10-Q Filing

UWM HOLDINGS CORP CIK: 1783398 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-038356`
Period End Date	20200630
Filing Date	20200807
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	ghiv-10q_20200630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 14 Cash Flow Statement 26 Stockholders Equity 19

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Class A subject to possible redemption, shares	`TemporaryEquitySharesIssued`	0.00	shares	Point-in-time
Class A subject to possible redemption, shares	`TemporaryEquitySharesIssued`	40.68M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.12K	USD	Point-in-time
Class A subject to possible redemption, redemption value per share	`TemporaryEquityRedemptionPricePerShare`	$10.00	USD	Point-in-time
Class A subject to possible redemption, redemption value per share	`TemporaryEquityRedemptionPricePerShare`	$10.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$541.72K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$411.37K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid Assets	`PrepaidExpenseCurrent`	$320.92K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$412.49K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$862.64K	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$8.21K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investments and cash held in Trust Account	`AssetsHeldInTrustNoncurrent`	$426.05M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	220.00M	shares	Point-in-time
Total assets	`Assets`	$426.92M	USD	Point-in-time
Total assets	`Assets`	$412.49K	USD	Point-in-time
Accrued expenses, formation and offering costs	`AccruedExpensesFormationAndOfferingCostsCurrent`	$274.67K	USD	Point-in-time
Accrued expenses, formation and offering costs	`AccruedExpensesFormationAndOfferingCostsCurrent`	$56.66K	USD	Point-in-time
State franchise tax accrual	`AccrualForStateFranchiseTaxesCurrent`	$100.00K	USD	Point-in-time
State franchise tax accrual	`AccrualForStateFranchiseTaxesCurrent`	$1.83K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$122.32K	USD	Point-in-time
Notes and advances payable related party	`DueToRelatedPartiesCurrent`	$150.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$426.50K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$278.98K	USD	Point-in-time
Deferred underwriting compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$14.88M	USD	Point-in-time
Total liabilities	`Liabilities`	$426.50K	USD	Point-in-time
Total liabilities	`Liabilities`	$15.15M	USD	Point-in-time
Commitments and Contingencies:	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies:	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A subject to possible redemption, 40,676,852 and -0- shares at June 30, 2020 and December 31, 2019, respectively (at redemption value of $10 per share)	`TemporaryEquityCarryingAmountAttributableToParent`	$406.77M	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$23.85K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$4.57M	USD	Point-in-time
Retained earnings/(Accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-39.00K	USD	Point-in-time
Retained earnings/(Accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$429.27K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-14.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$426.92M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$412.49K	USD	Point-in-time

Income Statement 14 line items

Line Item	Tag	Value	Unit	Period
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$371.02K	USD	2 Qtrs
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$184.82K	USD	1 Quarter
State franchise taxes, other than income tax	`TaxesExcludingIncomeAndExciseTaxes`	$100.00K	USD	2 Qtrs
State franchise taxes, other than income tax	`TaxesExcludingIncomeAndExciseTaxes`	$50.00K	USD	1 Quarter
Net loss from operations	`OperatingIncomeLoss`	$-234.82K	USD	1 Quarter
Net loss from operations	`OperatingIncomeLoss`	$-471.02K	USD	2 Qtrs
Other income - interest and dividend income	`InvestmentIncomeNonoperating`	$173.36K	USD	1 Quarter
Other income - interest and dividend income	`InvestmentIncomeNonoperating`	$1.05M	USD	2 Qtrs
Income/(loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-61.46K	USD	1 Quarter
Income/(loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$582.38K	USD	2 Qtrs
Income tax benefit/(expense)	`IncomeTaxExpenseBenefit`	$-12.91K	USD	1 Quarter
Income tax benefit/(expense)	`IncomeTaxExpenseBenefit`	$114.11K	USD	2 Qtrs
Net income/(loss) attributable to common shares	`NetIncomeLoss`	$468.27K	USD	2 Qtrs
Net income/(loss) attributable to common shares	`NetIncomeLoss`	$-48.56K	USD	1 Quarter

Cash Flow Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net Income	`ProfitLoss`	$468.27K	USD	2 Qtrs
Changes in state franchise tax accrual	`IncreaseDecreaseInAccrualForStateFranchiseTaxesCurrent`	$98.17K	USD	2 Qtrs
Changes in prepaid assets	`IncreaseDecreaseInPrepaidExpense`	$320.92K	USD	2 Qtrs
Changes in accrued expenses, formation and offering costs	`IncreaseDecreaseInAccruedExpensesFormationAndOfferingCostsCurrent`	$-218.01K	USD	2 Qtrs
Changes in income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$122.32K	USD	2 Qtrs
Changes in deferred income tax	`IncreaseDecreaseInDeferredIncomeTaxes`	$8.21K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$141.62K	USD	2 Qtrs
Cash deposited in Trust Account	`PaymentToCashDepositedInTrustAccount`	$425.00M	USD	2 Qtrs
Interest and dividends reinvested in the Trust Account	`PaymentsToInterestAndDividendsReinvestedInTrustAccount`	$1.05M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-426.05M	USD	2 Qtrs
Proceeds from sale of Units in initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	$425.00M	USD	2 Qtrs
Proceeds from sale of Units in initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	$425.00M	USD	Point-in-time
Proceeds from sale of Private Placement Warrants to Sponsor	`ProceedsFromIssuanceOfWarrants`	$10.50M	USD	2 Qtrs
Proceeds from notes and advances payable related party	`ProceedsFromRelatedPartyDebt`	$150.00K	USD	2 Qtrs
Repayment of notes and advances payable related party	`RepaymentsOfRelatedPartyDebt`	$300.00K	USD	2 Qtrs
Payment of underwriters discounts and commissions	`PaymentOfUnderwritingDiscountsAndCommissions`	$8.50M	USD	2 Qtrs
Payment of accrued offering costs	`PaymentsOfStockIssuanceCosts`	$399.37K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$426.45M	USD	2 Qtrs
Increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$540.60K	USD	2 Qtrs
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$541.72K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.12K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$541.72K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.12K	USD	Point-in-time
Deferred underwriting compensation	`DeferredUnderwritingCompensation`	$14.88M	USD	2 Qtrs
Cash paid for income and state franchise taxes	`IncomeTaxesPaid`	$1.83K	USD	2 Qtrs
Deferred offering costs charged to paid-in capital	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$411.37K	USD	2 Qtrs

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-14.00K	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Proceeds from initial public offering of Units on January 28, 2020 at $10.00 per Unit	`StockIssuedDuringPeriodValueNewIssues`	$425.00M	USD	2 Qtrs
Class A subject to possible redemption, shares	`TemporaryEquitySharesIssued`	0.00	shares	Point-in-time
Class A subject to possible redemption, shares	`TemporaryEquitySharesIssued`	40.68M	shares	Point-in-time
Sale of 5,250,000 Private Placement Warrants to Sponsor on January 27, 2020 at $2.00 per Private Placement Warrant	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$10.50M	USD	2 Qtrs
Class A common stock subject to possible redemption, redemption price	`TemporaryEquityRedemptionPricePerShare`	$10.00	USD	Point-in-time
Class A common stock subject to possible redemption, redemption price	`TemporaryEquityRedemptionPricePerShare`	$10.00	USD	Point-in-time
Underwriters discounts	`AdjustmentsToAdditionalPaidInCapitalUnderwritersDiscounts`	$8.50M	USD	2 Qtrs
Offering costs charged to additional paid-in capital	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$810.74K	USD	2 Qtrs
Deferred underwriting compensation	`AdjustmentsToAdditionalPaidInCapitalDeferredUnderwritingCompensation`	$14.88M	USD	2 Qtrs
Class A common stock subject to possible redemption; 40,676,852 shares at a redemption price of $10.00	`TemporaryEquitySubjectToPossibleRedemptionValue`	$406.77M	USD	2 Qtrs
Class A common stock subject to possible redemption; 40,676,852 shares at a redemption price of $10.00	`TemporaryEquitySubjectToPossibleRedemptionValue`	$-48.55K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$468.27K	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$-48.56K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-14.00K	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.