10-K/A Filing

SOFI TECHNOLOGIES, INC. CIK: 1818874 FY 2020

Filing Information

Form Type	10-K/A
Accession Number	`0001104659-21-053909`
Period End Date	20201231
Filing Date	20210422
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	ipoe-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 27 Income Statement 6 Cash Flow Statement 24 Stockholders Equity 18

Balance Sheet 27 line items

Line Item	Tag	Value	Unit	Period
Number of shares subject to possible redemption	`SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfShares`	67.34M	shares	Point-in-time
Class A ordinary shares subject to possible redemption, shares outstanding	`TemporaryEquitySharesOutstanding`	67.34M	shares	Point-in-time
Cash	`Cash`	$259.71K	USD	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
Prepaid expenses	`PrepaidExpenseCurrent`	$801.06K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.06M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	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 offering costs	`AccruedOfferingCostsCurrent`	$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
Warrant liabilities	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$99.28M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$127.64M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary shares subject to possible redemption, 67,342,389 shares at redemption value	`TemporaryEquityCarryingAmountAttributableToParent`	$673.44M	USD	Point-in-time
Class A ordinary shares subject to possible redemption, 67,342,389 shares at redemption value	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$60.77M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-55.77M	USD	Point-in-time
Total Permanent Equity	`StockholdersEquity`	0.00	USN	Point-in-time
Total Permanent Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Permanent Equity	`StockholdersEquity`	-	USD	Point-in-time
TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT EQUITY	`LiabilitiesAndStockholdersEquity`	$806.08M	USD	Point-in-time

Income Statement 6 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
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$55.12M	USD	2 Qtrs
Other expense, net	`OtherNonoperatingIncomeExpense`	$-55.11M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-55.77M	USD	2 Qtrs

Cash Flow Statement 24 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-55.77M	USD	2 Qtrs
Interest earned on marketable securities held in Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$17.22K	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$55.12M	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 measurement of warrants issued in connection with initial public offering accounted for as liabilities	`NonCashInitialMeasurementWarrantsIssuedInConnectionWithInitialPublicOfferingAccountedForAsLiabilities`	$44.16M	USD	2 Qtrs
Deferred underwriting fee payable	`NonCashDeferredUnderwritingFeePayable`	$28.18M	USD	2 Qtrs

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	0.00	USN	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Issuance of Class B ordinary shares to Sponsor	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	2 Qtrs
Issuance of Class A Ordinary shares, net	`StockIssuedDuringPeriodValueNewIssuesOne`	$734.18M	USD	2 Qtrs
Class A ordinary shares subject to possible redemption	`StockRedeemedOrCalledDuringPeriodValue`	$673.44M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-55.77M	USD	2 Qtrs
Balance	`StockholdersEquity`	0.00	USN	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Temporary Equity, Balance	`TemporaryEquityCarryingAmountAttributableToParent`	$673.44M	USD	Point-in-time
Temporary Equity, Balance	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Temporary Equity, Balance (in shares)	`TemporaryEquitySharesOutstanding`	67.34M	shares	Point-in-time
Class A Ordinary shares subject to possible redemption	`TemporaryEquityStockIssuedDuringPeriodValueNewIssues`	$673.44M	USD	2 Qtrs
Class A Ordinary shares subject to possible redemption (in shares)	`TemporaryEquityStockIssuedDuringPeriodSharesNewIssues`	67.34M	shares	2 Qtrs
Temporary Equity, Balance	`TemporaryEquityCarryingAmountAttributableToParent`	$673.44M	USD	Point-in-time
Temporary Equity, Balance	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Temporary Equity, Balance (in shares)	`TemporaryEquitySharesOutstanding`	67.34M	shares	Point-in-time

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