10-Q Filing

Purple Innovation, Inc. CIK: 1643953 Q3 2016

Filing Information

Form Type	10-Q
Accession Number	`0001213900-16-017861`
Period End Date	20160930
Filing Date	20161101
Fiscal Year	2016
Fiscal Period	Q3
XBRL Instance	gpac-20160930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 21 Cash Flow Statement 41 Stockholders Equity 8

Balance Sheet 56 line items

Line Item	Tag	Value	Unit	Period
Common stock, possible redemption, shares	`CommonStockPossibleRedemption`	14.66M	shares	Point-in-time
Common stock, possible redemption, shares	`CommonStockPossibleRedemption`	14.64M	shares	Point-in-time
Common stock, possible redemption, per share	`CommonStockPossibleRedemptionPerShare`	$10.00	USD	Point-in-time
Common stock, possible redemption, per share	`CommonStockPossibleRedemptionPerShare`	$10.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$645.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$72.00K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$131.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Total current assets	`AssetsCurrent`	$717.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.18M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$155.48M	USD	Point-in-time
Cash and investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$155.29M	USD	Point-in-time
Total assets	`Assets`	$156.47M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	35.00M	shares	Point-in-time
Total assets	`Assets`	$156.20M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	35.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.77M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.74M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.77M	shares	Point-in-time
Current liabilities - Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$199.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.74M	shares	Point-in-time
Current liabilities - Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$152.00K	USD	Point-in-time
Common stock excluding possible redemption, shares	`CommonStockExcludingPossibleRedemptionShare`	14.66M	shares	Point-in-time
Common stock excluding possible redemption, shares	`CommonStockExcludingPossibleRedemptionShare`	14.64M	shares	Point-in-time
Deferred underwriting compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$4.66M	USD	Point-in-time
Deferred underwriting compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$4.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.86M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.81M	USD	Point-in-time
Common stock subject to possible redemption; 14,638,714 shares and 14,661,512 shares, respectively, at September 30, 2016 and December 31, 2015 (at redemption value of approximately $10.00 per share)	`PossibleRedemption`	$146.62M	USD	Point-in-time
Common stock subject to possible redemption; 14,638,714 shares and 14,661,512 shares, respectively, at September 30, 2016 and December 31, 2015 (at redemption value of approximately $10.00 per share)	`PossibleRedemption`	$146.39M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.0001 par value, 1,000,000 shares authorized, none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value, 1,000,000 shares authorized, none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value, 35,000,000 shares authorized, 4,767,536 shares and 4,744,738 shares, respectively, issued and outstanding (excluding 14,638,714 and 14,661,512 shares, respectively, subject to possible redemption) at September 30, 2016 and December 31, 2015	`CommonStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value, 35,000,000 shares authorized, 4,767,536 shares and 4,744,738 shares, respectively, issued and outstanding (excluding 14,638,714 and 14,661,512 shares, respectively, subject to possible redemption) at September 30, 2016 and December 31, 2015	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$5.53M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$5.30M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-303.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-531.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$156.47M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$156.20M	USD	Point-in-time

Income Statement 21 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	-	USD	3 Qtrs
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$486.00K	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$227.00K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$149.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-227.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-486.00K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-149.00K	USD	1 Quarter
Other income - interest on Trust Account	`InterestAndOtherIncome`	$93.00K	USD	1 Quarter
Other income - interest on Trust Account	`InterestAndOtherIncome`	$258.00K	USD	3 Qtrs
Other income - interest on Trust Account	`InterestAndOtherIncome`	-	USD	1 Quarter
Net loss attributable to common stock	`NetIncomeLoss`	$-228.00K	USD	3 Qtrs
Net loss attributable to common stock	`NetIncomeLoss`	$-134.00K	USD	1 Quarter
Net loss attributable to common stock	`NetIncomeLoss`	$-149.00K	USD	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.75M	shares	3 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.41M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.76M	shares	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	3 Qtrs

Cash Flow Statement 41 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-228.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-134.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-149.00K	USD	1 Quarter
Decrease in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$143.00K	USD	1 Quarter
Decrease in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-59.00K	USD	3 Qtrs
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-47.00K	USD	3 Qtrs
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$95.00K	USD	1 Quarter
Trust income retained in Trust Account	`IncreaseDecreaseInTrustIncome`	-	USD	1 Quarter
Trust income retained in Trust Account	`IncreaseDecreaseInTrustIncome`	$187.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-197.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-403.00K	USD	3 Qtrs
Cash flows from investing activities: Cash deposited in Trust Account	`PaymentsToTrustAccount`	-	USD	3 Qtrs
Cash flows from investing activities: Cash deposited in Trust Account	`PaymentsToTrustAccount`	$155.25M	USD	1 Quarter
Proceeds from sale of common stock to Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	1 Quarter
Proceeds from sale of common stock to Sponsor	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Proceeds from note payable and advances - related party	`ProceedsFromRelatedPartyDebt`	$225.00K	USD	1 Quarter
Proceeds from note payable and advances - related party	`ProceedsFromRelatedPartyDebt`	-	USD	3 Qtrs
Proceeds from sale of Public Offering Units	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	3 Qtrs
Proceeds from sale of Public Offering Units	`ProceedsFromIssuanceInitialPublicOffering`	$155.25M	USD	1 Quarter
Proceeds from sale of Private Placement Warrants	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	3 Qtrs
Proceeds from sale of Private Placement Warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$6.41M	USD	1 Quarter
Payment of underwriting discounts	`PaymentOfUnderwritingDiscounts`	-	USD	3 Qtrs
Payment of underwriting discounts	`PaymentOfUnderwritingDiscounts`	$4.66M	USD	1 Quarter
Payment of offering costs	`PaymentOfDeferredOfferingCosts`	-	USD	3 Qtrs
Payment of offering costs	`PaymentOfDeferredOfferingCosts`	$449.00K	USD	1 Quarter
Payment of notes payable and advances - related party	`ProceedsFromNotesPayable`	-	USD	3 Qtrs
Payment of notes payable and advances - related party	`ProceedsFromNotesPayable`	$-225.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$156.58M	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.13M	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-403.00K	USD	3 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$645.00K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$645.00K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Deferred underwriter compensation	`DeferredUnderwriterCompensation`	$4.66M	USD	1 Quarter
Deferred underwriter compensation	`DeferredUnderwriterCompensation`	-	USD	3 Qtrs

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.00M	USD	Point-in-time
Change in proceeds subject to possible redemption	`CommonStockProceedsSubjectToPossibleRedemptionValue`	$228.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-228.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-134.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-149.00K	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.00M	USD	Point-in-time

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