10-Q Filing

MP MATERIALS CORP. / DE CIK: 1801368 Q3 2020

Filing Information

Form Type	10-Q
Accession Number	`0001801368-20-000009`
Period End Date	20200930
Filing Date	20201104
Fiscal Year	2020
Fiscal Period	Q3
XBRL Instance	fvac-20200930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 23 Income Statement 12 Cash Flow Statement 28 Stockholders Equity 18

Balance Sheet 23 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$909.01K	USD	Point-in-time
Preferred stock, par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$334.49K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.24M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$345.07M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Assets	`Assets`	$346.31M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.40M	USD	Point-in-time
Franchise tax payable	`FranchiseTaxPayableCurrent`	$137.05K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.53M	USD	Point-in-time
Deferred underwriting commissions payable	`DeferredUnderwritingCommissionsPayable`	$12.10M	USD	Point-in-time
Deferred underwriting commissions payable	`DeferredUnderwritingCommissionsPayable`	$12.07M	USD	Point-in-time
Total Liabilities	`Liabilities`	$15.61M	USD	Point-in-time
Preferred stock	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.39M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.39M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$19.50K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	-	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$346.31M	USD	Point-in-time

Income Statement 12 line items

Line Item	Tag	Value	Unit	Period
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.05M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.32M	USD	3 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$137.05K	USD	3 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$50.23K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.46M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-3.10M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$68.82K	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$31.95K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.39M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-5.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-316.34K	USD	1 Quarter

Cash Flow Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.39M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-5.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-316.34K	USD	1 Quarter
Interest income from investments held in Trust Account	`InvestmentIncomeInterest`	$68.82K	USD	3 Qtrs
Interest income from investments held in Trust Account	`InvestmentIncomeInterest`	$31.95K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$334.49K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.79M	USD	3 Qtrs
Franchise tax payable	`IncreaseDecreaseInFranchiseTaxPayable`	$137.05K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-869.38K	USD	3 Qtrs
Cash deposited in Trust Account	`PaymentsForProceedsFromInvestments`	$345.00M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-345.00M	USD	3 Qtrs
Proceeds from issuance of Class F common stock to the Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	3 Qtrs
Proceeds received under loan from the Sponsor	`ProceedsFromRelatedPartyDebt`	$211.38K	USD	3 Qtrs
Repayment of loan from the Sponsor	`RepaymentsOfRelatedPartyDebt`	$211.38K	USD	3 Qtrs
Proceeds received from initial public offering, net of underwriting commission	`ProceedsFromIssuanceInitialPublicOfferingNetOfUnderwritingCommission`	$338.10M	USD	3 Qtrs
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$246.62K	USD	3 Qtrs
Proceeds received from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$8.90M	USD	3 Qtrs
Proceeds received from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$8.90M	USD	Point-in-time
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$346.78M	USD	3 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$909.01K	USD	3 Qtrs
Cash - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$909.01K	USD	Point-in-time
Cash - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$909.01K	USD	Point-in-time
Cash - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Offering costs included in accounts payable and accrued expenses	`OfferingCostsAccountsPayableAndAccruedExpensesNoncash`	$610.45K	USD	3 Qtrs
Deferred underwriting commissions payable in connection with the initial public offering	`DeferredOfferingCostsNoncashFinancingActivities`	$12.07M	USD	3 Qtrs
Value of Class A common stock subject to possible redemption	`StockIssued1`	$325.70M	USD	3 Qtrs

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$19.50K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	-	USD	Point-in-time
Issuance of Class F common stock to the Sponsor	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	1 Quarter
Issuance of Class F common stock to the Sponsor	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	Point-in-time
Sale of units in initial public offering, net of offering costs	`SaleOfUnitsInInitialPublicOfferingNetOfOfferingCostsParValue`	$325.17M	USD	1 Quarter
Sale of private placement warrants to the Sponsor	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$8.90M	USD	1 Quarter
Class A common stock subject to possible redemption	`ReclassificationsOfTemporaryToPermanentEquity`	$3.07M	USD	1 Quarter
Class A common stock subject to possible redemption	`ReclassificationsOfTemporaryToPermanentEquity`	$-328.77M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.39M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-5.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-316.34K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$19.50K	USD	Point-in-time
Ending balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	-	USD	Point-in-time

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