10-Q Filing

UWM HOLDINGS CORP CIK: 1783398 Q3 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-051404`
Period End Date	20200930
Filing Date	20201105
Fiscal Year	2020
Fiscal Period	Q3
XBRL Instance	ghiv-10q_20200930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 51 Income Statement 19 Cash Flow Statement 36 Stockholders Equity 21

Balance Sheet 51 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`	40.14M	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`	$222.37K	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`	$250.86K	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`	$473.23K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$412.49K	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`	$425.32M	USD	Point-in-time
Total assets	`Assets`	$425.80M	USD	Point-in-time
Total assets	`Assets`	$412.49K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	220.00M	shares	Point-in-time
Accrued expenses, formation and offering costs	`AccruedExpensesFormationAndOfferingCostsCurrent`	$3.24M	USD	Point-in-time
Accrued expenses, formation and offering costs	`AccruedExpensesFormationAndOfferingCostsCurrent`	$274.67K	USD	Point-in-time
State franchise tax accrual	`AccrualForStateFranchiseTaxesCurrent`	$1.83K	USD	Point-in-time
State franchise tax accrual	`AccrualForStateFranchiseTaxesCurrent`	$150.00K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$114.39K	USD	Point-in-time
Notes payable related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$150.00K	USD	Point-in-time
Notes payable related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$426.50K	USD	Point-in-time
Deferred underwriting compensation	`DeferredCompensationLiabilityClassifiedNoncurrent`	$14.88M	USD	Point-in-time
Total liabilities	`Liabilities`	$19.38M	USD	Point-in-time
Total liabilities	`Liabilities`	$426.50K	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, 40,141,937 and -0- shares at September 30, 2020 and December 31, 2019, respectively (at redemption value of $10 per share)	`TemporaryEquityCarryingAmountAttributableToParent`	$401.42M	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`	$9.92M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-39.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.92M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	-	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	-	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 stockholders equity	`StockholdersEquity`	$3.77K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-14.00K	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$412.49K	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$425.80M	USD	Point-in-time

Income Statement 19 line items

Line Item	Tag	Value	Unit	Period
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$20.51K	USD	1 Quarter
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$5.71M	USD	3 Qtrs
Professional fees and other expenses	`ProfessionalFeesAndOtherExpenses`	$5.34M	USD	1 Quarter
State franchise taxes, other than income tax	`TaxesExcludingIncomeAndExciseTaxes`	$150.00K	USD	3 Qtrs
State franchise taxes, other than income tax	`TaxesExcludingIncomeAndExciseTaxes`	$717.00	USD	1 Quarter
State franchise taxes, other than income tax	`TaxesExcludingIncomeAndExciseTaxes`	$50.00K	USD	1 Quarter
Net loss from operations	`OperatingIncomeLoss`	$-5.39M	USD	1 Quarter
Net loss from operations	`OperatingIncomeLoss`	$-21.23K	USD	1 Quarter
Net loss from operations	`OperatingIncomeLoss`	$-5.86M	USD	3 Qtrs
Other income - interest and dividend income	`InvestmentIncomeNonoperating`	$39.55K	USD	1 Quarter
Other income - interest and dividend income	`InvestmentIncomeNonoperating`	$1.09M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-21.23K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.77M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.35M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$287.00	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$114.39K	USD	3 Qtrs
Net loss attributable to common shares	`NetIncomeLoss`	$-21.23K	USD	1 Quarter
Net loss attributable to common shares	`NetIncomeLoss`	$-5.35M	USD	1 Quarter
Net loss attributable to common shares	`NetIncomeLoss`	$-4.88M	USD	3 Qtrs

Cash Flow Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-21.23K	USD	1 Quarter
Net loss	`ProfitLoss`	$-4.88M	USD	3 Qtrs
Changes in state franchise tax accrual	`IncreaseDecreaseInAccrualForStateFranchiseTaxesCurrent`	$148.17K	USD	3 Qtrs
Changes in state franchise tax accrual	`IncreaseDecreaseInAccrualForStateFranchiseTaxesCurrent`	$717.00	USD	1 Quarter
Changes in prepaid assets	`IncreaseDecreaseInPrepaidExpense`	$250.86K	USD	3 Qtrs
Changes in accrued expenses, formation and offering costs	`IncreaseDecreaseInAccruedExpensesFormationAndOfferingCostsCurrent`	$-65.50K	USD	1 Quarter
Changes in accrued expenses, formation and offering costs	`IncreaseDecreaseInAccruedExpensesFormationAndOfferingCostsCurrent`	$3.37M	USD	3 Qtrs
Changes in income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$114.39K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.49M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-86.01K	USD	1 Quarter
Cash deposited in Trust Account	`PaymentToCashDepositedInTrustAccount`	$425.00M	USD	3 Qtrs
Interest and dividends reinvested in the Trust Account	`PaymentsToInterestAndDividendsReinvestedInTrustAccount`	$323.14K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-425.32M	USD	3 Qtrs
Proceeds from sale of Units in initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	$425.00M	USD	3 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	3 Qtrs
Proceeds from notes payable related party	`ProceedsFromRelatedPartyDebt`	$25.00K	USD	1 Quarter
Proceeds from notes payable related party	`ProceedsFromRelatedPartyDebt`	$1.00M	USD	3 Qtrs
Repayment of notes payable related party	`ProceedsFromRepaymentsOfNotesPayableRelatedParty`	$150.00K	USD	1 Quarter
Repayment of notes payable related party	`ProceedsFromRepaymentsOfNotesPayableRelatedParty`	$-150.00K	USD	3 Qtrs
Payment of underwriters discounts and commissions	`PaymentOfUnderwritingDiscountsAndCommissions`	$8.50M	USD	3 Qtrs
Payment of accrued offering costs	`PaymentsOfStockIssuanceCosts`	$810.74K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$427.04M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$175.00K	USD	1 Quarter
Increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$88.99K	USD	1 Quarter
Increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$221.25K	USD	3 Qtrs
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.12K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$88.99K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$222.37K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.12K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$88.99K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$222.37K	USD	Point-in-time
Deferred underwriting compensation	`DeferredUnderwritingCompensation`	$14.88M	USD	3 Qtrs
Cash paid for income and state franchise taxes	`IncomeTaxesPaid`	$1.83K	USD	3 Qtrs
Deferred offering costs charged to paid-in capital	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$411.37K	USD	3 Qtrs
Deferred offering costs charged to paid-in capital	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$209.69K	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	-	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`	$3.77K	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-14.00K	USD	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	3 Qtrs
Underwriters discounts	`AdjustmentsToAdditionalPaidInCapitalUnderwritersDiscounts`	$8.50M	USD	3 Qtrs
Offering costs charged to additional paid-in capital	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$810.74K	USD	3 Qtrs
Deferred underwriting compensation	`AdjustmentsToAdditionalPaidInCapitalDeferredUnderwritingCompensation`	$14.88M	USD	3 Qtrs
Class A common stock subject to possible redemption; 40,141,937 shares at a redemption price of $10.00	`TemporaryEquitySubjectToPossibleRedemptionValue`	$-5.35M	USD	1 Quarter
Class A common stock subject to possible redemption; 40,141,937 shares at a redemption price of $10.00	`TemporaryEquitySubjectToPossibleRedemptionValue`	$401.42M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-21.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.35M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.88M	USD	3 Qtrs
Ending Balance	`StockholdersEquity`	-	USD	Point-in-time
Ending Balance	`StockholdersEquity`	-	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`	$3.77K	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-14.00K	USD	Point-in-time

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