☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 82-3100340 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
1888 Rosecrans Avenue, Manhattan Beach, CA | 90266 | |
(Address of principal executive offices) | (ZIP Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Class A Common Stock, par value of $0.00001 per share | FSR | New York Stock Exchange | ||
Warrants, each exercisable for one share of Class A Common Stock for $11.50 per share | FSRWS | New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||||
PART I | ||||||
Item 1A. | ||||||
Item 1B. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
PART II | ||||||
Item 5. | ||||||
Item 6. | ||||||
Item 7. | ||||||
Item 7A. | ||||||
Item 8. | ||||||
Item 9. | ||||||
Item 9A. | Controls and Procedures.(restated) | |||||
Item 9B. | ||||||
PART III | ||||||
Item 10. | ||||||
Item 11. | ||||||
Item 12. | ||||||
Item 13. | ||||||
Item 14. | ||||||
PART IV | ||||||
Item 15. | ||||||
Item 16. | ||||||
Item 1 | Item 1. Business. |
EV Segment | Attributes of Segment | Fisker Plan within Segment | ||
White space segment | Currently occupied by Tesla globally and by a few Chinese EV independent start-ups operating in China only.Appeals to customers who want to be part of the new EV movement, who value sustainability and ESG. Can only be occupied by pure EV brands that only produce EVs with a clear commitment towards zero emission vehicles. | We believe we will be the primary alternative to Tesla in this segment with the Fisker Ocean priced around the base price of the Tesla Model 3 and Model Y. We believe other EV startups will move into the higher premium priced segments due to the lack of volume pricing of components. We expect to sell approximately 50% of its vehicles into this segment. | ||
Value segment | Focus on price and value proposition—customers will buy vehicles in this segment when the purchase price and cost of maintaining/running fits the budget and is better than an ICE vehicle. Yet to be dominated by any auto maker. | We believe it will penetrate the upper end of this segment by offering a compelling and differentiated price/ performance vehicle, compared to other traditional car makers struggling to compete due to lack of volume pricing. We expect to sell approximately 10% of its vehicles into this segment. | ||
Conservative premium segment | Emerging segment currently occupied by several traditional auto makers that are trying to keep their own customers from deflecting to new start up EV makers like Tesla. Vehicles in this segment, produced by the traditional premium automakers, are struggling with a clear EV identity as they try to bridge the traditional ICE attributes with new EV attributes. | We believe our vehicles will be very attractive to customers sitting “on the fence” in this segment, ready to leave their ICE brand, but needing assurance of quality and reliability. This is a segment where we believe we can attract new customers that will come from traditional ICE brands. We believe we will sell approximately 40% of our vehicles into this segment, but it will grow rapidly, as we will be able to offer a more emotional design, an exclusive EV brand, a larger battery and better equipment for the price due to our volume pricing versus the lower volume traditional brands |
Milestones | Percentage of Warrants that Vest Upon Achievement | |||
(i) Achievement of the “preliminary production specification” gateway as set forth in the Development Agreement; (ii) entering into the Platform Agreement; and (iii) entering into the Initial Manufacturing Agreement | 33.3 | % | ||
(i) Achievement of the “target agreement” gateway as set forth in the Development Agreement and (ii) entering into the Detailed Manufacturing Agreement, which will contain terms and conditions agreed to in the Initial Manufacturing | 33.3 | % | ||
Start of pre-serial production | 33.4 | % |
Item 1A. | Risk Factors. |
Item 1B. | Unresolved Staff Comments. |
Item 2. | Properties. |
Item 3. | Legal Proceedings. |
Item 4. | Mine Safety Disclosures. |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
Milestones | Percentage of Warrants that Vest Upon Achievement | |||
(i) Achievement of the “preliminary production specification” gateway as set forth in the Development Agreement; (ii) entering into the Platform Agreement; and (iii) entering into the Initial Manufacturing Agreement | 33.3 | % | ||
(i) Achievement of the “target agreement” gateway as set forth in the Development Agreement and (ii) entering into the Detailed Manufacturing Agreement, which will contain terms and conditions agreed to in the Initial Manufacturing | 33.3 | % | ||
Start of pre-serial production | 33.4 | % |
Item 6. | Selected Financial Data. |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||||
(dollar amounts in thousands) | (dollar amounts in thousands) | |||||||||||||||||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||||||||
General and administrative | $ | 22,272 | $ | 3,626 | $ | 18,646 | 514.2 | % | $ | 22,272 | $ | 3,626 | $ | 18,646 | 514.2 | % | ||||||||||||||||
Research and development | 21,052 | 6,962 | 14,090 | 202.4 | % | 21,052 | 6,962 | 14,090 | 202.4 | % | ||||||||||||||||||||||
Total operating costs and expenses | 43,324 | 10,588 | 32,736 | 309.2 | % | 43,324 | 10,588 | 32,736 | 309.2 | % | ||||||||||||||||||||||
Loss from operations | (43,324 | ) | (10,588 | ) | (32,736 | ) | 309.2 | % | (43,324 | ) | (10,588 | ) | (32,736 | ) | 309.2 | % | ||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||
Other income | (52 | ) | 1 | (53 | ) | n.m. | (52 | ) | 1 | (53 | ) | n.m. | ||||||||||||||||||||
Interest income | 79 | 9 | 70 | n.m. | 79 | 9 | 70 | n.m. | ||||||||||||||||||||||||
Interest expense | (1,610 | ) | (178 | ) | (1,432 | ) | n.m. | (1,610 | ) | (178 | ) | (1,432 | ) | n.m. | ||||||||||||||||||
Change in fair value of warrants liability | (75,363 | ) | — | (75,363 | ) | n.m. | ||||||||||||||||||||||||||
Change in fair value of derivatives and convertible security | (10,054 | ) | (80 | ) | (9,974 | ) | n.m. | (10,054 | ) | (80 | ) | (9,974 | ) | n.m. | ||||||||||||||||||
Foreign currency gain (loss) | 320 | (42 | ) | 362 | n.m. | 320 | (42 | ) | 362 | n.m. | ||||||||||||||||||||||
Total other income (expense) | (11,317 | ) | (291 | ) | (11,026 | ) | n.m. | (86,680 | ) | (291 | ) | (86,389 | ) | n.m. | ||||||||||||||||||
Net Loss | $ | (54,641 | ) | (10,879 | ) | (43,762 | ) | 402.3 | % | $ | (130,004 | ) | (10,879 | ) | (119,125 | ) | n.m. | |||||||||||||||
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
(dollar amounts in thousands) | ||||||||||||
Net cash used in operating activities | $ | (38,006 | ) | $ | (7,260 | ) | $ | (3,417 | ) | |||
Net cash used in investing activities | (677 | ) | (14 | ) | (48 | ) | ||||||
Net cash provided by financing activities | 1,027,982 | 3,586 | 7,614 |
Years Ended December 31, | ||||||||
2020 | 2019 | |||||||
GAAP Loss from operations | $ | (43,324 | ) | $ | (10,588 | ) | ||
Add: stock based compensation | 711 | 85 | ||||||
Non-GAAP Adjusted loss from operations | $ | (42,613 | ) | $ | (10,503 | ) | ||
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. |
Item 8. | Financial Statements and Supplementary Data. |
Page | ||||
As of December 31, | ||||||||||||||||
As of December 31, | 2020 | 2019 | ||||||||||||||
2020 | 2019 | As restated | ||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 991,158 | $ | 1,858 | $ | 991,158 | $ | 1,858 | ||||||||
Notes receivable | 795 | 0 | 795 | 0 | ||||||||||||
Prepaid expenses and other current assets | 9,077 | 18 | 9,077 | 18 | ||||||||||||
Total current assets | 1,001,030 | 1,876 | 1,001,030 | 1,876 | ||||||||||||
Non-current assets: | ||||||||||||||||
Property and equipment, net | 945 | 65 | 945 | 65 | ||||||||||||
Intangible asset | 58,041 | 0 | 58,041 | 0 | ||||||||||||
Right-of-use | 2,548 | 135 | 2,548 | 135 | ||||||||||||
Other non-current assets | 1,329 | 0 | 1,329 | 0 | ||||||||||||
Total non-current assets | 62,863 | 200 | 62,863 | 200 | ||||||||||||
TOTAL ASSETS | $ | 1,063,893 | $ | 2,076 | $ | 1,063,893 | $ | 2,076 | ||||||||
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 5,159 | $ | 2,134 | $ | 5,159 | $ | 2,134 | ||||||||
Accrued expenses | 7,408 | 928 | 7,408 | 928 | ||||||||||||
Founders demand note payable | 0 | 250 | 0 | 250 | ||||||||||||
Lease liabilities | 655 | 144 | 655 | 144 | ||||||||||||
Total current liabilities | 13,222 | 3,456 | 13,222 | 3,456 | ||||||||||||
Non-current liabilities: | ||||||||||||||||
Customer deposits | 3,527 | 946 | 3,527 | 946 | ||||||||||||
Bridge notes payable | 0 | 3,797 | 0 | 3,797 | ||||||||||||
Lease Liabilities | 1,912 | 0 | 1,912 | 0 | ||||||||||||
Warrants liability | 138,102 | 0 | ||||||||||||||
Total non-current liabilities | 5,439 | 4,743 | 143,541 | 4,743 | ||||||||||||
Total liabilities | 18,661 | 8,199 | ||||||||||||||
Total Liabilities | 156,763 | 8,199 | ||||||||||||||
COMMITMENTS AND CONTINGENCIES (Note 22) | 0 | 0 | 0 | |||||||||||||
Temporary equity: | ||||||||||||||||
Series A Convertible Preferred stock, $0.00001 par value; 0 and 16,983,241 shares issued and outstanding as of December 31, 2020 and 2019 (liquidation value of $4,677 as of December 31, 2019) | 0 | 4,634 | 0 | 4,634 | ||||||||||||
Series B Convertible Preferred stock, $0.00001 par value; 0 and 3,765,685 shares issued and outstanding as of December 31, 2020 and 2019 (liquidation value of $6,519 as of December 31, 2019) | 6,386 | 0 | 6,386 | |||||||||||||
Stockholders’ equity (deficit): | ||||||||||||||||
Founders Convertible Preferred stock, $0.00001 par value; 0 and 27,162,191 shares issued and outstanding as of December 31, 2020 and 2019 | 0 | 0 | 0 | 0 | ||||||||||||
Preferred stock, $0.00001 par value; 15,000,000 shares authorized; 0 shares issued and outstanding as of December 31, 2020 and 2019 | 0 | 0 | 0 | 0 | ||||||||||||
Class A Common stock, $0.00001 par value; 750,000,000 shares authorized; 144,912,362 and 210,863 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 1 | 0 | 1 | 0 | ||||||||||||
Class B Common stock, $0.00001 par value; 150,000,000 shares authorized; 132,354,128 and 105,191,937 shares issued and outstanding as of December 31, 2020 and 2019 | 1 | 1 | 1 | 1 | ||||||||||||
Additional paid-in capital | 1,117,867 | 756 | 1,055,128 | 756 | ||||||||||||
Accumulated deficit | (72,541 | ) | (17,900 | ) | (147,904 | ) | (17,900 | ) | ||||||||
Receivable for warrant exercises | (96 | ) | 0 | (96 | ) | 0 | ||||||||||
Total stockholders’ equity (deficit) | 1,045,232 | (17,143 | ) | 907,130 | (17,143 | ) | ||||||||||
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 1,063,893 | $ | 2,076 | $ | 1,063,893 | $ | 2,076 | ||||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Operating costs and expenses: | ||||||||||||
General and administrative | $ | 22,272 | $ | 3,626 | 1,476 | |||||||
Research and development | 21,052 | 6,962 | 1,939 | |||||||||
Total operating costs and expenses | 43,324 | 10,588 | 3,415 | |||||||||
Loss from operations | (43,324 | ) | (10,588 | ) | (3,415 | ) | ||||||
Other income (expense): | ||||||||||||
Other income (expense) | (52 | ) | 1 | (21 | ) | |||||||
Interest income | 79 | 9 | 7 | |||||||||
Interest expense | (1,610 | ) | (179 | ) | (1 | ) | ||||||
Change in fair value of derivatives and convertible security | (10,054 | ) | (80 | ) | 0 | |||||||
Foreign currency gain (loss) | 320 | (42 | ) | (1 | ) | |||||||
Total other income (expense) | (11,317 | ) | (291 | ) | (16 | ) | ||||||
Net loss | $ | (54,641 | ) | $ | (10,879 | ) | $ | (3,431 | ) | |||
Deemed dividend attributable to preferred stock | 0 | 0 | $ | (1,222 | ) | |||||||
Net loss attributable to common shareholders | $ | (54,641 | ) | $ | (10,879 | ) | $ | (4,653 | ) | |||
Net loss per common share | ||||||||||||
Net loss per share attributable to Class A and Class B Common shareholders- Basic and Diluted | $ | (0.40 | ) | $ | (0.10 | ) | $ | (0.04 | ) | |||
Weighted average shares outstanding | ||||||||||||
Weighted average Class A and Class B Common shares outstanding- Basic and Diluted | 135,034,921 | 105,343,914 | 105,238,482 |
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
As restated | ||||||||||||
Operating costs and expenses: | ||||||||||||
General and administrative | $ | 22,272 | $ | 3,626 | 1,476 | |||||||
Research and development | 21,052 | 6,962 | 1,939 | |||||||||
Total operating costs and expenses | 43,324 | 10,588 | 3,415 | |||||||||
Loss from operations | (43,324 | ) | (10,588 | ) | (3,415 | ) | ||||||
Other income (expense): | ||||||||||||
Other income (expense) | (52 | ) | 1 | (21 | ) | |||||||
Interest income | 79 | 9 | 7 | |||||||||
Interest expense | (1,610 | ) | (179 | ) | (1 | ) | ||||||
Change in fair value of warrant s liability | (75,363 | ) | — | — | ||||||||
Change in fair value of derivatives and convertible security | (10,054 | ) | (80 | ) | 0 | |||||||
Foreign currency gain (loss) | 320 | (42 | ) | (1 | ) | |||||||
Total other income (expense) | (86,680 | ) | (291 | ) | (16 | ) | ||||||
Net loss | $ | (130,004 | ) | $ | (10,879 | ) | $ | (3,431 | ) | |||
Deemed dividend attributable to preferred stock | 0 | 0 | $ | (1,222 | ) | |||||||
Net loss attributable to common shareholders | $ | (130,004 | ) | $ | (10,879 | ) | $ | (4,653 | ) | |||
Net loss per common share | ||||||||||||
Net loss per share attributable to Class A and Class B Common shareholders- Basic and Diluted | $ | (0.96 | ) | $ | (0.10 | ) | $ | (0.04 | ) | |||
Weighted average shares outstanding | ||||||||||||
Weighted average Class A and Class B Common shares outstanding- Basic and Diluted | 135,034,921 | 105,343,914 | 105,238,482 | |||||||||
Series A Convertible Preferred | Series B Convertible Preferred | Founders Convertible Preferred | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Receivable For Warrant Exercises | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | Series A Convertible Preferred | Series B Convertible Preferred | Founders Convertible Preferred | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Receivable For Warrant Exercises | �� | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018 (as previously reported) | 4,614,850 | $ | 3,412 | — | $ | — | 10,000,000 | $ | — | — | $ | — | 38,727,340 | $ | — | $ | 598 | $ | — | $ | (3,590 | ) | $ | (2,992 | ) | 4,614,850 | $ | 3,412 | — | $ | — | 10,000,000 | $ | — | — | $ | — | 38,727,340 | $ | — | $ | 598 | $ | — | $ | (3,590 | ) | $ | (2,992 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of stock | 7,920,093 | — | — | — | 17,162,191 | — | — | — | 66,464,597 | 1 | (1 | ) | — | — | — | 7,920,093 | — | — | — | 17,162,191 | — | — | — | 66,464,597 | 1 | (1 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018, effect of reverse recapitalization (refer to Note 3) | 12,534,943 | $ | 3,412 | — | $ | — | 27,162,191 | $ | — | — | $ | — | 105,191,937 | $ | 1 | $ | 597 | $ | — | $ | (3,590 | ) | $ | (2,992 | ) | 12,534,943 | $ | 3,412 | — | $ | — | 27,162,191 | $ | — | — | $ | — | 105,191,937 | $ | 1 | $ | 597 | $ | — | $ | (3,590 | ) | $ | (2,992 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | — | 60 | — | — | 60 | — | — | — | — | — | — | — | — | — | — | 60 | — | — | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | 93,090 | — | — | — | 5 | — | — | 5 | — | — | — | — | — | — | 93,090 | — | — | — | 5 | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series A Convertible Preferred stock, net of issuance costs | 4,448,298 | 1,222 | — | — | — | — | — | — | — | — | — | — | — | — | 4,448,298 | 1,222 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of Series A Convertible Preferred stock to beneficial conversion feature | — | (1,222 | ) | — | — | — | — | — | — | — | — | 1,222 | — | — | 1,222 | — | (1,222 | ) | — | — | — | — | — | — | — | — | 1,222 | — | — | 1,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend on Series A Convertible Preferred stock | — | 1,222 | — | — | — | — | — | — | — | — | (1,222 | ) | — | — | (1,222 | ) | — | 1,222 | — | — | — | — | — | — | — | — | (1,222 | ) | — | — | (1,222 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series B Convertible Preferred stock, net of issuance costs | — | — | 3,765,685 | 6,386 | — | — | — | — | — | — | — | — | — | — | — | — | 3,765,685 | 6,386 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | — | (3,431 | ) | (3,431 | ) | — | — | — | — | — | — | — | — | — | — | — | — | (3,431 | ) | (3,431 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 16,983,241 | $ | 4,634 | 3,765,685 | $ | 6,386 | 27,162,191 | $ | — | 93,090 | $ | — | 105,191,937 | $ | 1 | $ | 662 | $ | — | $ | (7,021 | ) | $ | (6,358 | ) | 16,983,241 | $ | 4,634 | 3,765,685 | $ | 6,386 | 27,162,191 | $ | — | 93,090 | $ | — | 105,191,937 | $ | 1 | $ | 662 | $ | — | $ | (7,021 | ) | $ | (6,358 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | — | 86 | — | — | 86 | — | — | — | — | — | — | — | — | — | — | 86 | — | — | 86 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | 117,773 | — | — | — | 8 | — | — | 8 | — | — | — | — | — | — | 117,773 | — | — | — | 8 | — | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | — | (10,879 | ) | (10,879 | ) | — | — | — | — | — | — | — | — | — | — | — | — | (10,879 | ) | (10,879 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 16,983,241 | $ | 4,634 | 3,765,685 | $ | 6,386 | 27,162,191 | $ | — | 210,863 | $ | — | 105,191,937 | $ | 1 | $ | 756 | $ | — | $ | (17,900 | ) | $ | (17,143 | ) | 16,983,241 | $ | 4,634 | 3,765,685 | $ | 6,386 | 27,162,191 | $ | — | 210,863 | $ | — | 105,191,937 | $ | 1 | $ | 756 | $ | — | $ | (17,900 | ) | $ | (17,143 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | — | 711 | — | — | 711 | — | — | — | — | — | — | — | — | — | — | 711 | — | — | 711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | 153,451 | — | — | — | 87 | — | — | 87 | — | — | — | — | — | — | 153,451 | — | — | — | 87 | — | — | 87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger recapitalization | (16,983,241 | ) | (4,634 | ) | (3,765,685 | ) | (6,386 | ) | (27,162,191 | ) | — | 20,748,926 | — | 27,162,191 | — | 11,020 | — | — | 11,020 | (16,983,241 | ) | (4,634 | ) | (3,765,685 | ) | (6,386 | ) | (27,162,191 | ) | — | 20,748,926 | — | 27,162,191 | — | 11,020 | — | — | 11,020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger recapitalization attributed to warrants liability, as restated | — | — | — | — | — | — | — | — | — | — | (62,739 | ) | — | — | (62,739 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spartan Shares Recapitalized, Net of Redemptions and Equity Issuance Costs of $72,463 | — | — | — | — | — | — | 116,547,115 | 1 | — | — | 976,022 | — | — | 976,023 | — | — | — | — | — | — | 116,547,115 | 1 | — | — | 976,022 | — | — | 976,023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Bridge Notes to Class A | — | — | — | — | — | — | 1,361,268 | — | — | — | 11,487 | — | — | 11,487 | — | — | — | — | — | — | 1,361,268 | — | — | — | 11,487 | — | — | 11,487 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Convertible Security | — | — | — | — | — | — | 5,882,352 | — | — | — | 59,647 | — | — | 59,647 | — | — | — | — | — | — | 5,882,352 | — | — | — | 59,647 | — | — | 59,647 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants | — | — | — | — | — | — | 8,387 | — | — | — | 96 | (96 | ) | — | — | — | — | — | — | — | — | 8,387 | — | — | — | 96 | (96 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of Magna Warrants | — | — | — | — | — | — | — | — | — | — | 58,041 | — | — | 58,041 | — | — | — | — | — | — | — | — | — | — | 58,041 | — | — | 58,041 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | — | (54,641 | ) | (54,641 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss, as restated | — | — | — | — | — | — | — | — | — | — | — | — | (130,004 | ) | (130,004 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | — | $ | — | — | $ | — | — | $ | — | 144,912,362 | $ | 1 | 132,354,128 | $ | 1 | $ | 1,117,867 | $ | (96 | ) | $ | (72,541 | ) | $ | 1,045,232 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | — | $ | — | — | $ | — | — | $ | — | 144,912,362 | $ | 1 | 132,354,128 | $ | 1 | $ | 1,055,128 | $ | (96 | ) | $ | (147,904 | ) | $ | 907,130 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
Year Ended December 31, | 2020 | 2019 | 2018 | |||||||||||||||||||||
2020 | 2019 | 2018 | As restated | |||||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||
Net loss | $ | (54,641 | ) | $ | (10,879 | ) | $ | (3,431 | ) | $ | (130,004 | ) | $ | (10,879 | ) | $ | (3,431 | ) | ||||||
Reconciliation of net loss to net cash used in operating activities: | ||||||||||||||||||||||||
Stock-based compensation | 711 | 86 | 60 | 711 | 86 | 60 | ||||||||||||||||||
Depreciation and amortization | 77 | 25 | 17 | 77 | 25 | 17 | ||||||||||||||||||
Deferred rent | 0 | 0 | 14 | 0 | 0 | 14 | ||||||||||||||||||
Amortization of right-of-use | 228 | 130 | 0 | 228 | 130 | 0 | ||||||||||||||||||
Amortization of debt discount | 1,610 | 137 | 0 | 1,610 | 137 | 0 | ||||||||||||||||||
Change in fair value of warrant s liability | 75,363 | 0 | 0 | |||||||||||||||||||||
Change in fair value of embedded derivative | 406 | 80 | 0 | 406 | 80 | 0 | ||||||||||||||||||
Change in fair value of convertible equity security | 9,647 | 0 | 0 | 9,647 | 0 | 0 | ||||||||||||||||||
Loss on disposal of fixed assets | 28 | 0 | 0 | 28 | 0 | 0 | ||||||||||||||||||
Reclassification of expensed payments made to arrangers of convertible security | 3,500 | 0 | 0 | 3,500 | 0 | 0 | ||||||||||||||||||
Unrealized loss on foreign currency transactions | 34 | 12 | 0 | 34 | 12 | 0 | ||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||
Prepaid expenses and other assets | (13,823 | ) | 11 | (5 | ) | (13,823 | ) | 11 | (5 | ) | ||||||||||||||
Accounts payable and accrued expenses | 9,213 | 2,685 | (228 | ) | 9,213 | 2,685 | (228 | ) | ||||||||||||||||
Customer deposits | 2,581 | 588 | 156 | 2,581 | 588 | 156 | ||||||||||||||||||
Change in operating lease liability | 2,423 | (135 | ) | 0 | 2,423 | (135 | ) | 0 | ||||||||||||||||
Net cash used in operating activities | (38,006 | ) | (7,260 | ) | (3,417 | ) | (38,006 | ) | (7,260 | ) | (3,417 | ) | ||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||
Purchase of property and equipment | (676 | ) | (14 | ) | (48 | ) | (676 | ) | (14 | ) | (48 | ) | ||||||||||||
Net cash used in investing activities | (676 | ) | (14 | ) | (48 | ) | (676 | ) | (14 | ) | (48 | ) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||||||
Proceeds from the issuance of bridge notes | 5,372 | 3,578 | 0 | 5,372 | 3,578 | 0 | ||||||||||||||||||
Proceeds from the issuance of Series A Convertible Preferred shares, net of issuance costs | 0 | 0 | 1,222 | 0 | 0 | 1,222 | ||||||||||||||||||
Proceeds from the issuance of Series B Convertible Preferred shares, net of issuance costs | 0 | 0 | 6,386 | 0 | 0 | 6,386 | ||||||||||||||||||
Proceeds from issuance of convertible equity security, net of issuance costs | 46,500 | 0 | 0 | 46,500 | 0 | 0 | ||||||||||||||||||
Proceeds from recapitalization of Spartan shares, net of redemptions and issuance costs | 976,023 | 0 | 0 | 976,023 | 0 | 0 | ||||||||||||||||||
Proceeds from the exercise of stock options | 87 | 8 | 6 | 87 | 8 | 6 | ||||||||||||||||||
Net cash provided by financing activities | 1,027,982 | 3,586 | 7,614 | 1,027,982 | 3,586 | 7,614 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 989,300 | (3,688 | ) | 4,149 | 989,300 | (3,688 | ) | 4,149 | ||||||||||||||||
Cash and cash equivalents, beginning of the period | 1,858 | 5,546 | 1,397 | 1,858 | 5,546 | 1,397 | ||||||||||||||||||
Cash and cash equivalents, end of the period | 991,158 | $ | 1,858 | 5,546 | $ | 991,158 | $ | 1,858 | 5,546 | |||||||||||||||
Supplemental disclosure of cash flow information | ||||||||||||||||||||||||
Cash paid for interest | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Cash paid for income taxes | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
As of December 31, 2020 | ||||||||||||
As Previously Reported | Warrants adjustments | As Restated | ||||||||||
Consolidated Balance Sheet | ||||||||||||
Non-current liabilities | ||||||||||||
Warrants liability | — | 138,102 | 138,102 | |||||||||
Total Non-current liabilities | 5,439 | 138,102 | 143,541 | |||||||||
Total liabilities | 18,661 | 138,102 | 156,763 | |||||||||
Stockholders’ equity | ||||||||||||
Additional paid in capital | 1,117,867 | (62,739 | ) | 1,055,128 | ||||||||
Accumulated deficit | (72,541 | ) | (75,363 | ) | (147,904 | ) | ||||||
Total stockholders’ equity | 1,045,232 | (138,102 | ) | 907,130 | ||||||||
For the year ended December 31, 2020 | ||||||||||||
As Previously Reported | Warrants adjustments | As Restated | ||||||||||
Consolidated Statement of Operations | ||||||||||||
Other income (expense) | ||||||||||||
Change in fair value of warrant liability | $ | — | $ | (75,363 | ) | $ | (75,363 | ) | ||||
Total other income (expense) | (11,317 | ) | (75,363 | ) | (86,680 | ) | ||||||
Net loss | (54,641 | ) | (75,363 | ) | (130,004 | ) | ||||||
Net loss attributable to common shareholders | $ | (54,641) | $ | (75,363) | $ | (130,004 ) | ||||||
Net loss per share attributable to Class A and Class B Common shareholders—Basic and Diluted | $ | (0.40 | ) | $ | (0.56 | ) | $ | (0.96 | ) | |||
For the year ended December 31, 2020 | ||||||||||||
As Previously Reported | Warrants adjustments | As Restated | ||||||||||
Consolidated Statement of Cash Flows | ||||||||||||
Cash flows from operating activities | ||||||||||||
Net loss | $ | (54,641 | ) | $ | (75,363 | ) | $ | (130,004 | ) | |||
Adjustment to reconcile net loss to net cash used in operating activities | ||||||||||||
Change in fair value of warrants liabilit y | — | 75,363 | 75,363 | |||||||||
Useful Life (in years) | ||||
Tooling | 3-8 | |||
Machinery and equipment | 5-15 | |||
Furniture and fixtures | 5-10 | |||
IT hardware and software | 3-10 |
Fair Value Measured as of December 31, 2020 Using: | Fair Value Measured as of December 31, 2020 Using: | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets included in: | ||||||||||||||||||||||||||||||||
Money market funds included in cash and cash equivalents | $ | 987,728 | $ | — | $ | — | $ | 987,728 | $ | 987,728 | $ | — | $ | — | $ | 987,728 | ||||||||||||||||
Total fair value | $ | 987,728 | $ | — | $ | — | $ | 987,728 | $ | 987,728 | $ | — | $ | — | $ | 987,728 | ||||||||||||||||
Liabilities included in: | ||||||||||||||||||||||||||||||||
Derivative liabilities – public and private warrants | $ | 90,487 | $ | — | $ | 47,615 | $ | 138,102 | ||||||||||||||||||||||||
Total fair value | $ | 90,487 | $ | — | $ | 47,615 | $ | 138,102 | ||||||||||||||||||||||||
Fair Value Measured as of December 31, 2019 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets included in: | ||||||||||||||||
Money market funds included in cash and cash equivalents | $ | 1,731 | $ | — | $ | — | $ | 1,731 | ||||||||
Total fair value | $ | 1,731 | $ | — | $ | — | $ | 1,731 | ||||||||
Liabilities included in: | ||||||||||||||||
Embedded derivative in bridge notes | $ | — | $ | — | $ | 1,325 | $ | 1,325 | ||||||||
Total fair value | $ | — | $ | — | $ | 1,325 | $ | 1,325 | ||||||||
Fair Value Measured as of December 31, 2019 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets included in: | ||||||||||||||||
Money market funds included in cash and cash equivalents | $ | 1,731 | $ | — | $ | — | $ | 1,731 | ||||||||
Total fair value | $ | 1,731 | $ | — | $ | — | $ | 1,731 | ||||||||
Liabilities included in: | ||||||||||||||||
Embedded derivative in bridge notes | $ | — | $ | — | $ | 1,325 | $ | 1,325 | ||||||||
Total fair value | $ | — | $ | — | $ | 1,325 | $ | 1,325 | ||||||||
Convertible Equity Security | Embedded derivative in bridge notes | Total | ||||||||||
Balance, December 31, 2019 | $ | — | $ | 1,325 | $ | 1,325 | ||||||
Issuance of bridge notes | 1,934 | 1,934 | ||||||||||
Issuance of convertible equity security | 50,000 | — | 50,000 | |||||||||
Change in fair value | 9,647 | 406 | 10,053 | |||||||||
Settlement of bridge notes and convertible equity security | (59,647 | ) | (3,665 | ) | (63,312 | ) | ||||||
Balance, December 31, 2020 | $ | 0 | $ | 0 | $ | 0 | ||||||
December 31, 2020 | October 29, 2020 | |||||||
Stock price | $ | 14.65 | $ | 8.96 | ||||
Exercise price | $ | 11.50 | $ | 11.50 | ||||
Expected warrant term | 4.8 | 5.0 | ||||||
Volatility | 32.00 | % | 40.75 | % | ||||
Risk-free interest rate | 0.36 | % | 0.38 | % | ||||
Dividend yield | 0.00 | % | 0.00 | % | ||||
Monte Carlo simulation number of iterations | 100,000 | 100,000 | ||||||
Negotiated discount (1) | 7.00 | % | 7.00 | % |
(1) | "Negotiated discount" is an estimated marketability discount assuming a market participant would negotiate a discount by referring to the quoted price for a public warrant . |
Private warrants derivative liability | Convertible Equity Security | Embedded derivative in bridge notes | Total | |||||||||||||
Balance, December 31, 2019 | $ | — | $ | — | $ | 1,325 | $ | 1,325 | ||||||||
Merger recapitalization | 21,715 | — | — | 21,715 | ||||||||||||
Issuance of bridge notes | — | — | 1,934 | 1,934 | ||||||||||||
Issuance of convertible equity security | — | 50,000 | — | 50,000 | ||||||||||||
Change in fair value | 25,900 | 9,647 | 406 | 35,953 | ||||||||||||
Settlement of bridge notes and convertible equity security | — | (59,647 | ) | (3,665 | ) | (63,312 | ) | |||||||||
Balance, December 31, 2020 | $ | 47,615 | $ | — | $ | — | $ | 47,615 | ||||||||
As of December 31, | ||||||||
2020 | 2019 | |||||||
Prepaid insurance | $ | 7,481 | $ | 0 | ||||
Other prepaid expenses and other current assets | 1,596 | 18 | ||||||
$ | 9,077 | $ | 18 | |||||
As of December 31, | ||||||||||||||||
Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||
Capitalized cost for development and manufacturing | 8 years | $ | 58,041 | $ | 0 | $ | 58,041 | |||||||||
$ | 58,041 | $ | 0 | $ | 58,041 | |||||||||||
As of December 31, | ||||||||||||||||
Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||
Capitalized cost for development and manufacturing | 8 years | $ | 58,041 | $ | 0 | $ | 58,041 | |||||||||
$ | 58,041 | $ | 0 | $ | 58,041 | |||||||||||
As of December 31, | ||||||||
2020 | 2019 | |||||||
Machinery and equipment | $ | 130 | $ | 0 | ||||
Furniture and fixtures | 67 | 45 | ||||||
IT hardware and software | 820 | 12 | ||||||
Leasehold improvements | 26 | 59 | ||||||
Total property and equipment | 1,043 | 116 | ||||||
Less: Accumulated depreciation and amortization | (98 | ) | (51 | ) | ||||
Property and equipment, net | $ | 945 | $ | 65 | ||||
As of December 31, | As of December 31, | |||||||
2020 | 2019 | |||||||
Assets: | ||||||||
Operating lease right-of-use | 2,548 | 135 | ||||||
Liabilities: | ||||||||
Operating Lease—Current | 655 | 144 | ||||||
Operating Lease—Long term | 1,912 | 0 |
Year Ended December 31, | Year Ended December 31, | |||||||
2020 | 2019 | |||||||
Lease costs: | ||||||||
Operating lease expense | $ | 274 | $ | 137 | ||||
Short-term lease expense | 29 | 12 | ||||||
Total lease costs | $ | 303 | $ | 149 | ||||
Year Ended December 31, | Year Ended December 31, | |||||||
2020 | 2019 | |||||||
Cash flow information: | ||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
Operating cash flows used by operating leases | $ | 175 | $ | 142 | ||||
Non-cash activity: | ||||||||
ROU asset obtained in exchange for lease obligations | $ | 2,636 | $ | 265 | ||||
Other Information | ||||||||
Weighted average remaining lease term (in years) | 3.1 | 1.00 | ||||||
Weighted average discount rate | 5.35 | % | 3.20 | % |
Operating Leases | ||||
Year Ending December 31, 2021 | $ | 650 | ||
Year Ending December 31, 2022 | 702 | |||
Year Ending December 31, 2023 | 667 | |||
Year Ending December 31, 2024 | 392 | |||
Year Ending December 31, 2025 | 304 | |||
Thereafter | 169 | |||
Total | 2,884 | |||
Less present value discount | (317 | ) | ||
Operating lease liabilities | $ | 2,567 | ||
As of December 31, | ||||||||
2020 | 2019 | |||||||
Accrued payroll | $ | 686 | $ | 85 | ||||
Accrued professional fees | 468 | 39 | ||||||
Accrued other | 254 | 12 | ||||||
Accrued interest | — | 42 | ||||||
Accrued legal | 6,000 | 750 | ||||||
Total accrued expenses | $ | 7,408 | $ | 928 | ||||
As of December 31, | ||||||||
2020 | 2019 | |||||||
Customer reservation deposits | $ | 2,773 | $ | 467 | ||||
Customer SUV option | 754 | 479 | ||||||
Total customer deposits | $ | 3,527 | $ | 946 | ||||
At Issuance | As of December 31, 2020 | |||||||
Principle | $ | 9,991 | $ | — | ||||
Embedded derivative | 3,180 | — | ||||||
Unamortized discounts and fees | (3,971 | ) | — | |||||
Net carrying amount | $ | 9,200 | $ | — | ||||
At Issuance | As of December 31, 2019 | |||||||
Principle | $ | 4,094 | $ | 4,099 | ||||
Embedded derivative | 1,245 | 1,325 | ||||||
Unamortized discounts and fees | (1,760 | ) | (1,627 | ) | ||||
Net carrying amount | $ | 3,579 | $ | 3,797 | ||||
October 29, 2020 (Closing Date) | ||||||||||||
Preferred Shares | Conversion Ratio | Class A Shares | ||||||||||
Series A (pre-combination) | 6,252,530 | 2.7162 | 16,983,241 | |||||||||
Series B (pre-combination) | 1,386,370 | 2.7162 | 3,765,685 | |||||||||
Class B Shares | ||||||||||||
Founders Convertible | 10,000,000 | 2.7162 | 27,162,191 | |||||||||
Total common stock | 17,638,900 | 47,911,117 |
Shares | % | |||||||
Class A shares issued for Legacy Fisker Class A common stock outstanding | 20,959,789 | 14.5 | % | |||||
Bridge Notes | 1,361,268 | 0.9 | % | |||||
Convertible Equity Security | 5,882,352 | 4.1 | % | |||||
Post-combination warrant exercises | 8,387 | 0.0 | % | |||||
Post-combination stock option exercises | 153,451 | 0.1 | % | |||||
Spartan Public Stockholders and Founders | 66,547,115 | 45.9 | % | |||||
PIPE Shares | 50,000,000 | 34.5 | % | |||||
Total Class A common stock | 144,912,362 | 100.0 | % | |||||
Shares issued for Legacy Fisker Class B common stock outstanding | 132,354,128 | 100.0 | % | |||||
Total Class B common stock | 132,354,128 | 100.0 | % |
Milestone | Percentage of Warrants that Vest Upon Achievement | Number of Warrants that Vest Upon Achievement | ||||||
(a) (i) Achievement of the “preliminary production specification” gateway as set forth in the Development Agreement; (ii) entering into the Platform Agreement; and (iii) entering into the Initial Manufacturing Agreement | 33.3 | % | 6,484,993 | |||||
(b) (i) Achievement of the “target agreement” gateway as set forth in the Development Agreement and (ii) entering into the Detailed Manufacturing Agreement, which will contain terms and conditions agreed to in the Initial Manufacturing Agreement | 33.3 | % | 6,484,993 | |||||
(c) Start of pre-serial production | 33.4 | % | 6,504,468 | |||||
19,474,454 | ||||||||
Milestone | Percentage of Warrants that Vest Upon Achievement | Number of Warrants that Vest Upon Achievement | ||||||
(a) (i) Achievement of the “preliminary production specification” gateway as set forth in the Development Agreement; (ii) entering into the Platform Agreement; and (iii) entering into the Initial Manufacturing Agreement | 33.3 | % | 6,484,993 | |||||
(b) (i) Achievement of the “target agreement” gateway as set forth in the Development Agreement and (ii) entering into the Detailed Manufacturing Agreement, which will contain terms and conditions agreed to in the Initial Manufacturing Agreement | 33.3 | % | 6,484,993 | |||||
(c) Start of pre-serial production | 33.4 | % | 6,504,468 | |||||
19,474,454 | ||||||||
Fair value | Capitalized at December 31, 2020 | |||||||
Milestone (a) | $ | 58,041 | $ | 58,041 | ||||
Milestone (b) | 58,041 | — | ||||||
Milestone (c) | 58,215 | — | ||||||
$ | 174,297 | $ | 58,041 | |||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Net loss | $ | (54,641 | ) | $ | (10,879 | ) | $ | (3,431 | ) | $ | (130,004 | ) | $ | (10,879 | ) | $ | (3,431 | ) | ||||||
Deemed dividend attributable to preferred stock | — | — | (1,222 | ) | — | — | (1,222 | ) | ||||||||||||||||
Net loss attributable to common shareholders | $ | (54,641 | ) | $ | (10,879 | ) | $ | (4,653 | ) | $ | (130,004 | ) | $ | (10,879 | ) | $ | (4,653 | ) | ||||||
Denominator: | ||||||||||||||||||||||||
Weighted average Class A common shares outstanding | 25,167,525 | 151,977 | 46,545 | $ | 25,167,525 | $ | 151,977 | $ | 46,545 | |||||||||||||||
Weighted average Class B common shares outstanding | 109,867,396 | 105,191,937 | 105,191,937 | 109,867,396 | 105,191,937 | 105,191,937 | ||||||||||||||||||
Weighted average Class A and Class B common shares outstanding- Basic | 135,034,921 | 105,343,914 | 105,238,482 | 135,034,921 | 105,343,914 | 105,238,482 | ||||||||||||||||||
Dilutive effect of potential common shares | — | — | — | — | — | — | ||||||||||||||||||
Weighted average Class A and Class B common shares outstanding- Diluted | 135,034,921 | 105,343,914 | 105,238,482 | 135,034,921 | 105,343,914 | 105,238,482 | ||||||||||||||||||
Net loss per share attributable to Class A and Class B Common shareholders- Basic | $ | (0.40 | ) | $ | (0.10 | ) | $ (0.04 | ) | $ | (0.96 | ) | $ | (0.10 | ) | $ (0.04 | ) | ||||||||
Net loss per share attributable to Class A and Class B Common shareholders- Diluted | $ | (0.40 | ) | $ | (0.10 | ) | $ | (0.04 | ) | $ | (0.96 | ) | $ | (0.10 | ) | $ | (0.04 | ) | ||||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Series A Convertible Preferred Stock | — | 16,983,241 | ||||||
Series B Convertible Preferred Stock | — | 3,765,685 | ||||||
Founders Convertible Preferred Stock | — | 27,162,191 | ||||||
Bridge notes | — | 880,334 | ||||||
Stock options and warrants | 52,906,676 | 17,316,727 | ||||||
Total | 52,906,676 | 66,108,178 | ||||||
Shares Available For Grant | Options | Weighted Average Exercise Price | Weighted Average Contractual Term (in Years) | |||||||||||||
Balance as of January 1, 2019 | 6,009,669 | 17,861,966 | 0.08 | 8.2 | ||||||||||||
Granted | (180,877 | ) | 180,877 | 1.12 | ||||||||||||
Exercised | — | (117,773 | ) | 0.07 | ||||||||||||
Forfeited | 608,343 | (608,343 | ) | 0.27 | ||||||||||||
Balance as of December 31, 2019 | 6,437,135 | 17,316,727 | 0.09 | 7.2 | ||||||||||||
Shares added to Plan | 24,097,751 | — | — | |||||||||||||
Granted | (2,765,167 | ) | 2,765,167 | 5.29 | ||||||||||||
Exercised | — | (153,451 | ) | 0.55 | ||||||||||||
Forfeited | 1,204,348 | (1,204,348 | ) | 2.66 | ||||||||||||
Balance as of December 31, 2020 | 28,974,067 | 18,724,096 | 0.69 | 6.5 | ||||||||||||
Options Exercisable at December 31, 2020 | ||||||||||||
Range of Exercise Price | Number | Weighted Average Exercise Price | Weighted Average Contractual Term (in Years) | |||||||||
$0.06 - $17.44 | 16,562,577 | $ | 0.69 | 6.2 |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Expected term (in years) | 6.3 | 6.3 | ||||||
Volatility | 90% - 122 | % | 83.7 | % | ||||
Dividend yield | 0.0 | % | 0.0 | % | ||||
Risk-free interest rate | 0.5 | % | 2.0 | % | ||||
Common stock price | $5.29 | $ | 1.41 |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Expected term (in years) | 6.3 | 6.3 | ||||||
Volatility | 90% - 122 | % | 83.7 | % | ||||
Dividend yield | 0.0 | % | 0.0 | % | ||||
Risk-free interest rate | 0.5 | % | 2.0 | % | ||||
Common stock price | $5.29 | $ | 1.41 |
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
General and administrative expense | $ | 377 | $ | 30 | $ | 29 | ||||||
Research and development | 334 | 55 | 31 | |||||||||
Total | 711 | 85 | 60 | |||||||||
Current | Deferred | Total | ||||||||||
Year ended December 31, 2020 | ||||||||||||
U.S. operations | $ | — | (8,011 | ) | (8,011 | ) | ||||||
Valuation allowance | — | 8,011 | 8,011 | |||||||||
$ | — | $ | — | $ | — | |||||||
Year ended December 31, 2019 | ||||||||||||
U.S. operations | $ | — | $ | (3,119 | ) | $ | (3,119 | ) | ||||
Valuation allowance | — | 3,119 | 3,119 | |||||||||
$ | — | $ | — | $ | — | |||||||
As of December 31, | As of December 31, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Deferred tax assets: | ||||||||||||||||
Net operating loss carryforwards | $ | 13,449 | $ | 5,540 | $ | 13,448 | $ | 5,540 | ||||||||
Tax credits | 994 | 672 | 994 | 672 | ||||||||||||
Lease liability | 579 | 40 | 579 | 40 | ||||||||||||
Other | 120 | 396 | 120 | 396 | ||||||||||||
Total gross deferred income tax assets | 15,141 | 6,648 | 15,141 | 6,648 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
ROU asset | (579 | ) | (41 | ) | (579 | ) | (41 | ) | ||||||||
Other | — | (56 | ) | — | (56 | ) | ||||||||||
Total gross deferred income tax liabilities | (579 | ) | (97 | ) | (579 | ) | (97 | ) | ||||||||
Net deferred income tax assets | 14,562 | 6,551 | 14,562 | 6,551 | ||||||||||||
Valuation allowance | (14,562 | ) | (6,551 | ) | (14,562 | ) | (6,551 | ) | ||||||||
Deferred tax asset, net of allowance | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Beginning of the year | $ | 6,551 | $ | 3,432 | ||||
Increase—income tax benefit | 8,011 | 3,119 | ||||||
End of the year | $ | 14,562 | $ | 6,551 | ||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Expected federal income tax benefit | 21.0 | % | 21.0 | % | ||||
State taxes net of federal benefit | (1.7 | ) | 6.7 | |||||
Tax credits | 0.2 | 1.7 | ||||||
Valuation allowance | (14.6 | ) | (28.7 | ) | ||||
Fair value of derivatives | (3.9 | ) | 0 | |||||
Other | (1.0 | ) | (0.7 | ) | ||||
Income taxes provision (benefit) | 0 | % | 0 | % | ||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Expected federal income tax benefit | 21.0 | % | 21.0 | % | ||||
State taxes net of federal benefit | -0.7 | % | 6.7 | % | ||||
Tax credits | 0.1 | % | 1.7 | % | ||||
Valuation allowance | -6.2 | % | -28.7 | % | ||||
Fair value of derivatives | -13.8 | % | 0.0 | % | ||||
Other | -0.4 | % | -0.7 | % | ||||
Income taxes provision (benefit) | 0.0 | % | 0.0 | % | ||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Beginning of the year | $ | 100 | $ | 0 | ||||
Increase—current year positions | 129 | 100 | ||||||
End of the year | $ | 229 | $ | 100 | ||||
Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. |
Item 9A. | Controls and Procedures. |
Item 9B. | Other Information. |
Item 10. | Directors, Executive Officers and Corporate Governance. |
Item 11. | Executive Compensation. |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
Item 13. | Certain Relationships and Related Transactions, and Director Independence. |
Item 14. | Principal Accountant Fees and Services. |
Item 15. | Exhibit and Financial Statement Schedules. |
* | The schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). Fisker Inc. agrees to furnish supplementally a copy of any omitted schedule to the Securities and Exchange Commission upon its request. |
** | Furnished and not filed. |
† | Indicates a management contract or compensatory plan, contract or arrangement. |
Item 16. | Form 10-K Summary |
FISKER INC. | ||||||
Date: | /s/ Henrik Fisker | |||||
Name: Henrik Fisker | ||||||
Title: Chairman of the Board, President and Chief Executive Officer |
Signature | Title | Date | ||
/s/ Henrik Fisker Henrik Fisker | Chairman of the Board, President and Chief Executive Officer ( Principal Executive Officer | |||
/s/ Geeta Gupta Geeta Gupta | Chief Financial Officer, Chief Operating Officer and Director ( Principal Financial Officer | |||
/s/ John Finnucan John Finnucan | Chief Accounting Officer ( Principal Accounting Officer | |||
/s/ Wendy J. Greuel Wendy J. Greuel | Director | |||
/s/ Mark E. Hickson Mark E. Hickson | Director | |||
/s/ William R. McDermott William R. McDermott | Director | |||
/s/ Roderick K. Randall Roderick K. Randall | Director |
Signature | Title | Date | ||
/s/ Nadine I. Watt Nadine I. Watt | Director | |||
/s/ Mitchell S. Zuklie Mitchell S. Zuklie | Director |