Restatement of Previously Issued Consolidated Financial Statements

3 Months Ended

Mar. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Issued Consolidated Financial Statements

Management of the Company re-evaluated its accounting for the "OppFi Units", that may be exchanged for the Company's Class A common stock. The Company determined that it misapplied the guidance prescribed by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 260-10-55-20(b) when calculating diluted earnings per share. The Company has concluded that diluted earnings per share should be calculated using the lower of the treasury stock method or the if-converted method as prescribed by U.S. Generally Accepted Accounting Principles (“GAAP”).

The following tables present the impact of the adjustments on the Company’s previous presentation of diluted earnings per share and the related weighted average common shares outstanding for the period presented:


	Three Months Ended March 31, 2022
	As Previously Reported		Adjustments		As Restated
Numerator:
Net loss	$	(297)	$	—	$	(297)
Net loss attributable to noncontrolling interest	(1,373)		—		(1,373)
Net income available to Class A common stockholders - Basic	1,076		—		1,076
Dilutive effect of warrants on net income to Class A common stockholders	—		—		—
Net loss attributable to noncontrolling interest	—		(1,373)		(1,373)
Income tax benefit	—		331		331
Net income (loss) available to Class A common stockholders - Diluted	$	1,076	$	(1,042)	$	34


	Three Months Ended March 31, 2022
	As Previously Reported		Adjustments		As Restated
Earnings per common share:
Diluted	$	0.08	$	0.08	$	—

Weighted average common shares outstanding:
Diluted	13,635,483		70,838,474		84,473,957