10-K Filing

Purple Innovation, Inc. CIK: 1643953 FY 2018

Filing Information

Form Type	10-K
Accession Number	`0001213900-19-004081`
Period End Date	20181231
Filing Date	20190314
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	prpl-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 32 Cash Flow Statement 70 Stockholders Equity 13

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.23M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.59M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$10.24M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.18M	USD	Point-in-time
Inventories, net	`InventoryNet`	$13.35M	USD	Point-in-time
Inventories, net	`InventoryNet`	$22.94M	USD	Point-in-time
Prepaid inventory	`PrepaidInventoryNet`	$1.30M	USD	Point-in-time
Prepaid inventory	`PrepaidInventoryNet`	$790.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$492.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.49M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$47.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$22.91M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.46M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$22.51M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.49M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.27M	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`	$71.71M	USD	Point-in-time
Total assets	`Assets`	$37.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$24.83M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$21.13M	USD	Point-in-time
Accrued sales returns	`AccruedSalesReturnsCurrent`	$5.46M	USD	Point-in-time
Accrued sales returns	`AccruedSalesReturnsCurrent`	$4.83M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$2.69M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$2.10M	USD	Point-in-time
Customer prepayments	`CustomerAdvancesCurrent`	$3.21M	USD	Point-in-time
Customer prepayments	`CustomerAdvancesCurrent`	$7.52M	USD	Point-in-time
Accrued sales tax	`SalesAndExciseTaxPayableCurrent`	$5.54M	USD	Point-in-time
Accrued sales tax	`SalesAndExciseTaxPayableCurrent`	$8.47M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$1.45M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$2.51M	USD	Point-in-time
Current portion of long-term obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$32.00K	USD	Point-in-time
Current portion of long-term obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$29.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$48.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$41.21M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$8.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Long-term debt, related-party	`LongTermDebtAndCapitalLeaseObligations`	$21.41M	USD	Point-in-time
Long-term debt, related-party	`LongTermDebtAndCapitalLeaseObligations`	-	USD	Point-in-time
Other long-term liabilities and obligations, net of current portion	`LiabilitiesNoncurrent`	$3.73M	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`	$73.72M	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`	$3.65M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	-	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-662.00K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	-	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	-	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$-1.35M	USD	Point-in-time
Member deficit	`MembersEquity`	-	USD	Point-in-time
Member deficit	`MembersEquity`	$-13.92M	USD	Point-in-time
Total deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-812.00K	USD	Point-in-time
Total deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-2.01M	USD	Point-in-time
Total deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-13.92M	USD	Point-in-time
Total liabilities and deficit	`LiabilitiesAndStockholdersEquity`	$37.66M	USD	Point-in-time
Total liabilities and deficit	`LiabilitiesAndStockholdersEquity`	$71.71M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`Revenues`	$196.86M	USD	Annual
Revenues, net	`Revenues`	$285.79M	USD	Annual
Cost of revenues	`CostOfGoodsAndServicesSold`	$111.84M	USD	Annual
Cost of revenues	`CostOfGoodsAndServicesSold`	$173.19M	USD	Annual
Gross profit	`GrossProfit`	$112.60M	USD	Annual
Gross profit	`GrossProfit`	$85.02M	USD	Annual
Marketing and sales	`SellingAndMarketingExpense`	$103.82M	USD	Annual
Marketing and sales	`SellingAndMarketingExpense`	$79.14M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$23.58M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$13.24M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$1.39M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$2.10M	USD	Annual
Total operating expenses	`OperatingExpenses`	$129.50M	USD	Annual
Total operating expenses	`OperatingExpenses`	$93.77M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-16.89M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-8.75M	USD	Annual
Other income	`OtherIncome`	$1.01M	USD	Annual
Other income	`OtherIncome`	$9.00K	USD	Annual
Interest expense	`InterestExpense`	$3.73M	USD	Annual
Interest expense	`InterestExpense`	$81.00K	USD	Annual
Total other expense	`OtherNonoperatingIncomeExpense`	$-2.72M	USD	Annual
Total other expense	`OtherNonoperatingIncomeExpense`	$-72.00K	USD	Annual
Net loss	`ProfitLoss`	$-8.82M	USD	Annual
Net loss	`ProfitLoss`	$-19.61M	USD	Annual
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	Annual
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-15.29M	USD	Annual
Net loss attributable to Purple Innovation, Inc.	`NetIncomeLoss`	$-4.32M	USD	Annual
Net loss attributable to Purple Innovation, Inc.	`NetIncomeLoss`	$-8.82M	USD	Annual
Net loss per common share-basic and diluted	`EarningsPerShareBasicAndDiluted`	$-1.05	USD	Annual
Net loss per common share-basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.51	USD	Annual
Weighted average common shares outstanding-basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8,418.00	shares	Annual
Weighted average common shares outstanding-basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8,389.00	shares	Annual

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-8.82M	USD	Annual
Net loss	`ProfitLoss`	$-19.61M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$741.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.19M	USD	Annual
Non-cash interest	`NonCashInterest`	$2.51M	USD	Annual
Non-cash interest	`NonCashInterest`	$6.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$487.00K	USD	Annual
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-10.00K	USD	Annual
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-95.00K	USD	Annual
Bad debt	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Bad debt	`ProvisionForDoubtfulAccounts`	$1.00K	USD	Annual
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.06M	USD	Annual
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.85M	USD	Annual
Increase in inventories, net	`IncreaseDecreaseInInventories`	$9.60M	USD	Annual
Increase in inventories, net	`IncreaseDecreaseInInventories`	$8.01M	USD	Annual
Increase in prepaid inventory and other assets	`IncreaseInPrepaidInventoryAndOtherAssets`	$520.00K	USD	Annual
Increase in prepaid inventory and other assets	`IncreaseInPrepaidInventoryAndOtherAssets`	$838.00K	USD	Annual
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.78M	USD	Annual
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$13.85M	USD	Annual
Increase in accrued sales returns	`IncreaseInAccruedSalesReturns`	$2.77M	USD	Annual
Increase in accrued sales returns	`IncreaseInAccruedSalesReturns`	$632.00K	USD	Annual
Increase in accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$594.00K	USD	Annual
Increase in accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$287.00K	USD	Annual
Increase (decrease) in customer prepayments	`IncreaseDecreaseInCustomerAdvances`	$4.31M	USD	Annual
Increase (decrease) in customer prepayments	`IncreaseDecreaseInCustomerAdvances`	$-941.00K	USD	Annual
Increase (decrease) in other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$7.80M	USD	Annual
Increase (decrease) in other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-474.00K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.00M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-21.66M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.32M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.58M	USD	Annual
Investment in intangible assets	`PaymentsToAcquireIntangibleAssets`	$327.00K	USD	Annual
Investment in intangible assets	`PaymentsToAcquireIntangibleAssets`	$1.15M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.65M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.73M	USD	Annual
Proceeds from the Business Combination	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from the Business Combination	`ProceedsFromIssuanceOfCommonStock`	$26.34M	USD	Annual
Proceeds from related-party debt	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Proceeds from related-party debt	`ProceedsFromRelatedPartyDebt`	$24.00M	USD	Annual
Proceeds from draw on line of credit	`ProceedsFromLinesOfCredit`	-	USD	Annual
Proceeds from draw on line of credit	`ProceedsFromLinesOfCredit`	$8.00M	USD	Annual
Payments on line of credit	`RepaymentsOfLinesOfCredit`	-	USD	Annual
Payments on line of credit	`RepaymentsOfLinesOfCredit`	$8.00M	USD	Annual
Payments on related-party notes payable	`RepaymentsOfRelatedPartyDebt`	$300.00K	USD	Annual
Payments on related-party notes payable	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Payments on long-term obligations	`ProceedsFromLongTermCapitalLeaseObligations`	$-29.00K	USD	Annual
Payments on long-term obligations	`ProceedsFromLongTermCapitalLeaseObligations`	$-58.00K	USD	Annual
Payments for debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$367.00K	USD	Annual
Payments for debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$46.00K	USD	Annual
Member distributions	`PaymentsOfCapitalDistribution`	-	USD	Annual
Member distributions	`PaymentsOfCapitalDistribution`	$4.29M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.31M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$41.95M	USD	Annual
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$8.64M	USD	Annual
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-420.00K	USD	Annual
Cash and cash equivalents, beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$4.01M	USD	Point-in-time
Cash and cash equivalents, beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$12.23M	USD	Point-in-time
Cash and cash equivalents, beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$3.59M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashAndCashEquivalentsAtCarryingValue`	$4.01M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashAndCashEquivalentsAtCarryingValue`	$12.23M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashAndCashEquivalentsAtCarryingValue`	$3.59M	USD	Point-in-time
Cash paid during the year for interest	`InterestPaidNet`	$46.00K	USD	Annual
Cash paid during the year for interest	`InterestPaidNet`	$1.38M	USD	Annual
Property and equipment included in accounts payable	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	$463.00K	USD	Annual
Property and equipment included in accounts payable	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	$549.00K	USD	Annual
Assignment of founder shares and sponsor warrants	`AssignmentOfFounderSharesAndWarrants`	$4.69M	USD	Annual
Assignment of founder shares and sponsor warrants	`AssignmentOfFounderSharesAndWarrants`	-	USD	Annual
Equipment acquired through capital lease	`EquipmentAcquiredThroughCapitalLease`	-	USD	Annual
Equipment acquired through capital lease	`EquipmentAcquiredThroughCapitalLease`	$129.00K	USD	Annual

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-812.00K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-2.01M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-13.92M	USD	Point-in-time
Net loss	`ProfitLoss`	$-8.82M	USD	Annual
Net loss	`ProfitLoss`	$-19.61M	USD	Annual
Member Distributions	`StockIssuedDuringPeriodMemberDistributions`	$-4.29M	USD	Annual
Proceeds and shares issued in the Business Combination	`StockIssuedDuringPeriodValueAcquisitions`	$26.34M	USD	Annual
Assignment of founder shares and sponsor warrants	`AssignmentOfFounderSharesAndSponsorWarrantsValue`	$4.69M	USD	Annual
Stock-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensationGross`	$487.00K	USD	Annual
Issuance of common stock	`StockIssuedDuringPeriodCommonShareValue`	-	shares	Annual
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-812.00K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-2.01M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-13.92M	USD	Point-in-time

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