10-Q Filing

Greenland Technologies Holding Corp. CIK: 1735041 Q3 2019

Filing Information

Form Type	10-Q
Accession Number	`0001213900-19-020739`
Period End Date	20190831
Filing Date	20191021
Fiscal Year	2019
Fiscal Period	Q3
XBRL Instance	glacu-20190831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 39 Cash Flow Statement 59 Stockholders Equity 31

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Ordinary shares, possible redemption value	`TemporaryEquityParOrStatedValue`	3.75M	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`	$192.00K	USD	Point-in-time
Cash	`Cash`	$644.70K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$44.72K	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
Preferred shares, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred shares, outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$729.25K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$236.72K	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
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$45.47M	USD	Point-in-time
Ordinary shares, par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Total Assets	`Assets`	$45.71M	USD	Point-in-time
Total Assets	`Assets`	$45.04M	USD	Point-in-time
Ordinary shares, issued	`CommonStockSharesIssued`	2.03M	shares	Point-in-time
Ordinary shares, issued	`CommonStockSharesIssued`	1.91M	shares	Point-in-time
Ordinary shares, outstanding	`CommonStockSharesOutstanding`	1.91M	shares	Point-in-time
Ordinary shares, outstanding	`CommonStockSharesOutstanding`	2.03M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$73.33K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$31.28K	USD	Point-in-time
Advance from related party	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Advance from related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$210.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$283.33K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$31.28K	USD	Point-in-time
Convertible promissory notes related party	`ConvertibleLongTermNotesPayable`	$690.00K	USD	Point-in-time
Convertible promissory notes related party	`ConvertibleLongTermNotesPayable`	-	USD	Point-in-time
Deferred underwriting fees	`DeferredUnderwritingFees1`	$979.49K	USD	Point-in-time
Deferred underwriting fees	`DeferredUnderwritingFees1`	$1.01M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.98M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.01M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Ordinary shares subject to possible redemption, 3,747,102 and 3,875,458 shares at redemption value as of August 31, 2019 and November 30, 2018, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$38.72M	USD	Point-in-time
Ordinary shares subject to possible redemption, 3,747,102 and 3,875,458 shares at redemption value as of August 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; 2,034,898 and 1,906,542 shares issued and outstanding (excluding 3,747,102 and 3,875,458 shares subject to possible redemption) as of August 31, 2019 and November 30, 2018, respectively	`CommonStockValue`	$5.07M	USD	Point-in-time
Ordinary shares, no par value; unlimited shares authorized; 2,034,898 and 1,906,542 shares issued and outstanding (excluding 3,747,102 and 3,875,458 shares subject to possible redemption) as of August 31, 2019 and November 30, 2018, respectively	`CommonStockValue`	$5.37M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-66.78K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-369.30K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	-	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$16.63K	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`	$5.00M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$45.71M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$45.04M	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Operating costs	`OperatingCostsAndExpenses`	$994.57K	USD	3 Qtrs
Number of shares subject to possible redemption	`NumberOfSharesSubjectToPossibleRedemption`	3.75M	shares	3 Qtrs
Operating costs	`OperatingCostsAndExpenses`	$399.48K	USD	1 Quarter
Operating costs	`OperatingCostsAndExpenses`	$82.70K	USD	1 Quarter
Number of shares subject to possible redemption	`NumberOfSharesSubjectToPossibleRedemption`	3.90M	shares	3 Qtrs
Operating costs	`OperatingCostsAndExpenses`	$91.06K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-82.70K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-91.06K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-399.48K	USD	1 Quarter
Interest income and unrealized gains	`InterestIncomeAndUnrealizedLosses`	$62.98K	USD	3 Qtrs
Interest income and unrealized gains	`InterestIncomeAndUnrealizedLosses`	$615.84K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-994.57K	USD	3 Qtrs
Interest income and unrealized gains	`InterestIncomeAndUnrealizedLosses`	$171.28K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$202.91K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$717.59K	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$13.85K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$13.85K	USD	3 Qtrs
Unrealized gain (loss) on marketable securities held in Trust Account	`HeldToMaturitySecuritiesTransferredToTradingSecuritiesUnrealizedGainLoss`	$5.56K	USD	3 Qtrs
Unrealized gain (loss) on marketable securities held in Trust Account	`HeldToMaturitySecuritiesTransferredToTradingSecuritiesUnrealizedGainLoss`	$-1.78K	USD	1 Quarter
Unrealized gain (loss) on marketable securities held in Trust Account	`HeldToMaturitySecuritiesTransferredToTradingSecuritiesUnrealizedGainLoss`	$57.21K	USD	1 Quarter
Unrealized gain (loss) on marketable securities held in Trust Account	`HeldToMaturitySecuritiesTransferredToTradingSecuritiesUnrealizedGainLoss`	$57.21K	USD	3 Qtrs
Change in value of deferred underwriting fee liability	`ChangeInValueOfDeferredUnderwritingFeeLiability`	-	USD	3 Qtrs
Change in value of deferred underwriting fee liability	`ChangeInValueOfDeferredUnderwritingFeeLiability`	$14.90K	USD	1 Quarter
Change in value of deferred underwriting fee liability	`ChangeInValueOfDeferredUnderwritingFeeLiability`	$31.09K	USD	3 Qtrs
Change in value of deferred underwriting fee liability	`ChangeInValueOfDeferredUnderwritingFeeLiability`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-213.26K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-302.51K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-8.37K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-20.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-101.14K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.63K	USD	1 Quarter
Weighted average ordinary shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.17M	shares	3 Qtrs
Weighted average ordinary shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.96M	shares	1 Quarter
Weighted average ordinary shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.93M	shares	3 Qtrs
Weighted average ordinary shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.33M	shares	1 Quarter
Basic and diluted net loss per ordinary share	`EarningsPerShareBasicAndDiluted`	$-0.20	USD	1 Quarter
Basic and diluted net loss per ordinary share	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	3 Qtrs
Basic and diluted net loss per ordinary share	`EarningsPerShareBasicAndDiluted`	$-0.48	USD	3 Qtrs
Basic and diluted net loss per ordinary share	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-213.26K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-302.51K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-8.37K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-20.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-101.14K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.63K	USD	1 Quarter
Change in value of deferred underwriting fee payable	`PaymentsForUnderwritingExpense`	$-31.09K	USD	3 Qtrs
Change in value of deferred underwriting fee payable	`PaymentsForUnderwritingExpense`	-	USD	3 Qtrs
Interest earned on marketable securities held in Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$717.59K	USD	3 Qtrs
Interest earned on marketable securities held in Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$57.21K	USD	3 Qtrs
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainOnMarketableSecuritiesHeldInTrustAccount`	$5.56K	USD	3 Qtrs
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainOnMarketableSecuritiesHeldInTrustAccount`	$13.85K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$114.09K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-39.82K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$46.13K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$42.05K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-912.70K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-159.02K	USD	3 Qtrs
Investment of cash in Trust Account	`PaymentsToAcquireInvestments`	$44.00M	USD	3 Qtrs
Investment of cash in Trust Account	`PaymentsToAcquireInvestments`	$440.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-44.00M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-440.00K	USD	3 Qtrs
Proceeds from issuance of founder shares to Sponsor	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Proceeds from issuance of founder shares to Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	3 Qtrs
Proceeds from sale of Units, net of underwriting discounts paid	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	3 Qtrs
Proceeds from sale of Units, net of underwriting discounts paid	`ProceedsFromIssuanceInitialPublicOffering`	$42.68M	USD	3 Qtrs
Proceeds from sale of Private Units	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	3 Qtrs
Proceeds from sale of Private Units	`ProceedsFromIssuanceOfPrivatePlacement`	$2.82M	USD	3 Qtrs
Proceeds from issuance of unit purchase option	`ProceedsFromIssuanceOfDebt`	$100.00	USD	3 Qtrs
Proceeds from issuance of unit purchase option	`ProceedsFromIssuanceOfDebt`	-	USD	3 Qtrs
Advance from related party	`ProceedsFromRelatedPartyDebt`	$210.00K	USD	3 Qtrs
Advance from related party	`ProceedsFromRelatedPartyDebt`	-	USD	3 Qtrs
Proceeds from convertible promissory notes related party	`ProceedFromConvertiblePromissoryNotesRelatedParty`	$-690.00K	USD	3 Qtrs
Proceeds from promissory note - related party	`ProceedsFromBankDebt`	$227.67K	USD	3 Qtrs
Proceeds from promissory note - related party	`ProceedsFromBankDebt`	-	USD	3 Qtrs
Repayment of promissory note - related party	`RepaymentsOfRelatedPartyDebt`	-	USD	3 Qtrs
Repayment of promissory note - related party	`RepaymentsOfRelatedPartyDebt`	$227.67K	USD	3 Qtrs
Payment of offering costs	`PaymentOfOfferingCosts`	$454.13K	USD	3 Qtrs
Payment of offering costs	`PaymentOfOfferingCosts`	-	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$900.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$45.07M	USD	3 Qtrs
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$911.94K	USD	3 Qtrs
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-452.70K	USD	3 Qtrs
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	$644.70K	USD	Point-in-time
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	$192.00K	USD	Point-in-time
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	$911.94K	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	$644.70K	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	$192.00K	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	$911.94K	USD	Point-in-time
Initial classification of ordinary shares subject to redemption	`ClassificationOfOrdinarySharesSubjectToPossibleRedemption`	$39.08M	USD	3 Qtrs
Initial classification of ordinary shares subject to redemption	`ClassificationOfOrdinarySharesSubjectToPossibleRedemption`	-	USD	3 Qtrs
Initial classification of deferred underwriting fee payable	`InitialClassificationOfDeferredUnderwritingFeePayable`	$978.31K	USD	3 Qtrs
Initial classification of deferred underwriting fee payable	`InitialClassificationOfDeferredUnderwritingFeePayable`	-	USD	3 Qtrs
Change in value of ordinary shares subject to possible redemption	`ChangeInValueOfOrdinarySharesSubjectsToPossibleRedemption`	$-302.51K	USD	3 Qtrs
Change in value of ordinary shares subject to possible redemption	`ChangeInValueOfOrdinarySharesSubjectsToPossibleRedemption`	$-11.87K	USD	3 Qtrs
Change in value of deferred underwriting fee payable	`DeferredOfferingCostsIncludedInAccruedOfferingCosts`	-	USD	3 Qtrs
Change in value of deferred underwriting fee payable	`DeferredOfferingCostsIncludedInAccruedOfferingCosts`	$242.00	USD	3 Qtrs

Stockholders Equity 31 line items

Line Item	Tag	Value	Unit	Period
Sale of underwriting discounts and offering expenses	`SaleOfUnderwritingDiscountsAndOfferingExpenses`	4.40M	shares	1 Quarter
Sale of private units	`PartnersCapitalAccountUnitsSoldInPrivatePlacement`	282,000.00	shares	1 Quarter
Beginning balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$16.63K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Sale of 4,400,000 Units, net of underwriting discounts and offering expenses	`StockIssuedDuringPeriodValueOther`	$41.25M	USD	1 Quarter
Sale of 282,000 Private Units	`StockIssuedDuringPeriodValueSalePrivateUnits`	$2.82M	USD	1 Quarter
Proceeds from the sale of unit purchase option	`ProceedsFromSaleOfUnitPurchaseOptionValue`	$100.00	USD	1 Quarter
Forfeiture of founder shares	`StockDuringPeriodValueForfeiture`	-	USD	1 Quarter
Ordinary shares subject to redemption	`StockIssuedDuringPeriodValueSubjectToRedemption`	$-39.07M	USD	1 Quarter
Change in value of ordinary shares subject to possible redemption	`StockRedeemedOrCalledDuringPeriodValue`	$-11.88K	USD	1 Quarter
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`	$213.26K	USD	1 Quarter
Issuance of founder shares to Sponsor	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-213.26K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-302.51K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-8.37K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-20.00K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-101.14K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-11.63K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	-	USD	Point-in-time
Ending balance	`StockholdersEquity`	$16.63K	USD	Point-in-time
Ending balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$5.00M	USD	Point-in-time

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