Annual report pursuant to Section 13 and 15(d)

Condensed Financial Information of Registrant (Parent Company Only) (Tables)

v3.22.0.1
Condensed Financial Information of Registrant (Parent Company Only) (Tables)
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Schedule of condensed balance sheet
 
 
 
 
 
 
 
 
 
    
December 31, 2021
     
December 31, 2020
  
    
Successor
     
Predecessor
  
ASSETS
       
 
         
Fixed assets and leasehold improvements, net
   
$
—  
 
    $ 23  
Investment in subsidiaries
   
 
446,517
 
      639,011  
Other assets, net
   
 
—  
 
      2,184  
    
 
 
     
 
 
  
TOTAL ASSETS
   
$
446,517
 
    $ 641,218  
    
 
 
     
 
 
  
LIABILITIES AND EQUITY
                  
Payables and other liabilities
   
$
58,538
 
    $ 13,033  
    
 
 
     
 
 
  
TOTAL LIABILITIES
   
58,538
 
   
13,033  
    
 
 
     
 
 
  
EQUITY
                  
FoA Equity member’s equity
   
 
—  
 
      628,176  
Class A Common Stock, $0.0001 par value; 6,000,000,000 shares authorized; 60,755,069 shares issued and outstanding at December 31, 2021
   
 
6
 
      —    
Additional
paid-in
capital (Successor)
   
 
831,620
 
      —    
Accumulated deficit (Successor)
   
 
(443,613
) 
      —    
Accumulated other comprehensive income (loss)
   
 
(34
) 
      9  
    
 
 
     
 
 
  
TOTAL EQUITY
   
 
387,979
 
      628,185  
    
 
 
     
 
 
  
TOTAL LIABILITIES AND EQUITY
   
$
446,517
 
    $ 641,218  
    
 
 
     
 
 
  
Schedule of condensed statement of operations and comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
April 1, 2021

to

December 31, 2021
     
January 1, 2021

to

March 31, 2021
    
For the year ended
December 31, 2020
    
For the year ended
December 31, 2019
  
    
Successor
     
Predecessor
  
REVENUES
       
 
                         
Interest income
   
$
—  
 
   
$
—  
 
 
 $ 164     $ 176  
Interest expense
   
 
—  
 
   
 
 (46
) 
 
   (3,669 )    $ (3,084 ) 
    
 
 
     
 
 
 
 
 
 
    
 
 
  
Net interest expense
   
 
—  
 
   
 
 (46
) 
 
   (3,505 )      (2,908 ) 
    
 
 
     
 
 
 
 
 
 
    
 
 
  
TOTAL REVENUES
   
 
—  
 
   
 
 (46
) 
 
   (3,505 )      (2,908 ) 
    
 
 
     
 
 
 
 
 
 
    
 
 
  
EXPENSES
            
 
 
 
 
              
Salaries and benefits
   
 
—  
 
   
 
 4,041
 
 
   7,710       6,133  
Occupancy and equipment rentals
   
 
—  
 
   
 
 161
 
 
   632       475  
General and administrative
   
 
—  
 
   
 
 357
 
 
   1,292       1,779  
    
 
 
     
 
 
 
 
 
 
    
 
 
  
TOTAL EXPENSES
   
 
—  
 
   
 
 4,559
 
 
   9,634       8,387  
OTHER, NET
   
 
15,042
 
   
 
—  
 
 
   —         —    
    
 
 
     
 
 
 
 
 
 
    
 
 
  
NET INCOME (LOSS) BEFORE INCOME TAXES
   
 
15,042
 
   
 
 (4,605
) 
 
   (13,139 )      (11,295 ) 
Provision for income taxes applicable to parent
   
 
(23,748
) 
   
 
—  
 
 
   —         —    
    
 
 
     
 
 
 
 
 
 
    
 
 
  
NET INCOME (LOSS)
   
 
38,790
 
   
 
 (4,605
) 
 
   (13,139 )      (11,295 ) 
Equity (deficit) in undistributed income from subsidiaries
   
 
(410,590
) 
   
 
 124,464
 
 
   531,527       65,707  
    
 
 
     
 
 
 
 
 
 
    
 
 
  
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST
   
 
(371,800
) 
   
 
 119,859
 
 
   518,388       54,412  
Other comprehensive income (loss)
   
 
(34
) 
   
 
 (11
) 
 
   60       47  
    
 
 
     
 
 
 
 
 
 
    
 
 
  
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST
   
$
(371,834
) 
   
$
 119,848
 
 
 $ 518,448     $ 54,459