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Restatement of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2020
Restatement Of Previously Issued Consolidated Financial Statements [Abstract] |
Schedule of consolidated balance sheets, including the balances as reported, adjustments and the as restated balances |
|  | As of December 31, |
|  | 2020 |  |  | 2019 |
(In thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Warrant liabilities |  | $ | — |  |  | $ | 92,708 |  |  | $ | 92,708 |  |  | $ | 21,622 |  |  | $ | 23,808 |  |  | $ | 45,430 |
Total liabilities |  |  | 394,483 |  |  |  | 92,708 |  |  |  | 487,191 |  |  |  | 152,456 |  |  |  | 23,808 |  |  |  | 176,264 |
Additional paid-in capital |  |  | 164,460 |  |  |  | 168,587 |  |  |  | 333,047 |  |  |  | 5,990 |  |  |  | (3,168 | ) |  |  | 2,822 |
Accumulated deficit |  |  | (4,561 | ) |  |  | (261,295 | ) |  |  | (265,856 | ) |  |  | (8,349 | ) |  |  | (20,640 | ) |  |  | (28,989 | )
Total stockholders’ equity (deficit) |  |  | 159,905 |  |  |  | (92,708 | ) |  |  | 67,197 |  |  |  | (2,354 | ) |  |  | (23,808 | ) |  |  | (26,162 | )
Total equity (deficit) |  | $ | 160,249 |  |  | $ | (92,708 | ) |  | $ | 67,541 |  |  | $ | (4,732 | ) |  | $ | (23,808 | ) |  | $ | (28,540 | )
Schedule of consolidated statements of operations, including the balances as reported, adjustments and the as restated balances |
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
(In thousands, except per share amounts) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Change in fair value - warrant liabilities |  |  | (59,418 | ) |  |  | (240,655 | ) |  |  | (300,073 | ) |  |  | (16,758 | ) |  |  | (18,546 | ) |  |  | (35,304 | )
Total other expense, net |  |  | (104,100 | ) |  |  | (240,655 | ) |  |  | (344,755 | ) |  |  | (28,193 | ) |  |  | (18,546 | ) |  |  | (46,739 | )
Net loss before income taxes |  |  | (32,874 | ) |  |  | (240,655 | ) |  |  | (273,529 | ) |  |  | (11,979 | ) |  |  | (18,546 | ) |  |  | (30,525 | )
Net income (loss) |  |  | 10,875 |  |  |  | (240,655 | ) |  |  | (229,780 | ) |  |  | (12,379 | ) |  |  | (18,546 | ) |  |  | (30,925 | )
Net income (loss) attributable to Purple Innovation, Inc. |  | $ | 3,788 |  |  | $ | (240,655 | ) |  | $ | (236,867 | ) |  | $ | (4,027 | ) |  | $ | (18,546 | ) |  | $ | (22,573 | )
Net loss per common share - basic |  | $ | 0.10 |  |  | $ | (6.14 | ) |  | $ | (6.04 | ) |  | $ | (0.40 | ) |  | $ | (1.86 | ) |  | $ | (2.26 | )
Net loss per common share - diluted |  | $ | 0.08 |  |  | $ | (6.12 | ) |  | $ | (6.04 | ) |  | $ | (0.40 | ) |  | $ | (1.86 | ) |  | $ | (2.26 | )
|  | Three Months Ended September 30, 2020 |  |  | Nine Months Ended September 30, 2020 |
(In thousands, except per share amounts) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Change in fair value – warrant liabilities |  | $ | (17,971 | ) |  | $ | (85,991 | ) |  | $ | (103,962 | ) |  | $ | (43,308 | ) |  | $ | (169,285 | ) |  | $ | (212,593 | )
Total other expense, net |  |  | (25,549 | ) |  |  | (85,991 | ) |  |  | (111,540 | ) |  |  | (86,538 | ) |  |  | (169,285 | ) |  |  | (255,823 | )
Net loss before income taxes |  |  | (1,275 | ) |  |  | (85,991 | ) |  |  | (87,266 | ) |  |  | (22,808 | ) |  |  | (169,285 | ) |  |  | (192,093 | )
Net income (loss) |  |  | (1,169 | ) |  |  | (85,991 | ) |  |  | (87,160 | ) |  |  | 13,010 |  |  |  | (169,285 | ) |  |  | (156,275 | )
Net income (loss) attributable to Purple Innovation, Inc. |  | $ | (1,022 | ) |  | $ | (85,991 | ) |  | $ | (87,013 | ) |  | $ | 5,832 |  |  | $ | (169,285 | ) |  | $ | (163,453 | )
Net income (loss) per common share - basic |  | $ | (0.02 | ) |  | $ | (1.95 | ) |  | $ | (1.97 | ) |  | $ | 0.18 |  |  | $ | (5.27 | ) |  | $ | (5.09 | )
Net income (loss) per common share - diluted |  | $ | (0.02 | ) |  | $ | (1.95 | ) |  | $ | (1.97 | ) |  | $ | 0.16 |  |  | $ | (5.25 | ) |  | $ | (5.09 | )
|  | Three Months Ended June 30, 2020 |  |  | Six Months Ended June 30, 2020 |
(In thousands, except per share amounts) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Change in fair value – warrant liabilities |  | $ | (38,970 | ) |  | $ | (91,294 | ) |  | $ | (130,264 | ) |  | $ | (25,337 | ) |  | $ | (83,294 | ) |  | $ | (108,631 | )
Total other expense, net |  |  | (73,201 | ) |  |  | (91,294 | ) |  |  | (164,495 | ) |  |  | (60,989 | ) |  |  | (83,294 | ) |  |  | (144,283 | )
Net loss before income taxes |  |  | (41,250 | ) |  |  | (91,294 | ) |  |  | (132,544 | ) |  |  | (21,533 | ) |  |  | (83,294 | ) |  |  | (104,827 | )
Net income (loss) |  |  | (5,822 | ) |  |  | (91,294 | ) |  |  | (97,116 | ) |  |  | 14,179 |  |  |  | (83,294 | ) |  |  | (69,115 | )
Net income (loss) attributable to Purple Innovation, Inc. |  | $ | (1,981 | ) |  | $ | (91,294 | ) |  | $ | (93,275 | ) |  | $ | 6,854 |  |  | $ | (83,294 | ) |  | $ | (76,440 | )
Net income (loss) per common share - basic |  | $ | (0.07 | ) |  | $ | (3.12 | ) |  | $ | (3.19 | ) |  | $ | 0.26 |  |  | $ | (3.20 | ) |  | $ | (2.94 | )
Net income (loss) per common share - diluted |  | $ | (0.11 | ) |  | $ | (3.08 | ) |  | $ | (3.19 | ) |  | $ | 0.26 |  |  | $ | (3.20 | ) |  | $ | (2.94 | )
|  | Three Months Ended March 31, 2020 |
(In thousands, except per share amounts) |  | As Reported |  |  | Adjustment |  |  | As Restated |
Change in fair value – warrant liabilities |  | $ | 13,633 |  |  | $ | 8,000 |  |  | $ | 21,633 |
Total other income (expense), net |  |  | 12,212 |  |  |  | 8,000 |  |  |  | 20,212 |
Net income before income taxes |  |  | 19,717 |  |  |  | 8,000 |  |  |  | 27,717 |
Net income |  |  | 20,001 |  |  |  | 8,000 |  |  |  | 28,001 |
Net income attributable to Purple Innovation, Inc. |  | $ | 8,835 |  |  | $ | 8,000 |  |  | $ | 16,835 |
Net income per common share - basic |  | $ | 0.39 |  |  | $ | 0.35 |  |  | $ | 0.74 |
Net income per common share - diluted |  | $ | 0.11 |  |  | $ | 0.32 |  |  | $ | 0.43 |
|  | Three Months Ended September 30, 2019 |  |  | Nine Months Ended September 30, 2019 |
(In thousands, except per share amounts) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Change in fair value - warrant liabilities |  |  | (1,384 | ) |  |  | (1,200 | ) |  |  | (2,584 | ) |  |  | (3,372 | ) |  |  | (5,043 | ) |  |  | (8,415 | )
Total other expense, net |  |  | (2,602 | ) |  |  | (1,200 | ) |  |  | (3,802 | ) |  |  | (13,099 | ) |  |  | (5,043 | ) |  |  | (18,142 | )
Net income (loss) before income taxes |  |  | 8,411 |  |  |  | (1,200 | ) |  |  | 7,211 |  |  |  | 350 |  |  |  | (5,043 | ) |  |  | (4,693 | )
Net income (loss) |  |  | 8,411 |  |  |  | (1,200 | ) |  |  | 7,211 |  |  |  | 350 |  |  |  | (5,043 | ) |  |  | (4,693 | )
Net income (loss) attributable to Purple Innovation, Inc. |  | $ | 1,594 |  |  | $ | (1,200 | ) |  | $ | 394 |  |  | $ | 126 |  |  | $ | (5,043 | ) |  | $ | (4,917 | )
Net income (loss) per common share - basic |  | $ | 0.18 |  |  | $ | (0.14 | ) |  | $ | 0.04 |  |  | $ | 0.01 |  |  | $ | (0.58 | ) |  | $ | (0.57 | )
Net income (loss) per common share - diluted |  | $ | 0.16 |  |  | $ | (0.12 | ) |  | $ | 0.04 |  |  | $ | 0.01 |  |  | $ | (0.58 | ) |  | $ | (0.57 | )
|  | Three Months Ended June 30, 2019 |  |  | Six Months Ended June 30, 2019 |
(In thousands, except per share amounts) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Change in fair value - warrant liabilities |  |  | (3,685 | ) |  |  | (3,936 | ) |  |  | (7,621 | ) |  |  | (1,988 | ) |  |  | (3,843 | ) |  |  | (5,831 | )
Total other expense, net |  |  | (4,980 | ) |  |  | (3,936 | ) |  |  | (8,916 | ) |  |  | (10,497 | ) |  |  | (3,843 | ) |  |  | (14,340 | )
Net loss before income taxes |  |  | (7,341 | ) |  |  | (3,936 | ) |  |  | (11,277 | ) |  |  | (8,061 | ) |  |  | (3,843 | ) |  |  | (11,904 | )
Net loss |  |  | (7,341 | ) |  |  | (3,936 | ) |  |  | (11,277 | ) |  |  | (8,061 | ) |  |  | (3,843 | ) |  |  | (11,904 | )
Net loss attributable to Purple Innovation, Inc. |  | $ | (1,338 | ) |  | $ | (3,936 | ) |  | $ | (5,274 | ) |  | $ | (1,468 | ) |  | $ | (3,843 | ) |  | $ | (5,311 | )
Net loss per common share - basic and diluted |  | $ | (0.16 | ) |  | $ | (0.46 | ) |  | $ | (0.62 | ) |  | $ | (0.17 | ) |  | $ | (0.46 | ) |  | $ | (0.63 | )
|  | Three Months Ended March 31, 2019 |
(In thousands, except per share amounts) |  | As Reported |  |  | Adjustment |  |  | As Restated |
Change in fair value – warrant liabilities |  |  | 1,697 |  |  |  | 93 |  |  |  | 1,790 |
Total other expense, net |  |  | (5,517 | ) |  |  | 93 |  |  |  | (5,424 | )
Net loss before income taxes |  |  | (720 | ) |  |  | 93 |  |  |  | (627 | )
Net loss |  |  | (720 | ) |  |  | 93 |  |  |  | (627 | )
Net loss attributable to Purple Innovation, Inc. |  | $ | (130 | ) |  | $ | 93 |  |  | $ | (37 | )
Net loss per common share - basic and diluted |  | $ | (0.02 | ) |  | $ | 0.01 |  |  | $ | (0.01 | )
Schedule of consolidated statements of stockholders’ equity (deficit), including the balances as reported, adjustments and the as restated balances |
(In thousands) |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total Stockholders’ Equity (Deficit) |  |  | Total Equity (Deficit) |
Balance at December 31, 2020, as reported |  | $ | 164,460 |  |  | $ | (4,561 | ) |  | $ | 159,905 |  |  | $ | 160,249 |
Adjustments |  |  | 168,587 |  |  |  | (261,295 | ) |  |  | (92,708 | ) |  |  | (92,708 | )
Balance at December 31, 2020, as restated |  |  | 333,047 |  |  |  | (265,856 | ) |  |  | 67,197 |  |  |  | 67,541 |
Balance at December 31, 2019, as reported |  | $ | 5,990 |  |  | $ | (8,349 | ) |  | $ | (2,354 | ) |  | $ | (4,732 | )
Adjustments |  |  | (3,168 | ) |  |  | (20,640 | ) |  |  | (23,808 | ) |  |  | (23,808 | )
Balance at December 31, 2019, as restated |  |  | 2,822 |  |  |  | (28,989 | ) |  |  | (26,162 | ) |  |  | (28,540 | )
Balance at December 31, 2018, as reported |  | $ | 3,655 |  |  | $ | (4,322 | ) |  | $ | (662 | ) |  | $ | (2,011 | )
Adjustments |  |  | (3,168 | ) |  |  | (2,094 | ) |  |  | (5,262 | ) |  |  | (5,262 | )
Balance at December 31, 2018, as restated |  |  | 487 |  |  |  | (6,416 | ) |  |  | (5,924 | ) |  |  | (7,273 | )
(In thousands) |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total Stockholders’ Equity (Deficit) |  |  | Total Equity (Deficit) |
Balance at September 30, 2020, as reported |  | $ | 44,032 |  |  | $ | (2,517 | ) |  | $ | 41,520 |  |  | $ | 41,564 |
Adjustments |  |  | 1,379 |  |  |  | (189,925 | ) |  |  | (188,546 | ) |  |  | (188,546 | )
Balance at September 30, 2020, as restated |  |  | 45,411 |  |  |  | (192,442 | ) |  |  | (147,026 | ) |  |  | (146,982 | )
Balance at June 30, 2020, as reported |  | $ | 20,584 |  |  | $ | (1,495 | ) |  | $ | 19,095 |  |  | $ | 17,469 |
Adjustments |  |  | (3,155 | ) |  |  | (103,934 | ) |  |  | (107,089 | ) |  |  | (107,089 | )
Balance at June 30, 2020, as restated |  |  | 17,429 |  |  |  | (105,429 | ) |  |  | (87,994 | ) |  |  | (89,620 | )
Balance at March 31, 2020, as reported |  | $ | 5,955 |  |  | $ | 486 |  |  | $ | 6,446 |  |  | $ | 15,114 |
Adjustments |  |  | (3,163 | ) |  |  | (12,640 | ) |  |  | (15,803 | ) |  |  | (15,803 | )
Balance at March 31, 2020, as restated |  |  | 2,792 |  |  |  | (12,154 | ) |  |  | (9,357 | ) |  |  | (689 | )
(In thousands) |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total Stockholders’ Equity (Deficit) |  |  | Total Equity (Deficit) |
Balance at September 30, 2019, as reported |  | $ | 5,748 |  |  | $ | (4,196 | ) |  | $ | 1,557 |  |  | $ | 7,983 |
Adjustments |  |  | (3,168 | ) |  |  | (7,138 | ) |  |  | (10,306 | ) |  |  | (10,306 | )
Balance at September 30, 2019, as restated |  |  | 2,580 |  |  |  | (11,334 | ) |  |  | (8,749 | ) |  |  | (2,323 | )
Balance at June 30, 2019, as reported |  | $ | 10,364 |  |  | $ | (5,790 | ) |  | $ | 4,579 |  |  | $ | (3,363 | )
Adjustments |  |  | (3,168 | ) |  |  | (5,938 | ) |  |  | (9,106 | ) |  |  | (9,106 | )
Balance at June 30, 2019, as restated |  |  | 7,196 |  |  |  | (11,728 | ) |  |  | (4,527 | ) |  |  | (12,469 | )
Balance at March 31, 2019, as reported |  | $ | 3,728 |  |  | $ | (4,452 | ) |  | $ | (719 | ) |  | $ | (2,658 | )
Adjustments |  |  | (3,168 | ) |  |  | (2,002 | ) |  |  | (5,170 | ) |  |  | (5,170 | )
Balance at March 31, 2019, as restated |  |  | 560 |  |  |  | (6,454 | ) |  |  | (5,889 | ) |  |  | (7,828 | )
Schedule of consolidated statements of cash flows from operating activities, including the balances as reported, adjustments and the as restated balances |
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
(In thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 10,875 |  |  | $ | (240,655 | ) |  | $ | (229,780 | ) |  | $ | (12,379 | ) |  | $ | (18,546 | ) |  | $ | (30,925 | )
Loss on change in fair value – warrant liabilities |  |  | 59,418 |  |  |  | 240,655 |  |  |  | 300,073 |  |  |  | 16,758 |  |  |  | 18,546 |  |  |  | 35,304 |
Net cash provided by operating activities |  | $ | 81,257 |  |  | $ | — |  |  | $ | 81,257 |  |  | $ | 22,880 |  |  | $ | — |  |  | $ | 22,880 |
|  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |
(In thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 13,010 |  |  | $ | (169,285 | ) |  | $ | (156,275 | ) |  | $ | 350 |  |  | $ | (5,043 | ) |  | $ | (4,693 | )
Loss on change in fair value – warrant liabilities |  |  | 43,308 |  |  |  | 169,285 |  |  |  | 212,593 |  |  |  | 3,372 |  |  |  | 5,043 |  |  |  | 8,415 |
Net cash provided by operating activities |  | $ | 87,400 |  |  | $ | — |  |  | $ | 87,400 |  |  | $ | 15,819 |  |  | $ | — |  |  | $ | 15,819 |
|  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |
(In thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 14,179 |  |  | $ | (83,294 | ) |  | $ | (69,115 | ) |  | $ | (8,061 | ) |  | $ | (3,843 | ) |  | $ | (11,904 | )
Loss on change in fair value – warrant liabilities |  |  | 25,337 |  |  |  | 83,294 |  |  |  | 108,631 |  |  |  | 1,988 |  |  |  | 3,843 |  |  |  | 5,831 |
Net cash provided by operating activities |  | $ | 72,346 |  |  | $ | — |  |  | $ | 72,346 |  |  | $ | 2,135 |  |  | $ | — |  |  | $ | 2,135 |
|  | Three Months Ended March 31, |
|  | 2020 |  |  | 2019 |
(In thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 20,001 |  |  | $ | 8,000 |  |  | $ | 28,001 |  |  | $ | (720 | ) |  | $ | 93 |  |  | $ | (627 | )
Gain on change in fair value – warrant liabilities |  |  | (13,633 | ) |  |  | (8,000 | ) |  |  | (21,633 | ) |  |  | (1,697 | ) |  |  | (93 | ) |  |  | (1,790 | )
Net cash used in operating activities |  | $ | (264 | ) |  | $ | — |  |  | $ | (264 | ) |  | $ | (8,296 | ) |  | $ | — |  |  | $ | (8,296 | )

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