10-Q Filing

KINETIK HOLDINGS INC. CIK: 1692787 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001193125-18-160670`
Period End Date	20180331
Filing Date	20180511
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	kaac-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 18 Cash Flow Statement 23 Stockholders Equity 7

Balance Sheet 42 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$319.85K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$7.50K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$249.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$479.06K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$67.48K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$56.25K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$546.53K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$376.10K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investment held in trust account	`AssetsHeldInTrustCurrent`	$379.18M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investment held in trust account	`AssetsHeldInTrustCurrent`	$379.83M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Assets	`Assets`	$380.20M	USD	Point-in-time
Total Assets	`Assets`	$379.72M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$740.52K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$742.69K	USD	Point-in-time
Accrued franchise taxes	`AccruedFranchiseTaxesCurrent`	$200.05K	USD	Point-in-time
Accrued franchise taxes	`AccruedFranchiseTaxesCurrent`	$50.01K	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$304.88K	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$220.15K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.25M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.01M	USD	Point-in-time
Deferred underwriting compensation	`DeferredCompensationLiabilityCurrent`	$13.21M	USD	Point-in-time
Deferred underwriting compensation	`DeferredCompensationLiabilityCurrent`	$13.21M	USD	Point-in-time
Total Liabilities	`Liabilities`	$14.22M	USD	Point-in-time
Total Liabilities	`Liabilities`	$14.45M	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.47M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$5.19M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$525.23K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-189.48K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$380.20M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$379.72M	USD	Point-in-time

Income Statement 18 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$168.27K	USD	1 Quarter
Franchise tax expense	`FranchiseTaxExpense`	$50.01K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$218.28K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-218.28K	USD	1 Quarter
Other income - investment income on Trust Account	`OtherNonoperatingIncomeExpense`	$1.17M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$952.98K	USD	1 Quarter
Current income tax expense	`CurrentIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Current income tax expense	`CurrentIncomeTaxExpenseBenefit`	$238.27K	USD	1 Quarter
Net income attributable to common shares	`NetIncomeLoss`	-	USD	1 Quarter
Net income attributable to common shares	`NetIncomeLoss`	$714.71K	USD	1 Quarter
Basic (excluding shares subject to redemption)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.43M	shares	1 Quarter
Basic (excluding shares subject to redemption)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.14M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.43M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.17M	shares	1 Quarter
Basic	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter

Cash Flow Statement 23 line items

Line Item	Tag	Value	Unit	Period
Franchise tax expense	`FranchiseTaxExpenseNet`	$200.05K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$323.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	-	USD	1 Quarter
Net income	`NetIncomeLoss`	$714.71K	USD	1 Quarter
Trust income retained in Trust Account (net of $200,050 and $323,000 of franchise taxes and income taxes paid, respectively)	`OtherNonoperatingIncomeExpenseNetOfTax`	$648.21K	USD	1 Quarter
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-11.23K	USD	1 Quarter
Decrease in accrued expenses and taxes, net	`IncreaseDecreaseInAccruedTaxesPayable`	$-236.94K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-159.21K	USD	1 Quarter
Proceeds from Sponsor note	`ProceedsFromRelatedPartyDebt`	$245.00K	USD	1 Quarter
Payment of Sponsor note	`RepaymentsOfRelatedPartyDebt`	$252.25K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-7.25K	USD	1 Quarter
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-159.21K	USD	1 Quarter
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-7.25K	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$319.85K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.50K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$249.00	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$479.06K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$319.85K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.50K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$249.00	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$479.06K	USD	Point-in-time
Offering costs included in accrued formation and offering costs	`NoncashOfferingCostsIncludedInAccruedFormationAndOfferingCosts`	$311.83K	USD	1 Quarter
Income and franchise taxes paid	`IncomeAndFranchiseTaxesPaid`	$523.05K	USD	1 Quarter

Stockholders Equity 7 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Change in shares subject to possible redemption	`SharesSubjectToPossibleRedemptionAmount`	$714.71K	USD	1 Quarter
Net income	`NetIncomeLoss`	-	USD	1 Quarter
Net income	`NetIncomeLoss`	$714.71K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.