10-K Filing

Purple Innovation, Inc. CIK: 1643953 FY 2017

Filing Information

Form Type	10-K
Accession Number	`0001213900-18-001126`
Period End Date	20171231
Filing Date	20180201
Fiscal Year	2017
Fiscal Period	FY
XBRL Instance	gpac-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 42 Cash Flow Statement 69 Stockholders Equity 24

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Common stock, possible redemption, shares	`CommonStockPossibleRedemption`	11.15M	shares	Point-in-time
Common stock, possible redemption, shares	`CommonStockPossibleRedemption`	14.43M	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
Common stock, possible redemption, per share	`TemporaryEquityRedemptionPricePerShare`	$10.03	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$220.00K	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`	-	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	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`	$10.00K	USD	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`	$278.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Total current assets	`AssetsCurrent`	$230.00K	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`	$122.05M	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
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
Total assets	`Assets`	$122.28M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.84M	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`	4.84M	shares	Point-in-time
Common stock excluding possible redemption, shares	`CommonStockExcludingPossibleRedemptionShare`	14.43M	shares	Point-in-time
Common stock excluding possible redemption, shares	`CommonStockExcludingPossibleRedemptionShare`	11.15M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$199.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$659.00K	USD	Point-in-time
Related party loans	`NotesPayableRelatedPartiesClassifiedCurrent`	$600.00K	USD	Point-in-time
Related party loans	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.61M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$212.00K	USD	Point-in-time
Accrued taxes	`AccruedIncomeTaxesCurrent`	$330.00K	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`	$1.80M	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`	$5.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.53M	USD	Point-in-time
Common stock subject to possible redemption; 11,148,003 shares and 14,428,805 shares, respectively, at December 31, 2017 and 2016 (at approximately $10.00 per share)	`TemporaryEquityCarryingAmountAttributableToParent`	$111.48M	USD	Point-in-time
Common stock subject to possible redemption; 11,148,003 shares and 14,428,805 shares, respectively, at December 31, 2017 and 2016 (at 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, 4,841,767 shares and 4,977,445 shares, respectively, issued and outstanding (excluding 11,148,003 and 14,428,805 shares, respectively, subject to possible redemption) at December 31, 2017 and 2016	`CommonStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value, 35,000,000 shares authorized, 4,841,767 shares and 4,977,445 shares, respectively, issued and outstanding (excluding 11,148,003 and 14,428,805 shares, respectively, subject to possible redemption) at December 31, 2017 and 2016	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$7.63M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$6.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.63M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.83M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	-	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`	$122.28M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	-	USD	Annual
Revenues	`Revenues`	-	USD	2 Qtrs
Revenues	`Revenues`	-	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.22M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.66M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$346.00K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.66M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-346.00K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.22M	USD	Annual
Transaction fee income	`FeesAndCommissions`	-	USD	Annual
Transaction fee income	`FeesAndCommissions`	-	USD	2 Qtrs
Transaction fee income	`FeesAndCommissions`	$2.50M	USD	Annual
Interest income on Trust Account	`InterestIncomeOther`	$43.00K	USD	2 Qtrs
Interest income on Trust Account	`InterestIncomeOther`	$330.00K	USD	Annual
Interest income on Trust Account	`InterestIncomeOther`	$1.04M	USD	Annual
Interest and financing cost on Notes payable - related party	`InterestExpenseRelatedParty`	-	USD	Annual
Interest and financing cost on Notes payable - related party	`InterestExpenseRelatedParty`	-	USD	2 Qtrs
Interest and financing cost on Notes payable - related party	`InterestExpenseRelatedParty`	$107.00K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$43.00K	USD	2 Qtrs
Total other income	`NonoperatingIncomeExpense`	$3.43M	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$330.00K	USD	Annual
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.33M	USD	Annual
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-303.00K	USD	2 Qtrs
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.21M	USD	Annual
Provision for income tax	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision for income tax	`IncomeTaxExpenseBenefit`	$406.00K	USD	Annual
Provision for income tax	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net income (loss) attributable to common stock	`NetIncomeLoss`	$-303.00K	USD	2 Qtrs
Net income (loss) attributable to common stock	`NetIncomeLoss`	$803.00K	USD	Annual
Net income (loss) attributable to common stock	`NetIncomeLoss`	$-2.33M	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	4.96M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	4.79M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	4.45M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	17.69M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.79M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.45M	shares	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.16	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.07	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$-0.49	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.49	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.07	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.05	USD	Annual

Cash Flow Statement 69 line items

Line Item	Tag	Value	Unit	Period
Redemption of public shares	`RedemptionOfPublicShares`	3.42M	shares	Annual
Net income (loss)	`NetIncomeLoss`	$-303.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$803.00K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-2.33M	USD	Annual
Decrease in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$131.00K	USD	2 Qtrs
Decrease in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-31.00K	USD	Annual
Decrease in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-90.00K	USD	Annual
Increase (decrease) in accounts payable, accrued liabilities and accrued taxes, net	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$199.00K	USD	2 Qtrs
Increase (decrease) in accounts payable, accrued liabilities and accrued taxes, net	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.68M	USD	Annual
Increase (decrease) in accounts payable, accrued liabilities and accrued taxes, net	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-674.00K	USD	Annual
Trust income retained in Trust Account	`IncreaseDecreaseInTrustIncome`	$250.00K	USD	Annual
Trust income retained in Trust Account	`IncreaseDecreaseInTrustIncome`	$777.00K	USD	Annual
Trust income retained in Trust Account	`IncreaseDecreaseInTrustIncome`	$43.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-617.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-278.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-811.00K	USD	Annual
Withdrawal from Trust Account upon redemption of 3,416,480 public shares	`ProceedsFromIssuanceOfTrustPreferredSecurities`	-	USD	Annual
Withdrawal from Trust Account upon redemption of 3,416,480 public shares	`ProceedsFromIssuanceOfTrustPreferredSecurities`	$34.16M	USD	Annual
Withdrawal from Trust Account upon redemption of 3,416,480 public shares	`ProceedsFromIssuanceOfTrustPreferredSecurities`	-	USD	2 Qtrs
Cash deposited in Trust Account	`PaymentsToTrustAccount`	-	USD	Annual
Cash deposited in Trust Account	`PaymentsToTrustAccount`	$155.25M	USD	2 Qtrs
Cash deposited in Trust Account	`PaymentsToTrustAccount`	-	USD	Annual
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-155.25M	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$34.16M	USD	Annual
Proceeds from sale of common stock to Sponosor	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from sale of common stock to Sponosor	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from sale of common stock to Sponosor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	2 Qtrs
Proceeds from notes payable and advances - related party	`ProceedsFromRelatedPartyDebt`	$225.00K	USD	2 Qtrs
Proceeds from notes payable and advances - related party	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Proceeds from notes payable and advances - related party	`ProceedsFromRelatedPartyDebt`	$1.80M	USD	Annual
Proceeds from sale of Public Offering Units	`ProceedsFromIssuanceInitialPublicOffering`	-	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
Proceeds from sale of Private Placement Warrants	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	Annual
Payment of underwriting discounts	`PaymentOfUnderWritingDiscounts`	-	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 offering costs	`PaymentOfDeferredOfferingCosts`	-	USD	Annual
Payment of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$225.00K	USD	2 Qtrs
Payment of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$1.20M	USD	Annual
Payment of notes payable - related party	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Redemption of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	2 Qtrs
Redemption of common stock	`PaymentsForRepurchaseOfCommonStock`	$34.16M	USD	Annual
Redemption of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$156.58M	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-33.56M	USD	Annual
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.05M	USD	2 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-17.00K	USD	Annual
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-811.00K	USD	Annual
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$220.00K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$237.00K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$220.00K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$237.00K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Deferred underwriting commissions	`DeferredUnderwritingCommissions`	-	USD	Annual
Deferred underwriting commissions	`DeferredUnderwritingCommissions`	$4.66M	USD	2 Qtrs
Deferred underwriting commissions	`DeferredUnderwritingCommissions`	$-658.00K	USD	Annual
Cash paid for taxes	`IncomeTaxesPaidNet`	$260.00K	USD	Annual
Cash paid for taxes	`IncomeTaxesPaidNet`	$67.00K	USD	Annual
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs

Stockholders Equity 24 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	Point-in-time
Sale of private placement warrants shares	`WarrantIssued`	12.81M	shares	Point-in-time
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	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	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
Reduction of deferred underwriting commissions	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$658.00K	USD	Annual
Changes in proceeds subject to possible redemption	`StockIssuedDuringPeriodValueChangeInProceedsSubjectToPossibleRedemption`	$2.33M	USD	Annual
Changes in proceeds subject to possible redemption	`StockIssuedDuringPeriodValueChangeInProceedsSubjectToPossibleRedemption`	$-1.46M	USD	Annual
Net income	`NetIncomeLoss`	$-303.00K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$803.00K	USD	Annual
Net income	`NetIncomeLoss`	$-2.33M	USD	Annual
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
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.