10-K Filing

SOFI TECHNOLOGIES, INC. CIK: 1818874 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001104659-21-037483`
Period End Date	20201231
Filing Date	20210317
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	ipoe-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 23 Income Statement 5 Cash Flow Statement 24 Stockholders Equity 11

Balance Sheet 23 line items

Line Item	Tag	Value	Unit	Period
Number of shares subject to possible redemption	`SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfShares`	77.27M	shares	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash	`Cash`	$259.71K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$801.06K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.06M	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesHeldInTrustAccount`	$805.02M	USD	Point-in-time
Total Assets	`Assets`	$806.08M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$178.45K	USD	Point-in-time
Advances from related party	`AdvancesFromRelatedParty`	$5.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$183.45K	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$28.18M	USD	Point-in-time
Total Liabilities	`Liabilities`	$28.36M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary shares subject to possible redemption, 77,270,301 shares at redemption value	`TemporaryEquityCarryingAmountAttributableToParent`	$772.72M	USD	Point-in-time
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.64M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-646.39K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	-	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$806.08M	USD	Point-in-time

Income Statement 5 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$663.61K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-663.61K	USD	2 Qtrs
Interest earned on marketable securities held in Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$17.22K	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$17.22K	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-646.39K	USD	2 Qtrs

Cash Flow Statement 24 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-646.39K	USD	2 Qtrs
Interest earned on marketable securities held in Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$17.22K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$801.06K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$178.45K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.29M	USD	2 Qtrs
Investment of cash in Trust Account	`InvestmentOfCashInTrustAccount`	$805.00M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-805.00M	USD	2 Qtrs
Proceeds from issuance of Class B ordinary shares to Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	2 Qtrs
Gross proceeds from initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	$791.00M	USD	2 Qtrs
Gross proceeds from initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	$805.00M	USD	Point-in-time
Proceeds from sale of Private Placement Warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$16.00M	USD	2 Qtrs
Advance from related party	`ProceedsFromContributionsFromAffiliates`	$5.00K	USD	2 Qtrs
Proceeds from promissory note - related party	`ProceedsFromRelatedPartyDebt`	$400.00K	USD	2 Qtrs
Repayment of promissory note - related party	`RepaymentsOfRelatedPartyDebt`	$400.00K	USD	2 Qtrs
Payment of offering costs	`PaymentOfFinancingAndStockIssuanceCosts`	$484.06K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$806.55M	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$259.71K	USD	2 Qtrs
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	$259.71K	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	$259.71K	USD	Point-in-time
Initial classification of Class A ordinary shares subject to possible redemption	`NonCashInitialClassificationOfOrdinarySharesSubjectToPossibleRedemption`	$773.36M	USD	2 Qtrs
Change in value of Class A ordinary shares subject to possible redemption	`NonCashChangeInValueOfOrdinarySharesSubjectToPossibleRedemption`	$-641.39K	USD	2 Qtrs
Deferred underwriting fee payable	`NonCashDeferredUnderwritingFeePayable`	$28.18M	USD	2 Qtrs

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Sale of units during period	`SaleOfUnitsDuringPeriod`	80.50M	shares	2 Qtrs
Sale of Private Placement Warrants	`ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights`	8.00M	shares	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Issuance of Class B ordinary shares to Sponsor(1)	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	2 Qtrs
Sale of 80,500,000 Units, net of underwriting discounts and offering costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$762.34M	USD	2 Qtrs
Sale of 8,000,000 Private Placement Warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$16.00M	USD	2 Qtrs
Class A ordinary shares subject to possible redemption	`StockRedeemedOrCalledDuringPeriodValue`	$772.72M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-646.39K	USD	2 Qtrs
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time

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