10-Q Filing

SOFI TECHNOLOGIES, INC. CIK: 1818874 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-21-070841`
Period End Date	20210331
Filing Date	20210524
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	ipoe-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 45 Income Statement 6 Cash Flow Statement 15 Stockholders Equity 16

Balance Sheet 45 line items

Line Item	Tag	Value	Unit	Period
Class A ordinary shares subject to possible redemption, shares outstanding	`TemporaryEquitySharesOutstanding`	67.34M	shares	Point-in-time
Class A ordinary shares subject to possible redemption, shares outstanding	`TemporaryEquitySharesOutstanding`	61.30M	shares	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$39.94K	USD	Point-in-time
Cash	`Cash`	$259.71K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$801.06K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$740.38K	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.06M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$780.32K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesHeldInTrustAccount`	$805.02M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesHeldInTrustAccount`	$805.04M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
TOTAL ASSETS	`Assets`	$806.08M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$805.82M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$178.45K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.74M	USD	Point-in-time
Advances from related party	`AdvancesFromRelatedParty`	$40.70K	USD	Point-in-time
Advances from related party	`AdvancesFromRelatedParty`	$5.00K	USD	Point-in-time
Promissory note - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.42M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$5.19M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$183.45K	USD	Point-in-time
Warrant liabilities	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$99.28M	USD	Point-in-time
Warrant liabilities	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$154.41M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$28.18M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$28.18M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$127.64M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$187.77M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary shares subject to possible redemption, 61,301,540 and 67,342,389 shares at redemption value at March 31, 2021 and December 31, 2020, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$673.44M	USD	Point-in-time
Class A ordinary shares subject to possible redemption, 61,301,540 and 67,342,389 shares at redemption value at March 31, 2021 and December 31, 2020, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$613.04M	USD	Point-in-time
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$121.16M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$60.77M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-55.77M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-116.17M	USD	Point-in-time
Total Permanent Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Permanent Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT EQUITY	`LiabilitiesAndStockholdersEquity`	$805.82M	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 operational costs	`FormationAndOperatingCosts`	$5.29M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.29M	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$19.85K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$55.12M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-55.11M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-60.39M	USD	1 Quarter

Cash Flow Statement 15 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-60.39M	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$19.85K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$55.12M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-60.69K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$3.56M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.67M	USD	1 Quarter
Advance from related party	`ProceedsFromContributionsFromAffiliates`	$40.70K	USD	1 Quarter
Repayment of advances from related party	`RepaymentsOfRelatedPartyDebt`	$5.00K	USD	1 Quarter
Proceeds from promissory note - related party	`ProceedsFromRelatedPartyDebt`	$1.42M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.45M	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-219.77K	USD	1 Quarter
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	$259.71K	USD	Point-in-time
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	$39.94K	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	$259.71K	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	$39.94K	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Class A ordinary shares subject to possible redemption	`StockRedeemedOrCalledDuringPeriodValue`	$-60.39M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-60.39M	USD	1 Quarter
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Temporary Equity, Balance	`TemporaryEquityCarryingAmountAttributableToParent`	$673.44M	USD	Point-in-time
Temporary Equity, Balance	`TemporaryEquityCarryingAmountAttributableToParent`	$613.04M	USD	Point-in-time
Temporary Equity, Balance (in shares)	`TemporaryEquitySharesOutstanding`	67.34M	shares	Point-in-time
Temporary Equity, Balance (in shares)	`TemporaryEquitySharesOutstanding`	61.30M	shares	Point-in-time
Class A Ordinary shares subject to possible redemption	`TemporaryEquityStockIssuedDuringPeriodValueNewIssues`	$60.39M	USD	1 Quarter
Class A Ordinary shares subject to possible redemption (in shares)	`TemporaryEquityStockIssuedDuringPeriodSharesNewIssues`	6.04M	shares	1 Quarter
Temporary Equity, Balance	`TemporaryEquityCarryingAmountAttributableToParent`	$673.44M	USD	Point-in-time
Temporary Equity, Balance	`TemporaryEquityCarryingAmountAttributableToParent`	$613.04M	USD	Point-in-time
Temporary Equity, Balance (in shares)	`TemporaryEquitySharesOutstanding`	67.34M	shares	Point-in-time
Temporary Equity, Balance (in shares)	`TemporaryEquitySharesOutstanding`	61.30M	shares	Point-in-time

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