10-Q Filing

STRATA CRITICAL MEDICAL, INC. CIK: 1779128 Q3 2020

Filing Information

Form Type	10-Q
Accession Number	`0001104659-20-123573`
Period End Date	20200930
Filing Date	20201110
Fiscal Year	2020
Fiscal Period	Q3
XBRL Instance	expcu-20200930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 51 Income Statement 32 Cash Flow Statement 31 Stockholders Equity 30

Balance Sheet 51 line items

Line Item	Tag	Value	Unit	Period
Common stock subject to possible redemption, shares at redemption value	`TemporaryEquitySharesOutstanding`	26.19M	shares	Point-in-time
Common stock subject to possible redemption, shares at redemption value	`TemporaryEquitySharesOutstanding`	26.14M	shares	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$889.55K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.31M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$82.88K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$125.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$972.42K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.43M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$277.27M	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$276.26M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$277.69M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$278.25M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$136.69K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$99.88K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$26.00K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$26.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$208.61K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$332.47K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$458.35K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$371.31K	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$9.62M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$9.62M	USD	Point-in-time
Total Liabilities	`Liabilities`	$10.08M	USD	Point-in-time
Total Liabilities	`Liabilities`	$10.00M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A common stock subject to possible redemption, 26,141,235 and 26,180,927 shares at redemption value as of September 30, 2020 and December 31, 2019, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$263.16M	USD	Point-in-time
Class A common stock subject to possible redemption, 26,141,235 and 26,180,927 shares at redemption value as of September 30, 2020 and December 31, 2019, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$262.70M	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.75M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.21M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.25M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$784.78K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-24.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	-	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$278.25M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$277.69M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`OperatingExpenses`	$160.69K	USD	1 Quarter
Common stock subject to possible redemption, shares at redemption value	`TemporaryEquitySharesOutstanding`	26.19M	shares	Point-in-time
Common stock subject to possible redemption, shares at redemption value	`TemporaryEquitySharesOutstanding`	26.14M	shares	Point-in-time
Formation and operating costs	`OperatingExpenses`	$43.05K	USD	1 Quarter
Formation and operating costs	`OperatingExpenses`	$421.37K	USD	3 Qtrs
Dividend income attributable to common stock subject to possible redemption	`DividendIncomeAttributableToCommonStockSubjectToPossibleRedemption`	$-700.88K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-43.05K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-160.69K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-421.37K	USD	3 Qtrs
Dividend income attributable to common stock subject to possible redemption	`DividendIncomeAttributableToCommonStockSubjectToPossibleRedemption`	$-10.01K	USD	1 Quarter
Dividend income attributable to common stock subject to possible redemption	`DividendIncomeAttributableToCommonStockSubjectToPossibleRedemption`	$135.41K	USD	1 Quarter
Interest income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$33.91K	USD	1 Quarter
Interest income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$168.28K	USD	1 Quarter
Interest income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$1.01M	USD	3 Qtrs
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$589.79K	USD	3 Qtrs
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-126.78K	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$125.23K	USD	1 Quarter
Benefit (provision) for income taxes	`IncomeTaxExpenseBenefit`	$123.86K	USD	3 Qtrs
Benefit (provision) for income taxes	`IncomeTaxExpenseBenefit`	$-26.62K	USD	1 Quarter
Benefit (provision) for income taxes	`IncomeTaxExpenseBenefit`	$26.09K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-1.00K	USD	Point-in-time
Net (loss) income	`NetIncomeLoss`	$-100.16K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$99.14K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-5.98K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$465.93K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$572.07K	USD	1 Quarter
Weighted average shares outstanding, basic and diluted (1)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.21M	shares	3 Qtrs
Weighted average shares outstanding, basic and diluted (1)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.22M	shares	1 Quarter
Weighted average shares outstanding, basic and diluted (1)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	6.52M	shares	1 Quarter
Basic and diluted net income per common share (2)	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Basic and diluted net income per common share (2)	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	3 Qtrs
Basic and diluted net income per common share (2)	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter

Cash Flow Statement 31 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$465.93K	USD	3 Qtrs
Net income	`ProfitLoss`	$98.14K	USD	1 Quarter
Interest income earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$1.01M	USD	3 Qtrs
Interest income earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$168.28K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-42.12K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-36.81K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$42.76K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$123.86K	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$26.09K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-416.06K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.30K	USD	1 Quarter
Investment of cash in Trust Account	`InvestmentOfCashInTrustAccount`	$275.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-275.00M	USD	1 Quarter
Proceeds from sale of Units, net of underwriting discounts paid	`ProceedsFromIssuanceInitialPublicOffering`	$269.50M	USD	1 Quarter
Proceeds from Issuance of Warrants	`ProceedsFromIssuanceOfWarrants`	$7.50M	USD	1 Quarter
Proceeds from promissory notes - related party	`ProceedsFromRelatedPartyDebt`	$231.37K	USD	1 Quarter
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$410.88K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$276.82M	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.82M	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-416.06K	USD	3 Qtrs
Cash - Beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.31M	USD	Point-in-time
Cash - Beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$889.55K	USD	Point-in-time
Cash - Beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.82M	USD	Point-in-time
Cash - Ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.31M	USD	Point-in-time
Cash - Ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$889.55K	USD	Point-in-time
Cash - Ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.82M	USD	Point-in-time
Change in value of common stock subject to possible redemption	`ChangeInValueOfCommonStockSubjectToPossibleRedemptionNonCashActivities`	$99.44K	USD	1 Quarter
Change in value of common stock subject to possible redemption	`ChangeInValueOfCommonStockSubjectToPossibleRedemptionNonCashActivities`	$465.94K	USD	3 Qtrs
Initial classification of common stock subject to possible redemption	`InitialClassificationOfCommonStockSubjectToPossibleRedemptionNonCashActivities`	$261.91M	USD	1 Quarter
Deferred underwriting fee payable	`DeferredUnderwritingFeePayableNonCashActivities`	$9.62M	USD	1 Quarter
Deferred offering costs paid directly by Sponsor from proceeds of issuance of Class B common stock to Sponsor	`DeferredOfferingCostsPaidDirectlyBySponsorFromProceedsOfIssuanceOfCommonStockToSponsorNonCashActivities`	$25.00K	USD	1 Quarter

Stockholders Equity 30 line items

Line Item	Tag	Value	Unit	Period
Sale of Private Placement Warrants (in shares)	`StockIssuedDuringPeriodSharesNewIssuesPrivatePlacementWarrants`	5.00M	shares	1 Quarter
Balance at the beginning	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-24.00K	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	-	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$5.00M	USD	Point-in-time
Change in value of common stock subject to possible redemption	`StockIssuedDuringPeriodValueNewIssues`	$-572.07K	USD	1 Quarter
Change in value of common stock subject to possible redemption	`StockIssuedDuringPeriodValueNewIssues`	$100.16K	USD	1 Quarter
Change in value of common stock subject to possible redemption	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	Point-in-time
Change in value of common stock subject to possible redemption	`StockIssuedDuringPeriodValueNewIssues`	$5.97K	USD	1 Quarter
Change in value of common stock subject to possible redemption	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	Point-in-time
Change in value of common stock subject to possible redemption (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	7.19M	shares	Point-in-time
Sale of 27,500,000 Units, net of underwriting discount and offering expenses	`StockIssuedDuringPeriodValueIssuanceOfUnitsNetOfExpenses`	$259.39M	USD	1 Quarter
Sale of 5,000,000 Private Placement Warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$7.50M	USD	1 Quarter
Common stock subject to possible redemption	`CommonStockSubjectToPossibleRedemptionValue`	$262.01M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-1.00K	USD	Point-in-time
Net (loss) income	`NetIncomeLoss`	$-100.16K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$99.14K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-5.98K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$465.93K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$572.07K	USD	1 Quarter
Balance at the end	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$-24.00K	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	-	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at the end	`StockholdersEquity`	$5.00M	USD	Point-in-time

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