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Restatement of Previously Issued Consolidated Financial Statements (Tables)

12 Months Ended

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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Tabular disclosure of condensed statement of comprehensive income (loss) including, but not limited to, statements of comprehensive income (loss) of consolidated entities and consolidation eliminations.

+ References

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-Publisher SEC
-Name Regulation S-X (SX)
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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Regulation S-X (SX)
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Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 3
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- Definition

Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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