Offerpad Solutions Inc
For the period ended Jun 30, 2024. Filed Aug 5, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 5, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
| June 30, · December 31, | |||
|---|---|---|---|
| (in thousands, except par value per share) (Unaudited) · 2024 · 2023 | |||
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | $56,906 | $75,967 | |
| Restricted cash | 16,092 | 3,967 | |
| Accounts receivable | 6,745 | 9,935 | |
| Real estate inventory | 307,750 | 276,500 | |
| Prepaid expenses and other current assets | 3,545 | 5,236 | |
| Total current assets | 391,038 | 371,605 | |
| Property and equipment, net | 4,492 | 4,517 | |
| Other non-current assets | 11,095 | 3,572 | |
| TOTAL ASSETS | (1) | $406,625 | $379,694 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
| Current liabilities: | |||
| Accounts payable | $2,838 | $4,946 | |
| Accrued and other current liabilities | 13,095 | 13,859 | |
| Secured credit facilities and other debt, net | 271,887 | 227,132 | |
| Secured credit facilities and other debt - related party | 31,899 | 30,092 | |
| Total current liabilities | 319,719 | 276,029 | |
| Warrant liabilities | 136 | 471 | |
| Other long-term liabilities | 9,203 | 1,418 | |
| Total liabilities | (2) | 329,058 | 277,918 |
| Commitments and contingencies (Note 16) | |||
| Stockholders’ equity: | |||
| Class A common stock, $0.0001 par value; 2,000,000 shares authorized; 27,329 and 27,233 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 3 | 3 | |
| Additional paid in capital | 506,748 | 499,660 | |
| Accumulated deficit | (429,184) | (397,887) | |
| Total stockholders’ equity | 77,567 | 101,776 | |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $406,625 | $379,694 | |
(1)
Our consolidated assets as of June 30, 2024 and December 31, 2023 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $16,092 and $3,867; Accounts receivable, $3,203 and $6,782; Real estate inventory, $307,750 and $276,500; Prepaid expenses and other current assets, $407 and $1,588; Total assets of $327,452 and $288,737, respectively.
(2)
Our consolidated liabilities as of June 30, 2024 and December 31, 2023 include the following liabilities for which the VIE creditors do not have recourse to Offerpad: Accounts payable, $1,903 and $1,798; Accrued and other current liabilities, $1,757 and $2,027; Secured credit facilities and other debt, net, $303,786 and $257,224; Total liabilities, $307,446 and $261,049, respectively.
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