10-Q Filing

LUCID GROUP, INC. CIK: 1811210 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-21-074484`
Period End Date	20210331
Filing Date	20210601
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	cciv-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 45 Income Statement 15 Cash Flow Statement 19 Stockholders Equity 6

Balance Sheet 45 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$2.07M	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	`Cash`	$3.59M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$845.67K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$937.79K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.53M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.91M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$2.07B	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$2.07B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.07B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.07B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.42M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.45M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$105.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$81.42K	USD	Point-in-time
Convertible promissory note - related party, net of discount	`DueToRelatedPartiesCurrent`	$300.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.53M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.82M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$1.01B	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$142.20M	USD	Point-in-time
Warrant liability	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$17.17M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayableNonCurrent`	$72.45M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayableNonCurrent`	$72.45M	USD	Point-in-time
Total Liabilities	`Liabilities`	$216.18M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.09B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A common stock subject to possible redemption, 207,000,000 and 185,343,777 shares at redemption value at as of March 31, 2021 and December 31, 2020, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$2.07B	USD	Point-in-time
Class A common stock subject to possible redemption, 207,000,000 and 185,343,777 shares at redemption value at as of March 31, 2021 and December 31, 2020, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$1.85B	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.08B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-63.47M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-1.08B	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$2.07B	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$2.07B	USD	Point-in-time

Income Statement 15 line items

Line Item	Tag	Value	Unit	Period
Operating costs	`OperatingExpenses`	$3.09M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.09M	USD	1 Quarter
Changes in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	$812.37M	USD	1 Quarter
Interest expense - excess fair value of conversion liability	`GainLossOnInitialClassificationOfConversionOption`	$56.19M	USD	1 Quarter
Interest expense - amortization of debt discount	`InterestExpense`	$300.00K	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$177.33K	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$3.96K	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-868.68M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-871.77M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$23.58K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-871.80M	USD	1 Quarter
Basic and diluted weighted average shares outstanding, Class A common stock subject to redemption	`TemporaryEquityWeightedAverageNumberOfSharesOutstandingBasicAndDiluted`	196.31M	shares	1 Quarter
Basic and diluted net income per share, Class A common stock subject to redemption	`TemporaryEquityEarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted weighted average shares outstanding, Non-redeemable common stock	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	65.32M	shares	1 Quarter
Basic and diluted net loss per share, Non-redeemable common stock	`EarningsPerShareBasicAndDiluted`	$-13.35	USD	1 Quarter

Cash Flow Statement 19 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-871.80M	USD	1 Quarter
Changes in fair value of derivative liabilities	`FairValueAdjustmentOfWarrants`	$812.37M	USD	1 Quarter
Interest expense - excess fair value of conversion liability	`GainLossOnInitialClassificationOfConversionOption`	$56.19M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$300.00K	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$177.33K	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`MarketableSecuritiesUnrealizedGainLoss`	$3.96K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-92.11K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-27.03K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$23.58K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.02M	USD	1 Quarter
Proceeds from promissory note - related party	`ProceedsFromRelatedPartyDebt`	$1.50M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.50M	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.52M	USD	1 Quarter
Cash - Beginning of period	`Cash`	$2.07M	USD	Point-in-time
Cash - Beginning of period	`Cash`	$3.59M	USD	Point-in-time
Cash - End of period	`Cash`	$2.07M	USD	Point-in-time
Cash - End of period	`Cash`	$3.59M	USD	Point-in-time
Change in value of Class A common stock subject to possible redemption	`ChangeInValueOfCommonStockSubjectToRedemption`	$216.56M	USD	1 Quarter
Initial classification of conversion option liability	`InitialClassificationOfConversionOptionLiability`	$57.69M	USD	1 Quarter

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-1.08B	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Change in value of common stock subject to possible redemption	`SharesSubjectToPossibleRedemptionValue`	$216.56M	USD	1 Quarter
Net loss	`NetIncomeLossAttributableToParentAndShareholders`	$-871.80M	USD	1 Quarter
Balance	`StockholdersEquity`	$-1.08B	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.