Rush Street Interactive(RSI) - 2020 Q3 - Quarterly Report

Financial Performance - The company had a net loss of approximately $2.3 million for the three months ended September 30, 2020, primarily due to general and administrative expenses of approximately $2.35 million [117]. - For the nine months ended September 30, 2020, the company reported a net loss of approximately $2.4 million, with general and administrative expenses totaling approximately $2.92 million [118]. - Class B common stock reported a net loss of approximately $2.4 million for the three months and approximately $2.9 million for the nine months ended September 30, 2020 [131]. Cash and Capital Structure - As of September 30, 2020, the company had approximately $482,000 in its operating bank account and a working capital deficit of approximately $1.8 million [119]. - The company raised gross proceeds of $230.0 million from its Initial Public Offering, incurring offering costs of approximately $13.2 million [107]. - The company placed $230.0 million of net proceeds from the Initial Public Offering into a Trust Account, invested in U.S. government securities [109]. - As of September 30, 2020, the company had approximately $759,000 of interest income available in the Trust Account for tax obligations [119]. Revenue Generation - The company has not generated any operating revenues to date and will only do so after completing its Initial Business Combination [116]. Business Combination - The company entered into a Business Combination Agreement with Rush Street Interactive, LP, on July 27, 2020 [115]. Underwriting and Fees - The underwriters of the Initial Public Offering are entitled to an underwriting discount of $0.20 per unit, totaling $4.6 million, and an additional deferred fee of $8.05 million [126]. Earnings Per Share - For the three months ended September 30, 2020, net income per share for Class A common stock was approximately $53,000, resulting in a basic and diluted income per share [131]. - For the nine months ended September 30, 2020, net income per share for Class A common stock was approximately $480,000 [131]. - Income attributable to Class A common stock for the three and nine months ended September 30, 2020, was approximately $54,000 and $481,000, respectively [131]. Regulatory and Compliance - The company expects to incur significant costs related to being a public company, including legal and compliance expenses [116]. - As of September 30, 2020, the company did not have any off-balance sheet arrangements [133]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards [134]. - The company is exempt from certain reporting requirements for a period of five years following its initial public offering [135].