Workflow
PLBY (PLBY) - 2020 Q4 - Annual Report
PLBYPLBY (PLBY)2021-04-14 16:00
Transcript

Financial Performance - For the year ended December 31, 2020, the company reported a net loss of 1,061,802,withoperatingcostsof1,061,802, with operating costs of 1,093,833 and interest income of 31,669[174].−CashusedinoperatingactivitiesfortheyearendedDecember31,2020,was31,669[174]. - Cash used in operating activities for the year ended December 31, 2020, was 371,622, with net loss impacted by interest and unrealized gains on marketable securities[178]. Initial Public Offering (IPO) - The company completed its IPO on June 4, 2020, raising gross proceeds of 50,000,000fromthesaleof5,000,000Unitsat50,000,000 from the sale of 5,000,000 Units at 10.00 per Unit[175]. - Following the IPO, the company placed a total of 58,647,960intheTrustAccountafterincurringtransactioncostsof58,647,960 in the Trust Account after incurring transaction costs of 4,010,359[177]. - The company raised an additional 50.0millionthroughaPIPEinvestment,subscribingfor5,000,000sharesofcommonstockat50.0 million through a PIPE investment, subscribing for 5,000,000 shares of common stock at 10.00 per share[181]. Assets and Liquidity - As of December 31, 2020, the company had cash and marketable securities in the Trust Account amounting to 58,679,991[179].−Thecompanybelievesitsexistingliquiditysourceswillbesufficienttofundoperationsforthenext12months,includingleaseobligationsandcapitalexpenditures[182].−Thecompanydidnothaveanyoff−balancesheetarrangementsasofDecember31,2020[183].−AsofDecember31,2020,thecompanyhadnolong−termdebtorcapitalleaseobligations,onlyincurringamonthlyfeeof58,679,991[179]. - The company believes its existing liquidity sources will be sufficient to fund operations for the next 12 months, including lease obligations and capital expenditures[182]. - The company did not have any off-balance sheet arrangements as of December 31, 2020[183]. - As of December 31, 2020, the company had no long-term debt or capital lease obligations, only incurring a monthly fee of 10,000 to an affiliate of the Sponsor[184]. Acquisition - The company acquired all outstanding shares of Playboy for approximately 381.3million,whichincluded20,916,812sharesofcommonstockandassumeddebtofapproximately381.3 million, which included 20,916,812 shares of common stock and assumed debt of approximately 158.2 million[180].