| Schedule of Restatement Adjustments |
The impact of the restatement on the consolidated balance sheet, consolidated statement of operations and consolidated statement of cash flows for the year ended December 31, 2020 is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities. | | | | | | | | | | | | As of December 31, 2020 | | | As Previously | | Restatement | | | | Consolidated Balance Sheet | | Reported | | Adjustment | | As Restated | | | | (In Thousands, Except for Number of Shares and Par Value Per Share Amounts) | Assets | | | | | | | | | | Total current assets | | $ | 273,219 | | $ | — | | $ | 273,219 | Total assets | | | 282,421 | | | — | | | 282,421 | Liabilities and stockholders’ equity | | | | | | | | | | Total current liabilities | | | 47,356 | | | — | | | 47,356 | Common stock warrant liabilities(1) | | | — | | | 178,232 | | | 178,232 | Total liabilities | | | 47,402 | | | 178,232 | | | 225,634 | Stockholders’ equity:(1) | | | | | | | | | | Preferred stock $0.0001 par value; 10 million shares authorized – 0 issued and outstanding as of December 31, 2020 and 2019 | | | — | | | — | | | — | Common stock $0.0001 par value; 625 million shares authorized; Class A common stock – 500 million shares authorized; 292 million and 212 million shares issued and outstanding as of December 31, 2020 and 2019, respectively; Class B common stock – 125 million shares authorized; 78 million and 74 million shares issued and outstanding as of December 31, 2020 and 2019, respectively | | | 37 | | | — | | | 37 | Additional paid-in capital | | | 450,248 | | | (155,183) | (1) | | 295,065 | Accumulated deficit | | | (215,266) | | | (23,049) | (2) | | (238,315) | Total stockholders’ equity | | | 235,019 | | | (178,232) | | | 56,787 | Total liabilities and stockholders’ equity | | $ | 282,421 | | $ | — | | $ | 282,421 |
| | | | | | | | | | | | For the Year Ended December 31, 2020 | | | As Previously | | Restatement | | | | Consolidated Statement of Operations | | Reported | | Adjustment | | As Restated | | | | (In Thousands, Except for Number of Shares and Per Share Amounts) | Revenue | | $ | 230,115 | | $ | — | | $ | 230,115 | Total cost and expenses | | $ | 329,736 | | $ | — | | $ | 329,736 | Loss from operations | | $ | (99,621) | | $ | — | | $ | (99,621) | Change in fair value of common stock warrant liabilities | | $ | — | | $ | (23,049) | (2) | $ | (23,049) | Loss before income taxes | | $ | (122,346) | | $ | (23,049) | | $ | (145,395) | Provision for income taxes | | $ | 115 | | $ | — | | $ | 115 | Net loss | | $ | (122,461) | | $ | (23,049) | | $ | (145,510) | Basic and diluted net loss per share | | $ | (0.42) | | $ | (0.07) | | $ | (0.49) | Basic and diluted weighted-average common shares outstanding | | | 294,549,146 | | | — | | | 294,549,146 |
| | | | | | | | | | | | As of December 31, 2020 | | | As Previously | | Restatement | | | | Consolidated Statement of Stockholders’ Equity | | Reported | | Adjustment | | As Restated | | | | (In Thousands) | Net Business Combination and PIPE Financing | | $ | 230,426 | | $ | (155,183) | (1) | $ | 75,243 | Net loss | | $ | (122,461) | | $ | (23,049) | (2) | $ | (145,510) | Balance at December 31, 2020 | | $ | 235,019 | | $ | (178,232) | | $ | 56,787 |
| | | | | | | | | | | | For the Year Ended December 31, 2020 | | | As Previously | | Restatement | | | | Consolidated Statement of Cash Flows | | Reported | | Adjustment | | As Restated | | | | (In Thousands) | Net loss | | $ | (122,461) | | $ | (23,049) | (2) | $ | (145,510) | Change in fair value of common stock warrant liabilities | | $ | — | | $ | 23,049 | (2) | $ | 23,049 | Net cash used in operating activities | | $ | (56,232) | | $ | — | | $ | (56,232) |
(1) | Reclassification of common stock warrants from equity classified to liability classified. |
(2) | Amounts represent the fair value adjustments related to the revaluation of liability classified common stock warrants and transaction costs and advisor fees incurred by Skillz attributable to the liability classified common stock warrants. |
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