Landsea Homes Corporation Annual report pursuant to Section 13 and 15(d)

Restatement of Previously Issued Audited and Unaudited Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020


	As of December 31, 2020
	As Previously Reported		Restatement Adjustment			As Restated
Total assets	$	109,812,830	$	—		$	109,812,830
Liabilities and Stockholders’ Equity
Total current liabilities		4,501,627		—			4,501,627
Deferred underwriting commissions		5,433,750		—			5,433,750
Warrant liability		—		45,483,300			45,483,300
Total liabilities		9,935,377		45,483,300			55,418,677
Stockholders’ Equity:
Preferred stock, $0.0001 par value		—		—			—
Class A common stock, $0.0001 par value		1,039		—			1,039
Convertible Class B common stock, $0.0001 par value		388		—			388
Additional paid-in capital		99,730,418		(10,711,100	)		89,019,318
Accumulated deficit		145,608		(34,772,200	)		(34,626,592	)
Total stockholders’ equity (deficit)		99,877,453		(45,483,300	)		54,394,153
Total Liabilities and Stockholders’ Equity	$	109,812,830	$	—		$	109,812,830

Year ended December 31, 2020 statement of operations:

	For the Year Ended December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
General and administrative expenses	$	2,470,314		$	—		$	2,470,314
Franchise tax expense		200,051			—			200,051
Loss from operations		(2,670,365	)		—			(2,670,365	)
Interest earned on investments and marketable securities		694,319			—			694,319
Loss on remeasurement of warrant liability		—			(34,539,350	)		(34,539,350	)
Loss before income tax expense		(1,976,046	)		(34,539,350	)		(36,515,396	)
Income tax expense		120,449			—			120,449
Net loss	$	(2,096,495	)	$	(34,539,350	)	$	(36,635,845	)

Weighted average shares outstanding of Class A common stock		14,006,380			—			14,006,380
Basic and diluted net income per share, Class A	$	0.03		$	—		$	0.03
Weighted average shares outstanding of Class B common stock		3,881,250			—			3,881,250
Basic and diluted net loss per share, Class B	$	(0.64	)	$	(8.90	)	$	(9.54	)

Year ended December 31, 2020 statement of cash flows:

	For the Year Ended December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
Cash Flows from Operating Activities:
Net loss	$	(2,096,495	)	$	(34,539,350	)	$	(36,635,845	)
Adjustments to reconcile net loss to net cash used in operating activities:		(822,416	)		34,539,350			33,716,934
Changes in operating assets and liabilities		2,111,980			—			2,111,980
Net cash used in operating activities		(806,931	)		—			(806,931	)
Net cash provided by investing activities		52,971,974			—			52,971,974
Net cash used in financing activities		(52,257,462	)		—			(52,257,462	)
Net change in cash	$	(92,419	)	$	—		$	(92,419	)

Supplemental disclosure of noncash investing and financing activities:
Change in Class A common stock subject to possible redemption	$	(96,973,939	)	$	10,944,778		$	(86,029,161	)

December 31, 2019 balance sheet:

	As of December 31, 2019
	As Previously Reported		Restatement Adjustment			As Restated
Total assets	$	162,485,391	$	—		$	162,485,391
Liabilities and Stockholders’ Equity
Total current liabilities		942,126		—			942,126
Deferred tax liabilities		128,105		—			128,105
Deferred underwriting commissions		5,433,750		—			5,433,750
Warrant liability		—		10,943,950			10,943,950
Total liabilities		6,503,981		10,943,950			17,447,931
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption		150,981,401		(10,943,950	)		140,037,451
Stockholders’ Equity:
Preferred stock, $0.0001 par value		—		—			—
Class A common stock, $0.0001 par value		106		105			211
Convertible Class B common stock, $0.0001 par value		388		—			388
Additional paid-in capital		2,757,412		232,745			2,990,157
Retained earnings (Accumulated deficit)		2,242,103		(232,850	)		2,009,253
Total stockholders’ equity (deficit)		5,000,009		—			5,000,009
Total Liabilities and Stockholders’ Equity	$	162,485,391	$	—		$	162,485,391

Year ended December 31, 2019 statement of operations:

	For the Year Ended December 31, 2019
	As Previously Reported			Restatement Adjustment			As Restated
General and administrative expenses	$	826,307		$	—		$	826,307
Franchise tax expense		200,000			—			200,000
Loss from operations		(1,026,307	)		—			(1,026,307	)
Interest earned on investments and marketable securities		3,473,997			—			3,473,997
Loss on remeasurement of warrant liability		—			(931,400	)		(931,400	)
Loss before income tax expense		2,447,690			(931,400	)		1,516,290
Income tax expense		675,854			—			675,854
Net loss	$	1,771,836		$	(931,400	)	$	840,436

Weighted average shares outstanding of Class A common stock		15,525,000			—			15,525,000
Basic and diluted net income per share, Class A	$	0.17		$	—		$	0.17
Weighted average shares outstanding of Class B common stock		3,881,250			—			3,881,250
Basic and diluted net loss per share, Class B	$	(0.21	)	$	(0.24	)	$	(0.45	)

Year ended December 31, 2019 statement of cash flows:

	For the Year Ended December 31, 2019
	As Previously Reported			Restatement Adjustment			As Restated
Cash Flows from Operating Activities:
Net loss	$	1,771,836		$	(931,400	)	$	840,436
Adjustments to reconcile net loss to net cash used in operating activities:		(3,345,423	)		931,400			(2,414,023	)
Changes in operating assets and liabilities		(383,529	)		—			(383,529	)
Net cash used in operating activities		(1,957,116	)		—			(1,957,116	)
Net cash provided by investing activities		1,171,717			—			1,171,717
Net cash used in financing activities		750,000			—			750,000
Net change in cash	$	(35,399	)	$	—		$	(35,399	)

Supplemental disclosure of noncash investing and financing activities:
Change in Class A common stock subject to possible redemption	$	1,771,832		$	(931,400	)	$	840,432