Spruce Power (SPRU) - 2020 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2020, the company reported a net loss of $1,826,524, with operating costs of $1,871,654, offset by interest income of $21,011 and an income tax benefit of $24,119 [108]. - For the nine months ended September 30, 2020, the company had a net loss of $1,417,256, consisting of operating costs of $2,218,940 and a provision for income taxes of $84,673, offset by interest income of $886,357 [108]. - Cash used in operating activities for the nine months ended September 30, 2020 was $609,460, which included a net loss of $1,417,256 and interest earned on marketable securities of $886,357 [115]. Assets and Securities - As of September 30, 2020, the company held marketable securities in the Trust Account amounting to $232,286,222, including approximately $2,286,000 of interest income [117]. - As of September 30, 2020, the company had cash held outside the Trust Account of $535,515, intended for evaluating prospective acquisition candidates and related due diligence [119]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2020 [122]. Initial Public Offering - The company completed its Initial Public Offering on July 16, 2019, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit [112]. - The company incurred transaction costs of $13,185,704 related to the Initial Public Offering, which included $4,600,000 in underwriting fees and $8,050,000 in deferred underwriting fees [114]. - The private placement of 4,233,333 Private Placement Warrants was completed simultaneously with the Initial Public Offering, generating total proceeds of $6,350,000 [135]. Future Plans and Contracts - The company intends to use substantially all funds in the Trust Account for acquiring a target business and covering related expenses [118]. - The company has a forward purchase contract with the managing member of the Sponsor to purchase up to $150,000,000 of the company's securities in connection with the initial Business Combination [123]. Share Issuance - In March 2019, the company issued 5,750,000 shares of Class B common stock for a capital contribution of $25,000, approximately $0.004 per share [133]. - On July 16, 2019, the company completed the offering of 23,000,000 Units at an offering price of $10.00 per unit, generating gross proceeds of $230,000,000 [134].