Grid Dynamics(GDYN)

Search documents
Grid Dynamics(GDYN) - 2019 Q2 - Quarterly Report
2019-08-13 23:33
[PART 1 – FINANCIAL INFORMATION](index=4&type=section&id=PART%201%20%E2%80%93%20FINANCIAL%20INFORMATION) This section presents the unaudited financial statements and related disclosures for the company's interim period [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Unaudited financial statements as of June 30, 2019, show $223.8 million in assets, $1.49 million net income, and a going concern uncertainty [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2019, total assets were $223.8 million, primarily in a Trust Account, with $8.1 million in liabilities Condensed Balance Sheet Data (Unaudited) | Account | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $659,543 | $1,011,224 | | Cash and marketable securities held in Trust Account | $222,993,855 | $221,158,467 | | **Total Assets** | **$223,828,599** | **$222,364,173** | | **Liabilities & Equity** | | | | Total Current Liabilities | $415,607 | $445,120 | | Deferred underwriting fees | $7,700,000 | $7,700,000 | | **Total Liabilities** | **$8,115,607** | **$8,145,120** | | Common stock subject to possible redemption | $210,712,990 | $209,219,050 | | **Total Stockholders' Equity** | **$5,000,002** | **$5,000,003** | [Condensed Statements of Operations](index=5&type=section&id=Condensed%20Statements%20of%20Operations) Net income for the six months ended June 30, 2019, was $1.49 million, primarily from interest on Trust Account securities Statement of Operations Highlights (Unaudited) | Metric | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | | Interest earned on marketable securities | $1,317,860 | $2,617,791 | | General and administrative expenses | $278,012 | $595,223 | | **Net income** | **$773,705** | **$1,493,939** | | Basic and diluted income per share, Class A | $0.05 | $0.09 | [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $1.13 million, with a $351,681 decrease in cash balance for the six months ended June 30, 2019 Cash Flow Summary for Six Months Ended June 30, 2019 (Unaudited) | Cash Flow Activity | Amount | | :--- | :--- | | Net cash used in operating activities | ($1,134,084) | | Net cash provided by investing activities | $782,403 | | Net cash provided by financing activities | $0 | | **Net Change in Cash** | **($351,681)** | | Cash – End of period | $659,543 | [Notes to Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Notes detail the company's SPAC nature, April 2020 business combination deadline, going concern uncertainty, related party transactions, and $7.7 million in deferred underwriting fees - The Company is a blank check company formed to effect a business combination, intending to focus on the technology industry[20](index=20&type=chunk)[21](index=21&type=chunk) - The company has until **April 9, 2020**, to consummate a Business Combination, otherwise it will cease operations and redeem public shares[33](index=33&type=chunk) - Management has determined that the mandatory liquidation and subsequent dissolution raises substantial doubt about the Company's ability to continue as a going concern[38](index=38&type=chunk) - The company pays an affiliate of the Sponsor **$15,000 per month** for office space, utilities, and administrative support[66](index=66&type=chunk) - Underwriters are entitled to a deferred fee of **$7,700,000**, payable from the Trust Account only upon completion of a Business Combination[71](index=71&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The blank check company reported $1.49 million net income from Trust Account interest, with $659,543 cash for working capital, and may need additional financing for a business combination - The company is a blank check company formed on May 21, 2018, to effect a business combination, with no operations or revenues to date[89](index=89&type=chunk)[93](index=93&type=chunk) Results of Operations Summary | Period | Net Income / (Loss) | Key Drivers | | :--- | :--- | :--- | | **Three Months Ended June 30, 2019** | $773,705 | $1.32M interest income, offset by $278K operating costs and $266K taxes | | **Six Months Ended June 30, 2019** | $1,493,939 | $2.62M interest income, offset by $595K operating costs and $529K taxes | - As of June 30, 2019, the company had **$659,543** in cash held outside the Trust Account available for working capital purposes[96](index=96&type=chunk) - A total of **$220 million** was placed in the Trust Account following the IPO and exercise of the over-allotment option[99](index=99&type=chunk) - The Sponsor may provide up to **$1,500,000** in Working Capital Loans, which may be convertible into units at **$10.00 per unit** at the lender's option[103](index=103&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's market risk is considered minimal due to its investment strategy in short-term U.S. government securities - The company believes there is no material exposure to interest rate risk due to its investment strategy of holding short-term U.S. government securities[109](index=109&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2019, with no material changes to internal controls - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2019[111](index=111&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[112](index=112&type=chunk) [PART II – OTHER INFORMATION](index=27&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section provides updates on legal proceedings, risk factors, equity sales, and exhibits [Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) The company has no legal proceedings to report - None[114](index=114&type=chunk) [Risk Factors](index=27&type=page&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - As of the date of this report, there have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K[115](index=115&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=27&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities or use of proceeds for the period - None[116](index=116&type=chunk) [Exhibits](index=28&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Quarterly Report on Form 10-Q, including officer certifications and XBRL data files - The report includes exhibits such as CEO/CFO certifications (302 and 906) and XBRL data files[122](index=122&type=chunk)
Grid Dynamics(GDYN) - 2019 Q1 - Quarterly Report
2019-05-15 20:03
PART 1 – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents ChaSerg Technology Acquisition Corp.'s unaudited condensed financial statements for Q1 2019, detailing balance sheets, operations, equity changes, cash flows, and related notes [Condensed Balance Sheets](index=3&type=section&id=Condensed%20Balance%20Sheets) Total assets were $223.4 million, primarily trust account cash, with $8.4 million liabilities and $209.9 million redeemable common stock Condensed Balance Sheet Highlights (unaudited) | Account | March 31, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $873,508 | $1,011,224 | | Cash and marketable securities held in Trust Account | $222,335,061 | $221,158,467 | | **Total Assets** | **$223,381,062** | **$222,364,173** | | **Liabilities & Equity** | | | | Total Liabilities | $8,441,775 | $8,145,120 | | Common stock subject to possible redemption | $209,939,280 | $209,219,050 | | Total Stockholders' Equity | $5,000,007 | $5,000,003 | [Condensed Statement of Operations](index=4&type=section&id=Condensed%20Statement%20of%20Operations) For Q1 2019, the company reported **$720,234** net income, driven by **$1.3 million** in trust account interest, offsetting expenses and taxes Statement of Operations Summary (Three Months Ended March 31, 2019) | Item | Amount | | :--- | :--- | | Interest earned on marketable securities held in Trust Account | $1,299,931 | | General and administrative expenses | ($317,211) | | Provision for income taxes | ($262,486) | | **Net income** | **$720,234** | | Basic and diluted income per share, Class A | $0.04 | [Condensed Statement of Changes in Stockholders' Equity](index=5&type=section&id=Condensed%20Statement%20of%20Changes%20in%20Stockholders'%20Equity) Total stockholders' equity remained stable at **$5.0 million**, as net income was offset by changes in redeemable common stock value - Net income for the period was **$720,234**[15](index=15&type=chunk) - A change in the value of common stock subject to possible redemption of (**$720,230**) was recorded, offsetting the net income[15](index=15&type=chunk) [Condensed Statement of Cash Flows](index=6&type=section&id=Condensed%20Statement%20of%20Cash%20Flows) Net cash used in operations was **$261,053**, offset by **$123,337** from investing, resulting in a **$137,716** net cash decrease Cash Flow Summary (Three Months Ended March 31, 2019) | Activity | Amount | | :--- | :--- | | Net cash used in operating activities | ($261,053) | | Net cash provided by investing activities | $123,337 | | **Net Change in Cash** | **($137,716)** | | **Cash – End of period** | **$873,508** | [Notes to Condensed Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Notes detail the company's SPAC status, IPO proceeds, related party transactions, deferred fees, and going concern uncertainty - The Company is a special purpose acquisition company (SPAC) formed to effect a business combination, with an intended focus on the technology industry[20](index=20&type=chunk)[21](index=21&type=chunk) - The Company has until April 9, 2020 (the "Combination Period") to consummate a Business Combination, or it will be required to liquidate[33](index=33&type=chunk) - Management has determined that the mandatory liquidation requirement raises substantial doubt about the Company's ability to continue as a going concern[39](index=39&type=chunk) - The Sponsor and Cantor purchased an aggregate of **640,000** Placement Units at **$10.00** per unit in private placements[24](index=24&type=chunk)[26](index=26&type=chunk)[60](index=60&type=chunk) - The company pays an affiliate of the Sponsor **$15,000** per month for office space, utilities, and administrative support[68](index=68&type=chunk) - Underwriters are entitled to a deferred fee of **$7,700,000**, payable from the Trust Account only upon the completion of a Business Combination[71](index=71&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The blank check company reported **$720,234** net income from trust account interest, with **$873,508** cash for working capital - The company is a blank check company formed to effect a business combination and has not engaged in any operations or generated any revenues to date[92](index=92&type=chunk)[96](index=96&type=chunk) Q1 2019 Financial Results Summary | Item | Amount | | :--- | :--- | | Net Income | $720,234 | | Interest Income (Trust Account) | $1,299,931 | | Operating Costs | $317,211 | | Provision for Income Taxes | $262,486 | - Following its IPO and over-allotment exercise, a total of **$220,000,000** was placed in the Trust Account[101](index=101&type=chunk) - As of March 31, 2019, the company had **$873,508** in cash held outside the Trust Account for working capital purposes[98](index=98&type=chunk) - The Sponsor or its affiliates may loan the company up to **$1,500,000** for working capital, which may be convertible into units at **$10.00** per unit[106](index=106&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's market risk is minimal due to short-term U.S. government treasury investments in the Trust Account, limiting interest rate exposure - The net proceeds from the IPO held in the Trust Account are invested in U.S. government treasury bills with a maturity of 180 days or less[112](index=112&type=chunk) - Due to the short-term nature of these investments, the company believes there is no material exposure to interest rate risk[112](index=112&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2019, with no material changes to internal controls during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2019[114](index=114&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[115](index=115&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings - The company has no legal proceedings to report[118](index=118&type=chunk) [Risk Factors](index=27&type=page&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the Annual Report on Form 10-K were reported - As of the date of this report, there have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K[119](index=119&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=27&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported - None reported[120](index=120&type=chunk) [Defaults Upon Senior Securities](index=27&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - None reported[121](index=121&type=chunk) [Mine Safety Disclosures](index=27&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[122](index=122&type=chunk) [Other Information](index=27&type=section&id=Item%205.%20Other%20Information) No other information was reported - None reported[123](index=123&type=chunk) [Exhibits](index=28&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the 10-Q, including CEO/CFO certifications and XBRL data files - Exhibits filed include CEO and CFO certifications pursuant to Sarbanes-Oxley Act Sections 302 and 906, and XBRL Instance Documents[126](index=126&type=chunk)
Grid Dynamics(GDYN) - 2018 Q4 - Annual Report
2019-03-20 20:11
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38685 CHASERG TECHNOLOGY ACQUISITION CORP. (Exact name of registrant as specified in its charter) | Delaware | 83-0632724 | | --- | --- ...