —          —        
75
 
Stockholder loans
      —         —         —         —         —         —         —         —         59,904        —          —          —          —          (357 )      149       —          —        
(208
) 
Stock-based compensation
      —         —         —         —         —         —         —         —         —          —          —          —          6,342        —         —         —          —        
6,342
 
Netloss
      —         —         —         —         —         —         —         —         —          —          —          —          —          —         —         —          (4,801 )     
(4,801
) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
 
Balance at September 30, 2021
   
 
—  
 
  
$
—  
 
  
 
—  
 
  
$
—  
 
  
 
—  
 
  
$
—  
 
  
 
—  
 
  
$
—  
 
  
 
295,195,830
 
   
$
29
 
   
 
48,450,639
 
   
$
5
 
   
$
85,424
 
   
$
(15,121
) 
  
$
(5
) 
  
$
—  
 
   
$
(17,705
) 
  
$
52,627
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 
  
 
 
 
 
 
  
Common stock
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 
 
 
 
 
  
Series A
convertible
preferred stock
 
  
Series
B-1

convertible
preferred stock
 
  
Series
B-2

convertible
preferred stock
 
  
Common stock
 
  
Class A
 
  
Class V
 
  
Additional
paid-in

capital
 
  
Loans to
stockholders
 
  
Treasury
stock
 
  
Accumulated
other
comprehensive
loss
 
 
Accumulated
deficit
 
 
Total
stockholders’
equity
 
 
  
Shares
 
  
Amount
 
  
Shares
 
  
Amount
 
  
Shares
 
 
Amount
 
  
Shares
 
 
Amount
 
  
Shares
 
  
Amount
 
  
Shares
 
  
Amount
 
Balance at June 30, 2022
   
 
—  
 
   
$
—  
 
   
 
—  
 
   
$
—  
 
   
 
—  
 
   
$
—  
 
   
 
—  
 
   
$
—  
 
   
 
324,085,849
 
   
$
32
 
   
 
48,450,639
 
   
$
5
 
   
$
258,472
 
   
$
—  
 
   
$
—  
 
   
$
(2,430
) 
  
$
(92,807
 )  
$
163,272
 
Issuance of Class A common stock in connection with stock plans
      —          —          —          —          —          —          —          —          3,925,007        —          —          —          87        —          —          —         —        
87
 
Stock-based compensation
      —          —          —          —          —          —          —          —          —          —          —          —          7,966        —          —          —         —        
7,966
 
Unrealized loss on
available-for-sale
securities
      —          —          —          —          —          —          —          —          —          —          —          —          —          —          —          (596 )      —        
(596
) 
Net loss
      —          —        —          —          —          —          —          —          —          —          —          —          —          —          —          —         (47,504 )    
(47,504
 )
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Balance at September 30, 2022
   
 
—  
 
   
$
—  
 
   
 
—  
 
   
$
—  
 
   
 
—  
 
   
$
—  
 
   
 
—  
 
   
$
—  
 
   
 
328,010,856
 
   
$
32
 
   
 
48,450,639
 
   
$
5
 
   
$
266,525
 
   
$
—  
 
   
$
—  
 
   
$
(3,026
) 
  
$
(140,311
 )  
$
123,225
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 
  
 
 
 
 
 
  
Common stock
 
  
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
  
Series A
convertible
preferred stock
 
  
Series
B-1

convertible
preferred stock
 
  
Series
B-2

convertible
preferred stock
 
  
Common stock
 
  
Class A
 
  
Class V
 
  
Additional
paid-in

capital
 
  
Loans to
stockholders
 
 
Treasury
stock
 
 
Accumulated
other
comprehensive
loss
 
  
Accumulated
deficit
 
 
Total
stockholders’
equity
 
 
  
Shares
 
  
Amount
 
  
Shares
 
  
Amount
 
  
Shares
 
 
Amount
 
  
Shares
 
 
Amount
 
  
Shares
 
  
Amount
 
  
Shares
 
  
Amount
 
Balance at June 30, 2021
   
 
—
 
   
$
—  
 
   
 
—  
 
   
$
—  
 
   
 
—  
 
  
$
—  
 
   
 
—  
 
  
$
—  
 
   
 
294,785,673
 
   
$
29
 
   
 
48,450,639
 
   
$
5
 
   
$
81,403
 
   
$
(14,901
) 
  
$
(154
) 
  
$
—  
 
   
$
(9,816
) 
  
$
56,566
 
Issuance of Class A common stock for stock option exercises
      —          —          —          —          —         —          —         —          350,253        —          —          —          465        —         —         —          —        
465
 
Vesting of stock option early exercises
      —          —          —          —          —         —          —         —          —          —          —          —          —          —         —         —          —        
—  
 
Stockholder loans
      —          —          —          —          —         —          —         —          59,904        —          —          —          —          (220 )      149       —          —        
(71
) 
Stock-based compensation
      —          —          —          —          —         —          —         —          —          —          —          —          3,556        —         —         —          —        
3,556