XML 38 R24.htm IDEA: XBRL DOCUMENT
v3.21.2

Subsequent Events | 9 Months Ended
--- | ---
Sep. 30, 2021
Subsequent Events [Abstract] |
Subsequent events | Subsequent Events The Company has evaluated the impact of events that have occurred through the date these financial statements were issued and identified the following events that required disclosure. Senior debt: On October 13, 2021, OppFi-LLC, certain of the OppFi Subsidiaries and the other credit parties and guarantors thereto entered into Amendment No. 6 to Revolving Credit Agreement and Other Credit Documents (the “Atalaya Amendment”), which amends the OppFi-LLC Midtown Credit Agreement. The Atalaya Amendment amends the OppFi-LLC Midtown Credit Agreement to, among other things, add Opportunity Funding SPE VII, LLC as an additional borrower under the OppFi-LLC Midtown Credit Agreement, permit the pledge of OppFi Card receivables under the OppFi-LLC Midtown Credit Agreement, and extend the revolving period of the OppFi-LLC Midtown Credit Agreement to October 13, 2023. OppFi-LLC and the other credit parties and guarantors thereto entered into Amendment No. 7 and No. 8 to the Senior Secured Multi-Draw Term Loan Agreement on November 3, 2021 and November 10, 2021, respectively, (the “Amendments-Term Loan”), which amend the OppFi-LLC Midtown Term Loan Agreement. The Amendments-Term Loan amend the OppFi-LLC Midtown Term Loan Agreement to, among other things, amend and restate the definition of “Excluded Accounts” and “EBITDA,” amend and restate negative covenants of the borrower, specifically regarding payment of dividend or distribution, and amend and restate the minimum consolidated fixed charge coverage ratio financial covenant. Equity incentive plan: On October 1, 2021, the Company granted awards to employees, officers and directors in the form of restricted stock units (the “RSUs”), which collectively represent contingent rights to receive 2,141,923 shares of Class A Common Stock. The RSUs granted to employees and officers vest over four years with 25% of the RSUs vesting on the first anniversary of the grant and the remaining 75% vesting quarterly over the remaining 36 months, and the RSUs granted to directors vest on the earlier of the one-year anniversary of grant or the date of the Company’s next annual meeting of stockholders.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration