10-Q Filing

OPAL Fuels Inc. CIK: 1842279 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001193125-21-237775`
Period End Date	20210630
Filing Date	20210805
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	d196131d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 24 Income Statement 15 Cash Flow Statement 34 Stockholders Equity 16

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`	$1.16M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.23M	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`	$2.39M	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$311.17M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Assets	`Assets`	$313.56M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$200.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$175.06K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$375.06K	USD	Point-in-time
Deferred underwriting commissions	`DeferredUnderwritingCommissionsNoncurrent`	$10.89M	USD	Point-in-time
Derivative warrant liabilities	`DerivativeLiabilitiesNoncurrent`	$25.95M	USD	Point-in-time
Total liabilities	`Liabilities`	$37.22M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary shares; 27,134,170 shares subject to possible redemption at $10.00 per share	`TemporaryEquityCarryingAmountAttributableToParent`	$271.34M	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`	$16.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.94M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	-	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$313.56M	USD	Point-in-time

Income Statement 15 line items

Line Item	Tag	Value	Unit	Period
General and administrative expenses	`GeneralAndAdministrativeExpense`	$522.89K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$394.41K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-522.89K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-394.41K	USD	1 Quarter
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$10.95M	USD	2 Qtrs
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$11.23M	USD	1 Quarter
Financing costs - warrant liabilities	`FinancingCostsWarrantLiabilities`	-	USD	1 Quarter
Financing costs - warrant liabilities	`FinancingCostsWarrantLiabilities`	$462.62K	USD	2 Qtrs
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$4.30K	USD	1 Quarter
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$4.46K	USD	2 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-11.22M	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-11.41M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-11.94M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-11.62M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-319.78K	USD	1 Quarter

Cash Flow Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-11.94M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-11.62M	USD	1 Quarter
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	2 Qtrs
General and administrative expenses paid by related party under promissory note	`GeneralAndAdministrativeExpensesPaidByRelatedPartyUnderPromissoryNote`	$26.80K	USD	2 Qtrs
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$10.95M	USD	2 Qtrs
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$11.23M	USD	1 Quarter
Financing costs - warrant liabilities	`FinancingCostsWarrantLiabilities`	-	USD	1 Quarter
Financing costs - warrant liabilities	`FinancingCostsWarrantLiabilities`	$462.62K	USD	2 Qtrs
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$4.30K	USD	1 Quarter
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$4.46K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.23M	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$105.06K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.59M	USD	2 Qtrs
Cash deposited in Trust Account	`PaymentsToAcquireRestrictedInvestments`	$311.16M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-311.16M	USD	2 Qtrs
Proceeds from note payable to related party	`ProceedsFromNotesPayable`	$100.00	USD	2 Qtrs
Repayment of note payable to related party	`RepaymentsOfNotesPayable`	$171.74K	USD	2 Qtrs
Proceeds received from initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	$311.16M	USD	2 Qtrs
Proceeds received from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$9.22M	USD	2 Qtrs
Offering costs paid	`PaymentsOfStockIssuanceCosts`	$6.30M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$313.92M	USD	2 Qtrs
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.16M	USD	2 Qtrs
Cash - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.16M	USD	Point-in-time
Cash - end of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.16M	USD	Point-in-time
Offering costs included in accounts payable	`OfferingCostsIncludedInAccountsPayable`	$200.00K	USD	2 Qtrs
Offering costs included in accrued expenses	`OfferingCostsIncludedInAccruedExpenses`	$70.00K	USD	2 Qtrs
Offering costs paid by related party under promissory note	`OfferingCostsPaidByRelatedPartyUnderPromissoryNote`	$144.84K	USD	2 Qtrs
Deferred underwriting commissions	`DeferredUnderwritingCommissions`	$10.89M	USD	2 Qtrs
Initial value of Class A ordinary shares subject to possible redemption	`InitialValueOfClassaOrdinarySharesSubjectToPossibleRedemption`	$282.78M	USD	2 Qtrs
Change in value of Class A ordinary shares subject to possible redemption	`ChangeInValueOfClassAOrdinarySharesSubjectToPossibleRedemption`	$179.73K	USD	2 Qtrs
Forfeiture of Class B ordinary shares from Sponsor	`ForfeitureOfClassBOrdinarySharesFromSponsor`	$13.00	USD	2 Qtrs

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$5.00M	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	2 Qtrs
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`	$11.62M	USD	1 Quarter
Shares subject to possible redemption	`StockholdersEquityOther`	$-282.96M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.94M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-11.62M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-319.78K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	-	USD	Point-in-time
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.