10-Q Filing

Greenland Technologies Holding Corp. CIK: 1735041 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0001213900-19-012745`
Period End Date	20190531
Filing Date	20190715
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	glacu-20190531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 49 Income Statement 37 Cash Flow Statement 32 Stockholders Equity 16

Balance Sheet 49 line items

Line Item	Tag	Value	Unit	Period
Ordinary shares, possible redemption value	`TemporaryEquityParOrStatedValue`	3.82M	shares	Point-in-time
Ordinary shares, possible redemption value	`TemporaryEquityParOrStatedValue`	3.88M	shares	Point-in-time
Preferred shares, par value (in dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred shares, par value (in dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Cash	`Cash`	$344.84K	USD	Point-in-time
Cash	`Cash`	$644.70K	USD	Point-in-time
Preferred shares, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$84.55K	USD	Point-in-time
Preferred shares, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$52.81K	USD	Point-in-time
Preferred shares, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$397.65K	USD	Point-in-time
Preferred shares, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$729.25K	USD	Point-in-time
Ordinary shares, par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$44.83M	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$44.31M	USD	Point-in-time
Ordinary shares, par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Total Assets	`Assets`	$45.23M	USD	Point-in-time
Total Assets	`Assets`	$45.04M	USD	Point-in-time
Ordinary shares, issued	`CommonStockSharesIssued`	1.96M	shares	Point-in-time
Ordinary shares, issued	`CommonStockSharesIssued`	1.91M	shares	Point-in-time
Ordinary shares, outstanding	`CommonStockSharesOutstanding`	1.96M	shares	Point-in-time
Ordinary shares, outstanding	`CommonStockSharesOutstanding`	1.91M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$44.77K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$31.28K	USD	Point-in-time
Promissory note - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Promissory note - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$250.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$31.28K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$294.77K	USD	Point-in-time
Deferred underwriting fees	`DeferredUnderwritingFees1`	$979.49K	USD	Point-in-time
Deferred underwriting fees	`DeferredUnderwritingFees1`	$995.68K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.29M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.01M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Ordinary shares subject to possible redemption, 3,821,622 and 3,875,458 shares at redemption value as of May 31, 2019 and November 30, 2018, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$38.94M	USD	Point-in-time
Ordinary shares subject to possible redemption, 3,821,622 and 3,875,458 shares at redemption value as of May 31, 2019 and November 30, 2018, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$39.03M	USD	Point-in-time
Preferred shares, no par value; unlimited shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred shares, no par value; unlimited shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Ordinary shares, no par value; unlimited shares authorized; 1,960,378 and 1,906,542 shares issued and outstanding (excluding 3,821,622 and 3,875,458 shares subject to possible redemption) as of May 31, 2019 and November 30, 2018, respectively	`CommonStockValue`	$5.16M	USD	Point-in-time
Ordinary shares, no par value; unlimited shares authorized; 1,960,378 and 1,906,542 shares issued and outstanding (excluding 3,821,622 and 3,875,458 shares subject to possible redemption) as of May 31, 2019 and November 30, 2018, respectively	`CommonStockValue`	$5.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-66.78K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-156.04K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$16.63K	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$45.23M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$45.04M	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Operating costs	`OperatingCostsAndExpenses`	$8.37K	USD	2 Qtrs
Number of shares subject to possible redemption	`NumberOfSharesSubjectToPossibleRedemption`	3.82M	shares	2 Qtrs
Operating costs	`OperatingCostsAndExpenses`	$8.37K	USD	1 Quarter
Operating costs	`OperatingCostsAndExpenses`	$595.09K	USD	2 Qtrs
Operating costs	`OperatingCostsAndExpenses`	$363.37K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.37K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-595.09K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-8.37K	USD	1 Quarter
Number of shares subject to forfeiture	`StockRepurchasedAndRetiredDuringPeriodShares`	150,000.00	shares	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-363.37K	USD	1 Quarter
Interest income and unrealized gains	`InterestIncomeAndUnrealizedLosses`	$242.04K	USD	1 Quarter
Interest income and unrealized gains	`InterestIncomeAndUnrealizedLosses`	$453.43K	USD	2 Qtrs
Interest income	`InterestIncomeOther`	-	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$514.68K	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$256.67K	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`HeldToMaturitySecuritiesTransferredToTradingSecuritiesUnrealizedGainLoss`	$7.34K	USD	2 Qtrs
Unrealized gain on marketable securities held in Trust Account	`HeldToMaturitySecuritiesTransferredToTradingSecuritiesUnrealizedGainLoss`	-	USD	2 Qtrs
Unrealized gain on marketable securities held in Trust Account	`HeldToMaturitySecuritiesTransferredToTradingSecuritiesUnrealizedGainLoss`	$21.99K	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`HeldToMaturitySecuritiesTransferredToTradingSecuritiesUnrealizedGainLoss`	-	USD	1 Quarter
Change in value of deferred underwriting fee liability	`ChangeInValueOfDeferredUnderwritingFeeLiability`	$16.19K	USD	2 Qtrs
Change in value of deferred underwriting fee liability	`ChangeInValueOfDeferredUnderwritingFeeLiability`	$16.43K	USD	1 Quarter
Change in value of deferred underwriting fee liability	`ChangeInValueOfDeferredUnderwritingFeeLiability`	-	USD	2 Qtrs
Change in value of deferred underwriting fee liability	`ChangeInValueOfDeferredUnderwritingFeeLiability`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.37K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.37K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$11.88K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-101.14K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-89.25K	USD	2 Qtrs
Weighted average ordinary shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.00M	shares	1 Quarter
Weighted average ordinary shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.93M	shares	1 Quarter
Weighted average ordinary shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.00M	shares	2 Qtrs
Weighted average ordinary shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.92M	shares	2 Qtrs
Basic and diluted net loss per ordinary share	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
Basic and diluted net loss per ordinary share	`EarningsPerShareBasicAndDiluted`	$-0.18	USD	1 Quarter
Basic and diluted net loss per ordinary share	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Basic and diluted net loss per ordinary share	`EarningsPerShareBasicAndDiluted`	$-0.28	USD	2 Qtrs

Cash Flow Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.37K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.37K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$11.88K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-101.14K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-89.25K	USD	2 Qtrs
Change in value of deferred underwriting fee payable	`PaymentsForUnderwritingExpense`	$16.19K	USD	2 Qtrs
Interest earned on marketable securities held in Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$514.68K	USD	2 Qtrs
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainOnMarketableSecuritiesHeldInTrustAccount`	$-7.34K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-31.74K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$13.50K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.37K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-549.86K	USD	2 Qtrs
Proceeds from issuance of founder shares to Sponsor	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from issuance of founder shares to Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	2 Qtrs
Proceeds from promissory note - related party	`ProceedsFromRelatedPartyDebt`	$250.00K	USD	2 Qtrs
Proceeds from promissory note - related party	`ProceedsFromRelatedPartyDebt`	$181.67K	USD	2 Qtrs
Payment of offering costs	`PaymentOfOfferingCosts`	$173.34K	USD	2 Qtrs
Payment of offering costs	`PaymentOfOfferingCosts`	-	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$33.34K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$250.00K	USD	2 Qtrs
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-299.86K	USD	2 Qtrs
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$24.97K	USD	2 Qtrs
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	$344.84K	USD	Point-in-time
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	$24.97K	USD	Point-in-time
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	$644.70K	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	$344.84K	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	$24.97K	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	$644.70K	USD	Point-in-time
Change in value of ordinary shares subject to possible redemption	`ChangeInValueOfOrdinarySharesSubjectToPossibleRedemption`	$-89.25K	USD	2 Qtrs
Change in value of ordinary shares subject to possible redemption	`ChangeInValueOfOrdinarySharesSubjectToPossibleRedemption`	-	USD	2 Qtrs
Deferred offering costs included in accrued offering costs	`DeferredOfferingCostsIncludedInAccruedOfferingCosts`	-	USD	2 Qtrs
Deferred offering costs included in accrued offering costs	`DeferredOfferingCostsIncludedInAccruedOfferingCosts`	$12.79K	USD	2 Qtrs

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$16.63K	USD	Point-in-time
Change in value of ordinary shares subject to possible redemption	`StockRedeemedOrCalledDuringPeriodValue`	$101.14K	USD	1 Quarter
Change in value of ordinary shares subject to possible redemption	`StockRedeemedOrCalledDuringPeriodValue`	$-11.88K	USD	1 Quarter
Issuance of founder shares to Sponsor	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-8.37K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-8.37K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$11.88K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-101.14K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-89.25K	USD	2 Qtrs
Balance at ending	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$16.63K	USD	Point-in-time

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