KALTURA INC - 1432133 - 2021
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 

FORM 10-Q

 
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2021
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from ___________________ to ___________________
 
Commission File Number: 001-40644

Kaltura, Inc.
(Exact Name of Registrant as Specified in its Charter)

 
Delaware
20-8128326
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
250 Park Avenue South
10th Floor
New York, New York
10003
(Address of principal executive offices)
(Zip Code)
 
(646) 290-5445
(Registrant’s telephone number, including area code)
 
N/A
(Former name, former address and former fiscal year, if changed since last report)

 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $0.0001 par value per share
KLTR
The Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   
 
Yes       No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   
 
Yes       No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes ☐      No
 
As of October 28, 2021, there were 126,874,443 shares of the registrant’s common stock, par value $0.0001, outstanding.
 

 
TABLE OF CONTENTS
 
 
 
Page
PART I
FINANCIAL INFORMATION
 
F - 1
 
F - 2 - F - 3
 F - 4
 F - 5 - F - 8
 
F -9 - F - 10
 F - 11 - F - 35
2
27
28
   
PART II
OTHER INFORMATION
 
29
29
77
77
77
77
78
 
79
   
 

 
FORWARD-LOOKING STATEMENTS
 
This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, stock-based compensation, revenue recognition, business strategy, plans and market growth.
 
The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed in Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q. The forward-looking statements in this Quarterly Report on Form 10-Q are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.
 
You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this Quarterly Report on Form 10-Q with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Quarterly Report on Form 10-Q, whether as a result of any new information, future events or otherwise.
 
As used in this Quarterly Report on Form 10-Q, unless otherwise stated or the context requires otherwise, references to “Kaltura,” the “Company,” “we,” “us,” and “our,” refer to Kaltura, Inc. and its subsidiaries on a consolidated basis.

i

 
SUMMARY RISK FACTORS
 
Our business is subject to numerous risks and uncertainties, including those described in Part II, Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q. You should carefully consider these risks and uncertainties when investing in our common stock. The principal risks and uncertainties affecting our business include the following:
 
Our business and operations have experienced rapid growth, and if we do not appropriately manage this growth and any future growth, or if we are unable to improve our systems, processes and controls, our business, financial condition, results of operations and prospects will be adversely affected;
 
Our recent growth may not be indicative of our future growth, and we may not be able to sustain our revenue growth rate in the future. Our growth also makes it difficult to evaluate our current business and future prospects and may increase the risk that we will not be successful;
 
We have a history of losses and may not be able to achieve or maintain profitability;
 
The ongoing COVID-19 outbreak, and its variants, could adversely affect our business, financial condition and results of operations;
 
The markets for our offerings are new and evolving and may develop more slowly or differently than we expect. Our future success depends on the growth and expansion of these markets and our ability to adapt and respond effectively to evolving market conditions;
 
The loss of one or more of our significant customers, or any other reduction in the amount of revenue we derive from any such customer, would adversely affect our business, financial condition, results of operations and growth prospects;
 
If we are not able to keep pace with technological and competitive developments and develop or otherwise introduce new products and solutions and enhancements to our existing offerings, our offerings may become less marketable, less competitive or obsolete, and our business, financial condition and results of operations may be adversely affected;
 
If we do not maintain the interoperability of our offerings across devices, operating systems and third-party applications that we do not control, and if we are not able to maintain and expand our relationships with third-party technology partners to integrate our offerings with their products and solutions, our business, financial condition and results of operations may be adversely affected;
 
A version of our Media Services is licensed to the public under an open source license, which could negatively affect our ability to monetize our offerings and protect our intellectual property rights;
 
The markets in which we compete are nascent and highly fragmented, and we may not be able to compete successfully against current and future competitors, some of whom have greater financial, technical, and other resources than we do. If we do not compete successfully, our business, financial condition and results of operations could be harmed;
 
If we are unable to increase sales of our subscriptions to new customers, expand the offerings to which our existing customers subscribe, or expand the value of our existing customers’ subscriptions, our future revenue and results of operations will be adversely affected;
 
If our existing customers do not renew their subscriptions, or if they renew on terms that are less economically beneficial to us, it could have an adverse effect on our business, financial condition and results of operations;
 
We recognize a significant portion of revenue from subscriptions over the term of the relevant subscription period, and as a result, downturns or upturns in sales are not immediately reflected in full in our results of operations;
 
We typically provide service-level commitments under our customer agreements. If we fail to meet these contractual commitments, we could be obligated to provide credits for future service, face contract termination with refunds of prepaid amounts or could experience a decrease in customer renewals in future periods, any of which would lower our revenue and adversely affect our business, financial condition and results of operations;
 
ii

 
We rely on third parties, including third parties outside the United States, for some of our software development, quality assurance, operations, and customer support;
 
We depend on our management team and other key employees, and the loss of one or more of these employees or an inability to attract and retain highly skilled employees could adversely affect our business;
 
If we are not able to maintain and enhance awareness of our brand, especially among developers and IT operators, our business, financial condition and results of operations may be adversely affected;
 
Our corporate culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the innovation, creativity, and entrepreneurial spirit we have worked to foster, which could adversely affect our business;
 
Our failure to offer high quality customer support would have an adverse effect on our business, reputation and results of operations;
 
The failure to effectively develop and expand our marketing and sales capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our offerings;
 
The sales prices of our offerings may change, which may reduce our revenue and gross profit and adversely affect our financial results;
 
We expect our revenue mix to vary over time, which could negatively impact our gross margin and results of operations;
 
The length of our sales cycle can be unpredictable, particularly with respect to sales to large customers, and our sales efforts may require considerable time and expense;
 
Our international operations and expansion expose us to risk;
 
If we are not successful in sustaining and expanding our international business, we may incur additional losses and our revenue growth could be adversely affected;
 
Currency exchange rate fluctuations affect our results of operations, as reported in our financial statements;
 
A portion of our revenue is generated by sales to government entities, which are subject to a number of challenges and risks;
 
If we are unable to consummate acquisitions at our historical rate and at acceptable prices, and to enter into other strategic transactions and relationships that support our long-term strategy, our growth rate and the trading price of our common stock could be negatively affected. These transactions and relationships also subject us to certain risks;
 
A real or perceived bug, defect, security vulnerability, error, or other performance failure involving our platform, products or solutions could cause us to lose revenue, damage our reputation, and expose us to liability;
 
If we or our third-party service providers experience a security breach, data loss or other compromise, including if unauthorized parties obtain access to our customers’ data, our reputation may be harmed, demand for our platform, products and solutions may be reduced, and we may incur significant liabilities;
 
Failure to protect our proprietary technology, or to obtain, maintain, protect and enforce sufficiently broad intellectual property rights therein, could substantially harm our business, financial condition and results of operations;
 
Our failure to raise additional capital or generate the significant capital necessary to expand our operations and invest in new offerings could reduce our ability to compete and could adversely affect our business;
 
Changes in laws and regulations related to the internet, changes in the internet infrastructure itself, or increases in the cost of internet connectivity and network access may diminish the demand for our offerings and could harm our business; and
 
Political, economic, and military conditions in Israel could materially and adversely affect our business.
 
iii

 
PART I—FINANCIAL INFORMATION
 
 
KALTURA INC. AND SUBSIDIARIES
(U.S. dollars in thousands)
 
   
September 30,
2021
   
December 31, 2020 (as restated)
 
   
(Unaudited)
       
             
ASSETS
           
CURRENT ASSETS
           
Cash and cash equivalents
 
$
179,740
   
$
27,711
 
Trade receivables
   
24,190
     
17,134
 
Prepaid expenses and other current assets
   
7,826
     
2,769
 
Deferred contract acquisition and fulfillment costs, current
   
8,702
     
5,848
 
                 
Total current assets
   
220,458
     
53,462
 
                 
NON-CURRENT ASSETS
               
Property and equipment, net
   
8,243
     
4,147
 
Other assets, noncurrent
   
2,371
     
3,564
 
Deferred contract acquisition and fulfillment costs, noncurrent
   
23,202
     
15,876
 
Intangible assets, net
   
2,127
     
2,835
 
Goodwill
   
11,070
     
11,070
 
                 
Total non-current assets
   
47,013
     
37,492
 
                 
TOTAL ASSETS
 
$
267,471
   
$
90,954
 
                 
LIABILITIES, CONVERTIBLE AND REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
               
                 
CURRENT LIABILITIES
               
 Current portion of long-term loans
 
$
2,295
   
$
1,000
 
 Current portion of long-term lease liabilities
   
525
     
1,738
 
 Trade payables
   
4,418
     
5,045
 
 Employees and payroll accruals
   
20,540
     
16,275
 
 Accrued expenses and other current liabilities
   
17,212
     
11,251
 
 Deferred revenue
   
63,014
     
47,685
 
                 
Total current liabilities
   
108,004
     
82,994
 
                 
NON-CURRENT LIABILITIES
               
 Deferred revenue, noncurrent
   
1,750
     
1,858
 
 Long-term loans, net of current portion
   
58,992
     
47,160
 
 Other liabilities, noncurrent
   
2,386
     
2,706
 
 Warrants to purchase preferred and common stock
   
-
     
56,780
 
                 
Total non-current liabilities
   
63,128
     
108,504
 
                 
TOTAL LIABILITIES
 
$
171,132
   
$
191,498
 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 

F - 2


 

KALTURA INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except for share data)
 
   
September 30, 2021
   
December 31, 2020 (as restated)
 
   
(Unaudited)
       
             

COMMITMENTS AND CONTINGENCIES (NOTE 6)

       
             
Convertible preferred stock, $0.0001 par value per share, 0 and 1,043,778 shares authorized, issued and outstanding as of September 30, 2021, and December 31, 2020, respectively; aggregate liquidation preference of 0 and $1,921 as of September 30, 2021, and December 31, 2020, respectively;
   
-
     
1,921
 
Redeemable convertible preferred stock, $0.0001 par value per share, 0 and 15,968,831 shares authorized as of September 30, 2021, and December 31, 2020, respectively; 0 and 15,779,322 issued and outstanding as of September 30, 2021, and December 31, 2020, respectively; aggregate liquidation preference of 0 and $185,425 as of September 30, 2021, and December 31, 2020, respectively;
   
-
     
158,191
 
                 
Total mezzanine equity
   
-
     
160,112
 
                 
STOCKHOLDERS’ EQUITY (DEFICIT)
               
Preferred stock, $0.0001 par value per share, 20,000,000 and 0 shares authorized as of September 30, 2021 and December 31, 2020, respectively; 0 issued and outstanding as of September 30, 2021 and December 31, 2020
   
-
     
-
 
Common stock, $0.0001 par value per share, 1,000,000,000 and 157,500,000 shares authorized as of September 30, 2021, and December 31, 2020, respectively; 134,261,190 and 33,153,112 shares issued as of September 30, 2021 and December 31, 2020, respectively; 126,576,000 and 25,467,922 shares outstanding as of September 30, 2021 and December 31, 2020, respectively;
   
13
     
2
 
Treasury stock – 7,685,190 shares of common stock, $0.0001 par value per share, as of September 30, 2021 and December 31, 2020
   
(4,881
)
   
(4,881
)
Additional paid-in capital
   
407,915
     
8,388
 
Receivables on account of stock
   
-
     
(882
)
Accumulated deficit
   
(306,708
)
   
(263,283
)
                 
Total stockholders’ equity (deficit)
   
96,339
     
(260,656
)
                 
TOTAL LIABILITIES, CONVERTIBLE AND REDEEMABLE CONVERTIBLE PREFERRED STOCKS AND STOCKHOLDERS’ EQUITY (DEFICIT)
 
$
267,471
   
$
90,954
 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 

F - 3


 

KALTURA INC. AND ITS SUBSIDIARIES

(U.S. dollars in thousands, except for share data)
 
   
Three months ended
September 30
   
Nine months ended
September 30
 
   
2021
   
2020
   
2021
   
2020
 
   
(Unaudited)
 
                         
Revenue:
                       
                         
Subscription
 
$
37,675
   
$
26,888
   
$
106,483
   
$
75,061
 
Professional services
   
5,309
     
3,720
     
15,817
     
10,202
 
                                 
Total revenue
   
42,984
     
30,608
     
122,300
     
85,263
 
                                 
Cost of revenue:
                               
                                 
Subscription
   
9,629
     
7,700
     
29,524
     
19,736
 
Professional services
   
5,538
     
4,814
     
16,847
     
13,982
 
                                 
Total cost of revenue
   
15,167
     
12,514
     
46,371
     
33,718
 
                                 
Gross profit
   
27,817
     
18,094
     
75,929
     
51,545
 
                                 
Operating expenses:
                               
                                 
Research and development
   
12,363
     
7,275
     
35,050
     
20,543
 
Sales and marketing
   
11,257
     
6,651
     
31,942
     
21,451
 
General and administrative
   
10,070
     
8,579
     
27,457
     
16,762
 
Other operating expenses
   
-
     
-
     
1,724
     
-
 
                                 
Total operating expenses
   
33,690
     
22,505
     
96,173
     
58,756
 
                                 
Operating loss
   
5,873
     
4,411
     
20,244
     
7,211
 
                                 
Financial expenses, net
   
17,780
     
1,525
     
18,432
     
12,809
 
                                 
Loss before provision for income taxes
   
23,653
     
5,936
     
38,676
     
20,020
 
Provision for income taxes
   
1,497
     
498
     
4,749
     
2,404
 
                                 
Net loss
   
25,150
     
6,434
     
43,425
     
22,424
 
                                 
Preferred stock accretion
   
-
     
3,107
     
6,672
     
8,716
 
Redemption of redeemable convertible preferred stock, upon initial public offering
   
1,569
     
-
     
1,569
      -  
                                 

Net loss attributable to common stockholders

 
$
26,719
   
$
9,541
   
$
51,666
   
$
31,140
 
                                 
Net loss per share attributable to common stockholders, basic and diluted
 
$
0.26
   
$
0.38
   
$
1.00
   
$
1.26
 
                                 
Weighted average number of shares used in computing basic and diluted net loss per share attributable to common stockholders
   
102,938,814
     
25,217,473
     
51,647,683
     
24,790,067
 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 

F - 4


 

KALTURA INC. AND SUBSIDIARIES
 

(U.S. dollars in thousands, except share and per share data)
 
   
Convertible Preferred stock
   
Redeemable Convertible Preferred stock
   
Common stock
   
Treasury stock
   
Additional paid-in
   
Accumulated
   
Total stockholders'
 
   
Number
   
Amount
   
Number
   
Amount
   
Number
   
Amount
   
Number
   
Amount
   
capital
   
deficit
   
equity (deficit)
 
                                                                   
Balance at July 1, 2021
   
1,043,778
   
$
1,921
     
15,806,333
   
$
159,340
     
25,794,262
   
$
2
     
7,685,190
   
$
(4,881
)
 
$
17,838
   
$
(281,558
)
 
$
(268,599
)
                                                                                         
Accretion of redeemable convertible preferred stock
    -       -       -      
1,569
      -       -       -       -      
(1,569
)     -      
(1,569
)
Redemption of redeemable convertible preferred stock upon initial public offering
    -       -       -       (1,569 )     -       -       -       -       -       -       -  
Conversion of convertible and redeemable convertible preferred stock to common stock upon initial public offering
    (1,043,778 )     (1,921 )     (15,806,333 )     (159,340 )     76,262,942       8       -       -       161,253       -       161,261  
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other issuance costs
    -       -       -       -       17,250,000       2       -       -       155,596       -       155,598  
Conversion of warrants to  common stock upon initial public offering
    -       -       -       -       7,067,699       1       -       -       70,676       -       70,677  
Stock-based compensation expenses
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
3,736
     
-
     
3,736
 
Issuance of common shares upon exercise of stock options
   
-
     
-
     
-
     
-
     
201,097
     
*
)
   
-
     
-
     
385
     
-
     
385
 
Net loss
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(25,150
)
   
(25,150
)
                                                                                         
Balance at September 30, 2021 (unaudited)
   
-
   
$
-
     
-
   
$
-
     
126,576,000
   
$
13
     
7,685,190
   
$
(4,881
)
  $
407,915
    $
(306,708
)
  $
96,339
 
 

F - 5


 

KALTURA INC. AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CHANGE IN CONVERTIBLE AND REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited)

(U.S. dollars in thousands, except share and per share data)
 
   
Convertible Preferred stock
   
Redeemable Convertible Preferred stock
   
Common stock
   
Treasury stock
   
Receivables on account
   
Additional paid-in
   
Accumulated
   
Total stockholders'
 
   
Number
   
Amount
   
Number
   
Amount
   
Number
   
Amount
   
Number
   
Amount
   
of stock
   
capital
   
deficit
   
deficit
 
                                                                         
Balance at July 1, 2020
   
1,043,778
   
$
1,921
     
15,779,322
   
$
158,191
     
25,194,253
   
$
2
     
7,685,190
   
$
(4,881
)
 
$
(882
)
 
$
1,759
   
$
(220,510
)
 
$
(224,512
)
                                                                                                 
Stock-based compensation expenses
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
1,033
     
-
     
1,033
 
Issuance of common shares upon exercise of stock options
   
-
     
-
     
-
     
-
     
42,043
     
*
)
   
-
     
-
     
-
     
37
     
-
     
37
 
Net loss
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(6,434
)
   
(6,434
)
                                                                                                 
Balance at September 30, 2020 (unaudited)
   
1,043,778
   
$
1,921
     
15,779,322
    $
158,191
     
25,236,296
   
$
2
     
7,685,190
   
$
(4,881
)
  $
(882
)
  $
2,829
    $
(226,944
)
  $
(229,876
)
 
*) Represents an amount lower than $ 1
 

F - 6


 

KALTURA INC. AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CHANGE IN CONVERTIBLE AND REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited)

(U.S. dollars in thousands, except share and per share data)
 
   
Convertible Preferred stock
   
Redeemable Convertible Preferred stock
   
Common stock
   
Treasury stock
   
Receivables on account
of stock
   
Additional paid-in
capital
   
Accumulated
deficit
   
Total stockholders'
equity
(deficit)
 
   
Number
   
Amount
   
Number
   
Amount
   
Number
   
Amount
   
Number
   
Amount
                 
                                                                         
Balance at January 1, 2021
   
1,043,778
   
$
1,921
     
15,779,322
   
$
158,191
     
25,467,922
   
$
2
     
7,685,190
   
$
(4,881
)
 
$
(882
)
 
$
8,388
   
$
(263,283
)
 
$
(260,656
)
                                                                                                 
Issuance of preferred stock upon exercise of warrants
   
-
     
-
     
27,011
     
1,149
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Loan forgiveness
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
882
     
-
     
-
     
882
 
Accretion of redeemable convertible preferred stock
   
-
     
-
     
-
     
1,569
     
-
     
-
     
-
     
-
     
-
     
(1,569
)
   
-
     
(1,569
)
Redemption of redeemable convertible preferred stock upon initial public offering
   
-
     
-
     
-
     
(1,569
)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Conversion of convertible and redeemable convertible preferred stock to common stock upon initial public offering
   
(1,043,778
)
   
(1,921
)
   
(15,806,333
)
   
(159,340
)
   
76,262,942
     
8
     
-
     
-
     
-
     
161,253
     
-
     
161,261
 
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other issuance costs
   
-
     
-
     
-
     
-
     
17,250,000
     
2
     
-
     
-
     
-
     
155,596
     
-
     
155,598
 
Conversion of warrants to common stock upon initial public offering
   
-
     
-
     
-
     
-
     
7,067,699
     
1
     
-
     
-
     
-
     
70,676
     
-
     
70,677
 
Stock-based compensation expenses
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
12,910
     
-
     
12,910
 
Issuance of common shares upon exercise of stock options
   
-
     
-
     
-
     
-
     
527,437
     
*
)
   
-
     
-
     
-
     
661
     
-
     
661
 
Net loss
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
             
(43,425
)
   
(43,425
)
                                                                                                 
Balance at September 30, 2021 (unaudited)
   
-
   
$
-
     
-
   
$
-
     
126,576,000
   
$
13
     
7,685,190
   
$
(4,881
)
 
$
-
   
$
407,915
   
$
(306,708
)
   
96,339
 
 
*)       Represents an amount lower than $1
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 

F - 7


 

KALTURA INC. AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF CHANGE IN CONVERTIBLE AND REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited)

(U.S. dollars in thousands, except share and per share data)
 
   
Convertible Preferred stock
   
Redeemable Convertible Preferred stock
   
Common stock
   
Treasury stock
   
Receivables on account
   
Additional paid-in
   
Accumulated
   
Total stockholders'
 
   
Number
   
Amount
   
Number
   
Amount
   
Number
   
Amount
   
Number
   
Amount
   
of stock
   
capital
   
deficit
   
deficit
 
                                                                         
Balance at January 1, 2020
   
1,043,778
   
$
1,921
     
15,779,322
   
$
155,550
     
22,959,969
   
$
2
     
7,685,190
   
$
(4,881
)
 
$
(882
)
 
$
-
   
$
(204,520
)
 
$
(210,281
)
                                                                                                 
Stock-based compensation expenses
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
2,829
     
-
     
2,829
 
Issuance of common shares upon exercise of stock options
   
-
     
-
     
-
     
-
     
1,049,812
     
*
)    
-
     
-
     
-
     
63
     
-
     
63
 
Issuance of common shares upon business combination
   
-
     
-
     
-
     
-
     
1,226,515
     
*
)    
-
     
-
     
-
     
2,578
     
-
     
2,578
 
Accretion of redeemable convertible preferred stock
   
-
     
-
     
-
     
2,641
     
-
     
-
     
-
     
-
     
-
     
(2,641
)
   
-
     
(2,641
)
Net loss
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-