Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
CURRENT ASSETS:    
Cash and cash equivalents $ 156,696,000 $ 15,645,000
Trade receivables, net (allowance for doubtful accounts of $81 and $121 at December 31, 2021 and 2020, respectively) 35,422,000 34,804,000
Prepaid expenses and other current assets 3,131,000 1,174,000
Total current assets 195,249,000 51,623,000
NON-CURRENT ASSETS:    
Long-term deposit 310,000 348,000
Long-term restricted deposits 462,000 447,000
Property and equipment, net 4,840,000 2,325,000
Goodwill 4,555,000 4,555,000
Intangible assets, net 0 33,000
Other non-current assets 116,000 127,000
Total non-current assets 10,283,000 7,835,000
TOTAL ASSETS 205,532,000 59,458,000
CURRENT LIABILITIES:    
Trade payables 5,026,000 1,854,000
Employees and payroll accruals 7,742,000 6,506,000
Accrued expenses and other current liabilities 3,082,000 1,155,000
Current portion of long-term debt 6,000,000 1,527,000
Total current liabilities 21,850,000 11,042,000
NON-CURRENT LIABILITIES:    
Long-term debt 0 7,506,000
Other non-current liabilities 3,455,000 3,144,000
Warrants liability 18,972,000 499,000
Total non-current liabilities 22,427,000 11,149,000
TOTAL LIABILITIES 44,277,000 22,191,000
COMMITMENTS AND CONTINGENT LIABILITIES (Note 10)
TEMPORARY EQUITY    
Preferred stocks - Authorized: 500,000 and 74,236,896 at December 31, 2021 and 2020, respectively; Issued and Outstanding: 0 and 73,690,340 at December 31, 2021 and 2020, respectively [1] 0 86,997,000
STOCKHOLDERS’ EQUITY (DEFICIT):    
Common stocks of $0.0001 par value - Authorized: 500,000,000 and 100,634,071 at December 31, 2021 and 2020, respectively; Issued: 119,017,380 and 18,189,937 at December 31, 2021 and 2020, respectively; Outstanding: 119,017,380 and 16,275,609 at December 31, 2021 and 2020, respectively [1] 12,000 2,000
Treasury stocks, at cost (0 and 1,914,328 stocks at December 31, 2021 and 2020) [1] 0 (1,629,000)
Additional paid-in capital [1] 293,719,000 10,000
Accumulated deficit (132,476,000) (48,113,000)
Total stockholders’ equity (deficit) 161,255,000 (49,730,000)
TOTAL LIABILITIES, TEMPORARY EQUITY, AND STOCKHOLDERS’ EQUITY (DEFICIT) $ 205,532,000 $ 59,458,000
Exchange ratio 1.337  
[1] Prior period results have been adjusted to reflect the exchange of Innovid Inc’s common stock for Innovid Corp’s common stock at an exchange ratio of approximately 1.337 as a result of the Transaction. See Note 5, “Transaction and Business Combination” in the notes to the consolidated financial statements for further details.