10-Q Filing

Purple Innovation, Inc. CIK: 1643953 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001213900-18-010557`
Period End Date	20180630
Filing Date	20180809
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	prpl-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 60 Cash Flow Statement 73 Stockholders Equity 13

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.16M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.59M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.01M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNet`	$7.24M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNet`	$4.18M	USD	Point-in-time
Inventories, net	`InventoryNet`	$33.24M	USD	Point-in-time
Inventories, net	`InventoryNet`	$13.35M	USD	Point-in-time
Prepaid inventory	`PrepaidInventoryNet`	$2.22M	USD	Point-in-time
Prepaid inventory	`PrepaidInventoryNet`	$3.99M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$492.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.16M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$56.06M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$23.83M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.46M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$19.54M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.27M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.35M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$22.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$5.00K	USD	Point-in-time
Total Assets	`Assets`	$76.95M	USD	Point-in-time
Total Assets	`Assets`	$38.58M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$21.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$20.66M	USD	Point-in-time
Accrued sales returns	`AccruedSalesReturnsCurrent`	$4.83M	USD	Point-in-time
Accrued sales returns	`AccruedSalesReturnsCurrent`	$5.63M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$2.10M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$2.30M	USD	Point-in-time
Customer prepayments	`CustomerAdvancesCurrent`	$3.21M	USD	Point-in-time
Customer prepayments	`CustomerAdvancesCurrent`	$6.92M	USD	Point-in-time
Accrued sales tax	`SalesAndExciseTaxPayableCurrent`	$5.85M	USD	Point-in-time
Accrued sales tax	`SalesAndExciseTaxPayableCurrent`	$8.47M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$2.55M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$1.45M	USD	Point-in-time
Current portion of long-term obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$31.00K	USD	Point-in-time
Current portion of long-term obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$29.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$43.95M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$41.21M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$20.02M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$8.00M	USD	Point-in-time
Other long-term liabilities and obligations, net of current portion	`LiabilitiesNoncurrent`	$3.00M	USD	Point-in-time
Other long-term liabilities and obligations, net of current portion	`LiabilitiesNoncurrent`	$2.37M	USD	Point-in-time
Total liabilities	`Liabilities`	$51.58M	USD	Point-in-time
Total liabilities	`Liabilities`	$66.97M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.57M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.36M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	-	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	-	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$8.62M	USD	Point-in-time
Member deficit	`MembersEquity`	-	USD	Point-in-time
Member deficit	`MembersEquity`	$-13.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.98M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-13.00M	USD	Point-in-time
Total Liabilities and Equity	`LiabilitiesAndStockholdersEquity`	$38.58M	USD	Point-in-time
Total Liabilities and Equity	`LiabilitiesAndStockholdersEquity`	$76.95M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`Revenues`	$47.69M	USD	1 Quarter
Revenues, net	`Revenues`	$75.40M	USD	1 Quarter
Revenues, net	`Revenues`	$136.38M	USD	2 Qtrs
Revenues, net	`Revenues`	$77.81M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$26.51M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$42.34M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$76.94M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$42.36M	USD	1 Quarter
Gross profit	`GrossProfit`	$35.47M	USD	2 Qtrs
Gross profit	`GrossProfit`	$21.17M	USD	1 Quarter
Gross profit	`GrossProfit`	$33.04M	USD	1 Quarter
Gross profit	`GrossProfit`	$59.44M	USD	2 Qtrs
Marketing and sales	`SellingAndMarketingExpense`	$14.52M	USD	1 Quarter
Marketing and sales	`SellingAndMarketingExpense`	$30.72M	USD	1 Quarter
Marketing and sales	`SellingAndMarketingExpense`	$28.32M	USD	2 Qtrs
Marketing and sales	`SellingAndMarketingExpense`	$52.77M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$5.21M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.74M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.95M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$11.97M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.07M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$548.00K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$555.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$271.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$17.54M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$36.49M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$65.81M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$33.82M	USD	2 Qtrs
Operating (loss) income	`OperatingIncomeLoss`	$1.65M	USD	2 Qtrs
Operating (loss) income	`OperatingIncomeLoss`	$-6.37M	USD	2 Qtrs
Operating (loss) income	`OperatingIncomeLoss`	$3.64M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-3.45M	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$1.67M	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	2 Qtrs
Interest expense	`InterestExpense`	$971.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$101.00K	USD	2 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-6.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$82.00K	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-4.34M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$3.63M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-7.94M	USD	2 Qtrs
Net (loss) income	`ProfitLoss`	$1.65M	USD	2 Qtrs
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	2 Qtrs
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-3.56M	USD	1 Quarter
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-5.73M	USD	2 Qtrs
Net (loss attributable) income available to Purple Innovation, Inc.	`NetIncomeLoss`	$-2.21M	USD	2 Qtrs
Net (loss attributable) income available to Purple Innovation, Inc.	`NetIncomeLoss`	$-785.00K	USD	1 Quarter
Net (loss attributable) income available to Purple Innovation, Inc.	`NetIncomeLoss`	$3.63M	USD	1 Quarter
Net (loss attributable) income available to Purple Innovation, Inc.	`NetIncomeLoss`	$1.65M	USD	2 Qtrs
Net (loss) income per common share-basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	1 Quarter
Net (loss) income per common share-basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.20	USD	2 Qtrs
Net (loss) income per common share-basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.26	USD	2 Qtrs
Net (loss) income per common share-basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.43	USD	1 Quarter
Weighted average common shares outstanding-basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.40M	shares	2 Qtrs
Weighted average common shares outstanding-basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.39M	shares	1 Quarter
Weighted average common shares outstanding-basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.41M	shares	1 Quarter
Weighted average common shares outstanding-basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.39M	shares	2 Qtrs

Cash Flow Statement 73 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$-4.34M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$3.63M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-7.94M	USD	2 Qtrs
Net (loss) income	`ProfitLoss`	$1.65M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$242.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.00M	USD	2 Qtrs
Non-cash interest	`NonCashInterest`	$1.09M	USD	2 Qtrs
Non-cash interest	`NonCashInterest`	-	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	-	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$313.00K	USD	2 Qtrs
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	2 Qtrs
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-10.00K	USD	2 Qtrs
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-176.00K	USD	2 Qtrs
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.06M	USD	2 Qtrs
Increase in inventories	`IncreaseDecreaseInInventories`	$19.90M	USD	2 Qtrs
Increase in inventories	`IncreaseDecreaseInInventories`	$6.34M	USD	2 Qtrs
Increase in prepaid inventory and other assets	`IncreaseInPrepaidInventoryAndOtherAssets`	$2.43M	USD	2 Qtrs
Increase in prepaid inventory and other assets	`IncreaseInPrepaidInventoryAndOtherAssets`	$1.43M	USD	2 Qtrs
(Decrease) increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-544.00K	USD	2 Qtrs
(Decrease) increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.46M	USD	2 Qtrs
Increase in accrued sales returns	`IncreaseInAccruedSalesReturns`	$2.09M	USD	2 Qtrs
Increase in accrued sales returns	`IncreaseInAccruedSalesReturns`	$805.00K	USD	2 Qtrs
Increase in accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$574.00K	USD	2 Qtrs
Increase in accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$207.00K	USD	2 Qtrs
Increase (decrease) in customer prepayments	`IncreaseDecreaseInCustomerAdvances`	$3.71M	USD	2 Qtrs
Increase (decrease) in customer prepayments	`IncreaseDecreaseInCustomerAdvances`	$-2.89M	USD	2 Qtrs
(Decrease) increase in other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-863.00K	USD	2 Qtrs
(Decrease) increase in other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$5.31M	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.86M	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-27.61M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.98M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.97M	USD	2 Qtrs
Investment in intangible assets	`PaymentsToAcquireIntangibleAssets`	$117.00K	USD	2 Qtrs
Investment in intangible assets	`PaymentsToAcquireIntangibleAssets`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.08M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.98M	USD	2 Qtrs
Proceeds from the Transaction	`ProceedsFromIssuanceOfCommonStock`	$25.91M	USD	2 Qtrs
Proceeds from the Transaction	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from credit agreement	`ProceedsFromLinesOfCredit`	-	USD	2 Qtrs
Proceeds from credit agreement	`ProceedsFromLinesOfCredit`	$24.00M	USD	2 Qtrs
Payments on line of credit	`RepaymentsOfLinesOfCredit`	$8.00M	USD	2 Qtrs
Payments on line of credit	`RepaymentsOfLinesOfCredit`	-	USD	2 Qtrs
Payments for debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	2 Qtrs
Payments for debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$367.00K	USD	2 Qtrs
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	-	USD	2 Qtrs
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$14.00K	USD	2 Qtrs
Member distributions	`PaymentsOfCapitalDistribution`	-	USD	2 Qtrs
Member distributions	`PaymentsOfCapitalDistribution`	$2.39M	USD	2 Qtrs
Member distributions	`PaymentsOfCapitalDistribution`	$2.40M	USD	1 Quarter
Payments on related party notes payable	`RepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Payments on related party notes payable	`RepaymentsOfRelatedPartyDebt`	$300.00K	USD	2 Qtrs
Payments on long-term obligations	`ProceedsFromLongTermCapitalLeaseObligations`	-	USD	2 Qtrs
Payments on long-term obligations	`ProceedsFromLongTermCapitalLeaseObligations`	$-40.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.73M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$41.53M	USD	2 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.85M	USD	2 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$6.84M	USD	2 Qtrs
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.16M	USD	Point-in-time
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$3.59M	USD	Point-in-time
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$10.43M	USD	Point-in-time
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$4.01M	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.16M	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$3.59M	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$10.43M	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$4.01M	USD	Point-in-time
Property and equipment included in accounts payable	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	$231.00K	USD	2 Qtrs
Property and equipment included in accounts payable	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	$73.00K	USD	2 Qtrs
Assignment of founder shares and sponsor warrants	`AssignmentOfFounderSharesAndSponsorWarrantsValue`	-	USD	2 Qtrs
Assignment of founder shares and sponsor warrants	`AssignmentOfFounderSharesAndSponsorWarrantsValue`	$4.69M	USD	2 Qtrs
Equipment acquired under build-to-suit service agreement	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	-	USD	2 Qtrs
Equipment acquired under build-to-suit service agreement	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$1.29M	USD	2 Qtrs
Sale-leaseback of equipment under build-to-suit service agreement	`SaleLeasebackOfEquipmentUnderServiceAgreement`	-	USD	2 Qtrs
Sale-leaseback of equipment under build-to-suit service agreement	`SaleLeasebackOfEquipmentUnderServiceAgreement`	$-1.29M	USD	2 Qtrs

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.98M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-13.00M	USD	Point-in-time
Net (loss) income	`ProfitLoss`	$-4.34M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$3.63M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-7.94M	USD	2 Qtrs
Net (loss) income	`ProfitLoss`	$1.65M	USD	2 Qtrs
Proceeds and shares issued in the Transaction	`StockIssuedDuringPeriodValueNewIssues`	$25.91M	USD	2 Qtrs
Assignment of founder shares and sponsor warrants	`AssignmentOfFounderSharesAndSponsorWarrantsValue`	-	USD	2 Qtrs
Assignment of founder shares and sponsor warrants	`AssignmentOfFounderSharesAndSponsorWarrantsValue`	$4.69M	USD	2 Qtrs
Stock-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensationGross`	$313.00K	USD	2 Qtrs
Issuance of common stock	`StockIssuedDuringPeriodCommonShares`	-	shares	2 Qtrs
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.98M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-13.00M	USD	Point-in-time

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