10-Q Filing

KINETIK HOLDINGS INC. CIK: 1692787 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001193125-18-320900`
Period End Date	20180930
Filing Date	20181107
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	kaac-20180930.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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$479.06K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$7.50K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$555.25K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$40.56K	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`	$120.38K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$67.48K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$160.94K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$546.53K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	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
Investment held in trust account	`AssetsHeldInTrustCurrent`	$382.38M	USD	Point-in-time
Total Assets	`Assets`	$382.55M	USD	Point-in-time
Total Assets	`Assets`	$379.72M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$742.69K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.74M	USD	Point-in-time
Accrued franchise taxes	`AccruedFranchiseTaxesCurrent`	$200.05K	USD	Point-in-time
Accrued franchise taxes	`AccruedFranchiseTaxesCurrent`	$30.04K	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$304.88K	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$357.82K	USD	Point-in-time
Sponsor note	`NotesPayableRelatedPartiesClassifiedCurrent`	$600.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.73M	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`	$16.93M	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`	$5.19M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.84M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$154.42K	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`	$379.72M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$382.55M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	3 Qtrs
Revenues	`Revenues`	-	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.27M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.98M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$276.96K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.34M	USD	3 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$150.04K	USD	3 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$55.90K	USD	1 Quarter
Franchise tax expense	`FranchiseTaxExpense`	$98.90K	USD	3 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$50.01K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$332.86K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$2.32M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$3.13M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$1.44M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-332.86K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.13M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.44M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.32M	USD	1 Quarter
Other income - investment income on Trust Account	`OtherNonoperatingIncomeExpense`	$1.35M	USD	3 Qtrs
Other income - investment income on Trust Account	`OtherNonoperatingIncomeExpense`	$4.36M	USD	3 Qtrs
Other income - investment income on Trust Account	`OtherNonoperatingIncomeExpense`	$1.71M	USD	1 Quarter
Other income - investment income on Trust Account	`OtherNonoperatingIncomeExpense`	$809.86K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.23M	USD	3 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-85.92K	USD	3 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$477.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-604.60K	USD	1 Quarter
Current income tax expense	`CurrentIncomeTaxExpenseBenefit`	$426.69K	USD	3 Qtrs
Current income tax expense	`CurrentIncomeTaxExpenseBenefit`	$349.05K	USD	1 Quarter
Current income tax expense	`CurrentIncomeTaxExpenseBenefit`	$256.35K	USD	1 Quarter
Current income tax expense	`CurrentIncomeTaxExpenseBenefit`	$887.41K	USD	3 Qtrs
Net income (loss) attributable to common shares	`NetIncomeLoss`	$-512.61K	USD	3 Qtrs
Net income (loss) attributable to common shares	`NetIncomeLoss`	$343.90K	USD	3 Qtrs
Net income (loss) attributable to common shares	`NetIncomeLoss`	$220.66K	USD	1 Quarter
Net income (loss) attributable to common shares	`NetIncomeLoss`	$-953.65K	USD	1 Quarter
Basic (excluding shares subject to redemption)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.01M	shares	1 Quarter
Basic (excluding shares subject to redemption)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.19M	shares	1 Quarter
Basic (excluding shares subject to redemption)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.14M	shares	3 Qtrs
Basic (excluding shares subject to redemption)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.58M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.17M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.17M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.58M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.01M	shares	1 Quarter
Basic	`EarningsPerShareBasic`	$0.03	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$-0.05	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.09	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.01	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.09	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.05	USD	3 Qtrs

Cash Flow Statement 39 line items

Line Item	Tag	Value	Unit	Period
Franchise tax expense	`FranchiseTaxExpenseNet`	$1.15M	USD	3 Qtrs
Franchise tax expense	`FranchiseTaxExpenseNet`	$1.15M	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-512.61K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$343.90K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$220.66K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-953.65K	USD	1 Quarter
Trust income retained in Trust Account (net of $1,154,513 and $0 of franchise taxes and income taxes paid, respectively)	`OtherNonoperatingIncomeExpenseNetOfTax`	$3.21M	USD	3 Qtrs
Trust income retained in Trust Account (net of $1,154,513 and $0 of franchise taxes and income taxes paid, respectively)	`OtherNonoperatingIncomeExpenseNetOfTax`	$962.88K	USD	3 Qtrs
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$130.79K	USD	3 Qtrs
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$52.90K	USD	3 Qtrs
Increase in accrued expenses and taxes, net	`IncreaseDecreaseInAccruedTaxesPayable`	$816.66K	USD	3 Qtrs
Increase in accrued expenses and taxes, net	`IncreaseDecreaseInAccruedTaxesPayable`	$1.88M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-789.63K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.04M	USD	3 Qtrs
Cash deposited into Trust Account	`CashDepositedInTrustAccount`	$377.32M	USD	3 Qtrs
Proceeds from Public Offering	`ProceedsFromIssuanceInitialPublicOffering`	$377.32M	USD	3 Qtrs
Proceeds from sale of Private Placement Warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$9.55M	USD	3 Qtrs
Payment of underwriting costs	`PaymentOfUnderwritingCosts`	$7.55M	USD	3 Qtrs
Payment of offering costs	`PaymentOfOfferingCosts`	$642.62K	USD	3 Qtrs
Proceeds from Sponsor note	`ProceedsFromRelatedPartyDebt`	$600.00K	USD	3 Qtrs
Proceeds from Sponsor note	`ProceedsFromRelatedPartyDebt`	$245.00K	USD	3 Qtrs
Payment of Sponsor note	`RepaymentsOfRelatedPartyDebt`	$265.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$600.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$378.66M	USD	3 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$547.75K	USD	3 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-438.49K	USD	3 Qtrs
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`	$555.25K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$40.56K	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`	$555.25K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$40.56K	USD	Point-in-time
Deferred underwriting compensation	`DeferredUnderwriterFee`	$13.21M	USD	3 Qtrs
Income and franchise taxes paid	`IncomeAndFranchiseTaxesPaid`	$391.00K	USD	3 Qtrs
Income and franchise taxes paid	`IncomeAndFranchiseTaxesPaid`	$1.15M	USD	3 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`	$343.90K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$-512.61K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$343.90K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$220.66K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-953.65K	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.