10-K Filing

RUSH STREET INTERACTIVE, INC. CIK: 1793659 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001104659-21-041536`
Period End Date	20201231
Filing Date	20210325
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	rsi-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 38 Cash Flow Statement 59 Stockholders Equity 17

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.91M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$255.62M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$3.64M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$6.44M	USD	Point-in-time
Players receivables	`AccountsReceivableNetCurrent`	$779.00K	USD	Point-in-time
Players receivables	`AccountsReceivableNetCurrent`	$1.85M	USD	Point-in-time
Due from affiliates	`DueFromAffiliateCurrent`	$3.13M	USD	Point-in-time
Due from affiliates	`DueFromAffiliateCurrent`	$28.76M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.67M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.87M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$17.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$294.48M	USD	Point-in-time
License fees, net	`IntangibleAssetsNetExcludingGoodwill`	$6.96M	USD	Point-in-time
License fees, net	`IntangibleAssetsNetExcludingGoodwill`	$9.75M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.02M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$581.00K	USD	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$1.10M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$753.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.22M	USD	Point-in-time
Total assets	`Assets`	$25.49M	USD	Point-in-time
Total assets	`Assets`	$308.56M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.99M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$707.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$26.00M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$9.67M	USD	Point-in-time
Players liabilities	`PlayersLiabilities`	$5.35M	USD	Point-in-time
Players liabilities	`PlayersLiabilities`	$7.78M	USD	Point-in-time
Share-based liability	`DeferredCompensationShareBasedArrangementsLiabilityCurrent`	$7.34M	USD	Point-in-time
Deferred royalty, short-term	`DeferredRoyaltiesCurrent`	$195.00K	USD	Point-in-time
Deferred royalty, short-term	`DeferredRoyaltiesCurrent`	$159.00K	USD	Point-in-time
Operating lease liabilities, short-term	`OperatingLeaseLiabilityCurrent`	$226.00K	USD	Point-in-time
Due to affiliates	`DueToAffiliateCurrent`	$3.75M	USD	Point-in-time
Due to affiliates	`DueToAffiliateCurrent`	$2.86M	USD	Point-in-time
Earnout interests liability	`EarnOutInterestsLiability`	$351.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$400.99M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$26.08M	USD	Point-in-time
Deferred royalty, long-term	`DeferredRoyaltiesNoncurrent`	$3.81M	USD	Point-in-time
Deferred royalty, long-term	`DeferredRoyaltiesNoncurrent`	$2.78M	USD	Point-in-time
Operating lease liabilities, long-term	`OperatingLeaseLiabilityNoncurrent`	$979.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$28.86M	USD	Point-in-time
Total liabilities	`Liabilities`	$405.78M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$22.57M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$93.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-45.15M	USD	Point-in-time
Total stockholders' deficit attributed to Rush Street Interactive, Inc.	`StockholdersEquity`	$-22.47M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$-74.75M	USD	Point-in-time
Members' deficit	`MembersEquity`	$-3.37M	USD	Point-in-time
Total deficit	`StockholdersEquityAndMembersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-3.37M	USD	Point-in-time
Total deficit	`StockholdersEquityAndMembersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-2.54M	USD	Point-in-time
Total deficit	`StockholdersEquityAndMembersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-97.22M	USD	Point-in-time
Total liabilities and deficit	`LiabilitiesAndStockholdersEquity`	$308.56M	USD	Point-in-time
Total liabilities and deficit	`LiabilitiesAndStockholdersEquity`	$25.49M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$63.67M	USD	Annual
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$278.50M	USD	Annual
Costs of revenue	`CostsOfRevenue`	$190.87M	USD	Annual
Costs of revenue	`CostsOfRevenue`	$32.89M	USD	Annual
Advertising and promotions	`MarketingAndAdvertisingExpense`	$28.31M	USD	Annual
Advertising and promotions	`MarketingAndAdvertisingExpense`	$56.52M	USD	Annual
General administration and other	`GeneralAndAdministrativeExpense`	$162.45M	USD	Annual
General administration and other	`GeneralAndAdministrativeExpense`	$23.65M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.14M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.08M	USD	Annual
Total operating costs and expenses	`OperatingExpenses`	$85.99M	USD	Annual
Total operating costs and expenses	`OperatingExpenses`	$411.92M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-133.42M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-22.33M	USD	Annual
Interest expense, net	`InterestExpense`	$135.00K	USD	Annual
Interest expense, net	`InterestExpense`	$123.00K	USD	Annual
Change in fair value of earnout interests liability	`FairValueOfEarnoutInterestsLiability`	$2.34M	USD	Annual
Total other expenses	`NonoperatingIncomeExpense`	$-123.00K	USD	Annual
Total other expenses	`NonoperatingIncomeExpense`	$-2.47M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-135.89M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-22.45M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$2.92M	USD	Annual
Net loss	`ProfitLoss`	$-138.81M	USD	Annual
Net loss	`ProfitLoss`	$-22.45M	USD	Annual
Net loss attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-138.24M	USD	Annual
Net loss attributable to Rush Street Interactive, Inc.	`NetIncomeLoss`	$-22.45M	USD	Annual
Net loss attributable to Rush Street Interactive, Inc.	`NetIncomeLoss`	$-575.00K	USD	Annual
Net loss per common share attributable to Rush Street Interactive, Inc. - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	Annual
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	43.58M	shares	Annual
Net loss	`ProfitLoss`	$-138.81M	USD	Annual
Net loss	`ProfitLoss`	$-22.45M	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$10.00K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$524.00K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-22.44M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-138.29M	USD	Annual
Comprehensive loss attributable to non-controlling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-137.71M	USD	Annual
Comprehensive loss attributable to Rush Street Interactive, Inc.	`ComprehensiveIncomeNetOfTax`	$-22.44M	USD	Annual
Comprehensive loss attributable to Rush Street Interactive, Inc.	`ComprehensiveIncomeNetOfTax`	$-575.00K	USD	Annual

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-138.81M	USD	Annual
Net loss	`ProfitLoss`	$-22.45M	USD	Annual
Share-based compensation expense	`ShareBasedCompensation`	$144.73M	USD	Annual
Share-based compensation expense	`ShareBasedCompensation`	$13.41M	USD	Annual
Depreciation expense	`Depreciation`	$100.00K	USD	Annual
Depreciation expense	`Depreciation`	$490.00K	USD	Annual
Amortization of license fee	`AmortizationOfIntangibleAssets`	$1.59M	USD	Annual
Amortization of license fee	`AmortizationOfIntangibleAssets`	$1.04M	USD	Annual
Noncash lease expense	`NonCashOperatingLeaseCosts`	$205.00K	USD	Annual
Change in fair value of earnout interests liability	`FairValueOfEarnoutInterestsLiability`	$2.34M	USD	Annual
Players receivables	`IncreaseDecreaseInAccountsReceivable`	$-1.07M	USD	Annual
Players receivables	`IncreaseDecreaseInAccountsReceivable`	$1.80M	USD	Annual
Due from affiliates	`IncreaseDecreaseDueFromAffiliates`	$2.54M	USD	Annual
Due from affiliates	`IncreaseDecreaseDueFromAffiliates`	$25.63M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$607.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.20M	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$502.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$462.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$11.23M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$129.00K	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$16.32M	USD	Annual
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$4.46M	USD	Annual
Players liabilities	`IncreaseDecreaseInPlayersLiabilities`	$2.68M	USD	Annual
Players liabilities	`IncreaseDecreaseInPlayersLiabilities`	$2.43M	USD	Annual
Deferred royalty	`IncreaseDecreaseInDeferredLiabilities`	$1.07M	USD	Annual
Deferred royalty	`IncreaseDecreaseInDeferredLiabilities`	$2.07M	USD	Annual
Lease liabilities	`IncreaseDecreaseInLeaseLiabilities`	$-100.00K	USD	Annual
Due to affiliates	`IncreaseDecreaseInDueToAffiliates`	$893.00K	USD	Annual
Due to affiliates	`IncreaseDecreaseInDueToAffiliates`	$1.55M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.46M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.18M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$430.00K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.87M	USD	Annual
Acquisition of gaming licenses	`PaymentsOnAcquisitionOfGamingLicenses`	$4.37M	USD	Annual
Acquisition of gaming licenses	`PaymentsOnAcquisitionOfGamingLicenses`	$5.34M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.24M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.77M	USD	Annual
Proceeds from related party loan	`ProceedsFromRelatedPartyDebt`	$650.00K	USD	Annual
Repayments of related party loan	`RepaymentsOfRelatedPartyDebt`	$650.00K	USD	Annual
Net proceeds from the Business Combination	`ProceedsFromBusinessCombinationNet`	$239.76M	USD	Annual
Distribution to members	`PaymentsOfCapitalDistribution`	$5.19M	USD	Annual
Members' capital contribution	`ProceedsFromPartnershipContribution`	$15.54M	USD	Annual
Members' capital contribution	`ProceedsFromPartnershipContribution`	$6.50M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$15.54M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$241.07M	USD	Annual
Effect of exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$515.00K	USD	Annual
Effect of exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-6.00K	USD	Annual
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.31M	USD	Annual
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$251.52M	USD	Annual
Cash, cash equivalents and restricted cash, at the beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.23M	USD	Point-in-time
Cash, cash equivalents and restricted cash, at the beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$262.06M	USD	Point-in-time
Cash, cash equivalents and restricted cash, at the beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.54M	USD	Point-in-time
Cash, cash equivalents and restricted cash, at the end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.23M	USD	Point-in-time
Cash, cash equivalents and restricted cash, at the end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$262.06M	USD	Point-in-time
Cash, cash equivalents and restricted cash, at the end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.54M	USD	Point-in-time
Right-of-use assets obtained in exchange for new or modified operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$1.30M	USD	Annual
Increase in accounts payable for property and equipment purchases	`ChangesInAccountsPayableForPropertyAndEquipment.`	$58.00K	USD	Annual
Earnout interests liability recognized in the Business Combination	`FairValueOfEarnoutLiabilityRecognizedInRecapitalization`	$348.71M	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$763.00K	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of year	`StockholdersEquityAndMembersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-3.37M	USD	Point-in-time
Balance at beginning of year	`StockholdersEquityAndMembersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-2.54M	USD	Point-in-time
Balance at beginning of year	`StockholdersEquityAndMembersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-97.22M	USD	Point-in-time
Members' contribution	`PartnersCapitalAccountContributions`	$15.54M	USD	Annual
Members' contribution	`PartnersCapitalAccountContributions`	$6.50M	USD	Annual
Share-based compensation	`PartnersCapitalAccountUnitBasedCompensation`	$1.69M	USD	Annual
Share-based compensation	`PartnersCapitalAccountUnitBasedCompensation`	$6.07M	USD	Annual
Disctribution to members	`PartnersCapitalAccountDistributions`	$5.19M	USD	Annual
Settlement of share-based liability	`PartnersCapitalAccountSaleOfUnits`	$150.38M	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$10.00K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$524.00K	USD	Annual
Proceeds and shares issued in the Business Combination and the Conversion (Note 3)	`ProceedsFromIssuanceOfBusinessCombinationAndConversion`	$-108.95M	USD	Annual
Net loss	`ProfitLoss`	$-138.81M	USD	Annual
Net loss	`ProfitLoss`	$-22.45M	USD	Annual
Balance at end of the year	`StockholdersEquityAndMembersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-3.37M	USD	Point-in-time
Balance at end of the year	`StockholdersEquityAndMembersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-2.54M	USD	Point-in-time
Balance at end of the year	`StockholdersEquityAndMembersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-97.22M	USD	Point-in-time

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