10-K Filing

Purple Innovation, Inc. CIK: 1643953 FY 2016

Filing Information

Form Type	10-K
Accession Number	`0001213900-17-002285`
Period End Date	20161231
Filing Date	20170314
Fiscal Year	2016
Fiscal Period	FY
XBRL Instance	gpac-20161231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 14 Cash Flow Statement 38 Stockholders Equity 19

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Common stock, possible redemption, shares	`CommonStockPossibleRedemption`	14.43M	shares	Point-in-time
Common stock, possible redemption, shares	`CommonStockPossibleRedemption`	14.66M	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
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$237.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$41.00K	USD	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`	$278.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.18M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Cash and investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$155.29M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$155.54M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total assets	`Assets`	$155.82M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	35.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	35.00M	shares	Point-in-time
Total assets	`Assets`	$156.47M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.98M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.74M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.74M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.98M	shares	Point-in-time
Common stock excluding possible redemption, shares	`CommonStockExcludingPossibleRedemptionShare`	14.66M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$199.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$58.00K	USD	Point-in-time
Common stock excluding possible redemption, shares	`CommonStockExcludingPossibleRedemptionShare`	14.43M	shares	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.61M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$44.00K	USD	Point-in-time
Accrued franchise taxes	`AccruedIncomeTaxesCurrent`	$62.00K	USD	Point-in-time
Accrued franchise taxes	`AccruedIncomeTaxesCurrent`	$97.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$199.00K	USD	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`	$6.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.86M	USD	Point-in-time
Common stock subject to possible redemption; 14,428,805 shares and 14,661,512 shares, respectively, at December 31, 2016 and 2015 (at redemption value of approximately $10.00 per share)	`PossibleRedemption`	$146.62M	USD	Point-in-time
Common stock subject to possible redemption; 14,428,805 shares and 14,661,512 shares, respectively, at December 31, 2016 and 2015 (at redemption value of approximately $10.00 per share)	`PossibleRedemption`	$144.29M	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, 4,977,445 shares and 4,744,738 shares, respectively, issued and outstanding (excluding 14,428,805 and 14,661,512 shares, respectively, subject to possible redemption) at December 31, 2016 and 2015	`CommonStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value, 35,000,000 shares authorized, 4,977,445 shares and 4,744,738 shares, respectively, issued and outstanding (excluding 14,428,805 and 14,661,512 shares, respectively, subject to possible redemption) at December 31, 2016 and 2015	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$7.63M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$5.30M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.63M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-303.00K	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`	$155.82M	USD	Point-in-time

Income Statement 14 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	-	USD	Annual
Revenues	`Revenues`	-	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$346.00K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.66M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-2.66M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-346.00K	USD	2 Qtrs
Other income - interest on Trust Account	`InterestAndOtherIncome`	$43.00K	USD	2 Qtrs
Other income - interest on Trust Account	`InterestAndOtherIncome`	$330.00K	USD	Annual
Net loss attributable to common stock	`NetIncomeLoss`	$-303.00K	USD	2 Qtrs
Net loss attributable to common stock	`NetIncomeLoss`	$-2.33M	USD	Annual
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.45M	shares	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.79M	shares	Annual
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	2 Qtrs
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.49	USD	Annual

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-303.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.33M	USD	Annual
(Increase) decrease in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-90.00K	USD	Annual
(Increase) decrease in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$131.00K	USD	2 Qtrs
Increase in accounts payable and accrued liabilities and franchise taxes	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.68M	USD	Annual
Increase in accounts payable and accrued liabilities and franchise taxes	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$199.00K	USD	2 Qtrs
Trust income retained in Trust Account	`IncreaseDecreaseInTrustIncome`	$250.00K	USD	Annual
Trust income retained in Trust Account	`IncreaseDecreaseInTrustIncome`	$43.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-278.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-811.00K	USD	Annual
Cash deposited in Trust Account	`PaymentsToTrustAccount`	-	USD	Annual
Cash deposited in Trust Account	`PaymentsToTrustAccount`	$155.25M	USD	2 Qtrs
Proceeds from sale of common stock to Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	2 Qtrs
Proceeds from sale of common stock to Sponsor	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from note payable and advances - related party	`ProceedsFromRelatedPartyDebt`	$225.00K	USD	2 Qtrs
Proceeds from note payable and advances - related party	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Proceeds from sale of Public Offering Units	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	Annual
Proceeds from sale of Public Offering Units	`ProceedsFromIssuanceInitialPublicOffering`	$155.25M	USD	2 Qtrs
Proceeds from sale of Private Placement Warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$6.41M	USD	2 Qtrs
Proceeds from sale of Private Placement Warrants	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	Annual
Payment of underwriting discounts	`PaymentOfUnderwritingDiscounts`	-	USD	Annual
Payment of underwriting discounts	`PaymentOfUnderwritingDiscounts`	$4.66M	USD	2 Qtrs
Payment of offering costs	`PaymentOfDeferredOfferingCosts`	-	USD	Annual
Payment of offering costs	`PaymentOfDeferredOfferingCosts`	$449.00K	USD	2 Qtrs
Payment of notes payable and advances - related party	`ProceedsFromNotesPayable`	-	USD	Annual
Payment of notes payable and advances - related party	`ProceedsFromNotesPayable`	$-225.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$156.58M	USD	2 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-811.00K	USD	Annual
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.05M	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$237.00K	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`	$237.00K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Deferred underwriter compensation	`DeferredUnderwriterCompensation`	-	USD	Annual
Deferred underwriter compensation	`DeferredUnderwriterCompensation`	$4.66M	USD	2 Qtrs

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Sale of common stock, price per share	`SaleOfStockPricePerShare`	$0.01	USD	Point-in-time
Sale of units to public per unit	`SaleOfUnitsToPublicPerUnit`	$10.00	USD	2 Qtrs
Sale of private placement warrants shares	`WarrantIssued`	12.81M	shares	2 Qtrs
Exercise price of warrants	`ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1`	$0.50	USD	Point-in-time
Stock proceeds subject to possible redemption shares	`StockProceedsSubjectToPossibleRedemptionShares`	14.68M	shares	2 Qtrs
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	-	USD	Point-in-time
Sale of common stock to Sponsor at $0.006 per share	`StockIssuedDuringPeriodValueOther`	$25.00K	USD	2 Qtrs
Sale of Units to the public in August 2015 at $10.00 per unit	`StockIssuedDuringPeriodValueNewIssues`	$155.25M	USD	2 Qtrs
Underwriters' discount and offering expenses	`UnderwritersDiscountOfferingExpenses`	$-9.77M	USD	2 Qtrs
Sale of 12,815,000 Private Placement Warrants in August 2015 at $0.50 per warrant	`StockIssuedDuringPeriodValueNewIssuesOne`	$6.41M	USD	2 Qtrs
Proceeds subject to possible redemption of 14,676,855 shares at redemption value	`StockIssuedDuringPeriodValueToPossibleRedemptionOfSharesAtRedemptionValue`	$-146.62M	USD	2 Qtrs
Change in proceeds subject to possible redemption	`StockIssuedDuringPeriodValueChangeInProceedsSubjectToPossibleRedemption`	$2.33M	USD	Annual
Net loss attributable to common stock	`NetIncomeLoss`	$-303.00K	USD	2 Qtrs
Net loss attributable to common stock	`NetIncomeLoss`	$-2.33M	USD	Annual
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	-	USD	Point-in-time

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