10-Q Filing

OPAL Fuels Inc. CIK: 1842279 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001193125-22-151947`
Period End Date	20220331
Filing Date	20220516
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	d326412d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 14 Cash Flow Statement 60 Stockholders Equity 14

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Temporary equity shares outstanding	`TemporaryEquitySharesOutstanding`	31.12M	shares	Point-in-time
Temporary equity shares outstanding	`TemporaryEquitySharesOutstanding`	31.12M	shares	Point-in-time
Temporary equity redemption price per share	`TemporaryEquityRedemptionPricePerShare`	$10.00	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
Cash	`Cash`	$811.53K	USD	Point-in-time
Preferred stock, par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$559.25K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$701.66K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$738.74K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.51M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.30M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	-	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$159.95K	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$311.18M	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$311.20M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	5.00M	shares	Point-in-time
Total Assets	`Assets`	$312.50M	USD	Point-in-time
Total Assets	`Assets`	$312.85M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$89.52K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$18.76K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$94.50K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$113.40K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$1.10K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$113.26K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$204.02K	USD	Point-in-time
Deferred legal fees	`DeferredLegalFees`	$4.89M	USD	Point-in-time
Deferred legal fees	`DeferredLegalFees`	$3.97M	USD	Point-in-time
Deferred underwriting commissions	`DeferredUnderwritingCommissionsNoncurrent`	$10.89M	USD	Point-in-time
Deferred underwriting commissions	`DeferredUnderwritingCommissionsNoncurrent`	$10.89M	USD	Point-in-time
Derivative warrant liabilities	`DerivativeLiabilitiesNoncurrent`	$20.54M	USD	Point-in-time
Derivative warrant liabilities	`DerivativeLiabilitiesNoncurrent`	$25.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$36.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$40.77M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary shares subject to possible redemption; 31,116,305 shares at redemption value of $10.00 at March 31, 2022 and December 31, 2021	`TemporaryEquityCarryingAmountAttributableToParent`	$311.16M	USD	Point-in-time
Class A ordinary shares subject to possible redemption; 31,116,305 shares at redemption value of $10.00 at March 31, 2022 and December 31, 2021	`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
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-39.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-35.20M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-35.20M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-23.21M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	-	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-39.08M	USD	Point-in-time
Total Liabilities and Shareholders' Deficit	`LiabilitiesAndStockholdersEquity`	$312.50M	USD	Point-in-time
Total Liabilities and Shareholders' Deficit	`LiabilitiesAndStockholdersEquity`	$312.85M	USD	Point-in-time

Income Statement 14 line items

Line Item	Tag	Value	Unit	Period
General and administrative expenses	`GeneralAndAdministrativeExpense`	$128.48K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.39M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.39M	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
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$-5.25M	USD	1 Quarter
Financing costs - warrant liabilities	`FinancingCostsWarrantLiabilities`	$462.62K	USD	1 Quarter
Financing costs - warrant liabilities	`FinancingCostsWarrantLiabilities`	-	USD	1 Quarter
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$153.00	USD	1 Quarter
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$24.55K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$5.28M	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-191.31K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.89M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-319.78K	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$3.89M	USD	1 Quarter
Net income (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`	-	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`	-	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
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$-5.25M	USD	1 Quarter
Financing costs - warrant liabilities	`FinancingCostsWarrantLiabilities`	$462.62K	USD	1 Quarter
Financing costs - warrant liabilities	`FinancingCostsWarrantLiabilities`	-	USD	1 Quarter
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$153.00	USD	1 Quarter
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$24.55K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-122.87K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.41M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.44M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$70.76K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$18.90K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$23.53K	USD	1 Quarter
Accrued expenses-related party	`IncreaseDecreaseInAccruedExpensesRelatedParty`	$10.00K	USD	1 Quarter
Accrued expenses-related party	`IncreaseDecreaseInAccruedExpensesRelatedParty`	$1.10K	USD	1 Quarter
Deferred legal fees	`IncreaseDecreaseInDeferredLegalFees`	$-925.10K	USD	1 Quarter
Deferred legal fees	`IncreaseDecreaseInDeferredLegalFees`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-10.26K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-252.27K	USD	1 Quarter
Cash deposited in Trust Account	`PaymentsToAcquireRestrictedInvestments`	$311.16M	USD	1 Quarter
Cash deposited in Trust Account	`PaymentsToAcquireRestrictedInvestments`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-311.16M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from note payable to related party	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Proceeds from note payable to related party	`ProceedsFromNotesPayable`	$100.00	USD	1 Quarter
Repayment of note payable to related party	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Repayment of note payable to related party	`RepaymentsOfNotesPayable`	$171.74K	USD	1 Quarter
Proceeds received from initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	-	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
Proceeds received from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	1 Quarter
Offering costs paid	`PaymentsOfStockIssuanceCosts`	-	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 cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net (decrease) increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.80M	USD	1 Quarter
Net (decrease) increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-252.27K	USD	1 Quarter
Cash - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$559.25K	USD	Point-in-time
Cash - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$811.53K	USD	Point-in-time
Cash - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.80M	USD	Point-in-time
Cashend of the period	`CashAndCashEquivalentsAtCarryingValue`	$559.25K	USD	Point-in-time
Cashend of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cashend of the period	`CashAndCashEquivalentsAtCarryingValue`	$811.53K	USD	Point-in-time
Cashend of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.80M	USD	Point-in-time
Offering costs included in accounts payable	`OfferingCostsIncludedInAccountsPayable`	-	USD	1 Quarter
Offering costs included in accounts payable	`OfferingCostsIncludedInAccountsPayable`	$252.00K	USD	1 Quarter
Offering costs included in accrued expenses	`OfferingCostsIncludedInAccruedExpenses`	-	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`	-	USD	1 Quarter
Offering costs paid by related party under promissory note	`OfferingCostsPaidByRelatedPartyUnderPromissoryNote`	$144.84K	USD	1 Quarter
Deferred underwriting commissions	`DeferredUnderwritingCommissions`	-	USD	1 Quarter
Deferred underwriting commissions	`DeferredUnderwritingCommissions`	$10.89M	USD	1 Quarter
Forfeiture of Class B ordinary shares from Sponsor	`ForfeitureOfClassBOrdinarySharesFromSponsor`	$13.00	USD	1 Quarter
Forfeiture of Class B ordinary shares from Sponsor	`ForfeitureOfClassBOrdinarySharesFromSponsor`	-	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-35.20M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-23.21M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-39.08M	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
Accretion on Class A ordinary shares subject to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$23.09M	USD	1 Quarter
Sale of units in initial public offering, less fair value of public warrants	`StockIssuedDuringPeriodValueNewIssues`	$175.73K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.89M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-319.78K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-35.20M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-23.21M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	-	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-39.08M	USD	Point-in-time

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