Offerpad Solutions Inc
For the period ended Sep 30, 2024. Filed Nov 4, 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.
Sep 30, 2024 · Filed Nov 4, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
| September 30, · December 31, | |||
|---|---|---|---|
| (in thousands, except par value per share) (Unaudited) · 2024 · 2023 | |||
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | $48,504 | $75,967 | |
| Restricted cash | 9,922 | 3,967 | |
| Accounts receivable | 5,589 | 9,935 | |
| Real estate inventory | 256,472 | 276,500 | |
| Prepaid expenses and other current assets | 2,553 | 5,236 | |
| Total current assets | 323,040 | 371,605 | |
| Property and equipment, net | 5,190 | 4,517 | |
| Other non-current assets | 10,258 | 3,572 | |
| TOTAL ASSETS | (1) | $338,488 | $379,694 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
| Current liabilities: | |||
| Accounts payable | $2,564 | $4,946 | |
| Accrued and other current liabilities | 10,090 | 13,859 | |
| Secured credit facilities and other debt, net | 216,439 | 227,132 | |
| Secured credit facilities and other debt - related party | 34,406 | 30,092 | |
| Total current liabilities | 263,499 | 276,029 | |
| Warrant liabilities | 122 | 471 | |
| Other long-term liabilities | 10,154 | 1,418 | |
| Total liabilities | (2) | 273,775 | 277,918 |
| Commitments and contingencies (Note 16) | |||
| Stockholders’ equity: | |||
| Class A common stock, $0.0001 par value; 2,000,000 shares authorized; 27,361 and 27,233 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 3 | 3 | |
| Additional paid in capital | 507,431 | 499,660 | |
| Accumulated deficit | (442,721) | (397,887) | |
| Total stockholders’ equity | 64,713 | 101,776 | |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $338,488 | $379,694 | |
(1)
Our consolidated assets as of September 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,$9,922 and$3,867; Accounts receivable, $1,897 and $6,782; Real estate inventory, $256,472 and $276,500; Prepaid expenses and other current assets, $379 and $1,588; Total assets of$268,670 and$288,737, respectively.
(2)
Our consolidated liabilities as of September 30, 2024 and December 31, 2023 include the following liabilities for which the VIE creditors do not have recourse to Offerpad: Accounts payable,$1,124 and$1,798; Accrued and other current liabilities, $1,595 and $2,027; Secured credit facilities and other debt, net, $250,845 and $257,224; Total liabilities,$253,564 and$261,049, respectively.
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