10-K Filing

Purple Innovation, Inc. CIK: 1643953 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001213900-20-005734`
Period End Date	20191231
Filing Date	20200309
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	prpl-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 40 Cash Flow Statement 77 Stockholders Equity 19

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.59M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.23M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$28.69M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$10.24M	USD	Point-in-time
Inventories, net	`InventoryNet`	$22.94M	USD	Point-in-time
Inventories, net	`InventoryNet`	$47.63M	USD	Point-in-time
Prepaid inventory	`PrepaidInventoryNet`	$790.00K	USD	Point-in-time
Prepaid inventory	`PrepaidInventoryNet`	$879.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.49M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$114.12M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$47.70M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$31.98M	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`	$1.10M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$5.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$525.00K	USD	Point-in-time
Total assets	`Assets`	$147.72M	USD	Point-in-time
Total assets	`Assets`	$71.71M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$24.83M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$50.24M	USD	Point-in-time
Accrued sales returns	`AccruedSalesReturnsCurrent`	$5.46M	USD	Point-in-time
Accrued sales returns	`AccruedSalesReturnsCurrent`	$7.27M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$2.69M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$7.95M	USD	Point-in-time
Customer prepayments	`CustomersAdvanceCurrent`	$7.52M	USD	Point-in-time
Customer prepayments	`CustomersAdvanceCurrent`	$6.26M	USD	Point-in-time
Accrued sales tax	`SalesAndExciseTaxPayableCurrent`	$5.60M	USD	Point-in-time
Accrued sales tax	`SalesAndExciseTaxPayableCurrent`	$5.54M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.54M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$9.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$86.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$48.58M	USD	Point-in-time
Long-term debt, related-party	`LongTermDebtAndCapitalLeaseObligations`	$21.41M	USD	Point-in-time
Long-term debt, related-party	`LongTermDebtAndCapitalLeaseObligations`	$35.40M	USD	Point-in-time
Warrant liabilities	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Warrant liabilities	`DerivativeLiabilitiesCurrent`	$21.62M	USD	Point-in-time
Other long-term liabilities, net of current portion	`OtherLongTermDebtNoncurrent`	$3.73M	USD	Point-in-time
Other long-term liabilities, net of current portion	`OtherLongTermDebtNoncurrent`	$8.57M	USD	Point-in-time
Total liabilities	`Liabilities`	$152.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$73.72M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A common stock; $0.0001 par value, 210,000 shares authorized; 22,494 issued and outstanding at December 31, 2019 and 9,731 issued and outstanding at December 31, 2018	`ClassACommonStockValue`	$1.00K	USD	Point-in-time
Class A common stock; $0.0001 par value, 210,000 shares authorized; 22,494 issued and outstanding at December 31, 2019 and 9,731 issued and outstanding at December 31, 2018	`ClassACommonStockValue`	$2.00K	USD	Point-in-time
Class B common stock; $0.0001 par value, 90,000 shares authorized; 31,394 issued and outstanding at December 31, 2019 and 44,071 issued and outstanding at December 31, 2018	`ClassBCommonStockValue`	$3.00K	USD	Point-in-time
Class B common stock; $0.0001 par value, 90,000 shares authorized; 31,394 issued and outstanding at December 31, 2019 and 44,071 issued and outstanding at December 31, 2018	`ClassBCommonStockValue`	$4.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.65M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.35M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-662.00K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.35M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$-2.38M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$-1.35M	USD	Point-in-time
Total deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-2.01M	USD	Point-in-time
Total deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.73M	USD	Point-in-time
Total deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-13.92M	USD	Point-in-time
Total liabilities and deficit	`LiabilitiesAndStockholdersEquity`	$147.72M	USD	Point-in-time
Total liabilities and deficit	`LiabilitiesAndStockholdersEquity`	$71.71M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`Revenues`	$285.79M	USD	Annual
Revenues, net	`Revenues`	$428.36M	USD	Annual
Cost of revenues	`CostOfGoodsAndServicesSold`	$239.39M	USD	Annual
Cost of revenues	`CostOfGoodsAndServicesSold`	$173.19M	USD	Annual
Gross profit	`GrossProfit`	$112.60M	USD	Annual
Gross profit	`GrossProfit`	$188.97M	USD	Annual
Marketing and sales	`SellingAndMarketingExpense`	$103.82M	USD	Annual
Marketing and sales	`SellingAndMarketingExpense`	$141.97M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$23.58M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$26.92M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$3.86M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$2.10M	USD	Annual
Total operating expenses	`OperatingExpenses`	$129.50M	USD	Annual
Total operating expenses	`OperatingExpenses`	$172.76M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$16.21M	USD	Annual
Operating income (loss)	`OperatingIncomeLoss`	$-16.89M	USD	Annual
Interest expense	`InterestExpense`	$3.73M	USD	Annual
Interest expense	`InterestExpense`	$5.18M	USD	Annual
Other income, net	`OtherIncome`	$44.00K	USD	Annual
Other income, net	`OtherIncome`	$1.01M	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-6.30M	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Change in fair value - warrant liabilities	`ChangeInFairValueofWarrantLiabilities`	$16.76M	USD	Annual
Change in fair value - warrant liabilities	`ChangeInFairValueofWarrantLiabilities`	-	USD	Annual
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-2.72M	USD	Annual
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-28.19M	USD	Annual
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-19.61M	USD	Annual
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-11.98M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$400.00K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net loss	`ProfitLoss`	$-12.38M	USD	Annual
Net loss	`ProfitLoss`	$-19.61M	USD	Annual
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-8.35M	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`	$-4.03M	USD	Annual
Net loss per common share-basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.51	USD	Annual
Net loss per common share-basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.40	USD	Annual
Weighted average common shares outstanding-basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.42M	shares	Annual
Weighted average common shares outstanding-basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	10.01M	shares	Annual

Cash Flow Statement 77 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-12.38M	USD	Annual
Net loss	`ProfitLoss`	$-19.61M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.19M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.31M	USD	Annual
Non-cash interest	`NonCashInterest`	$3.31M	USD	Annual
Non-cash interest	`NonCashInterest`	$2.51M	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-6.30M	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Loss on change in fair value - warrant liabilities	`ChangeInFairValueLiabilities`	$16.76M	USD	Annual
Loss on change in fair value - warrant liabilities	`ChangeInFairValueLiabilities`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$10.06M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$487.00K	USD	Annual
Tax Receivable Agreement expense	`IncomeTaxCreditsAndAdjustments`	$501.00K	USD	Annual
Tax Receivable Agreement expense	`IncomeTaxCreditsAndAdjustments`	-	USD	Annual
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	Annual
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-95.00K	USD	Annual
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$18.45M	USD	Annual
Increase in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.06M	USD	Annual
Increase in inventories, net	`IncreaseDecreaseInInventories`	$24.69M	USD	Annual
Increase in inventories, net	`IncreaseDecreaseInInventories`	$9.60M	USD	Annual
Increase in prepaid inventory and other assets	`IncreaseInPrepaidInventoryAndOtherAssets`	$2.56M	USD	Annual
Increase in prepaid inventory and other assets	`IncreaseInPrepaidInventoryAndOtherAssets`	$520.00K	USD	Annual
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.78M	USD	Annual
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$25.13M	USD	Annual
Increase in accrued sales returns	`IncreasesInAccruedSalesReturns`	$1.81M	USD	Annual
Increase in accrued sales returns	`IncreasesInAccruedSalesReturns`	$632.00K	USD	Annual
Increase in accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$594.00K	USD	Annual
Increase in accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$5.26M	USD	Annual
Increase (decrease) in customer prepayments	`IncreaseOrDecreaseInCustomerAdvances`	$4.31M	USD	Annual
Increase (decrease) in customer prepayments	`IncreaseOrDecreaseInCustomerAdvances`	$-1.26M	USD	Annual
Increase (decrease) in other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$8.80M	USD	Annual
Increase (decrease) in other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-474.00K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-21.66M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$22.91M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.32M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.46M	USD	Annual
Investment in intangible assets	`PaymentsToAcquireIntangibleAssets`	$320.00K	USD	Annual
Investment in intangible assets	`PaymentsToAcquireIntangibleAssets`	$327.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.78M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.65M	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`	$10.00M	USD	Annual
Proceeds from related-party debt	`ProceedsFromRelatedPartyDebt`	$24.00M	USD	Annual
Repurchase of stock options	`PaymentForRepurchasesOfCommonStock`	$97.00K	USD	Annual
Repurchase of stock options	`PaymentForRepurchasesOfCommonStock`	-	USD	Annual
Payments to line of credit	`RepaymentsOfLinesOfCredit`	-	USD	Annual
Payments to line of credit	`RepaymentsOfLinesOfCredit`	$8.00M	USD	Annual
Payments for debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$367.00K	USD	Annual
Payments for debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$758.00K	USD	Annual
Principal payments on capital lease obligations	`ProceedsFromLongTermCapitalLeaseObligations`	$-35.00K	USD	Annual
Principal payments on capital lease obligations	`ProceedsFromLongTermCapitalLeaseObligations`	$-29.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$41.95M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.11M	USD	Annual
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$8.64M	USD	Annual
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$21.25M	USD	Annual
Cash and cash equivalents, beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$3.59M	USD	Point-in-time
Cash and cash equivalents, beginning of the year	`CashAndCashEquivalentsAtCarryingValue`	$33.48M	USD	Point-in-time
Cash and cash equivalents, beginning 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 and cash equivalents, end of the year	`CashAndCashEquivalentsAtCarryingValue`	$33.48M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashAndCashEquivalentsAtCarryingValue`	$12.23M	USD	Point-in-time
Cash paid during the year for interest	`InterestPaidNet`	$1.38M	USD	Annual
Cash paid during the year for interest	`InterestPaidNet`	$1.87M	USD	Annual
Cash paid during the year for income taxes	`IncomeTaxesPaidNet`	$122.00K	USD	Annual
Cash paid during the year for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Property and equipment included in accounts payable	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	$463.00K	USD	Annual
Property and equipment included in accounts payable	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	$743.00K	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	`EquipmentAcquiredThroughCapitalLease1`	-	USD	Annual
Equipment acquired through capital lease	`EquipmentAcquiredThroughCapitalLease1`	$386.00K	USD	Annual
Issuance of liability warrants	`IssuanceOfLiabilityWarrants`	-	USD	Annual
Issuance of liability warrants	`IssuanceOfLiabilityWarrants`	$4.86M	USD	Annual
Non-cash leasehold improvements	`NonCashLeaseholdImprovements`	$1.94M	USD	Annual
Non-cash leasehold improvements	`NonCashLeaseholdImprovements`	-	USD	Annual
Tax distribution payable	`TaxDistributionPayable`	$308.00K	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-2.01M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.73M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-13.92M	USD	Point-in-time
Net loss	`ProfitLoss`	$-12.38M	USD	Annual
Net loss	`ProfitLoss`	$-19.61M	USD	Annual
Stock-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensationGross`	$487.00K	USD	Annual
Stock-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensationGross`	$10.06M	USD	Annual
Repurchase of stock option	`PaymentsForRepurchaseOfCommonStock`	$97.00K	USD	Annual
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	-	USD	Annual
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	-	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
Exchange of stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Forfeiture of unvested common stock	`StockIssuedDuringPeriodValueForfeitureOfCommonStock`	-	USD	Annual
Tax distribution	`StockIssuedDuringPeriodValueDistribution`	$308.00K	USD	Annual
Acquisition of noncontolling interest	`AcquisitionOfNoncontollingInterest`	-	USD	Annual
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-2.01M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.73M	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.