10-Q Filing

Purple Innovation, Inc. CIK: 1643953 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001213900-17-008325`
Period End Date	20170630
Filing Date	20170808
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	gpac-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 40 Cash Flow Statement 28 Stockholders Equity 9

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Common stock, possible redemption, shares	`CommonStockPossibleRedemption`	14.36M	shares	Point-in-time
Common stock, possible redemption, shares	`CommonStockPossibleRedemption`	14.43M	shares	Point-in-time
Common stock, possible redemption, per share	`TemporaryEquityRedemptionPricePerShare`	$10.03	USD	Point-in-time
Common stock, possible redemption, per share	`TemporaryEquityRedemptionPricePerShare`	$10.03	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$893.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$775.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$188.00K	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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$33.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$41.00K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Total current assets	`AssetsCurrent`	$221.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$278.00K	USD	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`	$155.54M	USD	Point-in-time
Cash and investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$155.78M	USD	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
Total assets	`Assets`	$156.00M	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
Common stock, shares issued	`CommonStockSharesIssued`	5.04M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.98M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.98M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.04M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$199.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.00K	USD	Point-in-time
Common stock excluding possible redemption, shares	`CommonStockExcludingPossibleRedemptionShare`	14.36M	shares	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`	$957.00K	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesCurrent`	$62.00K	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesCurrent`	$108.00K	USD	Point-in-time
Notes payable and accrued interest - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.24M	USD	Point-in-time
Notes payable and accrued interest - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.32M	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`	$6.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.53M	USD	Point-in-time
Common stock subject to possible redemption; 14,364,041 shares and 14,428,805 shares, respectively, at June 30, 2017 and December 31, 2016 (at redemption value of approximately $10.03 per share)	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	$144.03M	USD	Point-in-time
Common stock subject to possible redemption; 14,364,041 shares and 14,428,805 shares, respectively, at June 30, 2017 and December 31, 2016 (at redemption value of approximately $10.03 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, 5,042,209 shares and 4,977,445 shares, respectively, issued and outstanding (excluding 14,364,041 and 14,428,805 shares, respectively, subject to possible redemption) at June 30, 2017 and December 31, 2016	`CommonStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value, 35,000,000 shares authorized, 5,042,209 shares and 4,977,445 shares, respectively, issued and outstanding (excluding 14,364,041 and 14,428,805 shares, respectively, subject to possible redemption) at June 30, 2017 and December 31, 2016	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$7.89M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$7.63M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.63M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.89M	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`	$156.00M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$155.82M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	-	USD	2 Qtrs
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$560.00K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$259.00K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$121.00K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$246.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-246.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-259.00K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-121.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-560.00K	USD	2 Qtrs
Interest income on Trust Account	`InterestIncomeOther`	$65.00K	USD	1 Quarter
Interest income on Trust Account	`InterestIncomeOther`	$165.00K	USD	2 Qtrs
Interest income on Trust Account	`InterestIncomeOther`	$440.00K	USD	2 Qtrs
Interest income on Trust Account	`InterestIncomeOther`	$261.00K	USD	1 Quarter
Interest expense on Notes payable - related party	`InterestExpenseRelatedParty`	$40.00K	USD	2 Qtrs
Interest expense on Notes payable - related party	`InterestExpenseRelatedParty`	$22.00K	USD	1 Quarter
Interest expense on Notes payable - related party	`InterestExpenseRelatedParty`	-	USD	1 Quarter
Interest expense on Notes payable - related party	`InterestExpenseRelatedParty`	-	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-160.00K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-94.00K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.00K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-56.00K	USD	1 Quarter
Provision for income tax	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income tax	`IncomeTaxExpenseBenefit`	$50.00K	USD	1 Quarter
Provision for income tax	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision for income tax	`IncomeTaxExpenseBenefit`	$100.00K	USD	2 Qtrs
Net loss attributable to common stock	`NetIncomeLoss`	$-260.00K	USD	2 Qtrs
Net loss attributable to common stock	`NetIncomeLoss`	$-94.00K	USD	2 Qtrs
Net loss attributable to common stock	`NetIncomeLoss`	$-56.00K	USD	1 Quarter
Net loss attributable to common stock	`NetIncomeLoss`	$-57.00K	USD	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.75M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.00M	shares	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.01M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.75M	shares	2 Qtrs
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	2 Qtrs
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	2 Qtrs
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter

Cash Flow Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-260.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-94.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-56.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-57.00K	USD	1 Quarter
Decrease in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-26.00K	USD	2 Qtrs
Decrease in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-8.00K	USD	2 Qtrs
Increase in accounts payable, accrued liabilities and accrued taxes, net	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-759.00K	USD	2 Qtrs
Increase in accounts payable, accrued liabilities and accrued taxes, net	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-102.00K	USD	2 Qtrs
Trust income retained in Trust Account	`IncreaseDecreaseInTrustIncome`	$238.00K	USD	2 Qtrs
Trust income retained in Trust Account	`IncreaseDecreaseInTrustIncome`	$103.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.25M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-273.00K	USD	2 Qtrs
Cash flows from financing activities: Proceeds from notes payable - related party	`ProceedsFromRelatedPartyDebt`	$1.20M	USD	2 Qtrs
Cash flows from financing activities: Proceeds from notes payable - related party	`ProceedsFromRelatedPartyDebt`	-	USD	2 Qtrs
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-273.00K	USD	2 Qtrs
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-49.00K	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$893.00K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$775.00K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$188.00K	USD	Point-in-time
Cash at beginning 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`	$775.00K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$188.00K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$237.00K	USD	Point-in-time
Non-cash interest	`InterestPaid`	$18.00K	USD	2 Qtrs
Non-cash interest	`InterestPaid`	-	USD	2 Qtrs

Stockholders Equity 9 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`	$260.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-260.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-94.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-56.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-57.00K	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.