Sarcos Technology and Robotics (STRC)
Search documents
Sarcos Technology and Robotics (STRC) - 2023 Q4 - Annual Report
2024-02-28 21:35
Financial Performance - The company incurred a net loss of $115.6 million for the year ended December 31, 2023, compared to a net loss of $157.1 million for the year ended December 31, 2022[78]. - Negative cash flow from operating activities was $76.6 million for the year ended December 31, 2023, up from $65.4 million in 2022[84]. - The company expects to continue incurring significant losses until achieving substantial software licensing revenue[79]. - The company anticipates fluctuations in financial results due to variations in operating costs, revenues, and product demand, particularly as it commercializes its AI/ML Software Platform[142]. - The company incurs significant expenses as a publicly-traded entity, which may adversely affect its financial condition and operating results[147]. - The company does not expect to achieve profitability in the near future, and its ability to utilize tax attributes may be restricted[155]. - The company has recorded a full valuation allowance related to its net operating loss carryforwards and other deferred tax assets due to uncertainty in realizing future benefits[156]. Strategic Focus and Development - The company announced a strategic pivot on November 14, 2023, to focus resources on the development of its AI/ML Software Platform, discontinuing hardware product development[80]. - The anticipated revenue will primarily derive from the development and licensing of the AI/ML Software Platform, which is still under development[87]. - The company expects to incur substantial research and development costs, which could significantly reduce profitability and may not result in revenue[129]. - The company may seek strategic alliances, joint ventures, and acquisitions, but there is no guarantee these will lead to successful business relationships[157]. - The company expects strategic business relationships to be crucial for future growth, but identifying and securing these opportunities may require significant management resources[158]. Market and Competitive Risks - There is uncertainty regarding the market acceptance and commercialization of the AI/ML Software Platform, which may delay anticipated revenue[86]. - The company has no previous experience in commercializing software products, which may hinder effective market entry[85]. - Customer trials and discussions for the AI/ML Software Platform may not lead to purchases, impacting revenue generation[89]. - The evolving market for AI/ML solutions presents risks, and failure to meet customer expectations could adversely affect future revenue[92]. - The company faces challenges in hiring and retaining qualified personnel, which could affect product development timelines[86]. - The company anticipates that many potential customers will be large businesses with significant negotiating power, making sales challenging[102]. - Market demand, pricing, and adoption rates for the software platform are uncertain, which could materially affect business results[99]. - The AI/ML and robotics industries are rapidly evolving, and the company may struggle to keep pace with technological changes and competition[104]. Operational Challenges - The company faces challenges in completing product development and commercialization of the AI/ML Software Platform within expected timelines[110]. - The company has limited negotiating leverage with suppliers, which may lead to unfavorable pricing and terms, impacting costs and component availability[131]. - The company plans to maintain a limited set of suppliers for hardware components, with some being sole or single source suppliers, increasing supply chain risk[130]. - The company faces risks related to supply chain disruptions caused by external factors, which could significantly impact operations[133]. - The company may face challenges in exporting software due to compliance with export control laws, which could hinder revenue generation[184]. Legal and Regulatory Risks - The introduction of AI/ML technologies may result in increased regulatory scrutiny and potential legal liabilities, impacting the company's operations and financial results[160]. - The company is subject to evolving data privacy laws, which may increase compliance costs and potential liabilities[167]. - The company may face stringent penalties under the GDPR and other international data protection laws, impacting its operations and financial condition[169]. - Legal claims and regulatory proceedings could materially affect the company's financial condition and operating results[165]. - Compliance with government contracting laws and regulations poses increased risks, including potential audits and investigations that could adversely affect business operations[178]. - The company is subject to U.S. and foreign anti-corruption laws, with violations potentially leading to significant legal and financial consequences[180]. Intellectual Property Risks - The company's intellectual property protection relies on patents and trade secrets, with uncertainties in patent positions potentially affecting competitive advantage[187]. - The company may face intellectual property infringement claims that could limit its ability to commercialize software products and result in significant litigation costs[197]. - The outcome of patent litigation is often uncertain, and there is no assurance that existing patents do not infringe on others[198]. - The company has taken precautions to protect its proprietary information, but unauthorized use or reverse engineering by competitors could harm its competitive position[191]. - Trademark rights enforcement is complex, and claims of infringement could lead to limitations or loss of trademark rights, resulting in costly litigation[192]. Workforce and Management Changes - The company conducted two reductions in force (RIFs) in the past year, affecting approximately 24% of the workforce in July and 70% in November, as part of a strategic pivot to focus on the AI/ML Software Platform[126]. - The company is highly dependent on key personnel, including its Chief Technology Officer, and any unexpected loss could materially affect product development and business operations[143]. - The company has experienced changes in its senior management team, with a new CEO effective February 23, 2024, which may lead to operational and strategic changes[144]. - The company faces intense competition for qualified AI/ML software engineers, which may increase recruitment costs and affect its ability to execute its strategy[145]. - The company has closed its facility in Pittsburgh, Pennsylvania, as part of a strategic pivot to focus on its AI/ML Software Platform, potentially limiting its ability to attract skilled employees[146]. Financial Market and Stock Risks - The company received a deficiency notice from Nasdaq on October 24, 2023, indicating it no longer meets the minimum bid price requirement, with a closing bid price below $1.00 for 30 consecutive business days[209]. - The company has a market value of publicly held shares at $11.7 million as of February 14, 2024, which is below the $15 million minimum market value requirement[210]. - The company has until April 22, 2024, to regain compliance with the minimum bid price requirement by maintaining a closing bid price of at least $1.00 for 10 consecutive business days[209]. - If compliance is not regained, the company may transfer to the OTC Markets, which typically has lower trading volumes and higher volatility compared to Nasdaq[212]. - The company may consider a reverse stock split as an option to resolve noncompliance with the minimum bid price requirement[211]. - The trading price of the company's securities has been volatile, influenced by various market factors beyond its control[204]. - The company's stock price may decline due to the large number of shares subject to employee equity awards, leading to concentrated selling periods[202]. Security and Compliance Risks - The company is subject to cybersecurity risks that may disrupt operations and compromise sensitive data, with increasing incidents of sophisticated attacks reported in the industry[171]. - The company is implementing additional security measures to protect data and systems, but these measures cannot guarantee complete security[174]. - The company anticipates incurring significant costs to detect and prevent privacy and security breaches, which could impact financial condition and operations[177]. - The company has identified material weaknesses in its internal control over financial reporting and is undertaking remediation efforts, which may increase legal and compliance costs[150]. - Increased scrutiny regarding environmental, social, and governance (ESG) practices may lead to additional costs and impact the company's reputation and customer retention[186].
Sarcos Technology and Robotics (STRC) - 2023 Q3 - Quarterly Report
2023-11-14 21:23
WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-39897 UNITED STATES SECURITIES AND EXCHANGE COMMISSION SARCOS TECHNOLOGY AND ROBOTICS CORPORATION (Exact Name of Registrant as Specified in its Charter) (Stat ...
Sarcos Technology and Robotics (STRC) - 2023 Q2 - Quarterly Report
2023-08-09 20:21
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-39897 SARCOS TECHNOLOGY AND ROBOTICS CORPORATION (Exact Name of Registrant as Specified in its Charter) (State or ...
Sarcos Technology and Robotics (STRC) - 2023 Q1 - Quarterly Report
2023-05-10 20:26
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-39897 SARCOS TECHNOLOGY AND ROBOTICS CORPORATION (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or organization) 650 South 500 West, Suite 150 Salt L ...
Sarcos Technology and Robotics (STRC) - 2022 Q4 - Annual Report
2023-03-16 20:32
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39897 SARCOS TECHNOLOGY AND ROBOTICS CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction ...
Sarcos Technology and Robotics (STRC) - 2022 Q2 - Quarterly Report
2022-08-09 21:27
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-39897 SARCOS TECHNOLOGY AND ROBOTICS CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaware 8 ...
Sarcos Technology and Robotics (STRC) - 2022 Q1 - Quarterly Report
2022-05-11 20:12
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-39897 SARCOS TECHNOLOGY AND ROBOTICS CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaware ...
Sarcos Technology and Robotics (STRC) - 2021 Q4 - Annual Report
2022-03-29 20:21
Part I [Business](index=8&type=section&id=Item%201.%20Business) Sarcos develops highly-dexterous mobile robotic systems, Guardian XO and XT, for industrial use, targeting early 2023 commercial launch via a RaaS model - Sarcos designs and produces highly-dexterous mobile robotic systems to augment human performance, combining human intelligence with machine strength and precision[22](index=22&type=chunk) - The company plans to offer its primary products, the Guardian XO and Guardian XT, through a Robot-as-a-Service (RaaS) subscription model to lower upfront costs for customers and generate recurring revenue[25](index=25&type=chunk)[61](index=61&type=chunk) - Initial production of commercial units for the Guardian XO and Guardian XT is targeted for the end of 2022, with customer delivery expected in early 2023[36](index=36&type=chunk)[59](index=59&type=chunk) - The company estimates its Total Addressable Market (TAM) was approximately **$147 billion** in 2020, driven by the number of workers in occupations suitable for their robotic systems[57](index=57&type=chunk) - As of March 2022, Sarcos held approximately **172 patents** and had **108 filed patent applications**, underscoring its focus on proprietary technology[68](index=68&type=chunk)[96](index=96&type=chunk) [Risk Factors](index=21&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including net losses, potential product launch delays, unproven RaaS market demand, supply chain dependencies, and internal control weaknesses - The company is an early-stage entity with a history of losses and expects to incur significant expenses and net losses for the foreseeable future, particularly through 2023[104](index=104&type=chunk) Net Loss | Metric | 2021 | 2020 | | :--- | :--- | :--- | | **Net Loss** | $81.5 million | $20.9 million | - There is a significant risk that the initial production and delivery of the Guardian XO and Guardian XT products may be delayed beyond the end of 2022 and early 2023, respectively, due to supply chain disruptions, labor shortages, and development challenges[111](index=111&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) - The company's core products represent a new category, and assumptions about market demand, pricing, and adoption rates are unproven; there are currently no binding orders for the commercial versions of these products[122](index=122&type=chunk)[123](index=123&type=chunk) - The Robot-as-a-Service (RaaS) subscription model is untested and may not gain commercial acceptance, which is a core part of the company's strategy[128](index=128&type=chunk) - Sarcos is dependent on suppliers, some of which are single or sole source, and is experiencing interruptions and cost increases for materials; the company has not yet finalized all suppliers or a contract manufacturing partner[169](index=169&type=chunk)[171](index=171&type=chunk) - Both Old Sarcos and Rotor (the SPAC) identified a material weakness in their internal control over financial reporting prior to the business combination, and the weakness related to Old Sarcos remains[195](index=195&type=chunk)[197](index=197&type=chunk)[199](index=199&type=chunk) [Unresolved Staff Comments](index=54&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the Securities and Exchange Commission - There are no unresolved staff comments[286](index=286&type=chunk) [Properties](index=54&type=section&id=Item%202.%20Properties) Sarcos operates a 60,000 sq ft corporate and manufacturing facility in Salt Lake City, Utah, under a lease expiring in May 2033, deemed adequate for current needs - The company's main facility is a **60,000 sq. ft.** space in Salt Lake City, Utah, under a lease expiring in May 2033[287](index=287&type=chunk) [Legal Proceedings](index=54&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings that it believes would have a material adverse effect on its business, financial condition, or results of operations - Sarcos is not currently involved in any material legal proceedings[288](index=288&type=chunk) [Mine Safety Disclosures](index=54&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Mine safety disclosures are not applicable[289](index=289&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=55&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock and warrants trade on Nasdaq, with no intention to pay cash dividends, retaining earnings for growth - Common Stock and Warrants are traded on Nasdaq under symbols **STRC** and **STRCW**[292](index=292&type=chunk) - The company has never paid cash dividends and does not intend to in the foreseeable future, retaining funds for business growth[294](index=294&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=56&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Sarcos reported a significant net loss in 2021 due to decreased revenue and surged operating expenses, with cash bolstered by the business combination Financial Highlights (in thousands) | (In thousands) | 2021 | 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenue, net** | **$5,075** | **$8,813** | **($3,738)** | **(42)%** | | Cost of revenue | $3,867 | $5,602 | ($1,735) | (31)% | | Research and development | $17,516 | $14,117 | $3,399 | 24% | | General and administrative | $58,059 | $7,297 | $50,762 | 696% | | Sales and marketing | $6,624 | $2,796 | $3,828 | 137% | | **Total operating expenses** | **$86,066** | **$29,812** | **$56,254** | **189%** | | **Loss from operations** | **($80,991)** | **($20,999)** | | | - The **42% decrease in revenue** was primarily driven by a **$3.2 million (47%) reduction** in research and development services as the company narrowed its focus to projects aligned with product commercialization[339](index=339&type=chunk) - The **696% increase in General and Administrative expenses** was mainly due to **$41.8 million** in stock-based compensation recognized for awards that vested or began vesting upon the closing of the Business Combination[345](index=345&type=chunk) - The company secured approximately **$228.8 million** in net cash proceeds from the Business Combination and PIPE Financing, ending 2021 with **$217.1 million** in cash and cash equivalents[350](index=350&type=chunk)[351](index=351&type=chunk) - On March 28, 2022, Sarcos announced a definitive agreement to acquire RE2, Inc. for approximately **$100 million**, consisting of **$30 million in cash** and **$70 million in common stock**[310](index=310&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=65&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Sarcos is not required to provide the information for this item - The company is not required to provide this information as it qualifies as a smaller reporting company[370](index=370&type=chunk) [Financial Statements and Supplementary Data](index=66&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The 2021 consolidated financial statements reflect significant changes post-business combination, including increased assets and equity, a substantial net loss, and cash flow primarily from financing activities Consolidated Balance Sheet Data (in thousands) | | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Cash and cash equivalents | $217,114 | $33,664 | | Total Assets | $235,823 | $38,051 | | Total Liabilities | $21,861 | $5,147 | | Total Stockholders' Equity | $213,962 | $32,904 | Consolidated Statement of Operations Data (in thousands) | | Year Ended Dec 31, 2021 | Year Ended Dec 31, 2020 | | :--- | :--- | :--- | | Revenue, net | $5,075 | $8,813 | | Loss from operations | ($80,991) | ($20,999) | | Net loss | ($81,508) | ($20,926) | | Net loss per share | ($0.72) | ($0.21) | Consolidated Cash Flow Data (in thousands) | | Year Ended Dec 31, 2021 | Year Ended Dec 31, 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | ($42,103) | ($16,882) | | Net cash used in investing activities | ($4,688) | ($950) | | Net cash provided by financing activities | $230,241 | $42,301 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=94&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - There were no disagreements with accountants on accounting and financial disclosure[511](index=511&type=chunk) [Controls and Procedures](index=94&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of December 31, 2021, due to a material weakness in internal control over financial reporting, with remediation efforts underway - Management concluded that disclosure controls and procedures were not effective as of December 31, 2021[512](index=512&type=chunk) - The ineffectiveness is due to a material weakness in internal control over financial reporting associated with accounting for unique and nonstandard transactions, which was identified at Old Sarcos prior to the merger[512](index=512&type=chunk) - Remediation efforts are underway, including strengthening the accounting function with new hires and engaging a third-party consulting firm[518](index=518&type=chunk) - Management excluded a formal report on internal control over financial reporting (ICFR) for fiscal year 2021 due to the timing of the business combination[514](index=514&type=chunk) [Other Information](index=95&type=section&id=Item%209B.%20Other%20Information) There is no other information to report for this item - None[519](index=519&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=96&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) The company's leadership includes Kiva Allgood as CEO and Benjamin G. Wolff as Executive Chairman, with a classified, mostly independent board and four established committees - The executive team is led by Kiva Allgood (President, CEO) and Benjamin G. Wolff (Executive Chairman)[522](index=522&type=chunk) - The board of directors is classified into three staggered three-year terms[544](index=544&type=chunk) - Seven of the nine board members are considered independent under Nasdaq rules[547](index=547&type=chunk) - The board has four primary committees: Audit, Compensation, Nominating and Corporate Governance, and Strategic Transaction[548](index=548&type=chunk)[550](index=550&type=chunk)[552](index=552&type=chunk)[554](index=554&type=chunk) [Executive Compensation](index=105&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation for 2021 was significantly impacted by large equity awards tied to the business combination and new employment agreements, with new equity and ESPP plans established 2021 Summary Compensation Table (Select Officers) | Name and Principal Position | Salary ($) | Stock Awards ($) | Option Awards ($) | Total ($) | | :--- | :--- | :--- | :--- | :--- | | Kiva Allgood, CEO | 8,654 | 3,000,002 | 3,001,038 | 6,009,694 | | Benjamin Wolff, Exec. Chairman | 396,258 | 45,049,998 | 5,565,845 | 51,237,601 | | Marian Joh, former COO | 256,923 | 1,802,000 | 2,202,861 | 4,261,784 | - Executive employment agreements are in place, providing for base salary, bonus eligibility, and severance payments/benefits upon certain termination events, including enhanced benefits following a change in control[597](index=597&type=chunk)[600](index=600&type=chunk)[604](index=604&type=chunk) - The company adopted a new 2021 Equity Incentive Plan with **30,000,000 shares** initially authorized, plus assumed and forfeited awards from the prior plan[617](index=617&type=chunk) - A new 2021 Employee Stock Purchase Plan (ESPP) was established, authorizing **3,000,000 shares** for issuance to eligible employees at a discount[639](index=639&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=118&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) As of February 15, 2022, directors and executive officers collectively owned **36.8%** of common stock, with several individuals and institutions holding significant beneficial ownership - All directors and executive officers as a group beneficially own **36.8%** of the company's common stock as of February 15, 2022[670](index=670&type=chunk) Beneficial Ownership of Key Individuals and 5% Holders | Holder | Ownership % | | :--- | :--- | | Benjamin G. Wolff (Executive Chairman) | 14.1% | | Brian D. Finn (Director) | 10.5% | | Dr. Fraser Smith (Chief Innovation Officer) | 9.9% | | BlackRock, Inc. | 13.8% | | Marc Olivier | 10.1% | | DIG Investments XVIII AB | 8.0% | | Rotor-Sarcos, LLC | 6.3% | | Schlumberger Technology Corporation | 5.6% | [Certain Relationships and Related Transactions, and Director Independence](index=121&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The company discloses various related party transactions, including pre-combination financings and post-combination agreements with director-affiliated entities, all subject to audit committee oversight - Directors and affiliates of Rotor (the SPAC) participated in the purchase of Founder Shares and Private Placement Warrants[674](index=674&type=chunk)[675](index=675&type=chunk) - In 2020, Old Sarcos' Series C Preferred Stock financing included participation from related parties such as Caterpillar Venture Capital, Director Dennis Weibling, DIG Investments, Rotor-Sarcos, LLC, and Schlumberger[688](index=688&type=chunk)[689](index=689&type=chunk) - Julie Wolff, spouse of Executive Chairman Benjamin Wolff, serves as the company's Chief Legal Officer, earning total compensation of **$342,820** in 2021[690](index=690&type=chunk) - The company has a Master Services Agreement with Sparks Marketing Group, where the brother-in-law of Executive Chairman Benjamin Wolff is a Vice President; Sarcos expects to pay Sparks approximately **$890,000** during 2021 and 2022[699](index=699&type=chunk) - The company has adopted a formal policy for the review and approval of related person transactions, which is overseen by the audit committee[701](index=701&type=chunk) [Principal Accountant Fees and Services](index=126&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Sarcos paid Ernst & Young LLP **$1.675 million** in audit fees for 2021, including **$0.8 million** for business combination services, with all services subject to audit committee pre-approval Fees Paid to Ernst & Young LLP (in thousands) | Fee Type | 2021 | 2020 | | :--- | :--- | :--- | | Audit Fees | $1,675 | $705 | | Audit-Related Fees | $0 | $0 | | Tax Fees | $0 | $0 | | **Total Fees** | **$1,675** | **$705** | - Audit fees for 2021 included **$0.8 million** for services related to the Business Combination[707](index=707&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=127&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section provides an index of financial statements referenced from Item 8 and a comprehensive list of all exhibits filed with the Form 10-K, including key corporate documents - This item incorporates the financial statements from Item 8 by reference[708](index=708&type=chunk) - An index of exhibits filed with the report is provided, including major agreements, corporate governance documents, and executive compensation plans[712](index=712&type=chunk) [Form 10-K Summary](index=129&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that there is no Form 10-K summary - None[717](index=717&type=chunk)
Sarcos Technology and Robotics (STRC) - 2021 Q3 - Quarterly Report
2021-11-09 21:45
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-39897 SARCOS TECHNOLOGY AND ROBOTICS CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaw ...
Sarcos Technology and Robotics (STRC) - 2021 Q2 - Quarterly Report
2021-08-16 20:01
(MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the transition period from to Commission file number: 001-39897 ROTOR ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) Delaware 85-2838301 (State or other jurisdiction of inc ...