10-Q Filing

OPAL Fuels Inc. CIK: 1842279 Q3 2021

Filing Information

Form Type	10-Q
Accession Number	`0001193125-21-321722`
Period End Date	20210930
Filing Date	20211105
Fiscal Year	2021
Fiscal Period	Q3
XBRL Instance	d237101d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 29 Income Statement 16 Cash Flow Statement 34 Stockholders Equity 15

Balance Sheet 29 line items

Line Item	Tag	Value	Unit	Period
Temporary equity par or stated value per share	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Temporary equity shares outstanding	`TemporaryEquitySharesOutstanding`	31.12M	shares	Point-in-time
Cash	`Cash`	$1.09M	USD	Point-in-time
Temporary equity redemption price per share	`TemporaryEquityRedemptionPricePerShare`	$10.00	USD	Point-in-time
Preferred stock, par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.13M	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
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$311.17M	USD	Point-in-time
Total Assets	`Assets`	$313.31M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$200.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$77.56K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$277.56K	USD	Point-in-time
Deferred legal fees	`DeferredLegalFees`	$592.36K	USD	Point-in-time
Deferred underwriting commissions	`DeferredUnderwritingCommissionsNoncurrent`	$10.89M	USD	Point-in-time
Derivative warrant liabilities	`DerivativeLiabilitiesNoncurrent`	$16.99M	USD	Point-in-time
Total liabilities	`Liabilities`	$28.75M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary shares subject to possible redemption; $0.0001 par value; 31,116,305 shares at redemption value of $10.00	`TemporaryEquityCarryingAmountAttributableToParent`	$311.16M	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`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-26.61M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-34.82M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-26.61M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	-	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-23.21M	USD	Point-in-time
Total Liabilities and Shareholders' Deficit	`LiabilitiesAndStockholdersEquity`	$313.31M	USD	Point-in-time

Income Statement 16 line items

Line Item	Tag	Value	Unit	Period
General and administrative expenses	`GeneralAndAdministrativeExpense`	$750.31K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.27M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.27M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-750.31K	USD	1 Quarter
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$-8.96M	USD	1 Quarter
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$2.00M	USD	3 Qtrs
Financing costs - warrant liabilities	`FinancingCostsWarrantLiabilities`	-	USD	1 Quarter
Financing costs - warrant liabilities	`FinancingCostsWarrantLiabilities`	$462.62K	USD	3 Qtrs
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$8.44K	USD	3 Qtrs
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$3.98K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$8.96M	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-2.45M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.72M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-11.62M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$8.21M	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`	$-3.72M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-11.62M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$8.21M	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	3 Qtrs
General and administrative expenses paid by related party under promissory note	`GeneralAndAdministrativeExpensesPaidByRelatedPartyUnderPromissoryNote`	$26.80K	USD	3 Qtrs
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$-8.96M	USD	1 Quarter
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$2.00M	USD	3 Qtrs
Financing costswarrant liabilities	`FinancingCostsWarrantLiabilities`	-	USD	1 Quarter
Financing costswarrant liabilities	`FinancingCostsWarrantLiabilities`	$462.62K	USD	3 Qtrs
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$8.44K	USD	3 Qtrs
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$3.98K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.04M	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$7.57K	USD	3 Qtrs
Deferred legal fees	`IncreaseDecreaseInDeferredLegalFees`	$-592.36K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.66M	USD	3 Qtrs
Cash deposited in Trust Account	`PaymentsToAcquireRestrictedInvestments`	$311.16M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-311.16M	USD	3 Qtrs
Proceeds from note payable to related party	`ProceedsFromNotesPayable`	$100.00	USD	3 Qtrs
Repayment of note payable to related party	`RepaymentsOfNotesPayable`	$171.74K	USD	3 Qtrs
Proceeds received from initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	$311.16M	USD	3 Qtrs
Proceeds received from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$9.22M	USD	3 Qtrs
Offering costs paid	`PaymentsOfStockIssuanceCosts`	$6.30M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$313.92M	USD	3 Qtrs
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.09M	USD	3 Qtrs
Cashbeginning of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cashbeginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	USD	Point-in-time
Cashend of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cashend of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	USD	Point-in-time
Offering costs included in accounts payable	`OfferingCostsIncludedInAccountsPayable`	$200.00K	USD	3 Qtrs
Offering costs included in accrued expenses	`OfferingCostsIncludedInAccruedExpenses`	$70.00K	USD	3 Qtrs
Offering costs paid by related party under promissory note	`OfferingCostsPaidByRelatedPartyUnderPromissoryNote`	$144.84K	USD	3 Qtrs
Deferred underwriting commissions	`DeferredUnderwritingCommissions`	$10.89M	USD	3 Qtrs
Forfeiture of Class B ordinary shares from Sponsor	`ForfeitureOfClassBOrdinarySharesFromSponsor`	$13.00	USD	3 Qtrs

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-34.82M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-26.61M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-23.21M	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	3 Qtrs
Accrection on Class A ordinary shares subject to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$22.91M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.72M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-11.62M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$8.21M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-319.78K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-34.82M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-26.61M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	-	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-23.21M	USD	Point-in-time

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