10-Q Filing

OPAL Fuels Inc. CIK: 1842279 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001193125-22-216411`
Period End Date	20220630
Filing Date	20220810
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	d251514d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 35 Cash Flow Statement 77 Stockholders Equity 28

Balance Sheet 56 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
Preferred stock, par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash	`Cash`	$219.13K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash	`Cash`	$811.53K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$546.37K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$701.66K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$765.50K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.51M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$159.95K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	-	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$311.62M	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$311.18M	USD	Point-in-time
Total Assets	`Assets`	$312.85M	USD	Point-in-time
Total Assets	`Assets`	$312.38M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$68.53K	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`	$29.90K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$5.08K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$113.26K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$103.52K	USD	Point-in-time
Deferred legal fees	`DeferredLegalFees`	$6.19M	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`	-	USD	Point-in-time
Derivative warrant liabilities	`DerivativeLiabilitiesNoncurrent`	$25.80M	USD	Point-in-time
Derivative warrant liabilities	`DerivativeLiabilitiesNoncurrent`	$16.22M	USD	Point-in-time
Total liabilities	`Liabilities`	$22.52M	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	`TemporaryEquityCarryingAmountAttributableToParent`	$311.16M	USD	Point-in-time
Class A ordinary shares subject to possible redemption; 31,116,305 shares at redemption value	`TemporaryEquityCarryingAmountAttributableToParent`	$311.52M	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
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.65M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-39.08M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-35.20M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-34.82M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-21.65M	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`	$312.85M	USD	Point-in-time
Total Liabilities and Shareholders' Deficit	`LiabilitiesAndStockholdersEquity`	$312.38M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.12M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.73M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$522.89K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$394.41K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.73M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-394.41K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-522.89K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-3.12M	USD	2 Qtrs
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$-4.33M	USD	1 Quarter
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$-9.58M	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
Gain on settlement of underwriting fees	`GainOnSettlementOfUnderwritingFees`	$10.90M	USD	Point-in-time
Gain on settlement of underwriting fees	`GainOnSettlementOfUnderwritingFees`	$279.89K	USD	2 Qtrs
Gain on settlement of underwriting fees	`GainOnSettlementOfUnderwritingFees`	-	USD	2 Qtrs
Gain on settlement of underwriting fees	`GainOnSettlementOfUnderwritingFees`	$279.89K	USD	1 Quarter
Gain on settlement of underwriting fees	`GainOnSettlementOfUnderwritingFees`	-	USD	1 Quarter
Financing costs warrant liabilities	`FinancingCostsWarrantLiabilities`	-	USD	1 Quarter
Financing costs warrant liabilities	`FinancingCostsWarrantLiabilities`	-	USD	1 Quarter
Financing costs warrant liabilities	`FinancingCostsWarrantLiabilities`	$462.62K	USD	2 Qtrs
Financing costs warrant liabilities	`FinancingCostsWarrantLiabilities`	-	USD	2 Qtrs
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$440.42K	USD	2 Qtrs
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$4.46K	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`	$415.87K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-11.41M	USD	2 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$5.02M	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-11.22M	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$10.30M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-319.78K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-11.94M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$7.17M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$3.29M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.89M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-11.62M	USD	1 Quarter

Cash Flow Statement 77 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-319.78K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-11.94M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$7.17M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$3.29M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.89M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-11.62M	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 in exchange for issuance of Class B ordinary shares	`GeneralAndAdministrativeExpensesPaidByRelatedPartyInExchangeOfClassBOrdinaryShares`	-	USD	2 Qtrs
General and administrative expenses paid by related party under promissory note	`GeneralAndAdministrativeExpensesPaidByRelatedPartyUnderPromissoryNote`	-	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`	$-4.33M	USD	1 Quarter
Change in fair value of derivative warrant liabilities	`FairValueAdjustmentOfWarrants`	$-9.58M	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`	-	USD	1 Quarter
Financing costs - warrant liabilities	`FinancingCostsWarrantLiabilities`	$462.62K	USD	2 Qtrs
Financing costs - warrant liabilities	`FinancingCostsWarrantLiabilities`	-	USD	2 Qtrs
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$440.42K	USD	2 Qtrs
Net gain on investments held in Trust Account	`NetGainOnInvestmentsHeldInTrustAccount`	$4.46K	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`	$415.87K	USD	1 Quarter
Gain on settlement of deferred underwriting fees	`GainOnSettlementOfUnderwritingFees`	$10.90M	USD	Point-in-time
Gain on settlement of deferred underwriting fees	`GainOnSettlementOfUnderwritingFees`	$279.89K	USD	2 Qtrs
Gain on settlement of deferred underwriting fees	`GainOnSettlementOfUnderwritingFees`	-	USD	2 Qtrs
Gain on settlement of deferred underwriting fees	`GainOnSettlementOfUnderwritingFees`	$279.89K	USD	1 Quarter
Gain on settlement of deferred underwriting fees	`GainOnSettlementOfUnderwritingFees`	-	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-315.25K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.23M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$49.77K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$105.06K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-64.59K	USD	2 Qtrs
Accrued expenses - related party	`IncreaseDecreaseInAccruedExpensesRelatedParty`	-	USD	2 Qtrs
Accrued expenses - related party	`IncreaseDecreaseInAccruedExpensesRelatedParty`	$5.08K	USD	2 Qtrs
Deferred legal fees	`IncreaseDecreaseInDeferredLegalFees`	-	USD	2 Qtrs
Deferred legal fees	`IncreaseDecreaseInDeferredLegalFees`	$-2.23M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-592.40K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.59M	USD	2 Qtrs
Cash deposited in Trust Account	`PaymentsToAcquireRestrictedInvestments`	-	USD	2 Qtrs
Cash deposited in Trust Account	`PaymentsToAcquireRestrictedInvestments`	$311.16M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-311.16M	USD	2 Qtrs
Proceeds from note payable to related party	`ProceedsFromNotesPayable`	-	USD	2 Qtrs
Proceeds from note payable to related party	`ProceedsFromNotesPayable`	$100.00	USD	2 Qtrs
Repayment of note payable to related party	`RepaymentsOfNotesPayable`	-	USD	2 Qtrs
Repayment of note payable to related party	`RepaymentsOfNotesPayable`	$171.74K	USD	2 Qtrs
Proceeds received from initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	-	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
Proceeds received from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	2 Qtrs
Offering costs paid	`PaymentsOfStockIssuanceCosts`	-	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 cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 Qtrs
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.16M	USD	2 Qtrs
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-592.40K	USD	2 Qtrs
Cash - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$811.53K	USD	Point-in-time
Cash - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.16M	USD	Point-in-time
Cash - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$219.13K	USD	Point-in-time
Remeasurement of Class A common stock subject to possible redemption amount	`RemeasurementOfCommonStockSubjectToPossibleRedemptionAmount`	$-352.84K	USD	1 Quarter
Remeasurement of Class A common stock subject to possible redemption amount	`RemeasurementOfCommonStockSubjectToPossibleRedemptionAmount`	-	USD	2 Qtrs
Remeasurement of Class A common stock subject to possible redemption amount	`RemeasurementOfCommonStockSubjectToPossibleRedemptionAmount`	$352.84K	USD	2 Qtrs
Offering costs included in accounts payable	`OfferingCostsIncludedInAccountsPayable`	-	USD	2 Qtrs
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 included in accrued expenses	`OfferingCostsIncludedInAccruedExpenses`	-	USD	2 Qtrs
Offering costs paid by related party under promissory note	`OfferingCostsPaidByRelatedPartyUnderPromissoryNote`	$144.84K	USD	2 Qtrs
Offering costs paid by related party under promissory note	`OfferingCostsPaidByRelatedPartyUnderPromissoryNote`	-	USD	2 Qtrs
Deferred underwriting commissions	`DeferredUnderwritingCommissions`	-	USD	2 Qtrs
Deferred underwriting commissions	`DeferredUnderwritingCommissions`	$10.89M	USD	2 Qtrs
Gain on settlement of underwriting fees	`GainOnSettlementOfDeferredUnderwritingFees`	$10.61M	USD	1 Quarter
Gain on settlement of underwriting fees	`GainOnSettlementOfDeferredUnderwritingFees`	$10.61M	USD	2 Qtrs
Gain on settlement of underwriting fees	`GainOnSettlementOfDeferredUnderwritingFees`	-	USD	2 Qtrs
Forfeiture of Class B ordinary shares from Sponsor	`ForfeitureOfClassBOrdinarySharesFromSponsor`	$13.00	USD	2 Qtrs
Forfeiture of Class B ordinary shares from Sponsor	`ForfeitureOfClassBOrdinarySharesFromSponsor`	-	USD	2 Qtrs

Stockholders Equity 28 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-35.20M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-34.82M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-21.65M	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
Gain on settlement of underwriting fees	`GainOnSettlementOfDeferredUnderwritingFees`	$10.61M	USD	1 Quarter
Gain on settlement of underwriting fees	`GainOnSettlementOfDeferredUnderwritingFees`	$10.61M	USD	2 Qtrs
Gain on settlement of underwriting fees	`GainOnSettlementOfDeferredUnderwritingFees`	-	USD	2 Qtrs
Remeasurement of Class A common stock subject to possible redemption amount	`RemeasurementOfCommonStockSubjectToPossibleRedemptionAmount`	$-352.84K	USD	1 Quarter
Remeasurement of Class A common stock subject to possible redemption amount	`RemeasurementOfCommonStockSubjectToPossibleRedemptionAmount`	-	USD	2 Qtrs
Remeasurement of Class A common stock subject to possible redemption amount	`RemeasurementOfCommonStockSubjectToPossibleRedemptionAmount`	$352.84K	USD	2 Qtrs
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
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`	$-319.78K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-11.94M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$7.17M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$3.29M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.89M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-11.62M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-35.20M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-34.82M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-21.65M	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.