10-Q Filing

KINETIK HOLDINGS INC. CIK: 1692787 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001193125-18-229512`
Period End Date	20180630
Filing Date	20180727
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	kaac-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 43 Income Statement 52 Cash Flow Statement 39 Stockholders Equity 9

Balance Sheet 43 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`	$1.02M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$479.06K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$7.50K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$48.63K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$67.48K	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$189.94K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$546.53K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$238.57K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investment held in trust account	`AssetsHeldInTrustCurrent`	$380.71M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	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
Total Assets	`Assets`	$379.72M	USD	Point-in-time
Total Assets	`Assets`	$380.95M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$742.69K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.05M	USD	Point-in-time
Accrued franchise taxes	`AccruedFranchiseTaxesCurrent`	$200.05K	USD	Point-in-time
Accrued franchise taxes	`AccruedFranchiseTaxesCurrent`	$20.02K	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$304.88K	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$8.77K	USD	Point-in-time
Sponsor note	`NotesPayableRelatedPartiesClassifiedCurrent`	$100.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.18M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.25M	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`	$14.38M	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`	$3.89M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$5.19M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-189.48K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$1.11M	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`	$379.72M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$380.95M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	-	USD	2 Qtrs
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.06M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$546.06K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$714.33K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.06M	USD	2 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$43.00K	USD	2 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$100.03K	USD	2 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$50.01K	USD	1 Quarter
Franchise tax expense	`FranchiseTaxExpense`	$43.00K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.11M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$596.07K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.11M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$814.35K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-596.07K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-814.35K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.11M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.11M	USD	1 Quarter
Other income - investment income on Trust Account	`OtherNonoperatingIncomeExpense`	$544.02K	USD	1 Quarter
Other income - investment income on Trust Account	`OtherNonoperatingIncomeExpense`	$544.02K	USD	2 Qtrs
Other income - investment income on Trust Account	`OtherNonoperatingIncomeExpense`	$2.65M	USD	2 Qtrs
Other income - investment income on Trust Account	`OtherNonoperatingIncomeExpense`	$1.48M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-562.92K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$882.93K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.84M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-562.92K	USD	2 Qtrs
Current income tax expense	`CurrentIncomeTaxExpenseBenefit`	$170.35K	USD	2 Qtrs
Current income tax expense	`CurrentIncomeTaxExpenseBenefit`	$300.09K	USD	1 Quarter
Current income tax expense	`CurrentIncomeTaxExpenseBenefit`	$538.36K	USD	2 Qtrs
Current income tax expense	`CurrentIncomeTaxExpenseBenefit`	$170.35K	USD	1 Quarter
Net income (loss) attributable to common shares	`NetIncomeLoss`	$582.84K	USD	1 Quarter
Net income (loss) attributable to common shares	`NetIncomeLoss`	$-733.27K	USD	2 Qtrs
Net income (loss) attributable to common shares	`NetIncomeLoss`	$1.30M	USD	2 Qtrs
Net income (loss) attributable to common shares	`NetIncomeLoss`	$-733.27K	USD	1 Quarter
Basic (excluding shares subject to redemption)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.04M	shares	1 Quarter
Basic (excluding shares subject to redemption)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.24M	shares	2 Qtrs
Basic (excluding shares subject to redemption)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.07M	shares	1 Quarter
Basic (excluding shares subject to redemption)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.14M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.17M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.24M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.04M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.17M	shares	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.12	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$-0.07	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.07	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.03	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.07	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.07	USD	2 Qtrs

Cash Flow Statement 39 line items

Line Item	Tag	Value	Unit	Period
Franchise tax expense	`FranchiseTaxExpenseNet`	$1.11M	USD	2 Qtrs
Franchise tax expense	`FranchiseTaxExpenseNet`	$1.11M	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$582.84K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-733.27K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.30M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-733.27K	USD	1 Quarter
Trust income retained in Trust Account (net of $1,114,513 and $0 of franchise taxes and income taxes paid, respectively)	`OtherNonoperatingIncomeExpenseNetOfTax`	$1.54M	USD	2 Qtrs
Trust income retained in Trust Account (net of $1,114,513 and $0 of franchise taxes and income taxes paid, respectively)	`OtherNonoperatingIncomeExpenseNetOfTax`	$544.02K	USD	2 Qtrs
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$122.46K	USD	2 Qtrs
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$194.10K	USD	2 Qtrs
Increase (decrease) in accrued expenses and taxes, net	`IncreaseDecreaseInAccruedTaxesPayable`	$1.14M	USD	2 Qtrs
Increase (decrease) in accrued expenses and taxes, net	`IncreaseDecreaseInAccruedTaxesPayable`	$-169.77K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-530.42K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-327.16K	USD	2 Qtrs
Cash deposited into Trust Account	`CashDepositedInTrustAccount`	$377.32M	USD	2 Qtrs
Proceeds from Public Offering	`ProceedsFromIssuanceInitialPublicOffering`	$377.32M	USD	2 Qtrs
Proceeds from sale of Private Placement Warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$9.55M	USD	2 Qtrs
Payment of underwriting costs	`PaymentOfUnderwritingCosts`	$7.55M	USD	2 Qtrs
Payment of offering costs	`PaymentOfOfferingCosts`	$635.91K	USD	2 Qtrs
Proceeds from Sponsor note	`ProceedsFromRelatedPartyDebt`	$245.00K	USD	2 Qtrs
Proceeds from Sponsor note	`ProceedsFromRelatedPartyDebt`	$100.00K	USD	2 Qtrs
Payment of Sponsor note	`RepaymentsOfRelatedPartyDebt`	$265.00K	USD	2 Qtrs
Net cash provided by in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$100.00K	USD	2 Qtrs
Net cash provided by in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$378.67M	USD	2 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.02M	USD	2 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-430.43K	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.02M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$479.06K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.50K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$48.63K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.02M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$479.06K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.50K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$48.63K	USD	Point-in-time
Offering costs included in accrued formation and offering costs	`NoncashOfferingCostsIncludedInAccruedFormationAndOfferingCosts`	$2.00K	USD	2 Qtrs
Deferred underwriting compensation	`DeferredUnderwriterFee`	$13.21M	USD	2 Qtrs
Income and franchise taxes paid	`IncomeAndFranchiseTaxesPaid`	$1.11M	USD	2 Qtrs

Stockholders Equity 9 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`	$1.30M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$582.84K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-733.27K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.30M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-733.27K	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.