$LAZR
Luminar Technologies, Inc./DE

2019 Q2 Form 10-Q Financial Statement

#000156459019031245 Filed on August 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit -$190.9K
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $2.310M
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $1.861M
YoY Change
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $271.0K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $250.9K
Receivables
Other Receivables
Total Short-Term Assets $521.9K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $403.9M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $521.9K
Total Long-Term Assets $403.9M
Total Assets $404.4M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $29.05K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $156.1K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $156.1K
Total Long-Term Liabilities
Total Liabilities $14.52M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $2.733M
YoY Change
Common Stock $2.266M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.000M
YoY Change
Total Liabilities & Shareholders Equity $404.4M
YoY Change

Cashflow Statement

Concept 2019 Q2
OPERATING ACTIVITIES
Net Income $1.861M
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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2732841
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-21985
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
3015
CY2019Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
404408042
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
271007
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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437375
CY2019Q2 us-gaap Prepaid Expense Current
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250891
CY2018Q4 us-gaap Liabilities And Stockholders Equity
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489864
CY2019Q2 us-gaap Temporary Equity Shares Issued
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38489273
CY2019Q2 us-gaap Assets Current
AssetsCurrent
521898
CY2018Q4 us-gaap Assets Current
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CY2019Q2 us-gaap Assets Held In Trust Noncurrent
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403886144
CY2019Q2 us-gaap Assets
Assets
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CY2019Q2 us-gaap Temporary Equity Redemption Price Per Share
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10.00
CY2018Q4 us-gaap Assets
Assets
489864
CY2019Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
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CY2018Q4 us-gaap Accrued Liabilities Current
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CY2019Q2 gmhi Accrual For State Franchise Taxes Current
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CY2018Q4 gmhi Accrual For State Franchise Taxes Current
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CY2019Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
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CY2018Q4 us-gaap Accounts Payable Related Parties Current
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CY2018Q4 us-gaap Liabilities
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CY2019Q2 us-gaap Liabilities Current
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CY2018Q4 us-gaap Liabilities Current
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CY2019Q2 gmhi Deferred Underwriting Compensation Liability Noncurrent
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CY2019Q2 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
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CY2019Q2 us-gaap Commitments And Contingencies
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CY2018Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2019Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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CY2019Q2 us-gaap Preferred Stock Value
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CY2018Q4 us-gaap Preferred Stock Value
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CY2019Q2 us-gaap Liabilities
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CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2019Q2 us-gaap Preferred Stock Shares Authorized
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CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2019Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2019Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2018Q4 us-gaap Preferred Stock Shares Outstanding
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CY2019Q2 gmhi Professional Fees And Other Expenses
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gmhi Professional Fees And Other Expenses
ProfessionalFeesAndOtherExpenses
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CY2019Q2 us-gaap Taxes Excluding Income And Excise Taxes
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us-gaap Taxes Excluding Income And Excise Taxes
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us-gaap Income Taxes Paid
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us-gaap Nature Of Operations
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Organization and Business Operations</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Organization and General</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gores Metropoulos,&#160;Inc. (the &#8220;Company&#8221;) was incorporated in Delaware on August 28, 2018. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar Business Combination with one or more businesses (the &#8220;Business Combination&#8221;). The Company has neither engaged in any operations nor generated any operating revenue to date. The Company&#8217;s management has broad discretion with respect to the Business Combination. The Company&#8217;s Sponsor is Gores Metropoulos Sponsor, LLC, a Delaware limited liability company (the &#8220;Sponsor&#8221;). The Company has selected December&#160;31<sup style="font-size:85%; vertical-align:top">st</sup> as its fiscal&#160;year-end.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At June 30, 2019, the Company had not commenced any operations. All activity for the period from August 28, 2018 (inception) through June 30, 2019 relates to the Company&#8217;s formation and initial public offering (&#8220;Public Offering&#8221;) described below. The Company completed the Public Offering on February 5, 2019 (the &#8220;Public Offering Closing Date&#8221;). The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. Subsequent to the Public Offering, the Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Public Offering and the sale of the Private Placement Warrants (as defined below) held in the Trust Account (as defined below).</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Financing</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Upon the closing of the Public Offering and the sale of the Private Placement Warrants, an aggregate of $400,000,000 was placed in a Trust Account with Continental Stock Transfer&#160;&amp; Trust Company acting as trustee (the &#8220;Trust Account&#8221;).</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> The Company intends to finance a Business Combination with the net proceeds from its $400,000,000 Public Offering and its sale of $10,000,000 of Private Placement Warrants.&nbsp;&nbsp;&nbsp;&nbsp; </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Trust Account</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Funds held in the Trust Account can be invested only in U.S. government treasury bills with a maturity of one hundred and eighty (180) days or less or in money market funds meeting certain conditions under Rule&#160;2a&#8209;7 under the Investment Company Act of 1940, as amended, that invest only in direct U.S. government obligations. As of June 30, 2019, the Trust Account consisted of cash and treasury bills.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s amended and restated certificate of incorporation provides that, other than the withdrawal of interest to fund regulatory compliance requirements and other costs related thereto (a &#8220;Regulatory Withdrawal&#8221;), subject to an annual limit of $750,000, for a maximum 24 months and/or to pay franchise and income taxes, if any, none of the funds held in trust will be released until the earliest of: (i)&#160;the completion of the Business Combination; or (ii)&#160;the redemption of any public shares of common stock properly tendered in connection with a stockholder vote to amend the Company&#8217;s amended and restated certificate of incorporation to modify the substance or timing of the Company&#8217;s obligation to redeem 100% of such public shares of common stock if the Company does not complete the Business Combination within 24&#160;months from the closing of the Public Offering; or (iii)&#160;the redemption of 100% of the public shares of common stock if the Company is unable to complete a Business Combination within 24&#160;months from the closing of the Public Offering, subject to the requirements of law and stock exchange rules.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Business Combination</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating a Business Combination. The Business Combination must be with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (less any deferred underwriting commissions and taxes payable on interest income earned) at the time of the Company signing a definitive agreement in connection with the Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect a Business Combination.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company, after signing a definitive agreement for a Business Combination, will either (i)&#160;seek stockholder approval of the Business Combination at a meeting called for such purpose in connection with which stockholders may seek to redeem their shares, regardless of whether they vote for or against the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business&#160;days prior to the consummation of the Business Combination, including interest income but less taxes payable, or (ii)&#160;provide stockholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business&#160;days prior to the consummation of the Business Combination, including interest income but less taxes payable. The decision as to whether the Company will seek stockholder approval of the Business Combination or will allow stockholders to sell their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval, unless a vote is required by law or under NASDAQ rules. If the Company seeks stockholder approval, it will complete its Business Combination only if a majority of the outstanding shares of common stock voted are in favor of the Business Combination. In accordance with the Company&#8217;s charter, the Company will not redeem its public shares of common stock in an amount that would cause its net tangible assets to be less than $5,000,001. In such case, the Company would not proceed with the redemption of its public shares of common stock and the related Business Combination, and instead may search for an alternate Business Combination.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a result of the foregoing redemption provisions and as discussed in further detail in Note 2, the public shares of common stock will be recorded at the redemption amount and classified as temporary equity, in accordance with ASC 480, &#8220;<font style="font-style:italic;">Distinguishing Liabilities from Equity</font>&#8221; (&#8220;ASC 480&#8221;) in subsequent periods.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company will have 24&#160;months from the Public Offering Closing Date to complete its Business Combination. If the Company does not complete a Business Combination within this period of time, it shall (i)&#160;cease all operations except for the purposes of winding up; (ii)&#160;as promptly as reasonably possible, but not more than ten business&#160;days thereafter, redeem the public shares of common stock for a per share pro rata portion of the Trust Account, including interest income, but less taxes payable (less up to $100,000 of such net interest income to pay dissolution expenses) and (iii)&#160;as promptly as possible following such redemption, dissolve and liquidate the balance of the Company&#8217;s net assets to its remaining stockholders, as part of its plan of dissolution and liquidation. The Sponsor and the Company&#8217;s officers and directors have entered into a letter agreement with the Company, pursuant to which they waived their rights to participate in any redemption with respect to their Founder Shares (as defined below); however, if the Sponsor or any of the Company&#8217;s officers, directors or affiliates acquire public shares of common stock, they will be entitled to a pro rata share of the Trust Account in the event the Company does not complete a Business Combination within the required time period.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per Unit in the Public Offering.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Emerging Growth Company</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Section&#160;102(b)(1)&#160;of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.</p>
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us-gaap Net Income Loss
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gmhi Sale Of Warrants Price Per Warrant
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gmhi Accrued Expenses Formation And Offering Costs
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us-gaap Concentration Risk Credit Risk
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution and the Trust Account, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts.</p>
us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires the Company&#8217;s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
us-gaap Effective Income Tax Rate Continuing Operations
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gmhi Period Of Maturity Of Trust Account Investments Maximum
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gmhi Regulatory Withdrawal Of Interest From Trust Account Maximum Period
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us-gaap Dilutive Securities
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3015
gmhi Percentage Of Deferred Underwriting Discount
PercentageOfDeferredUnderwritingDiscount
0.0350
CY2019Q2 gmhi Deferred Underwriting Discount If Business Combination Not Completed
DeferredUnderwritingDiscountIfBusinessCombinationNotCompleted
0
CY2019Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
220000000
CY2019Q2 gmhi Number Of Votes For Each Share
NumberOfVotesForEachShare
1

Files In Submission

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0001564590-19-031245-index-headers.html Edgar Link pending
0001564590-19-031245-index.html Edgar Link pending
0001564590-19-031245.txt Edgar Link pending
0001564590-19-031245-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
gmhi-10q_20190630.htm Edgar Link pending
gmhi-20190630.xml Edgar Link completed
gmhi-20190630.xsd Edgar Link pending
gmhi-20190630_cal.xml Edgar Link unprocessable
gmhi-20190630_def.xml Edgar Link unprocessable
gmhi-20190630_lab.xml Edgar Link unprocessable
gmhi-20190630_pre.xml Edgar Link unprocessable
gmhi-ex311_7.htm Edgar Link pending
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