10-Q Filing

OPAL Fuels Inc. CIK: 1842279 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001193125-21-168907`
Period End Date	20210331
Filing Date	20210521
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	actdu-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 24 Income Statement 7 Cash Flow Statement 31 Stockholders Equity 11

Balance Sheet 24 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$2.80M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.41M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$4.21M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$311.16M	USD	Point-in-time
Total Assets	`Assets`	$315.37M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.69M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$93.53K	USD	Point-in-time
Accrued expenses-related party	`AccountsPayableRelatedPartiesCurrent`	$10.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.80M	USD	Point-in-time
Deferred underwriting commissions	`DeferredUnderwritingCommissionsNoncurrent`	$10.89M	USD	Point-in-time
Derivative warrant liabilities	`DerivativeLiabilitiesNoncurrent`	$14.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$27.41M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary shares; 28,295,737 shares subject to possible redemption at $10.00 per share	`TemporaryEquityCarryingAmountAttributableToParent`	$282.96M	USD	Point-in-time
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-319.78K	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	-	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$315.37M	USD	Point-in-time

Income Statement 7 line items

Line Item	Tag	Value	Unit	Period
General and administrative expenses	`GeneralAndAdministrativeExpense`	$128.48K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-128.48K	USD	1 Quarter
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$-271.16K	USD	1 Quarter
Financing costs - warrant liabilities	`FinancingCostsWarrantLiabilities`	$462.62K	USD	1 Quarter
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$153.00	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-191.31K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-319.78K	USD	1 Quarter

Cash Flow Statement 31 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-319.78K	USD	1 Quarter
General and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares	`GeneralAndAdministrativeExpensesPaidByRelatedPartyInExchangeOfClassBOrdinaryShares`	$25.00K	USD	1 Quarter
General and administrative expenses paid by related party under promissory note	`GeneralAndAdministrativeExpensesPaidByRelatedPartyUnderPromissoryNote`	$26.80K	USD	1 Quarter
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$-271.16K	USD	1 Quarter
Financing costs - warrant liabilities	`FinancingCostsWarrantLiabilities`	$462.62K	USD	1 Quarter
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$153.00	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.41M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.44M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$23.53K	USD	1 Quarter
Accrued expenses-related party	`IncreaseDecreaseInAccruedExpensesRelatedParty`	$10.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-10.26K	USD	1 Quarter
Cash deposited in Trust Account	`PaymentsToAcquireRestrictedInvestments`	$311.16M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-311.16M	USD	1 Quarter
Proceeds from note payable to related party	`ProceedsFromNotesPayable`	$100.00	USD	1 Quarter
Repayment of note payable to related party	`RepaymentsOfNotesPayable`	$171.74K	USD	1 Quarter
Proceeds received from initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	$311.16M	USD	1 Quarter
Proceeds received from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$9.22M	USD	1 Quarter
Offering costs paid	`PaymentsOfStockIssuanceCosts`	$6.24M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$313.97M	USD	1 Quarter
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.80M	USD	1 Quarter
Cash - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.80M	USD	Point-in-time
Cash - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - ending of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.80M	USD	Point-in-time
Cash - ending of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Offering costs included in accounts payable	`OfferingCostsIncludedInAccountsPayable`	$252.00K	USD	1 Quarter
Offering costs included in accrued expenses	`OfferingCostsIncludedInAccruedExpenses`	$70.00K	USD	1 Quarter
Offering costs paid by related party under promissory note	`OfferingCostsPaidByRelatedPartyUnderPromissoryNote`	$144.84K	USD	1 Quarter
Deferred underwriting commissions	`DeferredUnderwritingCommissions`	$10.89M	USD	1 Quarter
Initial value of Class A ordinary shares subject to possible redemption	`InitialValueOfClassaOrdinarySharesSubjectToPossibleRedemption`	$282.78M	USD	1 Quarter
Change in value of Class A ordinary shares subject to possible redemption	`ChangeInValueOfClassAOrdinarySharesSubjectToPossibleRedemption`	$179.73K	USD	1 Quarter
Forfeiture of Class B ordinary shares from Sponsor	`ForfeitureOfClassBOrdinarySharesFromSponsor`	$13.00	USD	1 Quarter

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	-	USD	Point-in-time
Issuance of Class B ordinary shares to Sponsor	`StockIssuedDuringPeriodValueIssuedForServices`	$25.00K	USD	1 Quarter
Issuance of Class B ordinary shares to Sponsor (Shares)	`StockIssuedDuringPeriodSharesIssuedForServices`	25,000.00	shares	1 Quarter
Sale of units in initial public offering, less fair value of public warrants	`StockIssuedDuringPeriodValueNewIssues`	$305.21M	USD	1 Quarter
Offering costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$17.14M	USD	1 Quarter
Sale of private placement warrants to Sponsor less fair value of private warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$175.73K	USD	1 Quarter
Shares subject to possible redemption	`StockholdersEquityOther`	$-282.96M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-319.78K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	-	USD	Point-in-time

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