10-Q Filing

Purple Innovation, Inc. CIK: 1643953 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001213900-17-011678`
Period End Date	20170930
Filing Date	20171109
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	gpac-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 56 Cash Flow Statement 37 Stockholders Equity 10

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`	11.21M	shares	Point-in-time
Common stock, possible redemption, per share	`TemporaryEquityRedemptionPricePerShare`	$10.03	USD	Point-in-time
Common stock, possible redemption, per share	`TemporaryEquityRedemptionPricePerShare`	$10.04	USD	Point-in-time
Common stock, possible redemption, per share	`TemporaryEquityRedemptionPricePerShare`	$10.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$374.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$237.00K	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`	$645.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$893.00K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$19.00K	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 issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Total current assets	`AssetsCurrent`	$393.00K	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$121.75M	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
Total assets	`Assets`	$122.14M	USD	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 authorized	`CommonStockSharesAuthorized`	35.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.78M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.98M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.78M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.98M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$522.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$199.00K	USD	Point-in-time
Common stock excluding possible redemption, shares	`CommonStockExcludingPossibleRedemptionShare`	11.21M	shares	Point-in-time
Common stock excluding possible redemption, shares	`CommonStockExcludingPossibleRedemptionShare`	14.43M	shares	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$289.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.61M	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesCurrent`	$204.00K	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesCurrent`	$62.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.01M	USD	Point-in-time
Deferred underwriting commission	`DeferredCompensationLiabilityClassifiedNoncurrent`	$4.00M	USD	Point-in-time
Deferred underwriting commission	`DeferredCompensationLiabilityClassifiedNoncurrent`	$4.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.01M	USD	Point-in-time
Common stock subject to possible redemption; 11,212,713 shares and 14,428,805 shares, respectively, at September 30, 2017 and December 31, 2016 (at redemption value of approximately $10.00 per share)	`TemporaryEquityCarryingAmountAttributableToParent`	$112.13M	USD	Point-in-time
Common stock subject to possible redemption; 11,212,713 shares and 14,428,805 shares, respectively, at September 30, 2017 and December 31, 2016 (at redemption value of approximately $10.00 per share)	`TemporaryEquityCarryingAmountAttributableToParent`	$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, 4,777,057 shares and 4,977,445 shares, respectively, issued and outstanding (excluding 11,212,713 and 14,428,805 shares, respectively, subject to possible redemption) at September 30, 2017 and December 31, 2016	`CommonStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value, 35,000,000 shares authorized, 4,777,057 shares and 4,977,445 shares, respectively, issued and outstanding (excluding 11,212,713 and 14,428,805 shares, respectively, subject to possible redemption) at September 30, 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`	$6.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.63M	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`	$122.14M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$155.82M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	3 Qtrs
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$937.00K	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`	$1.42M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-486.00K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.42M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-227.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-937.00K	USD	1 Quarter
Transaction fee income	`FeesAndCommissions`	-	USD	1 Quarter
Transaction fee income	`FeesAndCommissions`	-	USD	3 Qtrs
Transaction fee income	`FeesAndCommissions`	$2.50M	USD	3 Qtrs
Transaction fee income	`FeesAndCommissions`	$2.50M	USD	1 Quarter
Interest income on Trust Account	`InterestIncomeOther`	$93.00K	USD	1 Quarter
Interest income on Trust Account	`InterestIncomeOther`	$294.00K	USD	1 Quarter
Interest income on Trust Account	`InterestIncomeOther`	$735.00K	USD	3 Qtrs
Interest income on Trust Account	`InterestIncomeOther`	$258.00K	USD	3 Qtrs
Interest expense on Notes payable - related party	`InterestExpenseRelatedParty`	-	USD	1 Quarter
Interest expense on Notes payable - related party	`InterestExpenseRelatedParty`	-	USD	3 Qtrs
Interest expense on Notes payable - related party	`InterestExpenseRelatedParty`	$57.00K	USD	3 Qtrs
Interest expense on Notes payable - related party	`InterestExpenseRelatedParty`	$17.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$2.78M	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	-	USD	3 Qtrs
Total other income	`NonoperatingIncomeExpense`	$3.18M	USD	3 Qtrs
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.76M	USD	3 Qtrs
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.84M	USD	1 Quarter
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-134.00K	USD	1 Quarter
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-228.00K	USD	3 Qtrs
Provision for income tax	`IncomeTaxExpenseBenefit`	$306.00K	USD	3 Qtrs
Provision for income tax	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income tax	`IncomeTaxExpenseBenefit`	$130.00K	USD	1 Quarter
Provision for income tax	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Net income (loss) attributable to common stock	`NetIncomeLoss`	$1.71M	USD	1 Quarter
Net income (loss) attributable to common stock	`NetIncomeLoss`	$1.45M	USD	3 Qtrs
Net income (loss) attributable to common stock	`NetIncomeLoss`	$-134.00K	USD	1 Quarter
Net income (loss) attributable to common stock	`NetIncomeLoss`	$-228.00K	USD	3 Qtrs
Basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	4.75M	shares	3 Qtrs
Basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	4.99M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	5.00M	shares	3 Qtrs
Basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	4.76M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	15.99M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.76M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.26M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.75M	shares	3 Qtrs
Basic	`EarningsPerShareBasic`	$-0.05	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.29	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.34	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.05	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.08	USD	3 Qtrs

Cash Flow Statement 37 line items

Line Item	Tag	Value	Unit	Period
Redemption of public shares	`StockIssuedDuringPeriodSharesOther`	3.42M	shares	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.71M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.45M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-134.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-228.00K	USD	3 Qtrs
Decrease in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-22.00K	USD	3 Qtrs
Decrease in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-59.00K	USD	3 Qtrs
Increase (decrease) in accounts payable, accrued liabilities and accrued taxes, net	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-47.00K	USD	3 Qtrs
Increase (decrease) in accounts payable, accrued liabilities and accrued taxes, net	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-860.00K	USD	3 Qtrs
Trust income retained in Trust Account	`IncreaseDecreaseInTrustIncome`	$476.00K	USD	3 Qtrs
Trust income retained in Trust Account	`IncreaseDecreaseInTrustIncome`	$187.00K	USD	3 Qtrs
Net cash provided by (used) in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$137.00K	USD	3 Qtrs
Net cash provided by (used) in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-403.00K	USD	3 Qtrs
Withdrawal from Trust Account upon redemption of 3,416,480 public shares	`ProceedsFromIssuanceOfTrustPreferredSecurities`	-	USD	3 Qtrs
Withdrawal from Trust Account upon redemption of 3,416,480 public shares	`ProceedsFromIssuanceOfTrustPreferredSecurities`	$34.16M	USD	3 Qtrs
Proceeds from notes payable - related party	`ProceedsFromRelatedPartyDebt`	$1.20M	USD	3 Qtrs
Proceeds from notes payable - related party	`ProceedsFromRelatedPartyDebt`	-	USD	3 Qtrs
Payment of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$1.20M	USD	3 Qtrs
Payment of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	-	USD	3 Qtrs
Redemption of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Redemption of common stock	`ProceedsFromIssuanceOfCommonStock`	$-34.16M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	-	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-34.16M	USD	3 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-403.00K	USD	3 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$137.00K	USD	3 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$374.00K	USD	Point-in-time
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`	$645.00K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$893.00K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$374.00K	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`	$645.00K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$893.00K	USD	Point-in-time
Reduction of deferred underwriting commissions	`ReductionOfDeferredUnderwritingCommissions`	$658.00K	USD	3 Qtrs
Reduction of deferred underwriting commissions	`ReductionOfDeferredUnderwritingCommissions`	-	USD	3 Qtrs

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Reduction of deferred underwriting commissions	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$658.00K	USD	3 Qtrs
Change in proceeds subject to possible redemption	`StockIssuedDuringPeriodValueChangeInProceedsSubjectToPossibleRedemption`	$-2.11M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$1.71M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.45M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$-134.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-228.00K	USD	3 Qtrs
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time

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