|
Delaware
(State or other jurisdiction of
incorporation or organization) |
| |
7389
(Primary Standard Industrial
Classification Code Number) |
| |
88-3590180
(I.R.S. Employer
Identification No.) |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☒
|
|
| | | |
Emerging growth company
☒
|
|
| | |
[Page]
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| | | | F-1 | | | |
| | | | F-3 | | | |
| | | | F-55 | | | |
| | | | F-92 | | |
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
($ in thousands, except percentages)
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
U.S. GAAP Measures: | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 12,784 | | | | | $ | 3,567 | | | | | $ | 22,450 | | | | | $ | 6,156 | | |
Net loss
|
| | | $ | (1,090) | | | | | $ | (2,434) | | | | | $ | (3,440) | | | | | $ | (5,141) | | |
Net loss %
|
| | | | (8.5)% | | | | | | (68.2)% | | | | | | (15.3)% | | | | | | (83.5)% | | |
Net cash flows used in operating activities
|
| | | $ | (3,109) | | | | | $ | (5,099) | | | | | $ | (4,146) | | | | | $ | (7,423) | | |
Key Performance Indicators and non-GAAP measures: | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA
|
| | | $ | (875) | | | | | $ | (2,305) | | | | | $ | (2,987) | | | | | $ | (4,891) | | |
Adjusted EBITDA Margin
|
| | | | (6.8)% | | | | | | (64.6)% | | | | | | (13.3)% | | | | | | (79.5)% | | |
Bookings
|
| | | $ | 21,977 | | | | | $ | 9,803 | | | | | $ | 39,476 | | | | | $ | 17,076 | | |
Take Rate
|
| | | | 58.2% | | | | | | 36.4% | | | | | | 56.9% | | | | | | 36.1% | | |
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
($ in thousands, except percentages)
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Revenue
|
| | | $ | 12,784 | | | | | $ | 3,567 | | | | | $ | 22,450 | | | | | $ | 6,156 | | |
Adjusted EBITDA reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | | (1,090) | | | | | | (2,434) | | | | | | (3,440) | | | | | | (5,141) | | |
Add (deduct): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense (income)
|
| | | | 17 | | | | | | 9 | | | | | | 49 | | | | | | 14 | | |
Depreciation and amortization
|
| | | | 145 | | | | | | 55 | | | | | | 297 | | | | | | 110 | | |
Share based compensation
|
| | | | 40 | | | | | | 61 | | | | | | 94 | | | | | | 122 | | |
Tax (benefit) expense
|
| | | | 13 | | | | | | 4 | | | | | | 13 | | | | | | 4 | | |
Adjusted EBITDA
|
| | | $ | (875) | | | | | $ | (2,305) | | | | | $ | (2,987) | | | | | $ | (4,891) | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
($ in thousands, except percentages)
|
| |
2022
|
| |
2021
|
| |
$
Change |
| |
%
Change |
| |
2022
|
| |
2021
|
| |
$ Change
|
| |
%
Change |
| ||||||||||||||||||||||||
Revenue
|
| | | $ | 12,784 | | | | | $ | 3,567 | | | | | $ | 9,217 | | | | | | 258% | | | | | $ | 22,450 | | | | | $ | 6,156 | | | | | $ | 16,294 | | | | | | 265% | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue, excluding depreciation and amortization
|
| | | | 1,200 | | | | | | 675 | | | | | | 525 | | | | | | 78% | | | | | | 2,006 | | | | | | 1,073 | | | | | | 933 | | | | | | 87% | | |
Platform operations and support
|
| | | | 2,817 | | | | | | 2,690 | | | | | | 127 | | | | | | 5% | | | | | | 5,394 | | | | | | 5,260 | | | | | | 134 | | | | | | 3% | | |
Sales and marketing
|
| | | | 7,284 | | | | | | 1,235 | | | | | | 6,049 | | | | | | 490% | | | | | | 13,366 | | | | | | 1,840 | | | | | | 11,526 | | | | | | 626% | | |
General and administrative
|
| | | | 2,398 | | | | | | 1,333 | | | | | | 1,065 | | | | | | 80% | | | | | | 4,765 | | | | | | 2,996 | | | | | | 1,769 | | | | | | 59% | | |
Depreciation and amortization
|
| | | | 145 | | | | | | 55 | | | | | | 90 | | | | | | 164% | | | | | | 297 | | | | | | 110 | | | | | | 187 | | | | | | 170% | | |
Total costs and expenses
|
| | | | 13,844 | | | | | | 5,988 | | | | | | 7,856 | | | | | | 131% | | | | | | 25,828 | | | | | | 11,279 | | | | | | 14,549 | | | | | | 129% | | |
Interest (expense) income, net
|
| | | | (17) | | | | | | (9) | | | | | | (8) | | | | | | 89% | | | | | | (49) | | | | | | (14) | | | | | | (35) | | | | | | 250% | | |
Loss before income taxes
|
| | | | (1,077) | | | | | | (2,430) | | | | | | 1,353 | | | | | | (56)% | | | | | | (3,427) | | | | | | (5,137) | | | | | | 1,710 | | | | | | (33)% | | |
Income tax benefit (expense)
|
| | | | (13) | | | | | | (4) | | | | | | (9) | | | | | | 225% | | | | | | (13) | | | | | | (4) | | | | | | (9) | | | | | | 225% | | |
Net loss
|
| | | $ | (1,090) | | | | | $ | (2,434) | | | | | $ | 1,344 | | | | | | (55)% | | | | | $ | (3,440) | | | | | $ | (5,141) | | | | | $ | 1,701 | | | | | | (33)% | | |
| | |
Six Months Ended June 30,
|
| |||||||||
($ in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
Net cash flows used in operating activities
|
| | | $ | (4,146) | | | | | $ | (7,423) | | |
Net cash flows (used in) provided by investing activities
|
| | | | (4,580) | | | | | | 6,050 | | |
Net cash flows provided by financing activities
|
| | | | 8,536 | | | | | | — | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | 190 | | | | | $ | (1,373) | | |
Name
|
| |
Age
|
| |
Position
|
|
Garrett Smallwood | | |
32
|
| | Chief Executive Officer | |
Adam Storm | | |
32
|
| | President & Chief Product Officer | |
Dylan Allread | | |
37
|
| | Chief Operating Officer | |
Alec Davidian | | |
39
|
| | Chief Financial Officer | |
Patrick McCarthy | | |
42
|
| | Chief Marketing Officer | |
Maziar (Mazi) Arjomand | | |
30
|
| | Chief Technology Officer | |
David Cane | | |
39
|
| | Chief Customer Officer | |
Nicholas Yu | | |
41
|
| | Director of Legal | |
Roger Lee(1) | | |
51
|
| | Director | |
Melinda Chelliah(1) | | |
55
|
| | Director | |
Jocelyn Mangan(2) | | |
51
|
| | Director | |
Brian Yee(2)(3) | | |
38
|
| | Director | |
Kimberly A. Blackwell(1)(3) | | |
51
|
| | Director | |
Sheila Lirio Marcelo(3) | | |
51
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($) |
| |
Option Awards
($)(2) |
| |
Total
($) |
| |||||||||||||||
Garrett Smallwood | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chief Executive Officer
|
| | | | 2021 | | | | | | 301,924 | | | | | | 250,000 | | | | | | 5,245 | | | | | | 557,169 | | |
Adam Storm | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
President and Chief Product Officer
|
| | | | 2021 | | | | | | 301,924 | | | | | | 250,000 | | | | | | 5,245 | | | | | | 557,169 | | |
Maziar (Mazi) Arjomand | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chief Technology Officer
|
| | | | 2021 | | | | | | 301,924 | | | | | | 250,000 | | | | | | 5,245 | | | | | | 557,169 | | |
| | |
Option Awards(1)
|
| |||||||||||||||||||||
| | |
Grant Date
|
| |
Number of Securities
Underlying Unexercised Stock Options |
| |
Option
exercise price per share ($) |
| |
Option
expiration date |
| ||||||||||||
| | |
Vested
|
| |
Unvested
|
| ||||||||||||||||||
Garrett Smallwood
|
| | 8.16.2017 | | | | | 9,141 | | | | | | — | | | | | | 2.17 | | | | 8.15.2027 | |
| | | 8.28.2018(2) | | | | | 21,875 | | | | | | 3,125 | | | | | | 2.96 | | | | 8.27.2028 | |
| | | 5.6.2019 | | | | | 77,583 | | | | | | — | | | | | | 2.78 | | | | 5.5.2029 | |
| | | 3.18.2020(3) | | | | | 1,176,027 | | | | | | 349,630 | | | | | | 0.09 | | | | 3.17.2030 | |
| | | 3.2.2021(4) | | | | | 36,751 | | | | | | 10,926 | | | | | | 0.16 | | | | 3.1.2031 | |
Adam Storm
|
| | 3.18.2020(5) | | | | | 731,043 | | | | | | 794,614 | | | | | | 0.09 | | | | 3.17.2030 | |
| | | 3.2.2021(6) | | | | | 22,845 | | | | | | 24,832 | | | | | | 0.16 | | | | 3.1.2031 | |
Maziar (Mazi) Arjomand
|
| | 8.16.2017 | | | | | 9,141 | | | | | | — | | | | | | 2.17 | | | | 8.15.2027 | |
| | | 8.28.2018(7) | | | | | 83,287 | | | | | | 7,572 | | | | | | 2.96 | | | | 8.27.2018 | |
| | | 5.6.2019(8) | | | | | 14,166 | | | | | | 5,834 | | | | | | 2.78 | | | | 5.5.2029 | |
| | | 3.18.2020(9) | | | | | 1,176,027 | | | | | | 349,630 | | | | | | 0.09 | | | | 3.17.2030 | |
| | | 3.2.2021(10) | | | | | 36,751 | | | | | | 10,926 | | | | | | 0.16 | | | | 3.1.2031 | |
Name
|
| |
Fees earned or
paid in cash ($)(1) |
| |
Stock Awards
($)(2)(3) |
| |
Total ($)
|
| |||||||||
Melinda Chelliah(4)
|
| | | | 10,000 | | | | | | — | | | | | | 10,000 | | |
Jocelyn Mangan(5)
|
| | | | 20,000 | | | | | | — | | | | | | 20,000 | | |
Brian Yee
|
| | | | — | | | | | | — | | | | | | — | | |
Roger Lee
|
| | | | — | | | | | | — | | | | | | — | | |
Niko Bonatsos(6)
|
| | | | — | | | | | | — | | | | | | — | | |
Name and Address of Beneficial Owner(1)
|
| |
Number of
Shares |
| |
Percentage of
Shares |
| ||||||
5% and Greater Stockholders: | | | | | | | | | | | | | |
General Catalyst(2)
|
| | | | 6,976,530 | | | | | | 15.6% | | |
ACME Fund II(3)
|
| | | | 5,348,634 | | | | | | 12.0 | | |
Battery Ventures(4)
|
| | | | 3,853,840 | | | | | | 8.6 | | |
Tenaya Capital(5)
|
| | | | 4,024,849 | | | | | | 9.0 | | |
CHW Acquisition Sponsor LLC(6)
|
| | | | 2,385,000 | | | | | | 5.3 | | |
Jonah Raskas(6)
|
| | | | 2,385,000 | | | | | | 5.3 | | |
Mark Grundman(6)
|
| | | | 2,385,000 | | | | | | 5.3 | | |
Executive Officers and Directors: | | | | | | | | | | | | | |
Garrett Smallwood(7)
|
| | | | 1,637,925 | | | | | | 3.7 | | |
Adam Storm(8)
|
| | | | 1,115,133 | | | | | | 2.5 | | |
Dylan Allread(9)
|
| | | | 785,084 | | | | | | 1.8 | | |
Alec Davidian(10)
|
| | | | 146,557 | | | | | | * | | |
Patrick McCarthy(11)
|
| | | | 127,116 | | | | | | * | | |
Maziar (Mazi) Arjomand(12)
|
| | | | 1,645,160 | | | | | | 3.7 | | |
David Cane(13)
|
| | | | 87,760 | | | | | | * | | |
Nicholas Yu(14)
|
| | | | 15,796 | | | | | | * | | |
Roger Lee(4)
|
| | | | 3,853,840 | | | | | | 8.6 | | |
Melinda Chelliah(15)
|
| | | | 26,451 | | | | | | * | | |
Jocelyn Mangan(16)
|
| | | | 26,451 | | | | | | * | | |
Brian Yee(17)
|
| | | | — | | | | | | — | | |
Kimberly A. Blackwell
|
| | | | — | | | | | | — | | |
Sheila Lirio Marcelo
|
| | | | — | | | | | | — | | |
All directors and executive officers (14 individuals) as a group
|
| | | | 9,467,273 | | | | | | 21.2 | | |
| | |
Shares of Common Stock
|
| |
Warrants to Purchase Common Stock
|
| ||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Number
Beneficially Owned Prior to Offering |
| |
Number
Registered for Sale Hereby |
| |
Number
Beneficially Owned After Offering |
| |
Percent
Owned After Offering |
| |
Number
Beneficially Owned Prior to Offering |
| |
Number
Registered for Sale Hereby |
| |
Number
Beneficially Owned After Offering |
| |
Percent
Owned After Offering |
| ||||||||||||||||||||||||
PIPE Investors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corbin ERISA Opportunity Fund, Ltd.
|
| | | | 205,000 | | | | | | 205,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Corbin Opportunity Fund, L.P.
|
| | | | 90,000 | | | | | | 90,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pinehurst Partners, L.P.
|
| | | | 205,000 | | | | | | 205,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total – PIPE Investors
|
| | | | 500,000 | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Holders of Registration Rights Pursuant to Registration Rights Agreement
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CHW Acquisition Sponsor LLC(1)
|
| | | | 2,385,000 | | | | | | 2,385,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
B. Riley Securities, Inc.
|
| | | | 6,250 | | | | | | 6,250 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Boothbay Fund Management, LLC
|
| | | | 40,200 | | | | | | 40,200 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Boothbay Diversified Alpha Master Fund
|
| | | | 19,800 | | | | | | 19,800 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Chardan Capital Markets LLC
|
| | | | 6,250 | | | | | | 6,250 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cladirus Ltd
|
| | | | 30,000 | | | | | | 30,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Corbin ERISA Opportunity Fund, Ltd.
|
| | | | 25,800 | | | | | | 25,800 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Corbin Opportunity Fund, L.P
|
| | | | 8,400 | | | | | | 8,400 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Corbin Pinehurst Partners, L.P
|
| | | | 25,800 | | | | | | 25,800 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Glazer Special Opportunity Fund I, LP
|
| | | | 25,000 | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
The HGC Fund LP
|
| | | | 60,000 | | | | | | 60,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
The K2 Principal Fund L.P.
|
| | | | 60,000 | | | | | | 60,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kepos Alpha Master Fund L.P.
|
| | | | 45,100 | | | | | | 45,100 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kepos Special Opportunities Master Fund L.P.
|
| | | | 14,900 | | | | | | 14,900 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Meteora Capital Partners, LP
|
| | | | 25,000 | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
MMCAP International Inc. SPC
|
| | | | 60,000 | | | | | | 60,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Polar Multi-Strategy Master Fund
|
| | | | 60,000 | | | | | | 60,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Radcliffe SPAC Master Fund, L.P.
|
| | | | 50,000 | | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Rivernorth Capital Partners, L.P.
|
| | | | 1,758 | | | | | | 1,758 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Rivernorth Institutional Partners, L.P.
|
| | | | 15,818 | | | | | | 15,818 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Rivernorth SPAC Arbitrage Fund, L.P.
|
| | | | 42,424 | | | | | | 42,424 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Space Summit Opportunity Fund I LLP
|
| | | | 50,000 | | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Tenor Opportunity Master Fund, LTD.
|
| | | | 60,000 | | | | | | 60,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total – Holders of Registration Rights
|
| | | | 3,117,500 | | | | | | 3,117,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Greater than Five Percent Holders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General Catalyst Group VII, L.P.(2)
|
| | | | 6,976,530 | | | | | | 6,976,530 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
ACME Fund II(2)
|
| | | | 5,348,634 | | | | | | 5,348,634 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Entities affiliated with Battery Ventures(2)
|
| | | | 3,853,840 | | | | | | 3,853,840 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total – Greater than Five Percent Holders
|
| | | | 16,179,004 | | | | | | 16,179,004 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Executive Officers and Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Garrett Smallwood(2)
|
| | | | 1,637,925 | | | | | | 1,637,925 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adam Storm(2)
|
| | | | 1,529,326 | | | | | | 1,529,326 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dylan Allread(2)
|
| | | | 785,084 | | | | | | 785,084 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alec Davidian(2)
|
| | | | 148,952 | | | | | | 148,952 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Patrick McCarthy(2)
|
| | | | 129,511 | | | | | | 129,511 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Maziar (Mazi) Arjomand(2)
|
| | | | 1,645,970 | | | | | | 1,645,970 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David Cane(2)
|
| | | | 91,284 | | | | | | 91,284 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nicholas Yu(2)
|
| | | | 29,161 | | | | | | 29,161 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Melinda Chelliah(2)
|
| | | | 84,641 | | | | | | 84,641 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jocelyn Mangan(2)
|
| | | | 84,641 | | | | | | 84,641 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total – Executive Officers and Directors
|
| | | | 6,166,495 | | | | | | 6,166,495 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other Selling Securityholders
|
| | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Craig-Hallum Capital Group LLC
|
| | | | 50,000 | | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
SVB Financial Group
|
| | | | 42,262 | | | | | | 42,262 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Westriver Mezzanine Loans – Loan Pool V, LLC.
|
| | | | 30,172 | | | | | | 30,172 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total – Other Security Holders
|
| | | | 122,434 | | | | | | 122,434 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Holders of Warrants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CHW Acquisition Sponsor LLC(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,895,564 | | | | | | 3,895,564 | | | | | | — | | | | | | — | | |
Total – Holders of Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,895,564 | | | | | | 3,895,564 | | | | | | — | | | | | | — | | |
| | |
PAGE
|
| |||
WAG GROUP CO. FINANCIAL STATEMENTS | | | |||||
Audited Financial Statement of Wag Labs, Inc. as of and for the Years Ended December 31, 2021 and
2020 |
| | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-8 | | | |
Unaudited Condensed Consolidated Financial Statements of Wag Labs, Inc. as of and for the Three and Six Months Ended June 30, 2022 and 2021, and as of June 30, 2022 and December 31, 2021
|
| | | | | | |
| | | | F-30 | | | |
| | | | F-31 | | | |
| | | | F-32 | | | |
| | | | F-33 | | | |
| | | | F-34 | | | |
CHW ACQUISITION CORPORATION FINANCIAL STATEMENTS | | | | | | | |
Audited Financial Statements of CHW Acquisition Corporation for the period from January 12, 2021
(inception) through December 31, 2021 |
| | | | | | |
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 688) | | | | | F-53 | | |
| | | | F-55 | | | |
| | | | F-56 | | | |
| | | | F-57 | | | |
| | | | F-58 | | | |
| | | | F-59 | | | |
Unaudited condensed financial statements of CHW Acquisition Corporation for the three and six months ended and as of June 30, 2022, and as of December 31, 2021
|
| | | | | | |
| | | | F-74 | | | |
| | | | F-75 | | | |
| | | | F-76 | | | |
| | | | F-77 | | | |
| | | | F-78 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents.
|
| | | $ | 2,628 | | | | | $ | 3,049 | | |
Short-term investments available for sale
|
| | | | 2,771 | | | | | | 16,358 | | |
Accounts receivable, net
|
| | | | 2,638 | | | | | | 160 | | |
Prepaid expenses and other current assets
|
| | | | 3,043 | | | | | | 2,368 | | |
Deferred offering costs
|
| | | | 930 | | | | | | — | | |
Total current assets
|
| | | $ | 12,010 | | | | | $ | 21,935 | | |
Property and equipment, net
|
| | | | 90 | | | | | | 280 | | |
Intangible assets, net
|
| | | | 2,888 | | | | | | 40 | | |
Goodwill
|
| | | | 1,427 | | | | | | — | | |
Other assets
|
| | | | 47 | | | | | | 919 | | |
Total assets
|
| | | $ | 16,462 | | | | | $ | 23,174 | | |
Liabilities, mezzanine equity and stockholders’ equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 2,299 | | | | | $ | 1,000 | | |
Accrued expenses and other current liabilities
|
| | | | 4,601 | | | | | | 5,015 | | |
Gift card and subscription liabilities
|
| | | | 1,888 | | | | | | 1,800 | | |
Deferred purchase consideration – current portion
|
| | | | 750 | | | | | | — | | |
Loan – current portion
|
| | | | 442 | | | | | | 149 | | |
Total current liabilities
|
| | | | 9,980 | | | | | | 7,964 | | |
Loan – non-current portion
|
| | | | 1,200 | | | | | | 4,989 | | |
Deferred purchase consideration – non-current portion
|
| | | | 1,130 | | | | | | 148 | | |
Total liabilities
|
| | | $ | 12,310 | | | | | $ | 13,101 | | |
Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
Mezzanine equity: | | | | | | | | | | | | | |
Series Seed redeemable preferred stock, $0.0001 par value, 4,502,881 shares authorized, issued and outstanding
|
| | | | 19,382 | | | | | | 19,382 | | |
Series A redeemable preferred stock, $0.0001 par value, 6,072,815 shares authorized, issued and outstanding
|
| | | | 25,969 | | | | | | 25,969 | | |
Series B redeemable preferred stock, $0.0001 par value, 6,694,033 shares authorized, issued and outstanding
|
| | | | 32,057 | | | | | | 32,057 | | |
Series C redeemable preferred stock, $0.0001 par value, 7,275,657 shares authorized, issued and outstanding
|
| | | | 32,857 | | | | | | 32,857 | | |
Total mezzanine equity
|
| | | $ | 110,265 | | | | | $ | 110,265 | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Common stock, $0.0001 par value, 43,763,126 shares authorized, 6,297,398 and
5,629,095 outstanding at December 31, 2021 and 2020, respectively |
| | | $ | 1 | | | | | $ | 1 | | |
Additional paid-in capital
|
| | | | 3,736 | | | | | | 3,345 | | |
Accumulated deficit
|
| | | | (109,850) | | | | | | (103,539) | | |
Accumulated other comprehensive loss
|
| | | | — | | | | | | 1 | | |
Total stockholders’ deficit
|
| | | | (106,113) | | | | | | (100,192) | | |
Total liabilities, mezzanine equity and stockholders’ deficit
|
| | | $ | 16,462 | | | | | $ | 23,174 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenue
|
| | | $ | 20,082 | | | | | $ | 11,970 | | |
Costs and expenses: | | | | | | | | | | | | | |
Cost of revenue (exclusive of depreciation and amortization shown separately
below) |
| | | | 2,777 | | | | | | 2,756 | | |
Platform operations and support
|
| | | | 10,265 | | | | | | 13,282 | | |
Sales and marketing
|
| | | | 10,221 | | | | | | 3,140 | | |
General and administrative
|
| | | | 6,956 | | | | | | 11,550 | | |
Depreciation and amortization
|
| | | | 388 | | | | | | 213 | | |
Total costs and expenses
|
| | | | 30,607 | | | | | | 30,941 | | |
Gain on forgiveness of PPP loan
|
| | | | 3,482 | | | | | | — | | |
Interest (expense) income, net
|
| | | | (61) | | | | | | 145 | | |
Loss before income taxes
|
| | | | (7,104) | | | | | | (18,826) | | |
Income tax benefit (expense)
|
| | | | 793 | | | | | | (13) | | |
Net loss
|
| | | $ | (6,311) | | | | | $ | (18,839) | | |
Net loss per share | | | | | | | | | | | | | |
Basic
|
| | | $ | (1.07) | | | | | $ | (3.35) | | |
Diluted
|
| | | $ | (1.07) | | | | | $ | (3.35) | | |
Weighted-average shares used to compute net less per share | | | | | | | | | | | | | |
Basic
|
| | | | 5,908,062 | | | | | | 5,623,515 | | |
Diluted
|
| | | | 5,908,062 | | | | | | 5,623,515 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Net Loss
|
| | | $ | (6,311) | | | | | $ | (18,839) | | |
Other comprehensive income (loss): | | | | | | | | | | | | | |
Change unrealized gain (loss) on investments
|
| | | | 1 | | | | | | (8) | | |
Other comprehensive income (loss):
|
| | | | 1 | | | | | | (8) | | |
Total comprehensive loss
|
| | | $ | (6,310) | | | | | $ | (18,847) | | |
| | |
Redeemable Preferred
Stock – Mezzanine Equity |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019
|
| | | | 24,545,386 | | | | | $ | 110,265 | | | | | | | 5,614,470 | | | | | $ | 1 | | | | | $ | 3,053 | | | | | | (84,700) | | | | | $ | 9 | | | | | | (81,637) | | |
Shares issued upon exercise of stock options
|
| | | | — | | | | | | — | | | | | | | 21,917 | | | | | | —* | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 7 | | |
Shares cancelled, forfeited, or repurchased
|
| | | | — | | | | | | — | | | | | | | (7,292) | | | | | | —* | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 285 | | | | | | — | | | | | | — | | | | | | 285 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8) | | | | | | (8) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,839) | | | | | | — | | | | | | (18,839) | | |
Balance at December 31, 2020
|
| | | | 24,545,386 | | | | | $ | 110,265 | | | | | | | 5,629,095 | | | | | $ | 1 | | | | | $ | 3,345 | | | | | $ | (103,539) | | | | | $ | 1 | | | | | $ | (100,192) | | |
Shares issued upon exercise of stock options
|
| | | | — | | | | | | — | | | | | | | 29,061 | | | | | | —* | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 3 | | |
Shares issued upon acquisition
|
| | | | — | | | | | | — | | | | | | | 639,242 | | | | | | —* | | | | | | 166 | | | | | | — | | | | | | — | | | | | | 166 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 222 | | | | | | — | | | | | | — | | | | | | 222 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1) | | | | | | (1) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,311) | | | | | | — | | | | | | (6,311) | | |
Balance at December 31, 2021
|
| | | | 24,545,386 | | | | | $ | 110,265 | | | | | | | 6,297,398 | | | | | $ | 1 | | | | | $ | 3,736 | | | | | $ | (109,850) | | | | | $ | — | | | | | $ | (106,113) | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (6,311) | | | | | $ | (18,839) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Paid-in-kind interest
|
| | | | 54 | | | | | | — | | |
Stock-based compensation
|
| | | | 222 | | | | | | 285 | | |
Depreciation and amortization
|
| | | | 388 | | | | | | 213 | | |
Gain on PPP loan forgiveness
|
| | | | (3,482) | | | | | | — | | |
Provision for deferred taxes
|
| | | | (793) | | | | | | — | | |
Loss on disposal of property and equipment
|
| | | | — | | | | | | 128 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (2,478) | | | | | | 494 | | |
Prepaid expenses and other current assets
|
| | | | (675) | | | | | | (564) | | |
Deferred costs
|
| | | | (930) | | | | | | — | | |
Other assets
|
| | | | 872 | | | | | | (757) | | |
Accounts payable
|
| | | | 1,299 | | | | | | (644) | | |
Accrued expenses and other current liabilities
|
| | | | (364) | | | | | | (6,051) | | |
Deferred revenue
|
| | | | 88 | | | | | | (887) | | |
Other non-current liabilities
|
| | | | (146) | | | | | | 148 | | |
Net cash used in operating activities
|
| | | | (12,256) | | | | | | (26,474) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchases of short term investments
|
| | | | (17,692) | | | | | | (88,880) | | |
Proceeds from sale of short term investments
|
| | | | 31,280 | | | | | | 108,727 | | |
Proceeds from the sale of property and equipment
|
| | | | — | | | | | | 22 | | |
Cash payment for acquisition
|
| | | | (1,509) | | | | | | — | | |
Payment of deferred purchase consideration
|
| | | | (188) | | | | | | — | | |
Purchase of property and equipment
|
| | | | (5) | | | | | | (86) | | |
Net cash provided by investing activities
|
| | | | 11,886 | | | | | | 19,783 | | |
Cash flows from financing activities | | | | | | | | | | | | | |
(Payments) proceeds from PPP loan
|
| | | | (54) | | | | | | 5,138 | | |
Proceeds from exercises of stock options
|
| | | | 3 | | | | | | 7 | | |
Net cash (used in) provided by financing activities
|
| | | | (51) | | | | | | 5,145 | | |
Net decrease in cash, cash equivalents and restricted cash
|
| | | | (421) | | | | | | (1,546) | | |
Cash, cash equivalents and restricted cash at beginning of period
|
| | | | 3,049 | | | | | | 4,595 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 2,628 | | | | | $ | 3,049 | | |
Supplemental disclosures of cash flow information: | | | | | | | | | | | | | |
Cash paid during the year for interest
|
| | | $ | 22 | | | | | $ | — | | |
Cash paid during the year for income taxes
|
| | | | 1 | | | | | | 4 | | |
Non-cash investing activity: | | | | | | | | | | | | | |
Deferred purchase obligation payable of $2.25 million related to the consideration transferred for the CPI acquisition
|
| | | | | | | | | | | | |
| | | |
Estimated useful life
|
|
| Automobiles | | |
5 years
|
|
| Equipment | | |
3 years
|
|
| Leasehold improvements | | |
Shorter of estimated useful life or lease term
|
|
| Capitalized software | | |
3 years
|
|
| | |
As of
August 3, 2021 |
| |||
Intangible assets
|
| | | $ | 3,045 | | |
Goodwill
|
| | | | 1,427 | | |
Deferred tax liabilities
|
| | | | (792) | | |
Total purchase consideration
|
| | | $ | 3,680 | | |
| | |
Fair Value
|
| |
Estimated
Useful Life (years) |
| |||
Developed technology
|
| | | $ | 648 | | | |
4
|
|
Strategic customer relationships and licenses
|
| | | | 2,121 | | | |
5 – 10
|
|
Tradename
|
| | | | 276 | | | |
7
|
|
Total intangible assets
|
| | | $ | 3,045 | | | | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenue, as reported
|
| | | $ | 20,082 | | | | | $ | 11,970 | | |
Revenue of CPI for the period prior to acquisition (inclusive of pro forma adjustments)
|
| | | | 1,925 | | | | | | 339 | | |
Pro forma revenue
|
| | | $ | 22,007 | | | | | $ | 12,309 | | |
Net loss, as reported
|
| | | $ | (6,311) | | | | | $ | (18,839) | | |
Net loss of CPI for the period prior to acquisition (inclusive of pro forma
|
| | | | (40) | | | | | | (662) | | |
Pro forma net loss
|
| | | $ | (6,351) | | | | | $ | (19,501) | | |
| | |
For the Year Ended
December 31, 2021 |
| |||
Service revenue
|
| | | $ | 14,951 | | |
Wellness revenue
|
| | | | 5,131 | | |
Total revenue
|
| | | $ | 20,082 | | |
| | |
December 31, 2021
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Cash equivalents | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 620 | | | | | $ | — | | | | | $ | — | | | | | $ | 620 | | |
Short-Term investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | | 217 | | | | | | — | | | | | | — | | | | | | 217 | | |
Corporate bonds
|
| | | | — | | | | | | 2,554 | | | | | | — | | | | | | 2,554 | | |
Total financial assets
|
| | | $ | 837 | | | | | $ | 2,554 | | | | | $ | — | | | | | $ | 3,391 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Cash equivalents | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 1,163 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,163 | | |
Short-Term investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | | 4,016 | | | | | | — | | | | | | — | | | | | | 4,016 | | |
Commercial paper
|
| | | | — | | | | | | 8,098 | | | | | | — | | | | | | 8,098 | | |
Corporate bonds
|
| | | | — | | | | | | 3,426 | | | | | | — | | | | | | 3,426 | | |
U.S. government agency securities
|
| | | | — | | | | | | 818 | | | | | | — | | | | | | 818 | | |
Total financial assets
|
| | | $ | 5,179 | | | | | $ | 12,342 | | | | | $ | — | | | | | $ | 17,521 | | |
| | |
December 31, 2021
|
| |||||||||||||||||||||
| | |
Amortized
cost basis |
| |
Gross
unrealized gains |
| |
Gross
unrealized losses |
| |
Fair value
|
| ||||||||||||
Money market funds
|
| | | $ | 217 | | | | | $ | — | | | | | $ | — | | | | | $ | 217 | | |
Corporate bonds
|
| | | | 2,553 | | | | | | 1 | | | | | | — | | | | | | 2,554 | | |
Total financial assets
|
| | | $ | 2,770 | | | | | $ | 1 | | | | | $ | — | | | | | $ | 2,771 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||
| | |
Amortized cost
basis |
| |
Gross unrealized
gains |
| |
Gross unrealized
losses |
| |
Fair value
|
| ||||||||||||
Money market funds
|
| | | $ | 4,016 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,016 | | |
Commercial paper
|
| | | | 8,097 | | | | | | 1 | | | | | | — | | | | | | 8,098 | | |
Corporate bonds
|
| | | | 3,426 | | | | | | — | | | | | | — | | | | | | 3,426 | | |
U.S. government agency securities
|
| | | | 818 | | | | | | — | | | | | | — | | | | | | 818 | | |
Total financial assets
|
| | | $ | 16,357 | | | | | $ | 1 | | | | | $ | — | | | | | $ | 16,358 | | |
|
Balance December 31, 2020
|
| | | $ | — | | |
|
CPI Acquisition
|
| | | | 1,427 | | |
|
Balance December 31, 2021
|
| | | $ | 1,427 | | |
| | |
December 31, 2021
|
| |||||||||||||||
| | |
Gross Book
Value |
| |
Accumulated
Amortization |
| |
Net Book
Value |
| |||||||||
Developed technology
|
| | | $ | 648 | | | | | $ | (65) | | | | | $ | 553 | | |
Strategic customer relationships and licenses
|
| | | | 2,170 | | | | | | (125) | | | | | | 2,045 | | |
Tradename
|
| | | | 276 | | | | | | (16) | | | | | | 260 | | |
| | | | $ | 3,094 | | | | | $ | (206) | | | | | $ | 2,888 | | |
|
Developed technology
|
| |
3.6 years
|
|
|
Strategic customer relationships and licenses
|
| |
7.2 years
|
|
|
Tradename
|
| |
6.6 years
|
|
|
2022
|
| | | $ | 498 | | |
|
2023
|
| | | | 498 | | |
|
2024
|
| | | | 498 | | |
|
2025
|
| | | | 431 | | |
|
2026
|
| | | | 333 | | |
|
Thereafter
|
| | | | 581 | | |
|
Total
|
| | | $ | 2,839 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Equipment
|
| | | $ | 136 | | | | | $ | 130 | | |
Leasehold improvements
|
| | | | — | | | | | | 75 | | |
Capitalized software
|
| | | | 460 | | | | | | 460 | | |
Total property and equipment
|
| | | | 596 | | | | | | 665 | | |
Less: accumulated depreciation and amortization
|
| | | | 506 | | | | | | 385 | | |
Property and equipment, net
|
| | | $ | 90 | | | | | $ | 280 | | |
|
2022
|
| | | $ | 932 | | |
|
2023
|
| | | | 227 | | |
|
Total minimum lease payments
|
| | | $ | 1,159 | | |
Year Ended December 31, 2021
|
| |
Amounts
|
| |||
2022
|
| | | $ | 442 | | |
2023
|
| | | | 446 | | |
2024
|
| | | | 451 | | |
2025
|
| | | | 303 | | |
Total principal amount
|
| | | $ | 1,642 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||
Series
|
| |
Shares Designated
|
| |
Shares Issued and
Outstanding |
| |
Carrying Amount
|
| |
Liquidation
Preference |
| ||||||||||||
Seed
|
| | | | 4,502,881 | | | | | | 4,502,881 | | | | | $ | 19,382 | | | | | $ | 3,117 | | |
A
|
| | | | 6,072,815 | | | | | | 6,072,815 | | | | | | 25,969 | | | | | | 9,500 | | |
B
|
| | | | 6,694,033 | | | | | | 6,694,033 | | | | | | 32,057 | | | | | | 15,000 | | |
C
|
| | | | 7,275,657 | | | | | | 7,275,657 | | | | | | 32,857 | | | | | | 39,800 | | |
Total
|
| | | | 24,545,386 | | | | | | 24,545,386 | | | | | $ | 110,265 | | | | | $ | 67,417 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||
Seed
|
| | | | 4,502,881 | | | | | | 4,502,881 | | |
A
|
| | | | 6,072,815 | | | | | | 6,072,815 | | |
B
|
| | | | 6,694,033 | | | | | | 6,694,033 | | |
C
|
| | | | 7,275,657 | | | | | | 7,275,657 | | |
Common stock option plan: | | | | | | | | | | | | | |
Options outstanding
|
| | | | 7,580,496 | | | | | | 7,383,320 | | |
Options available for future grants
|
| | | | 91,933 | | | | | | 492,324 | | |
Common warrants
|
| | | | 91,310 | | | | | | 91,310 | | |
Total
|
| | | | 32,309,125 | | | | | | 32,512,340 | | |
Stock Options
|
| |
Number of Options
|
| |
Weighted-average
exercise price |
| |
Weighted-
average grant date fair value |
| |||||||||
Outstanding, December 31, 2019
|
| | | | 3,930,520 | | | | | $ | 2.89 | | | | | $ | 1.41 | | |
Granted
|
| | | | 6,662,863 | | | | | | 0.09 | | | | | | 0.06 | | |
Exercised
|
| | | | (21,917) | | | | | | 0.29 | | | | | | 0.16 | | |
Cancelled/forfeited
|
| | | | (3,188,146) | | | | | | 2.80 | | | | | | 1.40 | | |
Outstanding, December 31, 2020
|
| | | | 7,383,320 | | | | | | 0.41 | | | | | | 0.20 | | |
Granted
|
| | | | 628,302 | | | | | | 0.20 | | | | | | 0.03 | | |
Exercised
|
| | | | (29,061) | | | | | | 0.09 | | | | | | 0.04 | | |
Cancelled/forfeited
|
| | | | (402,065) | | | | | | 0.54 | | | | | | 0.27 | | |
Outstanding, December 31, 2021
|
| | | | 7,580,496 | | | | | $ | 0.39 | | | | | $ | 0.13 | | |
Exercise Price
|
| |
Outstanding,
December 31, 2021 |
| |
Weighted-Average
Remaining Contractual Life (Years) |
| |
Vested and
Exercisable, December 31, 2021 |
| |||||||||
0.09
|
| | | | 6,199,710 | | | | | $ | 8.21 | | | | | | 4,294,192 | | |
0.16
|
| | | | 321,061 | | | | | | 9.16 | | | | | | 201,631 | | |
0.26
|
| | | | 254,100 | | | | | | 9.97 | | | | | | — | | |
0.86
|
| | | | 6,025 | | | | | | 5.20 | | | | | | 6,025 | | |
2.17
|
| | | | 24,282 | | | | | | 5.65 | | | | | | 24,282 | | |
2.78
|
| | | | 544,009 | | | | | | 7.35 | | | | | | 490,346 | | |
2.96
|
| | | | 231,309 | | | | | | 6.78 | | | | | | 231,309 | | |
| | | | | 7,580,496 | | | | | | 8.20 | | | | | | 5,247,785 | | |
Exercise Price
|
| |
Outstanding,
December 31, 2020 |
| |
Weighted-Average
Remaining Contractual Life (Years) |
| |
Vested and
Exercisable, December 31, 2020 |
| |||||||||
0.09
|
| | | | 6,512,000 | | | | | $ | 9.19 | | | | | | 2,908,482 | | |
0.86
|
| | | | 6,025 | | | | | | 6.2 | | | | | | 6,025 | | |
2.17
|
| | | | 24,282 | | | | | | 6.65 | | | | | | 24,282 | | |
2.78
|
| | | | 607,143 | | | | | | 8.26 | | | | | | 441,002 | | |
2.96
|
| | | | 233,870 | | | | | | 7.72 | | | | | | 233,870 | | |
| | | | | 7,383,320 | | | | | | 9.06 | | | | | | 3,613,661 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
|
Expected term
|
| |
5.20 – 9.97 years
|
| |
5.58 – 10.0 years
|
|
Volatility (%)
|
| |
57.93% – 59.49%
|
| |
54.25% – 57.73%
|
|
Risk-free interest rate (%)
|
| |
0.71% – 1.55%
|
| |
0.32% – 0.95%
|
|
| | |
2021
|
| |
2020
|
| ||||||
Operations and support
|
| | | $ | 36 | | | | | $ | 32 | | |
Sales and marketing
|
| | | | 11 | | | | | | 9 | | |
General and administrative
|
| | | | 175 | | | | | | 244 | | |
| | | | $ | 222 | | | | | $ | 285 | | |
| | |
Restricted Stock (Unvested)
|
| |||||||||
| | |
Number of Shares
|
| |
Weighted Average Grant
Date Fair Value ($ per share) |
| ||||||
Unvested at December 31, 2020
|
| | | | — | | | | | | — | | |
Grants
|
| | | | 174,154 | | | | | $ | 0.21 | | |
Vested
|
| | | | — | | | | | | — | | |
Forfeited
|
| | | | — | | | | | | — | | |
Unvested at December 31, 2021
|
| | | | 174,154 | | | | | $ | 0.21 | | |
| | |
Number of
Shares |
| |
Weighted Average
Exercise Price ($ per share) |
| |
Aggregate
Intrinsic Value |
| |||||||||
Outstanding at December 31, 2021
|
| | | | 91,310 | | | | | $ | 1.54 | | | | | | — | | |
Outstanding at December 31, 2020
|
| | | | 91,310 | | | | | $ | 1.54 | | | | | | — | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Statutory rate
|
| | | | 21.0% | | | | | | 21.0% | | |
State tax
|
| | | | 2.2% | | | | | | 5.2% | | |
Valuation allowance
|
| | | | (21.9)% | | | | | | (26)% | | |
Other
|
| | | | (0.1)% | | | | | | (0.3)% | | |
PPP Loan Forgiveness
|
| | | | 10.0% | | | | | | 0.0% | | |
Total
|
| | | | 11.2% | | | | | | (0.1)% | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss
|
| | | $ | 52,373 | | | | | $ | 49,499 | | |
Stock based compensation
|
| | | | 25 | | | | | | 25 | | |
Charitable contributions
|
| | | | 214 | | | | | | 196 | | |
Accrued expenses
|
| | | | 453 | | | | | | 288 | | |
Other
|
| | | | 489 | | | | | | 1,316 | | |
Total deferred tax assets
|
| | | $ | 53,554 | | | | | $ | 51,324 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Fixed assets
|
| | | $ | (20) | | | | | $ | (64) | | |
Intangibles from acquisition
|
| | | | (731) | | | | | | — | | |
Other current assets
|
| | | | — | | | | | | (22) | | |
Total deferred tax liabilities
|
| | | $ | (751) | | | | | $ | (86) | | |
Valuation allowance
|
| | | | 52,803 | | | | | | 51,238 | | |
Net deferred tax taxes
|
| | | $ | — | | | | | $ | — | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss attributable to common stockholders
|
| | | $ | (6,311) | | | | | $ | (18,839) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average shares used in computing net loss per share attributable to common stockholders
|
| | | | 5,908,062 | | | | | | 5,623,515 | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (1.07) | | | | | $ | (3.35) | | |
| | |
2021
|
| |
2020
|
| ||||||
Series Seed convertible preferred shares
|
| | | | 4,502,881 | | | | | | 4,502,881 | | |
Series A convertible preferred shares
|
| | | | 6,072,815 | | | | | | 6,072,815 | | |
Series B convertible preferred shares
|
| | | | 6,694,033 | | | | | | 6,694,033 | | |
Series C convertible preferred shares
|
| | | | 7,275,657 | | | | | | 7,275,657 | | |
Options and RSUs issued and outstanding
|
| | | | 7,754,650 | | | | | | 7,383,320 | | |
Warrants issued and outstanding
|
| | | | 91,310 | | | | | | 91,310 | | |
Total
|
| | | | 32,391,346 | | | | | | 32,020,016 | | |
| | |
Severance
and other employee costs |
| |
Lease
cease-use costs |
| |
Total
|
| |||||||||
Liability at December 31, 2020
|
| | | $ | — | | | | | $ | 2,873 | | | | | $ | 2,873 | | |
Charges
|
| | | | — | | | | | | — | | | | | | — | | |
Cash Payments
|
| | | | — | | | | | | (2,846) | | | | | | (2,846) | | |
Liability at December 31, 2021
|
| | | $ | — | | | | | $ | 27 | | | | | $ | 27 | | |
Year Ended December 31, 2020
|
| |
Severance
and other employee costs |
| |
Lease
cease-use costs |
| |
Total
|
| |||||||||
Operations and support
|
| | | $ | 134 | | | | | $ | — | | | | | $ | 134 | | |
Sales and marketing
|
| | | | 14 | | | | | | — | | | | | | 14 | | |
General and administrative
|
| | | | 137 | | | | | | 3,225 | | | | | | 3,362 | | |
| | | | $ | 285 | | | | | $ | 3,225 | | | | | $ | 3,510 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 2,438 | | | | | $ | 2,628 | | |
Short-term investments available for sale
|
| | | | 6,962 | | | | | | 2,771 | | |
Accounts receivable, net
|
| | | | 4,492 | | | | | | 2,638 | | |
Prepaid expenses and other current assets
|
| | | | 3,102 | | | | | | 3,043 | | |
Deferred offering costs
|
| | | | 3,099 | | | | | | 930 | | |
Total current assets
|
| | | $ | 20,093 | | | | | $ | 12,010 | | |
Property and equipment, net
|
| | | | 55 | | | | | | 90 | | |
Operating lease, right of use assets, net
|
| | | | 345 | | | | | | — | | |
Intangible assets, net
|
| | | | 2,641 | | | | | | 2,888 | | |
Goodwill
|
| | | | 1,427 | | | | | | 1,427 | | |
Other assets
|
| | | | 81 | | | | | | 47 | | |
Total assets
|
| | | $ | 24,642 | | | | | $ | 16,462 | | |
Liabilities, mezzanine equity and stockholders’ equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 3,359 | | | | | $ | 2,299 | | |
Accrued expenses and other current liabilities
|
| | | | 4,065 | | | | | | 4,601 | | |
Deferred revenue
|
| | | | 2,108 | | | | | | 1,888 | | |
Deferred purchase consideration – current portion
|
| | | | 750 | | | | | | 750 | | |
Current maturities of operating lease liabilities
|
| | | | 343 | | | | | | — | | |
Loan – current portion
|
| | | | 444 | | | | | | 442 | | |
Total current liabilities
|
| | | | 11,069 | | | | | | 9,980 | | |
Operating lease liabilities – non-current portion
|
| | | | 51 | | | | | | — | | |
Loan – non-current portion
|
| | | | 978 | | | | | | 1,200 | | |
Deferred purchase consideration – non-current portion
|
| | | | 813 | | | | | | 1,130 | | |
Total liabilities
|
| | | $ | 12,911 | | | | | $ | 12,310 | | |
Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
Mezzanine equity: | | | | | | | | | | | | | |
Series Seed redeemable preferred stock, $0.0001 par value, 4,502,881 shares authorized, issued and outstanding
|
| | | | 19,382 | | | | | | 19,382 | | |
Series A redeemable preferred stock, $0.0001 par value, 6,072,815 shares authorized, issued and outstanding
|
| | | | 25,969 | | | | | | 25,969 | | |
Series B redeemable preferred stock, $0.0001 par value, 6,694,033 shares authorized, issued and outstanding
|
| | | | 32,057 | | | | | | 32,057 | | |
Series C redeemable preferred stock, $0.0001 par value, 7,275,657 shares authorized, issued and outstanding
|
| | | | 32,857 | | | | | | 32,857 | | |
Series P redeemable preferred stock, $0.0001 par value, 4,750,000 shares authorized, and 1,100,000 issued and outstanding
|
| | | | 10,925 | | | | | | — | | |
Total mezzanine equity
|
| | | $ | 121,190 | | | | | $ | 110,265 | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Common stock, $0.0001 par value, 77,808,512 and 43,763,126 shares authorized, 6,317,897 and 6,297,398 outstanding at June 30, 2022 and December 31, 2021, respectively
|
| | | $ | 1 | | | | | $ | 1 | | |
Additional paid-in capital
|
| | | | 3,830 | | | | | | 3,736 | | |
Accumulated deficit
|
| | | | (113,290) | | | | | | (109,850) | | |
Total stockholders’ deficit
|
| | | | (109,459) | | | | | | (106,113) | | |
Total liabilities, mezzanine equity and stockholders’ deficit
|
| | | $ | 24,642 | | | | | $ | 16,462 | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Revenues
|
| | | $ | 12,784 | | | | | $ | 3,567 | | | | | $ | 22,450 | | | | | $ | 6,156 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues (exclusive of depreciation and amortization shown separately below)
|
| | | | 1,200 | | | | | | 675 | | | | | | 2,006 | | | | | | 1,073 | | |
Platform operations and support
|
| | | | 2,817 | | | | | | 2,690 | | | | | | 5,394 | | | | | | 5,260 | | |
Sales and marketing
|
| | | | 7,284 | | | | | | 1,235 | | | | | | 13,366 | | | | | | 1,840 | | |
General and administrative
|
| | | | 2,398 | | | | | | 1,333 | | | | | | 4,765 | | | | | | 2,996 | | |
Depreciation and amortization
|
| | | | 145 | | | | | | 55 | | | | | | 297 | | | | | | 110 | | |
Total costs and expenses
|
| | | | 13,844 | | | | | | 5,988 | | | | | | 25,828 | | | | | | 11,279 | | |
Interest expense, net
|
| | | | (17) | | | | | | (9) | | | | | | (49) | | | | | | (14) | | |
Loss before income taxes
|
| | | | (1,077) | | | | | | (2,430) | | | | | | (3,427) | | | | | | (5,137) | | |
Income tax expense
|
| | | | (13) | | | | | | (4) | | | | | | (13) | | | | | | (4) | | |
Net loss
|
| | | $ | (1,090) | | | | | $ | (2,434) | | | | | $ | (3,440) | | | | | $ | (5,141) | | |
Net loss per share
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | $ | (0.17) | | | | | $ | (0.43) | | | | | $ | (0.55) | | | | | $ | (0.91) | | |
Weighted-average shares used to compute net loss per
share basic and diluted |
| | | | 6,305,282 | | | | | | 5,638,678 | | | | | | 6,301,362 | | | | | | 5,636,666 | | |
| | |
Redeemable Preferred
Stock – Mezzanine Equity |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021
|
| | | | 24,545,386 | | | | | $ | 110,265 | | | | | | | 6,297,398 | | | | | $ | 1 | | | | | $ | 3,736 | | | | | $ | (109,850) | | | | | $ | — | | | | | $ | (106,113) | | |
Shares issued upon exercise of stock
options |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Preferred Series P Issuance, net of issuance costs
|
| | | | 1,100,000 | | | | | | 10,925 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 54 | | | | | | — | | | | | | — | | | | | | 54 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,350) | | | | | | — | | | | | | (2,350) | | |
Balance at March 31, 2022
|
| | | | 25,645,386 | | | | | $ | 121,190 | | | | | | | 6,297,398 | | | | | $ | 1 | | | | | $ | 3,790 | | | | | $ | (112,200) | | | | | $ | — | | | | | $ | (108,409) | | |
Shares issued upon exercise of stock
options |
| | | | — | | | | | | — | | | | | | | 20,499 | | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 40 | | | | | | — | | | | | | — | | | | | | 40 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,090) | | | | | | — | | | | | | (1,090) | | |
Balance at June 30, 2022
|
| | | | 25,645,386 | | | | | $ | 121,190 | | | | | | | 6,317,897 | | | | | $ | 1 | | | | | $ | 3,830 | | | | | $ | (113,290) | | | | | $ | — | | | | | $ | (109,459) | | |
| | |
Redeemable Preferred
Stock – Mezzanine Equity |
| | |
Common Stock, net of
Treasury Stock |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020
|
| | | | 24,545,386 | | | | | $ | 110,265 | | | | | | | 5,629,095 | | | | | $ | 1 | | | | | $ | 3,345 | | | | | $ | (103,539) | | | | | $ | 1 | | | | | $ | (100,192) | | |
Shares issued upon exercise of stock
options |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 1 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 61 | | | | | | — | | | | | | — | | | | | | 61 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,708) | | | | | | — | | | | | | (2,708) | | |
Balance at March 31, 2021
|
| | | | 24,545,386 | | | | | $ | 110,265 | | | | | | | 5,629,095 | | | | | $ | 1 | | | | | $ | 3,407 | | | | | $ | (106,247) | | | | | $ | 1 | | | | | $ | (102,838) | | |
Shares issued upon exercise of stock
options |
| | | | — | | | | | | — | | | | | | | 9,583 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 61 | | | | | | — | | | | | | — | | | | | | 61 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,434) | | | | | | — | | | | | | (2,434) | | |
Balance at June 30, 2021
|
| | | | 24,545,386 | | | | | $ | 110,265 | | | | | | | 5,638,678 | | | | | $ | 1 | | | | | $ | 3,468 | | | | | $ | (108,681) | | | | | $ | 1 | | | | | $ | (105,211) | | |
| | |
Six months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (3,440) | | | | | $ | (5,141) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Paid-in-kind interest – deferred purchase consideration
|
| | | | 58 | | | | | | — | | |
Stock-based compensation
|
| | | | 94 | | | | | | 122 | | |
Depreciation and amortization
|
| | | | 297 | | | | | | 110 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (1,854) | | | | | | (127) | | |
Prepaid expenses and other current assets
|
| | | | (59) | | | | | | (116) | | |
Other assets
|
| | | | — | | | | | | 46 | | |
Accounts payable
|
| | | | 1,060 | | | | | | 67 | | |
Operating lease liabilities
|
| | | | 14 | | | | | | — | | |
Accrued expenses and other current liabilities
|
| | | | (536) | | | | | | (1,907) | | |
Deferred revenue
|
| | | | 220 | | | | | | 16 | | |
Other non-current liabilities
|
| | | | — | | | | | | (493) | | |
Net cash used in operating activities
|
| | | | (4,146) | | | | | | (7,423) | | |
Cash flows from investing activities
|
| | | | | | | | | | | | |
Purchases of short-term investments
|
| | | | (10,092) | | | | | | (15,616) | | |
Proceeds from sale of short-term investments
|
| | | | 5,901 | | | | | | 21,666 | | |
Payment of deferred purchase consideration
|
| | | | (375) | | | | | | — | | |
Purchase of property and equipment
|
| | | | (14) | | | | | | — | | |
Net cash (used in) provided by investing activities
|
| | | | (4,580) | | | | | | 6,050 | | |
Cash flows from financing activities
|
| | | | | | | | | | | | |
Payments on PPP loan
|
| | | | (220) | | | | | | — | | |
Proceeds from the issuance of preferred stock, net
|
| | | | 10,925 | | | | | | — | | |
Payment of offering costs
|
| | | | (2,169) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 8.536 | | | | | | — | | |
Net decrease in cash, cash equivalents and restricted cash
|
| | | | (190) | | | | | | (1,373) | | |
Cash, cash equivalents and restricted cash at beginning of period
|
| | | | 2,628 | | | | | | 3,049 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 2,438 | | | | | $ | 1,676 | | |
Supplemental disclosures of cash flow information: | | | | | | | | | | | | | |
Cash paid during the year for interest
|
| | | | 8 | | | | | | — | | |
Cash paid during the year for income taxes
|
| | | | 14 | | | | | | 4 | | |
| | |
Estimated useful life
|
|
Equipment | | |
3 years
|
|
Leasehold improvements | | |
Shorter of estimated useful life or lease term
|
|
Capitalized software | | |
3 years
|
|
| | |
As of
August 3, 2021 |
| |||
Intangible assets
|
| | | $ | 3,045 | | |
Goodwill
|
| | | | 1,427 | | |
Deferred tax liabilities
|
| | | | (792) | | |
Total purchase consideration
|
| | | $ | 3,680 | | |
| | |
Fair Value
|
| |
Estimated
Useful Life (years) |
| |||
Developed technology
|
| | | $ | 648 | | | |
4
|
|
Strategic customer relationships and licenses
|
| | | | 2,121 | | | |
5 – 10
|
|
Tradename
|
| | | | 276 | | | |
7
|
|
Total intangible assets
|
| | | $ | 3,045 | | | | | |
| | |
Three months
ended |
| |
Six months
ended |
| ||||||
| | |
June 30, 2022
|
| |||||||||
Service revenue
|
| | | $ | 5,675 | | | | | $ | 10,107 | | |
Wellness revenue
|
| | | | 7,109 | | | | | | 12,343 | | |
Total revenue
|
| | | $ | 12,784 | | | | | $ | 22,450 | | |
| | |
June 30, 2022
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Cash equivalents | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 558 | | | | | $ | — | | | | | $ | — | | | | | $ | 558 | | |
Short-term investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | | 6,962 | | | | | | — | | | | | | — | | | | | | 6,962 | | |
Total financial assets
|
| | | $ | 7,520 | | | | | $ | — | | | | | $ | — | | | | | $ | 7,520 | | |
| | |
December 31, 2021
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Cash equivalents | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 620 | | | | | $ | — | | | | | $ | — | | | | | $ | 620 | | |
Short-term investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | | 217 | | | | | | — | | | | | | — | | | | | | 217 | | |
Corporate bonds
|
| | | | — | | | | | | 2,554 | | | | | | — | | | | | | 2,554 | | |
Total financial assets
|
| | | $ | 837 | | | | | $ | 2,554 | | | | | $ | — | | | | | $ | 3,391 | | |
|
2022 (remaining six months)
|
| | | $ | 266 | | |
|
2023
|
| | | | 227 | | |
|
Total minimum lease payments
|
| | | $ | 493 | | |
| | |
Amounts
|
| |||
2022 (remaining six months)
|
| | | $ | 222 | | |
2023
|
| | | | 446 | | |
2024
|
| | | | 451 | | |
2025
|
| | | | 303 | | |
Total principal amount
|
| | | $ | 1,422 | | |
| | |
December 31, 2021
|
| |||||||||||||||||||||
Series
|
| |
Shares Designated
|
| |
Shares Issued and
Outstanding |
| |
Carrying Amount
|
| |
Liquidation
Preference |
| ||||||||||||
Seed
|
| | | | 4,502,881 | | | | | | 4,502,881 | | | | | $ | 19,382 | | | | | $ | 3,117 | | |
A
|
| | | | 6,072,815 | | | | | | 6,072,815 | | | | | | 25,969 | | | | | | 9,500 | | |
B
|
| | | | 6,694,033 | | | | | | 6,694,033 | | | | | | 32,057 | | | | | | 15,000 | | |
C
|
| | | | 7,275,657 | | | | | | 7,275,657 | | | | | | 32,857 | | | | | | 39,800 | | |
Total
|
| | | | 24,545,386 | | | | | | 24,545,386 | | | | | $ | 110,265 | | | | | $ | 67,417 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
Seed
|
| | | | 4,502,881 | | | | | | 4,502,881 | | |
A
|
| | | | 6,072,815 | | | | | | 6,072,815 | | |
B
|
| | | | 6,694,033 | | | | | | 6,694,033 | | |
C
|
| | | | 7,275,657 | | | | | | 7,275,657 | | |
P
|
| | | | 4,750,000 | | | | | | — | | |
Common stock option plan: | | | | | | | | | | | | | |
Options outstanding
|
| | | | 7,540,964 | | | | | | 7,580,496 | | |
Options available for future grants
|
| | | | 110,966 | | | | | | 91,933 | | |
Common warrants
|
| | | | 91,310 | | | | | | 91,310 | | |
Total
|
| | | | 37,038,626 | | | | | | 32,309,125 | | |
| | |
Number of
Options |
| |
Weighted-
average exercise price |
| |
Weighted-
average grant date fair value |
| |||||||||
Outstanding, December 31, 2021
|
| | | | 7,580,496 | | | | | $ | 0.39 | | | | | $ | 0.13 | | |
Granted
|
| | | | — | | | | | | — | | | | | | — | | |
Exercised
|
| | | | (20,499) | | | | | | 0.12 | | | | | | 0.04 | | |
Cancelled/forfeited
|
| | | | (19,033) | | | | | | 0.70 | | | | | | 0.29 | | |
Outstanding, June 30,2022
|
| | | | 7,540,964 | | | | | $ | 0.39 | | | | | $ | 0.14 | | |
| | |
Three months ended June 30,
|
| |
Six months ended June 30,
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Operations and support
|
| | | $ | 9 | | | | | $ | 9 | | | | | $ | 18 | | | | | $ | 18 | | |
Sales and marketing
|
| | | | 2 | | | | | | 4 | | | | | | 5 | | | | | | 8 | | |
General and administrative
|
| | | | 29 | | | | | | 48 | | | | | | 71 | | | | | | 96 | | |
| | | | $ | 40 | | | | | $ | 61 | | | | | $ | 94 | | | | | $ | 122 | | |
| | |
Restricted Stock (Unvested)
|
| |||||||||
| | |
Number of
Shares |
| |
Weighted Average Grant
Date Fair Value ($ per share) |
| ||||||
Unvested at December 31, 2021
|
| | | | 174,154 | | | | | $ | 0.21 | | |
Grants
|
| | | | — | | | | | | — | | |
Vested
|
| | | | — | | | | | | — | | |
Forfeited
|
| | | | — | | | | | | — | | |
Unvested at June 30, 2022
|
| | | | 174,154 | | | | | $ | 0.21 | | |
| | |
Number of
Shares |
| |
Weighted Average
Exercise Price ($ per share) |
| |
Aggregate
Intrinsic Value |
| |||||||||
Outstanding at June 30, 2022
|
| | | | 91,310 | | | | | $ | 1.54 | | | | | | — | | |
Outstanding at December 31, 2021
|
| | | | 91,310 | | | | | $ | 1.54 | | | | | | — | | |
| | |
Three months ended June 30,
|
| |
Six months ended June 30,
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss attributable to common stockholders
|
| | | $ | (1,090) | | | | | | (2,434) | | | | | $ | (3,440) | | | | | $ | (5,141) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted-average shares used in computing net
income (loss) per share attributable to common stockholders |
| | | | 6,305,282 | | | | | | 5,638,678 | | | | | | 6,301,362 | | | | | | 5,636,666 | | |
Net income (loss) per share attributable to common stockholders, basic and diluted
|
| | | $ | (0.17) | | | | | | (0.43) | | | | | $ | (0.55) | | | | | $ | (0.91) | | |
| | |
Six months ended June 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Series Seed convertible preferred shares
|
| | | | 4,502,881 | | | | | | 4,502,881 | | |
Series A convertible preferred shares
|
| | | | 6,072,815 | | | | | | 6,072,815 | | |
| | |
Six months ended June 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Series B convertible preferred shares
|
| | | | 6,694,033 | | | | | | 6,694,033 | | |
Series C convertible preferred shares
|
| | | | 7,275,657 | | | | | | 7,275,657 | | |
Series P convertible preferred shares
|
| | | | 1,100,000 | | | | | | — | | |
Options and RSUs issued and outstanding
|
| | | | 7,715,118 | | | | | | 7,866,061 | | |
Warrants issued and outstanding
|
| | | | 91,310 | | | | | | 91,310 | | |
Total
|
| | | | 33,451,814 | | | | | | 32,502,757 | | |
|
| | |
December 31, 2021
|
| |||
ASSETS
|
| ||||||
CURRENT ASSETS | | | | | | | |
Cash
|
| | | $ | 687,581 | | |
Due from Related Party
|
| | | | 68,591 | | |
Prepaid expenses and Other assets
|
| | | | 286,687 | | |
Total current assets
|
| | | | 1,042,859 | | |
Prepaid expenses- non current
|
| | | | 191,429 | | |
Cash and marketable securities held in Trust Account
|
| | | | 125,002,997 | | |
TOTAL ASSETS
|
| | | $ | 126,237,285 | | |
LIABILITIES, REDEEMABLE ORDINARY SHARES, AND SHAREHOLDERS’ DEFICIT
|
| | | | | | |
CURRENT LIABILITIES | | | | | | | |
Accounts payable
|
| | | $ | 583,331 | | |
Total current liabilities
|
| | | | 583,331 | | |
Deferred underwriting fee payable
|
| | | | 4,375,000 | | |
Total liabilities
|
| | | | 4,958,331 | | |
COMMITMENTS AND CONTINGENCIES (Note 6) | | | | | | | |
REDEEMABLE ORDINARY SHARES | | | | | | | |
Ordinary shares subject to possible redemption, $0.0001 par value, 12,500,000 shares at redemption value of $10.00 per share.
|
| | | | 125,000,000 | | |
SHAREHOLDERS’ DEFICIT | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding
|
| | | | — | | |
Ordinary shares; $0.0001 par value; 110,000,000 shares authorized; 3,187,500 shares issued and outstanding (excluding 12,500,000 shares subject to possible redemption)
|
| | | | 318 | | |
Additional paid-in capital
|
| | | | — | | |
Accumulated deficit
|
| | | | (3,721,364) | | |
Total Shareholders’ Deficit
|
| | | | (3,721,046) | | |
TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES, AND SHAREHOLDERS’ DEFICIT
|
| | |
$
|
126,237,285
|
| |
| | |
Ordinary Shares
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Total
shareholders’ deficit |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance, January 12, 2021 (inception)
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Ordinary shares to Sponsor
|
| | | | 3,162,500 | | | | | | 316 | | | | | | 24,684 | | | | | | — | | | | | | 25,000 | | |
Sale of private placement warrants (net of offering costs)
|
| | | | — | | | | | | — | | | | | | 4,213,632 | | | | | | — | | | | | | 4,213,632 | | |
Proceeds from issuance of Public Warrants (net of offering Costs)
|
| | | | — | | | | | | — | | | | | | 15,605,934 | | | | | | — | | | | | | 15,605,934 | | |
Issuance of representative shares
|
| | | | 62,500 | | | | | | 6 | | | | | | 460,119 | | | | | | — | | | | | | 460,125 | | |
Accretion to Non-Redeemable Ordinary shares to redemption value
|
| | | | — | | | | | | — | | | | | | (20,304,373) | | | | | | (2,891,801) | | | | | | (23,196,174) | | |
Forfeiture of founder shares
|
| | | | (37,500) | | | | | | (4) | | | | | | 4 | | | | | | — | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (829,563) | | | | | | (829,563) | | |
Balance, December 31, 2021
|
| | | | 3,187,500 | | | | | $ | 318 | | | | | $ | (0) | | | | | $ | (3,721,364) | | | | | $ | (3,721,046) | | |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | |
|
Net Loss
|
| | | $ | (829,563) | | |
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | |
|
Interest income on investments held in Trust Account
|
| | | | (2,997) | | |
|
Changes in operating assets and liabilities:
|
| | | | | | |
|
Prepaid expenses and other assets
|
| | | | (478,116) | | |
|
Due from related party
|
| | | | (68,591) | | |
|
Accounts payable
|
| | | | 583,330 | | |
|
Net cash flows used in operating activities
|
| | | | (795,937) | | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | |
|
Cash deposited to Trust Account
|
| | | | (125,000,000) | | |
|
Net cash flows paid in investing activities
|
| | | | (125,000,000) | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | |
|
Proceeds from Initial public offering, net of underwriting fee
|
| | | | 122,812,500 | | |
|
Proceeds from private placement warrants
|
| | | | 4,238,636 | | |
|
Proceeds from issuance of ordinary shares to Sponsor
|
| | | | 25,000 | | |
|
Payment of offering costs
|
| | | | (592,618) | | |
|
Net cash flows provided by financing activities
|
| | | | 126,483,518 | | |
|
NET CHANGE IN CASH
|
| | | | 687,581 | | |
|
CASH, BEGINNING OF PERIOD
|
| | | | — | | |
|
CASH, END OF PERIOD
|
| | | $ | 687,581 | | |
| Supplemental disclosure of noncash activities: | | | | | | | |
|
Initial value of ordinary shares subject to possible redemption
|
| | | $ | 125,000,000 | | |
|
Deferred underwriting commissions payable charged to additional paid in capital
|
| | | $ | 4,375,000 | | |
|
Gross proceeds
|
| | | $ | 125,000,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants at issuance
|
| | | | (16,548,464) | | |
|
Redeemable ordinary share issuance costs
|
| | | | (6,647,710) | | |
|
Plus: Accretion of carrying value to redemption value
|
| | | | 23,196,174 | | |
|
Redeemable ordinary shares subject to possible redemption
|
| | | $ | 125,000,000 | | |
| | |
For the period January 12,
2021 (inception) through December 31, 2021 |
| |||||||||
| | |
Ordinary Shares
|
| |
Founder Shares
|
| ||||||
Basic and diluted net loss per share: | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Allocation of net loss
|
| | | $ | (478,012) | | | | | $ | (351,551) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average shares outstanding
|
| | | | 4,284,703 | | | | | | 3,171,069 | | |
Basic and dilution net loss per share
|
| | | $ | (0.11) | | | | | $ | (0.11) | | |
| | |
September 1, 2021
|
| |||
Share Price
|
| | | $ | 10.00 | | |
Exercise Price
|
| | | $ | 11.50 | | |
Redemption Trigger Price
|
| | | $ | 16.50 | | |
Term (years)
|
| | | | 5 | | |
Probability of Acquisition
|
| | | | 80% | | |
Volatility
|
| | | | 22% | | |
Risk Free Rate
|
| | | | 1.31% | | |
Dividend Yield
|
| | | | 0.00% | | |
Assets:
|
| |
Level
|
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| ||||||||||||
Investment held in Trust Account
|
| | | | 1 | | | | | $ | 125,002,997 | | | | | | — | | | | | | — | | |
| | |
At
September 1, 2021 |
| |||
Share Price
|
| | | | 10.00 | | |
Estimated Term Remaining
|
| | | | 1.58 | | |
Volatility
|
| | | | 14.2% | | |
Risk Free Rate
|
| | | | 0.15% | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
ASSETS
|
| | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | |
Cash
|
| | | $ | 168,249 | | | | | $ | 687,581 | | |
Due from Related Party
|
| | | | 68,591 | | | | | | 68,591 | | |
Prepaid expenses and other assets
|
| | | | 317,250 | | | | | | 286,687 | | |
Total current assets
|
| | | | 554,090 | | | | | | 1,042,859 | | |
Prepaid expenses – non current
|
| | | | 48,048 | | | | | | 191,429 | | |
Marketable securities held in Trust Account
|
| | | | 125,190,736 | | | | | | 125,002,997 | | |
TOTAL ASSETS
|
| | |
$
|
125,792,874
|
| | | | $ | 126,237,285 | | |
LIABILITIES, REDEEMABLE ORDINARY SHARES, AND SHAREHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | |
Accrued and other expenses
|
| | | $ | 3,621,318 | | | | | $ | — | | |
Accounts payable
|
| | | | 81,513 | | | | | | 583,331 | | |
Total current liabilities
|
| | | | 3,702,831 | | | | | | 583,331 | | |
Deferred underwriting fee payable
|
| | | | 4,375,000 | | | | | | 4,375,000 | | |
Total liabilities
|
| | | | 8,077,831 | | | | | | 4,958,331 | | |
COMMITMENTS AND CONTINGENCIES (Note 6) | | | | | | | | | | | | | |
REDEEMABLE ORDINARY SHARES | | | | | | | | | | | | | |
Ordinary shares subject to possible redemption, $0.0001 par value, 12,500,000 shares at redemption value of $10.00 per share.
|
| | | | 125,190,736 | | | | | | 125,000,000 | | |
SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding
|
| | | | — | | | | | | — | | |
Ordinary shares; $0.0001 par value; 110,000,000 shares authorized;
3,187,500 shares issued and outstanding (excluding 12,500,000 shares subject to possible redemption) |
| | | | 318 | | | | | | 318 | | |
Accumulated deficit
|
| | | | (7,476,011) | | | | | | (3,721,364) | | |
Total Shareholders’ Deficit
|
| | | | (7,475,693) | | | | | | (3,721,046) | | |
TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES, AND SHAREHOLDERS’ DEFICIT
|
| | |
$
|
125,792,874
|
| | | |
$
|
126,237,285
|
| |
| | |
For the three months ended
June 30, |
| |
For the six
months ended June 30, |
| |
For the period
January 12, 2021 (inception) through June 30, |
| |||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | $ | 1,569,501 | | | | | $ | 4,239 | | | | | $ | 3,751,650 | | | | | $ | 15,873 | | |
Total expenses
|
| | | | 1,569,501 | | | | | | 4,239 | | | | | | 3,751,650 | | | | | | 15,873 | | |
OTHER INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income on investments held in Trust Account
|
| | | | 177,537 | | | | | | — | | | | | | 187,739 | | | | | | — | | |
Total other income
|
| | | | 177,537 | | | | | | — | | | | | | 187,739 | | | | | | — | | |
NET LOSS
|
| | | $ | (1,391,964) | | | | | $ | (4,239) | | | | | $ | (3,563,911) | | | | | $ | (15,873) | | |
Weighted average shares outstanding of redeemable ordinary shares
|
| | | | 12,500,000 | | | | | | — | | | | | | 12,500,000 | | | | | | — | | |
Basic and diluted net income per share, redeemable ordinary shares
|
| | | $ | (0.09) | | | | | $ | — | | | | | $ | (0.23) | | | | | $ | — | | |
Weighted average shares outstanding of non-redeemable ordinary shares
|
| | | | 3,187,500 | | | | | | 3,162,500 | | | | | | 3,187,500 | | | | | | 3,162,500 | | |
Basic and diluted net loss per share, non-redeemable ordinary shares
|
| | | $ | (0.09) | | | | | $ | (0.00) | | | | | $ | (0.23) | | | | | $ | (0.01) | | |
| | |
Ordinary Shares
|
| |
Additional
paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
shareholders’ equity (deficit) |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance, December 31, 2021
|
| | | | 3,187,500 | | | | | $ | 318 | | | | | $ | — | | | | | $ | (3,721,364) | | | | | $ | (3,721,046) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,171,947) | | | | | | (2,171,947) | | |
Balance, March 31, 2022
|
| | | | 3,187,500 | | | | | | 318 | | | | | | — | | | | | | (5,893,311) | | | | | | (5,892,993) | | |
Remeasurement for Ordinary shares to redemption value
|
| | | | — | | | | | | — | | | | | | — | | | | | | (190,736) | | | | | | (190,736) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,391,964) | | | | | | (1,391,964) | | |
Balance, June 30,2022
|
| | | | 3,187,500 | | | | | $ | 318 | | | | | $ | — | | | | | $ | (7,476,011) | | | | | $ | (7,475,693) | | |
| | |
Ordinary Shares
|
| |
Additional
paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
shareholders’ equity |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance, January 12, 2021 (inception)
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Ordinary shares to Sponsor
|
| | | | 2,875,000 | | | | | | 288 | | | | | | 24,713 | | | | | | — | | | | | $ | 25,001 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (11,634) | | | | | | (11,634) | | |
Balance, March 31, 2021
|
| | | | 2,875,000 | | | | | $ | 288 | | | | | $ | 24,713 | | | | | $ | (11,634) | | | | | $ | 13,367 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (4,239) | | | | | | (4,239) | | |
Balance, June 30, 2021
|
| | | | 2,875,000 | | | | | $ | 288 | | | | | $ | 24,713 | | | | | $ | (15,873) | | | | | $ | 9,128 | | |
| | |
For the six
month ended June 30, 2022 |
| |
For the period
January 12, 2021 (inception) to June 30, 2021 |
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net loss
|
| | | $ | (3,563,911) | | | | | $ | (15,873) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Interest income on investments held in Trust Account
|
| | | | (187,739) | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses and other assets
|
| | | | 112,818 | | | | | | — | | |
Accrued and other expenses
|
| | | | 3,621,318 | | | | | | — | | |
Accounts payable
|
| | | | (501,818) | | | | | | 4,145 | | |
Net cash flows used in operating activities
|
| | | | (519,332) | | | | | | (11,728) | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | |
Proceeds from common stock subject to redemption
|
| | | | | | | | | | | | |
Payment of offering costs
|
| | | | — | | | | | | (35,162) | | |
Proceeds from sponsor note
|
| | | | — | | | | | | 67,000 | | |
Net cash flows provided by financing activities
|
| | | | — | | | | | | 31,838 | | |
NET CHANGE IN CASH
|
| | | | (519,332) | | | | | | 20,110 | | |
CASH, BEGINNING OF PERIOD
|
| | | | 687,581 | | | | | | — | | |
CASH, END OF PERIOD
|
| | | $ | 168,249 | | | | | $ | 20,110 | | |
Supplemental disclosure of noncash activities:
|
| | | | | | | | | | | | |
Deferred offering costs paid directly by related party note
|
| | | $ | — | | | | | $ | 40,297 | | |
Deferred offering costs included in accrued offering costs
|
| | | $ | — | | | | | $ | 55,218 | | |
Payment of deferred offering costs by the Sponsor in exchange for the
issuance Ordinary Shares |
| | | $ | — | | | | | $ | 25,000 | | |
Remeasurement of Ordinary shares subject to possible redemption
|
| | | $ | 190,736 | | | | | $ | — | | |
|
Gross proceeds
|
| | | $ | 125,000,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants at issuance
|
| | | | (16,548,464) | | |
|
Redeemable ordinary share issuance costs
|
| | | | (6,647,710) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 23,196,174 | | |
|
Redeemable ordinary shares subject to possible redemption at December 31,
2021 |
| | | $ | 125,000,000 | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 190,736 | | |
|
Redeemable ordinary shares subject to possible redemption at June 30, 2022
|
| | | $ | 125,190,736 | | |
| | |
For the six months ended
June 30, 2022 |
| |
For the period January 12,
2021 (Inception) to June 30, 2021 |
| ||||||||||||||||||
| | |
Ordinary
Shares |
| |
Founder
Shares |
| |
Ordinary
Shares |
| |
Founder
Shares |
| ||||||||||||
Basic and diluted net loss per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net loss
|
| | | $ | (2,839,770) | | | | | $ | (724,141) | | | | | $ | — | | | | | | (15,873) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding
|
| | | | 12,500,000 | | | | | | 3,187,500 | | | | | | — | | | | | | 3,162,500 | | |
Basic and dilution net loss per share
|
| | | $ | (0.23) | | | | | $ | (0.23) | | | | | $ | (0.00) | | | | | $ | (0.01) | | |
| | |
For the three months ended
June 30, 2022 |
| |
For the three months ended
June 30, 2021 |
| ||||||||||||||||||
| | |
Ordinary
Shares |
| |
Founder
Shares |
| |
Ordinary
Shares |
| |
Founder
Shares |
| ||||||||||||
Basic and diluted net loss per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net loss
|
| | | $ | (1,109,135) | | | | | $ | (282,829) | | | | | $ | — | | | | | | (4,239) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding
|
| | | | 12,500,000 | | | | | | 3,187,500 | | | | | | — | | | | | | 3,162,500 | | |
Basic and dilution net loss per share
|
| | | $ | (0.09) | | | | | $ | (0.09) | | | | | $ | (0.00) | | | | | $ | (0.00) | | |
| | |
September 1, 2021
|
| |||
Share Price
|
| | | $ | 10.00 | | |
Exercise Price
|
| | | $ | 11.50 | | |
Redemption Trigger Price
|
| | | $ | 16.50 | | |
Term (years)
|
| | | | 5 | | |
Probability of Acquisition
|
| | | | 80% | | |
Volatility | | | | | 22% | | |
Risk Free Rate
|
| | | | 1.31% | | |
Dividend Yield
|
| | | | 0.00% | | |
Assets:
|
| |
Level
|
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| ||||||||||||
Investment held in Trust Account
|
| | | | 1 | | | | | $ | 125,190,736 | | | | | | — | | | | | | — | | |
Assets:
|
| |
Level
|
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| ||||||||||||
Investment held in Trust Account
|
| | | | 1 | | | | | $ | 125,002,997 | | | | | | — | | | | | | — | | |
| | |
At
September 1, 2021 |
| |||
Share Price
|
| | | | 10.00 | | |
Estimated Term Remaining
|
| | | | 1.58 | | |
Volatility | | | | | 14.2% | | |
Risk Free Rate
|
| | | | 0.15% | | |
| | |
CHW Acquisition
Corporation (Historical) |
| |
Wag
(Historical) |
| |
Transaction
Pro Forma Adjustments |
| | | | |
Pro Forma
Combined Balance |
| ||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash, cash equivalents
|
| | | $ | 168 | | | | | $ | 2,438 | | | | | $ | 19,008 | | | |
A
|
| | | $ | 21,614 | | |
Restricted cash
|
| | | | — | | | | | | — | | | | | | 23,934 | | | |
L
|
| | | | 23,934 | | |
Due from related party
|
| | | | 69 | | | | | | — | | | | | | — | | | | | | | | | 69 | | |
Short-term investments available for sale
|
| | | | — | | | | | | 6,962 | | | | | | — | | | | | | | | | 6,962 | | |
Accounts receivable, net
|
| | | | — | | | | | | 4,492 | | | | | | — | | | | | | | | | 4,492 | | |
Prepaid expenses and other current assets
|
| | | | 316 | | | | | | 3,102 | | | | | | — | | | | | | | | | 3,418 | | |
Deferred offering costs
|
| | | | — | | | | | | 3,099 | | | | | | (3,099) | | | |
B
|
| | | | — | | |
Total current assets
|
| | | | 553 | | | | | | 20,093 | | | | | | 39,843 | | | | | | | | | 60,489 | | |
Investment held in trust account
|
| | | | 125,191 | | | | | | — | | | | | | (125,191) | | | |
C
|
| | | | — | | |
Prepaid expense – non-current portion
|
| | | | 48 | | | | | | — | | | | | | — | | | | | | | | | 48 | | |
Property and equipment, net
|
| | | | — | | | | | | 55 | | | | | | — | | | | | | | | | 55 | | |
Operating leases, right of use assets, net
|
| | | | — | | | | | | 345 | | | | | | — | | | | | | | | | 345 | | |
Intangibles assets, net
|
| | | | — | | | | | | 2,641 | | | | | | — | | | | | | | | | 2,641 | | |
Goodwill
|
| | | | — | | | | | | 1,427 | | | | | | — | | | | | | | | | 1,427 | | |
Other assets
|
| | | | — | | | | | | 81 | | | | | | — | | | | | | | | | 81 | | |
Total Assets
|
| | | $ | 125,792 | | | | | $ | 24,642 | | | | | $ | (85,348) | | | | | | | | $ | 65,086 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 81 | | | | | $ | 3,359 | | | | | $ | (3) | | | |
D
|
| | | $ | 3,437 | | |
Accrued expenses and other current liabilities
|
| | | | 3,621 | | | | | | 4,065 | | | | | | (3,977) | | | |
D
|
| | | | 3,709 | | |
Gift card and subscription liabilities
|
| | | | — | | | | | | 2,108 | | | | | | — | | | | | | | | | 2,108 | | |
Deferred purchase consideration
|
| | | | — | | | | | | 750 | | | | | | — | | | | | | | | | 750 | | |
Current maturities of operating lease liabilities
|
| | | | | | | | | | 343 | | | | | | — | | | | | | | | | 343 | | |
Forward purchase agreements derivative liability
|
| | | | — | | | | | | — | | | | | | 5,960 | | | |
L
|
| | | | 5,960 | | |
Loan – current portion
|
| | | | — | | | | | | 444 | | | | | | 804 | | | |
E
|
| | | | 1,248 | | |
Total current liabilities
|
| | | | 3,702 | | | | | | 11,069 | | | | | | 2,784 | | | | | | | | | 17,555 | | |
Operating lease liabilities – non-current
|
| | | | — | | | | | | 51 | | | | | | — | | | | | | | | | 51 | | |
Loan – non-current Portion
|
| | | | — | | | | | | 978 | | | | | | 26,597 | | | |
E
|
| | | | 27,575 | | |
Deferred underwriting fee payable
|
| | | | 4,375 | | | | | | — | | | | | | (4,375) | | | |
F
|
| | | | — | | |
Other non-current liabilities
|
| | | | — | | | | | | 813 | | | | | | — | | | | | | | | | 813 | | |
Total liabilities
|
| | | | 8,077 | | | | | | 12,911 | | | | | | 25,006 | | | | | | | | | 45,994 | | |
Mezzanine equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary shares subject to possible redemption
|
| | | | 125,190 | | | | | | — | | | | | | (125,190) | | | |
G
|
| | | | — | | |
Series Seed redeemable preferred stock, $0.0001 par value, 4,502,881 shares authorized, issued and outstanding
|
| | | | — | | | | | | 19,382 | | | | | | (19,382) | | | |
G
|
| | | | — | | |
Series A redeemable preferred stock, $0.0001 par value, 6,072,815 shares authorized, issued and outstanding
|
| | | | — | | | | | | 25,969 | | | | | | (25,969) | | | |
G
|
| | | | — | | |
Series B redeemable preferred stock, $0.0001 par value, 6,694,033 shares authorized, issued and outstanding
|
| | | | — | | | | | | 32,057 | | | | | | (32,057) | | | |
G
|
| | | | — | | |
Series C redeemable preferred stock, $0.0001 par value, 7,275,657 shares authorized, issued and outstanding
|
| | | | — | | | | | | 32,857 | | | | | | (32,857) | | | |
G
|
| | | | — | | |
Series P redeemable preferred stock, $0.0001 par value, 4,750,000 shares authorized, 1,100,000 issued and outstanding
|
| | | | — | | | | | | 10,925 | | | | | | (10,925) | | | |
G
|
| | | | | | |
Total mezzanine equity
|
| | | | 125,190 | | | | | | 121,190 | | | | | | (246,380) | | | | | | | | | — | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wag Labs, Inc. common stock
|
| | | | — | | | | | | 1 | | | | | | (1) | | | |
H
|
| | | | — | | |
CHW common Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
New Wag! common stock
|
| | | | — | | | | | | — | | | | | | 4 | | | |
I
|
| | | | 4 | | |
Additional paid-in capital
|
| | | | — | | | | | | 3,830 | | | | | | 158,198 | | | |
J, L
|
| | | | 162,028 | | |
Accumulated other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Accumulated deficit
|
| | | | (7,475) | | | | | | (113,290) | | | | | | (22,175) | | | |
K
|
| | | | (142,940) | | |
Total stockholders’ equity (deficit)
|
| | | | (7,475) | | | | | | (109,459) | | | | | | 136,026 | | | | | | | | | 19,092 | | |
Total liabilities and stockholders’ equity (deficit)
|
| | | $ | 125,792 | | | | | $ | 24,642 | | | | | $ | (85,348) | | | | | | | | $ | 65,086 | | |
| | |
CHW
Acquisition Corporation (Historical) |
| |
Wag
(Historical) |
| |
Transaction
Pro Forma Adjustments |
| | | | |
Pro Forma
Combined |
| ||||||||||||
Revenue
|
| | | $ | — | | | | | $ | 22,450 | | | | | $ | — | | | | | | | | $ | 22,450 | | |
Cost and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue exclusive of depreciation and
amortization |
| | | | — | | | | | | 2,006 | | | | | | — | | | | | | | | | 2,006 | | |
Platform operations and support
|
| | | | — | | | | | | 5,394 | | | | | | — | | | | | | | | | 5,394 | | |
Sales and marketing
|
| | | | — | | | | | | 13,366 | | | | | | — | | | | | | | | | 13,366 | | |
General and administrative
|
| | | | 3,752 | | | | | | 4,765 | | | | | | 6 | | | |
AA
|
| | | | 8,523 | | |
Depreciation and amortization
|
| | | | — | | | | | | 297 | | | | | | — | | | | | | | | | 297 | | |
Total cost and expenses
|
| | | | 3,752 | | | | | | 25,828 | | | | | | 6 | | | | | | | | | 29,586 | | |
Interest income (expense), net
|
| | | | 188 | | | | | | (49) | | | | | | (2,818) | | | |
AB
|
| | | | (2,679) | | |
Loss before income taxes
|
| | | | (3,564) | | | | | | (3,427) | | | | | | (2,824) | | | | | | | | | (9,815) | | |
Income taxes
|
| | | | — | | | | | | (13) | | | | | | — | | | | | | | | | (13) | | |
Net loss
|
| | | $ | (3,564) | | | | | $ | (3,440) | | | | | $ | (2,824) | | | | | | | | $ | (9,828) | | |
Other comprehensive income (loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Total comprehensive income (loss)
|
| | | $ | (3,564) | | | | | $ | (3,440) | | | | | $ | (2,824) | | | | | | | | $ | (9,828) | | |
Common stock loss per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (3,564) | | | | | $ | (3,440) | | | | | | | | | | | | | | $ | (9,828) | | |
Basic and diluted weighted average shares outstanding
|
| | | | 15,687,500 | | | | | | 6,301,362 | | | | | | | | | | | | | | | 37,923,530 | | |
Basic and diluted loss per share
|
| | | $ | (0.23) | | | | | $ | (0.55) | | | | | | | | | | | | | | $ | (0.26) | | |
| | |
CHW
Acquisition Corporation (Adjusted) |
| |
Wag
(Historical) |
| |
Transaction
Pro Forma Adjustments |
| | | | |
Pro Forma
Combined |
| ||||||||||||
Revenue
|
| | | $ | — | | | | | $ | 20,082 | | | | | $ | (168) | | | |
AC
|
| | | | 19,914 | | |
Cost and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue exclusive of depreciation and amortization
|
| | | | — | | | | | | 2,777 | | | | | | — | | | | | | | | | 2,777 | | |
Platform operations and support
|
| | | | — | | | | | | 10,265 | | | | | | 2,847 | | | |
AD
|
| | | | 13,112 | | |
Sales and marketing
|
| | | | — | | | | | | 10,221 | | | | | | 2,065 | | | |
AD
|
| | | | 12,286 | | |
General and administrative
|
| | | | 833 | | | | | | 6,956 | | | | | | 20,785 | | | |
AC,AD
|
| | | | 28,574 | | |
Depreciation and amortization
|
| | | | — | | | | | | 388 | | | | | | — | | | | | | | | | 388 | | |
Total cost and expenses
|
| | | | 833 | | | | | | 30,607 | | | | | | 25,697 | | | | | | | | | 57,137 | | |
Gain on forgiveness of PPP loan
|
| | | | — | | | | | | 3,482 | | | | | | — | | | | | | | | | 3,482 | | |
Interest income (expense), net
|
| | | | 3 | | | | | | (61) | | | | | | (5,721) | | | |
AE
|
| | | | (5,779) | | |
Loss before income taxes
|
| | | | (830) | | | | | | (7,104) | | | | | | (31,586) | | | | | | | | | (39,520) | | |
Income taxes
|
| | | | — | | | | | | 793 | | | | | | — | | | | | | | | | 793 | | |
Net loss
|
| | | $ | (830) | | | | | $ | (6,311) | | | | | $ | (31,586) | | | | | | | | | (38,727) | | |
Other comprehensive income (loss)
|
| | | | — | | | | | | 1 | | | | | | — | | | | | | | | | 1 | | |
Total comprehensive income (loss)
|
| | | $ | (830) | | | | | $ | (6,310) | | | | | $ | (31,586) | | | | | | | | $ | (38,726) | | |
Common stock loss per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (830) | | | | | $ | (6,310) | | | | | | | | | | | | | | $ | (38,726) | | |
Basic and diluted weighted average shares outstanding
|
| | | | 7,455,772 | | | | | | 5,908,062 | | | | | | | | | | | | | | | 37,923,530 | | |
Basic and diluted loss per share
|
| | | $ | (0.11) | | | | | $ | (1.07) | | | | | | | | | | | | | | $ | (1.02) | | |
|
Share issuance to Wag Labs, Inc. shareholders(1)
|
| | | $ | 385.8 | | |
|
Share issuance to CHW Acquisition Corporation shareholders
|
| | | | 29.1 | | |
|
Share issuance to Subscribers(2)
|
| | | | 5.0 | | |
|
Share issuance to Sponsor
|
| | | | 31.2 | | |
|
Share Consideration – at Closing
|
| | | $ | 451.1 | | |
| | |
Shares
|
| |
%
|
| ||||||
Post-Combination Company shares issued to Wag Labs, Inc. stockholders
|
| | | | 30,000,000 | | | | | | 79.0% | | |
Post-Combination Company shares issued to Wag! Series P Investors
|
| | | | 1,100,000 | | | | | | 2.9% | | |
Post-Combination Company shares issued to CHW Acquisition Corporation public shareholders(3)
|
| | | | 2,906,030 | | | | | | 7.7% | | |
PIPE and Backstop Investor
|
| | | | 500,000 | | | | | | 1.3% | | |
Total Sponsor shares(1)
|
| | | | 3,117,500 | | | | | | 8.3% | | |
Total New Wag! Community shares(2)
|
| | | | 300,000 | | | | | | 0.8% | | |
Pro Forma Shares Outstanding
|
| | | | 37,923,530 | | | | | | 100.0% | | |
| | |
(in thousands)
|
| |||
Release of cash from trust account, net of $23.9 million placed in escrow
|
| | | $ | 5,317(L)(i) | | |
PIPE and Backstop Investor
|
| | | | 5,000(ii) | | |
Payment of transaction costs
|
| | | | (16,288)(iii) | | |
Payment of CHW Acquisition Corporation’s deferred underwriting fee
|
| | | | (4,375)(iv) | | |
Secured Note, net of $2.9 million issuance costs
|
| | | | 29,354(v) | | |
| | | | $ | 19,008 | | |
|
Par value – CHW Acquisition Corporation ordinary shares
|
| | | $ | 0.31 | | |
|
Par value – CHW Acquisition Corporation redeemable shares reclassified to permanent equity
|
| | | | 0.29 | | |
|
Par value – Pipe and Backstop Investor
|
| | | | 0.05 | | |
|
Par value – Shares issued to Wag! Series P Investors
|
| | | | 0.11 | | |
|
Par value – Shares issued to Wag!’s shareholders (recapitalization)
|
| | | | 3.00 | | |
| | | | | $ | 3.76 | | |
| | |
(in thousands)
|
| |||
Acquisition related transaction expenses incurred by Wag!
|
| | | $ | (11,628)(A)(iii) | | |
Reclassification of CHW Acquisition Corporation’s Redeemable Common Stock
|
| | | | 29,250(G) | | |
Issuance of New Wag! Common Stock from PIPE
|
| | | | 5,000(A)(ii) | | |
Reclassification of CHW Acquisition Corporation’s historical retained earnings balance into additional paid in capital
|
| | | | (7,475)(i) | | |
Reclassification of Wag! mezzanine classified Preferred Shares to permanent equity, including Series P
|
| | | | 121,190(G) | | |
Earnout related charges
|
| | | | 23,866(ii) | | |
Issuance of Common Stock Warrants
|
| | | | 1,952(E) | | |
Forward Purchase Agreement liability
|
| | | | (5,960)(L) | | |
New Wag! Community Shares
|
| | | | 1,970(iv) | | |
RSU Grant Stock-based Compensation
|
| | | | 33(iii) | | |
Total
|
| | | $ | 158,198 | | |
| | |
No
Redemptions |
| |||
Common Stock shares issued to Wag Labs, Inc. stockholders (assuming no cash elections by holders of Wag Labs, Inc. stock options)
|
| | | | 30,000,000 | | |
Common Stock shares issued to the Series P Investors
|
| | | | 1,100,000 | | |
Common Stock shares issued to current CHW Acquisition Corporation public shareholders
|
| | | | 2,906,030 | | |
Common Stock shares issued to Pipe and Backstop Investor.
|
| | | | 500,000 | | |
Common Stock shares issued to the Sponsor (including Chardan and the anchor investors)
|
| | | | 3,117,500 | | |
Common Stock New Wag! Community Shares issued
|
| | | | 300,000 | | |
New Wag Labs, Inc. Common Stock Pro Forma Weighted Average Shares – basic and diluted
|
| | | | 37,923,530 | | |
| | |
Amount
|
| |||
SEC registration fee
|
| | | $ | 12,484.93 | | |
Accountants’ fees and expenses
|
| | | | 55,000.00 | | |
Legal fees and expenses
|
| | | | 400,000.00 | | |
Printing fees
|
| | | | 135,000.00 | | |
Miscellaneous
|
| | | | — | | |
Total expenses
|
| | | $ | 602,484.93 | | |
| | | | | |
Incorporated by Reference
|
| |||||||||
Exhibit
Number |
| |
Description
|
| |
Schedule/
Form |
| |
File No.
|
| |
Exhibit
|
| |
Filing Date
|
|
2.1+ | | | | |
8-K
|
| |
001-40764
|
| |
2.1
|
| |
February 3, 2022
|
| |
3.1 | | | | |
8-K
|
| |
001-40764
|
| |
3.2
|
| |
August 15, 2022
|
| |
3.2 | | | | |
8-K
|
| |
001-40764
|
| |
3.3
|
| |
August 15, 2022
|
| |
4.1 | | | | |
S-4
|
| |
333-263418
|
| |
4.4
|
| |
July 1, 2022
|
| |
4.2 | | | | |
S-1
|
| |
333-267405
|
| |
4.2
|
| |
September 14, 2022
|
| |
4.3 | | | | |
S-1
|
| |
333-267405
|
| |
4.3
|
| |
September 14, 2022
|
| |
4.4 | | | | |
S-1
|
| |
333-267405
|
| |
4.4
|
| |
September 14, 2022
|
| |
10.1 | | | | |
8-K
|
| |
001-40764
|
| |
10.1
|
| |
February 3, 2022
|
| |
10.2 | | | | |
8-K
|
| |
001-40764
|
| |
10.2
|
| |
August 15, 2022
|
| |
10.3 | | | | |
8-K
|
| |
001-40764
|
| |
10.6
|
| |
February 3, 2022
|
| |
10.4 | | | PIPE and Backstop Subscription Agreement, dated as of February 2, 2022, by and between CHW and the other parties signatories thereto. | | |
8-K
|
| |
001-40764
|
| | | |
February 3, 2022
|
|
| | | | | |
Incorporated by Reference
|
| |||||||||
Exhibit
Number |
| |
Description
|
| |
Schedule/
Form |
| |
File No.
|
| |
Exhibit
|
| |
Filing Date
|
|
10.5 | | | | |
8-K
|
| |
001-40764
|
| |
10.7
|
| |
February 3, 2022
|
| |
10.6# | | | | |
S-4/A
|
| |
333-263418
|
| |
10.6
|
| |
May 10, 2022
|
| |
10.7# | | | | |
S-4/A
|
| |
333-263418
|
| |
10.7
|
| |
May 10, 2022
|
| |
10.8+ | | | | |
8-K
|
| |
001-40764
|
| |
10.6
|
| |
August 15, 2022
|
| |
10.9+ | | | | |
8-K
|
| |
001-40764
|
| |
10.8
|
| |
August 15, 2022
|
| |
10.10+ | | | | |
8-K
|
| |
001-40764
|
| |
10.7
|
| |
August 15, 2022
|
| |
10.11 | | | Form of Forward Share Purchase Agreement, dated August 5, 2022, by and between CHW and each of Milton Arbitrage Partners, LLC, MMCAP International Inc. SPC, Nautilus Master Fun, L.P., Polar Mutli-Strategy master Fund and the other parties signatories thereto. | | |
8-K
|
| |
001-40764
|
| |
10.1
|
| |
August 8, 2022
|
|
10.12# | | | | |
S-1
|
| |
333-267405
|
| |
10.12
|
| |
September 14, 2022
|
| |
10.13# | | | | |
S-1
|
| |
333-267405
|
| |
10.13
|
| |
September 14, 2022
|
| |
10.14# | | | | |
S-1
|
| |
333-267405
|
| |
10.14
|
| |
September 14, 2022
|
| |
10.15# | | | | |
S-1
|
| |
333-267405
|
| |
10.15
|
| | | | |
10.16# | | | | |
S-1
|
| |
333-267405
|
| |
10.16
|
| |
September 14, 2022
|
| |
10.17# | | | | |
S-1
|
| |
333-267405
|
| |
10.17
|
| |
September 14, 2022
|
| |
10.18# | | | | |
S-1
|
| |
333-267405
|
| |
10.18
|
| |
September 14, 2022
|
| |
10.19# | | | | |
S-1
|
| |
333-267405
|
| |
10.19
|
| |
September 14, 2022
|
| |
21.1 | | | | |
8-K
|
| |
001-40764
|
| |
21.1
|
| |
August 15, 2022
|
| |
23.1* | | | Consent of BDO USA, LLP, independent registered public accounting firm of Wag! Group Co. | | | | | | | | | | | | | |
| | | | | |
Incorporated by Reference
|
| |||||||||
Exhibit
Number |
| |
Description
|
| |
Schedule/
Form |
| |
File No.
|
| |
Exhibit
|
| |
Filing Date
|
|
23.2* | | | Consent of Marcum LLP, independent registered public accounting firm of CHW Acquisition Corporation. | | | | | | | | | | | | | |
23.3 | | | | |
S-1
|
| |
333-267405
|
| |
4.4
|
| |
September 14, 2022
|
| |
24.1 | | | Power of Attorney (included on signature page to Registration Statement on Form S-1 filed on September 14, 2022). | | | | | | | | | | | | | |
99.1 | | | | |
8-K
|
| |
001-40764
|
| |
99.2
|
| |
August 15, 2022
|
| |
99.2 | | | | |
8-K
|
| |
001-40764
|
| |
99.3
|
| |
August 15, 2022
|
| |
99.3 | | | | |
8-K
|
| |
001-40764
|
| |
99.4
|
| |
August 15, 2022
|
| |
107 | | | | |
S-1
|
| |
333-267405
|
| |
107
|
| |
September 14, 2022
|
|
| | | | WAG! GROUP CO. | | |||
| | | |
By:
|
| |
/s/ Garrett Smallwood
Garrett Smallwood
Chief Executive Officer |
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Garrett Smallwood
Garrett Smallwood
|
| |
Chief Executive Officer and Director
(Principal Executive Officer) |
| | October 28, 2022 | |
|
/s/ Alec Davidian
Alec Davidian
|
| |
Chief Financial Officer
(Principal Financial and Accounting Officer) |
| | October 28, 2022 | |
|
/s/ Nicholas Yu
Nicholas Yu
|
| | General Counsel | | | October 28, 2022 | |
|
*
Roger Lee
|
| | Director | | | October 28, 2022 | |
|
*
Melinda Chelliah
|
| | Director | | | October 28, 2022 | |
|
*
Jocelyn Mangan
|
| | Director | | | October 28, 2022 | |
|
*
Bryan Yee
|
| | Director | | | October 28, 2022 | |
|
*
Kimberly A. Blackwell
|
| | Director | | | October 28, 2022 | |
|
*
Sheila Lirio Marcelo
|
| | Director | | | October 28, 2022 | |
|
*By:
/s/ Garrett Smallwood
Garrett Smallwood
Attorney-in-Fact |
| | |
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
Wag! Group Co.
San Francisco, CA
We hereby consent to the use in the Prospectus constituting a part of this Registration Statement of our report dated March 10, 2022, relating to the consolidated financial statements of Wag Labs, Inc., which is contained in that Prospectus.
We also consent to the reference to us under the caption “Experts” in the Prospectus.
/s/ BDO USA, LLP
Chicago, IL
October 28, 2022
Exhibit 23.2
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM’S CONSENT
We consent to the inclusion in this Registration Statement of Wag! Group Co. (formerly CHW Acquisition Corporation) on Amendment No. 2 to Form S-1 (File No. 333-267405) of our report dated March 9, 2022, which includes an explanatory paragraph as to CHW Acquisition Corporation’s ability to continue as a going concern, with respect to our audit of the financial statements of CHW Acquisition Corporation as of December 31, 2021 and for the period from January 12, 2021 (inception) through December 31, 2021, which report appears in the Prospectus, which is part of this Registration Statement. We also consent to the reference to our Firm under the heading “Experts” in such Prospectus.
/s/ Marcum LLP
Marcum LLP
New York, NY
October 28, 2022