$RMNI
Rimini Street, Inc.

2015 Q2 Form 10-Q Financial Statement

#000114420416119425 Filed on August 15, 2016

View on sec.gov

Income Statement

Concept 2015 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $0.00
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $0.00
YoY Change
Operating Profit -$33.25K
YoY Change
Interest Expense $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $0.00
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $1.980K
YoY Change
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 21.56M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.100M
YoY Change
Cash & Equivalents $1.110M
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change
Inventory
Prepaid Expenses $21.75K
Receivables
Other Receivables
Total Short-Term Assets $1.132M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $172.5M
YoY Change
Total Long-Term Assets $172.5M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.132M
Total Long-Term Assets $172.5M
Total Assets $173.7M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $10.00K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.000M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.000M
Total Long-Term Liabilities $0.00
Total Liabilities $6.048M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$7.371K
YoY Change
Common Stock $530.00
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 $173.7M
YoY Change

Cashflow Statement

Concept 2015 Q2
OPERATING ACTIVITIES
Net Income $1.980K
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$50.00K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$172.5M
YoY Change
Cash From Investing Activities -$172.5M
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 173.6M
YoY Change
NET CHANGE
Cash From Operating Activities -50.00K
Cash From Investing Activities -172.5M
Cash From Financing Activities 173.6M
Net Change In Cash 1.010M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$50.00K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2016Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
1888476 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
42602 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-42602 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
35231 USD
us-gaap Net Income Loss
NetIncomeLoss
-7371 USD
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.00
us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
0 USD
us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
0 USD
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4104745 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5372719 shares
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-821564 USD
CY2016Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
177112 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-747743 USD
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.14
CY2015Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
33251 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
388047 USD
CY2016Q2 gpiau Working Capital Loan
WorkingCapitalLoan
1000000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
1980 USD
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0
CY2015Q2 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
0 USD
CY2016Q2 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
-103291 USD
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5425188 shares
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
388047 USD
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
0 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
10000 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
21745 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-54347 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
525590 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1321 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
173664410 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1110063 USD
CY2015Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 USD
CY2015Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1110063 USD
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
85000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
100000 USD
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
25000 USD
gpiau Change In Value Of Common Stock Subject To Possible Redemption
ChangeInValueOfCommonStockSubjectToPossibleRedemption
1550137 USD
gpiau Change In Value Of Common Stock Subject To Possible Redemption
ChangeInValueOfCommonStockSubjectToPossibleRedemption
1970 USD
CY2015Q2 gpiau Common Units Issued In Initial Public Offering
CommonUnitsIssuedInInitialPublicOffering
17250000 shares
CY2015Q2 us-gaap Other Ownership Interests Offering Costs
OtherOwnershipInterestsOfferingCosts
10960590 USD
CY2015Q2 us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
4312500 USD
CY2015Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
6037500 USD
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2015-01-28
gpiau Interest On Dissolution Expenses
InterestOnDissolutionExpenses
100000 USD
gpiau Reduction Of Intangible Assets Due To Redemption
ReductionOfIntangibleAssetsDueToRedemption
5000001 USD
us-gaap Interest Income Other
InterestIncomeOther
417000 USD
CY2016Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
500000 USD
CY2016Q2 us-gaap Assets Held In Trust Current
AssetsHeldInTrustCurrent
172916591 USD
CY2016Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 USD
CY2016Q2 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
10000 USD
CY2016Q2 gpiau Contingent Transaction Fee Amount
ContingentTransactionFeeAmount
3894000 USD
CY2016Q2 gpiau Committed Transaction Fee Amount
CommittedTransactionFeeAmount
26270000 USD
CY2015Q2 gpiau Underwriters Discount Percentage
UnderwritersDiscountPercentage
0.060 pure
CY2015Q2 gpiau Payments To Underwriters In Cash
PaymentsToUnderwritersInCash
4312500 USD
CY2015Q2 gpiau Underwriters Deferred Discount Amount
UnderwritersDeferredDiscountAmount
6037500 USD
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2016Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
5506671 shares
CY2016Q2 us-gaap Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
16055829 shares
CY2016Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000 shares
CY2016Q2 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
500000000 USD
CY2016Q2 gpiau Percentage Of Consideration Through Cash
PercentageOfConsiderationThroughCash
0.75 pure
CY2016Q2 gpiau Percentage Of Consideration Through Shares
PercentageOfConsiderationThroughShares
0.25 pure
CY2016Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2016Q2 gpiau Business Acquisition Purchase Price Allocation Escrow Deposits
BusinessAcquisitionPurchasePriceAllocationEscrowDeposits
5000000 USD
gpiau Initial Classification Of Ordinary Shares Subject To Possible Redemption
InitialClassificationOfOrdinarySharesSubjectToPossibleRedemption
162617560 USD
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
60000 USD
CY2016Q2 gpiau Commitment Parties Committed Terms And Conditions Description
CommitmentPartiesCommittedTermsAndConditionsDescription
the Commitment Parties have committed to provide, in accordance with the terms and subject to the conditions thereof, (i) a $100 million senior secured asset-based revolving credit facility (the ABL Facility) and (ii) a $250 million senior secured first lien term facility (the Term Facility and, together with the ABL Facility, the Credit Facilities) to Merger Sub. Proceeds of the Term Facility will be used at Closing, together with up to $25 million of proceeds of the ABL Facility, to finance a portion of the Merger Consideration and fees, commissions and expenses in connection therewith
CY2016Q2 gpiau Equity Commitment Letter Description With Sponsor
EquityCommitmentLetterDescriptionWithSponsor
the Sponsor, which will provide equity financing by means of purchasing newly issued shares of the Companys common stock based on a per share issue price of $10.00 per share in an aggregate amount of up to $58 million (the Equity Financing), of which (i) $50 million is solely for the purpose of providing a portion of the financing for the Merger and (ii) up to an additional $8 million is for use only in certain circumstances, as further described in the Merger Agreement.
CY2016Q2 gpiau Merger Agreement Other Related Matters Description
MergerAgreementOtherRelatedMattersDescription
The closing of the Merger is subject to customary closing conditions, including, among others, (1) adoption by the Companys shareholders of the Merger Agreement and approval of certain related matters, including the change in the jurisdiction of incorporation to Delaware and adoption of new governing documents and certain governance and other matters in connection therewith, issuance of shares of the Companys common stock in connection with the Merger, certain approvals required by the rules of NASDAQ, and an incentive equity plan, (2) effectiveness of a registration statement on Form S-4 registering the shares of the Companys common stock to be issued to WKIs stockholders pursuant to the Merger, (3) approval for the listing of such shares on NASDAQ, (4) expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ( HSR ), (5) net redemptions of the Companys common shares by its shareholders shall not exceed thirty percent (30%) of the outstanding common shares and the cash available in the Trust Account shall not be less than $122,000,000 (in each case, after giving effect to payments in respect of redemptions) and (6) appointment of the Nominee Director (as defined in the Merger Agreement) to the Companys Board of Directors in accordance with the terms and subject to the conditions of the Merger Agreement and the Stockholder Letter (as defined below).
CY2016Q2 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
30000 USD
CY2015Q2 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
20000 USD
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
20000 USD
CY2016Q2 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
388047 USD
CY2015Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
0 USD
CY2015Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000 shares
CY2016Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
5506671 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
5320250 shares
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
5320250 shares
CY2015Q4 us-gaap Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
16242250 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
14687500 shares
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
172500000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
0 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-172500000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
146250000 USD
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
0 USD
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
6062500 USD
us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
0 USD
us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
21937500 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
86321 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
100000 USD
gpiau Initial Classification Of Ordinary Shares Subject To Possible Redemption
InitialClassificationOfOrdinarySharesSubjectToPossibleRedemption
0 USD
gpiau Deferred Underwriting Fees
DeferredUnderwritingFees
0 USD
gpiau Deferred Underwriting Fees
DeferredUnderwritingFees
6037500 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Use of estimates</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 31.9pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with GAAP requires 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.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 31.9pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from those estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Concentration of credit risk</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">250,000</font>. At June 30, 2016, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015Q2 us-gaap Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
16258632 shares

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