10-Q Filing

Purple Innovation, Inc. CIK: 1643953 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001213900-17-004826`
Period End Date	20170331
Filing Date	20170509
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	gpac-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 20 Cash Flow Statement 24 Stockholders Equity 7

Balance Sheet 64 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`	14.41M	shares	Point-in-time
Common stock, possible redemption, per share	`TemporaryEquityRedemptionPricePerShare`	$10.00	USD	Point-in-time
Common stock, possible redemption, per share	`TemporaryEquityRedemptionPricePerShare`	$10.00	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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$237.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$893.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$230.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$65.00K	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`	$41.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Total current assets	`AssetsCurrent`	$295.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$278.00K	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`	$155.72M	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`	$156.02M	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`	$155.82M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.98M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.98M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$34.00K	USD	Point-in-time
Common stock excluding possible redemption, shares	`CommonStockExcludingPossibleRedemptionShare`	14.41M	shares	Point-in-time
Common stock excluding possible redemption, shares	`CommonStockExcludingPossibleRedemptionShare`	14.43M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$199.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.61M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$872.00K	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesCurrent`	$150.00K	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesCurrent`	$62.00K	USD	Point-in-time
Notes payable and accrued interest - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Notes payable and accrued interest - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.88M	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`	$6.93M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.53M	USD	Point-in-time
Common stock subject to possible redemption; 14,408,544 shares and 14,428,805 shares, respectively, at March 31, 2017 and December 31, 2016 (at redemption value of approximately $10.00 per share)	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	$144.09M	USD	Point-in-time
Common stock subject to possible redemption; 14,408,544 shares and 14,428,805 shares, respectively, at March 31, 2017 and December 31, 2016 (at redemption value of approximately $10.00 per share)	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	$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, 4,997,706 shares and 4,977,445 shares, respectively, issued and outstanding (excluding 14,408,544 and 14,428,805 shares, respectively, subject to possible redemption) at March 31, 2017 and December 31, 2016	`CommonStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value, 35,000,000 shares authorized, 4,997,706 shares and 4,977,445 shares, respectively, issued and outstanding (excluding 14,408,544 and 14,428,805 shares, respectively, subject to possible redemption) at March 31, 2017 and December 31, 2016	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$7.63M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$7.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.63M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.83M	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`	$155.82M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$156.02M	USD	Point-in-time

Income Statement 20 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$314.00K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$138.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-314.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-138.00K	USD	1 Quarter
Interest income on Trust Account	`InterestIncomeOther`	$179.00K	USD	1 Quarter
Interest income on Trust Account	`InterestIncomeOther`	$100.00K	USD	1 Quarter
Interest expense on Notes payable - related party	`InterestExpenseRelatedParty`	$18.00K	USD	1 Quarter
Interest expense on Notes payable - related party	`InterestExpenseRelatedParty`	-	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-153.00K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-38.00K	USD	1 Quarter
Provision for income tax	`IncomeTaxExpenseBenefit`	$50.00K	USD	1 Quarter
Provision for income tax	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss attributable to common stock	`NetIncomeLoss`	$-38.00K	USD	1 Quarter
Net loss attributable to common stock	`NetIncomeLoss`	$-203.00K	USD	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.75M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.99M	shares	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter

Cash Flow Statement 24 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-38.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-203.00K	USD	1 Quarter
Increase in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$24.00K	USD	1 Quarter
Increase in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$19.00K	USD	1 Quarter
Increase (decrease) in accounts payable and accrued expenses and taxes, net	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-801.00K	USD	1 Quarter
Increase (decrease) in accounts payable and accrued expenses and taxes, net	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.00K	USD	1 Quarter
Trust income retained in Trust Account	`IncreaseDecreaseInTrustIncome`	$100.00K	USD	1 Quarter
Trust income retained in Trust Account	`IncreaseDecreaseInTrustIncome`	$179.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.21M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-155.00K	USD	1 Quarter
Cash flows from financing activities: Proceeds from notes payable - related party	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Cash flows from financing activities: Proceeds from notes payable - related party	`ProceedsFromRelatedPartyDebt`	$1.20M	USD	1 Quarter
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-155.00K	USD	1 Quarter
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-7.00K	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$237.00K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$893.00K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$230.00K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$237.00K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$893.00K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$230.00K	USD	Point-in-time
Interest Paid	`InterestPaid`	$18.00K	USD	1 Quarter
Interest Paid	`InterestPaid`	-	USD	1 Quarter

Stockholders Equity 7 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	`StockIssuedDuringPeriodValueChangeInProceedsSubjectToPossibleRedemption`	$203.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-38.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-203.00K	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.