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Schedule I - Parent Company Financial Information

v3.21.2
Schedule I - Parent Company Financial Information
12 Months Ended
Dec. 31, 2020
Parent Company [Member]  
Schedule I – Parent Company Financial Information
SCHEDULE I – PARENT COMPANY ONLY FINANCIAL INFORMATION
The following presents condensed parent company only financial information of Maple Holdings Inc.
Condensed Balance Sheets (in thousands USD, except share and per share amounts)
 
    
December 31,
2020
   
December 31,
2019
 
Assets
                
Non-current
assets
                
Investment in subsidiaries
   $ 300,055     $ 324,694  
    
 
 
   
 
 
 
Total
non-current
assets
     300,055       324,694  
    
 
 
   
 
 
 
Total assets
  
$
300,055
 
 
$
324,694
 
    
 
 
   
 
 
 
Liabilities, temporary equity and stockholders’ equity
                
Long-term liabilities
                
Warrant liability
   $ 15,944     $ 8,459  
    
 
 
   
 
 
 
Total liabilities
  
 
15,944
 
 
 
8,459
 
    
 
 
   
 
 
 
Temporary equity
                
Series A Preferred Stock; par value $1,000 per share; 7,765,229 shares authorized; 7,756,158 and 6,836,003 shares issued and outstanding at December 31, 2020 and 2019
     77,562       68,360  
Series
A-1
Preferred Stock; par value $1,000 per share; 10,480,538 shares authorized; 7,862,107 and 6,949,524 shares issued and outstanding at December 31, 2020 and 2019
     78,621       69,495  
Series B Preferred Stock; par value $1,000 per share; 9,090,975 shares authorized; 9,090,975 and 8,233,774 shares issued and outstanding at December 31, 2020 and 2019
     90,910       82,338  
Series C Convertible Preferred Stock; par value $1,000 per share; 6,872,894 shares authorized; 2,566,186 shares issued and outstanding at December 31, 2020 and 2019
     16,802       16,802  
    
 
 
   
 
 
 
Total temporary equity
  
 
263,895
 
 
 
236,995
 
    
 
 
   
 
 
 
Stockholders’ equity
                
Common stock, voting; par value $.0001 per share; 55,659,643 shares authorized; 30,281,520 and 30,309,350 shares issued and outstanding at December 31, 2020 and 2019, respectively
     3       3  
Additional
paid-in
capital
     135,616       161,555  
Accumulated other comprehensive loss
     (1,677     (3,793
Accumulated deficit
     (113,726     (78,525
    
 
 
   
 
 
 
Total stockholders’ equity
  
 
20,216
 
 
 
79,240
 
    
 
 
   
 
 
 
Total liabilities, temporary equity and stockholders’ equity
  
$
300,055
 
 
$
324,694
 
    
 
 
   
 
 
 
Condensed Statements of Loss and Comprehensive Loss (in thousands USD)
 
For the years ended
  
December 31,
2020
   
December 31,
2019
 
Equity in net loss of subsidiaries
   $ (27,716   $ (23,678
Change in fair value of warrant liability
     (7,485     235  
    
 
 
   
 
 
 
Loss before income taxes
  
 
(35,201
 
 
(23,443
Income tax provision (benefit)
     —         —    
    
 
 
   
 
 
 
Net loss
  
$
(35,201
 
$
(23,443
    
 
 
   
 
 
 
Other comprehensive loss:
                
Foreign currency translation adjustment
     2,116       517  
    
 
 
   
 
 
 
Comprehensive loss
  
$
(33,085
 
$
(22,926
    
 
 
   
 
 
 
 
Condensed Statements of Cash Flows (in thousands USD)
 
For the years ended
  
December 31,
2020
   
December 31,
2019
 
Cash flows from operating activities
                
Net loss
   $ (35,201   $ (23,443
Adjustments to reconcile net loss to net cash provided by operating activities
                
Equity in net loss of subsidiaries
     27,716       23,678  
Change in fair value of warrant liability
     7,485       (235
    
 
 
   
 
 
 
Cash provided by operating activities
     —         —    
    
 
 
   
 
 
 
Cash flows from investing activities
                
Distribution from subsidiary
     200       80  
    
 
 
   
 
 
 
Cash provided by investing activities
  
 
200
 
 
 
80
 
Cash flows from financing activities
                
Repurchase of common stock
     (200     (80
    
 
 
   
 
 
 
Cash used in financing activities
  
 
(200
 
 
(80
Effect of exchange rate change on cash and cash equivalents
     —         —    
    
 
 
   
 
 
 
Change in cash and cash equivalents and restricted cash
     —         —    
Cash and cash equivalents and restricted cash, beginning of year
     —         —    
    
 
 
   
 
 
 
Cash and cash equivalents and restricted cash, end of year
  
$
—  
 
 
$
—  
 
    
 
 
   
 
 
 
Non-cash investing and financing activities:
                
Equity issued for acquisition of Integron, LLC
   $ —       $ 7,000  
Share-based payment awards issued to employees of subsidiaries
   $ 1,161     $ 1,682  
 
(i)
Basis of presentation
In the condensed parent-company-only financial statements, Maple Holdings Inc.’s (“Maple” or the “Company”) investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. The Company’s share of net loss of its subsidiaries is included in the condensed statements of loss and comprehensive loss using the equity method of accounting. These condensed parent-company-only financial statements should be read in connection with the consolidated financial statements and notes thereto of Maple Holdings Inc. and subsidiaries.
As of December 31, 2020, the Company has no purchase commitments, capital commitments and operating lease commitments.
 
(ii)
Restricted Net Assets
Schedule I of Rule
5-04
of Regulation
S-X
requires the condensed financial information of a registrant to be filed when the restricted net assets of the registrant’s consolidated subsidiaries exceed 25 percent of the registrant’s consolidated net assets as of the end of the most recently completed fiscal year. For purposes of this test, restricted net assets of the consolidated subsidiaries means the amount of the registrant’s proportionate share of net assets of the consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (e.g., lender, regulatory agency, foreign government).
The condensed parent company financial statements have been prepared in accordance with Rule
12-04,
Schedule I of Regulation
S-X
as the restricted net assets of the Company’s subsidiaries exceed 25% of the Company’s consolidated net assets. The Company is a holding company that conducts substantially all its business operations through its subsidiaries. The Company’s ability to pay dividends on the Company’s preferred and common stock is limited by restrictions on the ability of the Company and its subsidiaries to pay dividends or make distributions under the terms of agreements governing the indebtedness of the Company’s subsidiaries. Subject to the full terms and conditions under the agreements governing its indebtedness, the Company and its subsidiaries may be permitted to make dividends and distributions under such agreements if there is no event of default and certain
pro-forma
financial ratios (as defined by such agreements) are met.