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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Earnings Per Share Basic And Diluted

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2022				2021				2022				2021
Numerator
Net (loss) income		$	(27,115	)		$	(864	)		$	(59,910	)		$	3,088
Less: noncumulative dividend to convertible preferred stockholders			—				—				—				(3,088	)
Less: undistributed earnings to participating securities			—				—				—				—
Net loss attributed to common stockholders—basic			(27,115	)			(864	)			(59,910	)			—
Add: undistributed earnings reallocated to common stockholders			—				—				—				—
Net loss attributed to common stockholders—diluted		$	(27,115	)		$	(864	)		$	(59,910	)		$	—
Denominator
Weighted-average shares of common stock—basic			371,540,222				135,906,931				370,170,270				134,341,921
Dilutive effect of convertible preferred stock			—				—				—				185,833,546
Dilutive effect of equity incentive awards			—				—				—				34,167,964
Weighted-average shares of common stock—diluted			371,540,222				135,906,931				370,170,270				354,343,431
Net loss per share
Basic		$	(0.07	)		$	(0.01	)		$	(0.16	)		$	0.00
Diluted		$	(0.07	)		$	(0.01	)		$	(0.16	)		$	0.00

Summary of assets and liabilities measured at fair value on a recurring basis

Following are the major categories of assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021, using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3) (in thousands):

June 30, 2022		Level 1				Level 2				Level 3				Total
Assets
Marketable securities		$	36,083			$	—			$	—			$	36,083
Short-term investments			—				194,347				—				194,347
Total assets		$	36,083			$	194,347			$	—			$	230,430
Liabilities
Warrant liabilities - public warrants		$	539			$	—			$	—			$	539
Warrant liabilities - private placement warrants			—				—				631				631
Earnout liabilities			—				—				48				48
Total liabilities		$	539			$	—			$	679			$	1,218
December 31, 2021		Level 1				Level 2				Level 3				Total
Assets
Marketable securities		$	8,226			$	—			$	—			$	8,226
Derivative asset on loans to stockholders			—				—				35,253				35,253
Total assets		$	8,226			$	—			$	35,253			$	43,479
Liabilities
Warrant liability		$	—			$	—			$	3,726			$	3,726
Note payable			—				—				15,051				15,051
Total liabilities		$	—			$	—			$	18,777			$	18,777

Summary of computation of diluted net loss (income) per share

The following potentially dilutive shares were excluded from the computation of diluted net (loss) income per share for the periods presented because including them would have been antidilutive:

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2022				2021				2022				2021
Equity incentive awards			15,094,013				40,779,422				15,065,036				1
Convertible debt			10,000,000				—				10,000,000				—
Convertible preferred stock			—				203,882,182				—				18,048,635
Series B-1 warrants			—				2,333,122				—				2,333,122
Total			25,094,013				246,994,726				25,065,036				20,381,758

Schedule of Variable Interest Entities

The carrying value of Dave OD’s assets and liabilities, after elimination of any intercompany transactions and balances, in the unaudited condensed consolidated balance sheet are as follows:

		As of June 30, 2022				As of December 31, 2021
Assets
Cash and cash equivalents		$	21,706			$	26,239
Member advances, net of allowance for unrecoverable   advances of $1,756 and @1,315 as of June 30, 2022 and   December 31, 2021, respectively			51,358				35,835
Debt and credit facility commitment fee, current			240				470
Debt facility commitment fee, long-term			102				131
Total assets		$	73,406			$	62,675
Liabilities
Accounts payable		$	462			$	411
Credit facility			20,000				20,000
Debt facility			35,000				35,000
Other current liability			—				400
Warrant liability			—				3,726
Total liabilities		$	55,462			$	59,537

Summary of operating revenues

Below is detail of operating revenues (in thousands):

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2022				2021				2022				2021
Service based revenue, net
Processing fees, net		$	23,853			$	18,978			$	44,831			$	36,378
Tips			14,546				11,063				28,494				21,062
Subscriptions			4,346				4,123				8,500				8,995
Other			246				222				434				369
Transaction based revenue, net			2,814				2,843				6,097				4,851
Total		$	45,805			$	37,229			$	88,356			$	71,655

Summary of roll-forward of the Level 3 private warrant liability

A roll-forward of the Level 3 private warrant liability is as follows (dollars in thousands):

Opening value at January 1, 2022		$	—
Initial fair value at the merger date			6,681
Change in fair value during the period			(6,050	)
Ending value at June 30, 2022		$	631

The Company used a Black-Scholes option pricing model to determine the fair value of the private warrant liability. The following table presents the assumptions used to value the private warrant liability for the period ended June 30, 2022:

Exercise Price		$	11.50
Expected volatility			88.2	%
Risk-free interest rate			3.01	%
Remaining term			4.51 years
Dividend yield			0	%

Derivative Liability [Member]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

A roll-forward of the Level 3 warrant liability is as follows (dollars in thousands):

Opening value at January 1, 2021		$	—
Initial fair value at the original issuance date			106
Change in fair value during the year			3,620
Ending value at December 31, 2021			3,726
Change in fair value during the year			(361	)
Exercise of warrant			(3,365	)
Ending value at June 30, 2022		$	—

Summary of fair value of the derivative asset and liability

The following table presents the assumptions used to value the warrant liability for the period ended December 31, 2021:

Expected volatility			57.0	%
Risk-free interest rate			0.1 - 0.6	%
Remaining term			0.0 -1.5 Years

Derivative Asset [Member]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

A roll-forward of the Level 3 derivative asset on loans to stockholders is as follows (dollars in thousands):

Opening value at January 1, 2021		$	457
Amendment to loan to stockholder			5
Change in fair value during the year			34,791
Ending value at December 31, 2021			35,253
Change in fair value during the period			(5,572	)
Exercise of call option			(29,681	)
Ending value at June 30, 2022		$	—

Summary of fair value of the derivative asset and liability

The Company used a probability-weighted expected return method (“PWERM”) to weight the indicated call options value determined under the binomial option pricing model to determine the fair value of the call options. The following table presents the assumptions used to value the call options for the year ended December 31, 2021:

		December 31, 2021
Expected volatility			61.5	%
Risk-free interest rate			0.2	%
Remaining term			3.0 Years

Promissory Note [Member]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

A roll-forward of the Level 3 promissory note is as follows (dollars in thousands):

Opening value at January 1, 2021		$	—
Fair value at issuance			14,608
Change in fair value during the year			443
Ending value at December 31, 2021			15,051
Change in fair value during the year			(51	)
Discharge of obligation through the issuance of Common Stock			(15,000	)
Ending value at June 30, 2022		$	—

Earnout Shares Liability [Member]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

A roll-forward of the Level 3 Founder Holder Earnout Shares liability is as follows (dollars in thousands):

Opening value at January 1, 2022		$	—
Initial fair value at the merger date			9,682
Change in fair value during the period			(9,634	)
Ending value at June 30, 2022		$	48

Summary of fair value of the derivative asset and liability

The Company used a Monte Carlo Simulation Method to determine the fair value of the Founder Holder Earnout Shares liability. The following table presents the assumptions used to value the Founder Holder Earnout Shares liability for the period ended June 30, 2022:

		June 30, 2022
Exercise Price		$	11.50
Expected volatility			55.0	%
Risk-free interest rate			3.01	%
Remaining term			4.51 years
Dividend yield			0	%

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