2023 Q1 Form 10-K Financial Statement

#000121390023028267 Filed on April 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $170.0K $200.0K $200.0K
YoY Change 70.0% 33.33%
Cash & Equivalents $167.8K $196.5K
Short-Term Investments
Other Short-Term Assets $230.0K $240.0K $240.0K
YoY Change
Inventory
Prepaid Expenses $233.3K $235.5K
Receivables
Other Receivables
Total Short-Term Assets $401.1K $432.0K $430.0K
YoY Change 301.07% 179.49% 186.67%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $54.49M $53.96M $53.96M
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $54.49M $53.96M $53.96M
YoY Change 36223.76% 40470.44% 38442.86%
TOTAL ASSETS
Total Short-Term Assets $401.1K $432.0K $430.0K
Total Long-Term Assets $54.49M $53.96M $53.96M
Total Assets $54.89M $54.39M $54.39M
YoY Change 21854.68% 18814.22% 18655.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $560.0K $124.6K $170.0K
YoY Change 1300.01% 91.69% 142.86%
Deferred Revenue
YoY Change
Short-Term Debt $360.0K $160.0K $160.0K
YoY Change 80.0% -20.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.084M $371.2K $370.0K
YoY Change 351.73% 39.27% 37.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.110M $2.110M $2.110M
YoY Change
Total Long-Term Liabilities $2.110M $2.110M $2.110M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.084M $371.2K $370.0K
Total Long-Term Liabilities $2.110M $2.110M $2.110M
Total Liabilities $3.237M $2.517M $2.520M
YoY Change 1248.64% 844.29% 833.33%
SHAREHOLDERS EQUITY
Retained Earnings -$93.26K $130.9K
YoY Change -3426.96%
Common Stock $166.00 $166.00
YoY Change 15.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.019M $5.045M $51.87M
YoY Change
Total Liabilities & Shareholders Equity $54.89M $54.39M $54.39M
YoY Change 21854.68% 18814.22% 18655.17%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022

Facts In Submission

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QOMOLANGMA Acquisition Corp.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing these financial statements in conformity with U.S. GAAP, the Company’s management makes 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 expenses during the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 confirming events. Accordingly, the actual results could differ significantly from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
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CY2022 qomo Deferred Underwriting Discount Percentage
DeferredUnderwritingDiscountPercentage
0.0175 pure
CY2022 qomo Deferred Fee Percentage
DeferredFeePercentage
0.04 pure
CY2022 qomo Gross Proceeds
GrossProceeds
2109200 usd
CY2022Q4 us-gaap Shares Issued
SharesIssued
16000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Holders of the common stock are entitled to one vote for each share.
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1437500 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1437500 shares
CY2022Q4 qomo Subject To Forfeiture Shares
SubjectToForfeitureShares
187500 shares
CY2022 qomo Initial Stockholders Percentage
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0.20 pure
CY2022Q4 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
119250 shares
CY2022Q4 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
1662623 shares
CY2022Q4 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
1662623 shares
CY2022Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
5273000 shares
CY2022 qomo Redeem The Outstanding Warrants
RedeemTheOutstandingWarrants
●in whole and not in part; ●at a price of $0.01 per warrant;   ●upon a minimum of 30 days’ prior written notice of redemption, which the Company refers to as the 30-day redemption period;   ●if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the to the warrant holders.  
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
36681 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
826 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Unrealized Gains On Trading Securities
DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
36164 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
517 usd
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DeferredTaxAssetsGross
826 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
36681 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
826 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
36164 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
46115 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
309 usd
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
35855 usd
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
826 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
82279 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0 pure
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0 pure
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.21 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.379 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
35855 usd
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
826 usd
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
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CY2022Q4 us-gaap Deferred Costs
DeferredCosts
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CY2021Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
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CY2021Q4 qomo Franchise Tax Payable
FranchiseTaxPayable
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CY2021Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
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CY2022Q4 us-gaap Due To Related Parties Current
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CY2021Q4 us-gaap Deferred Tax And Other Liabilities Noncurrent
DeferredTaxAndOtherLiabilitiesNoncurrent
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CY2021Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
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CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2021Q4 qomo Common Stock Value1
CommonStockValue1
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us-gaap Franchisor Costs
FranchisorCosts
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us-gaap Interest Income Securities Other Us Government
InterestIncomeSecuritiesOtherUSGovernment
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qomo Deferred Tax Provision
DeferredTaxProvision
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Investment Income Interest
InvestmentIncomeInterest
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us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
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us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
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us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Issuance Initial Public Offering
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us-gaap Proceeds From Issuance Of Private Placement
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CY2022 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
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us-gaap Payments For Repurchase Of Private Placement
PaymentsForRepurchaseOfPrivatePlacement
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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qomo Initial Classification Of Common Stock Subject To Redemption
InitialClassificationOfCommonStockSubjectToRedemption
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qomo Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
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qomo Accretion Of Common Stock To Redemptions Value
AccretionOfCommonStockToRedemptionsValue
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CY2022 qomo Public Offering Costs Included In Accrued Expenses
PublicOfferingCostsIncludedInAccruedExpenses
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CY2022 us-gaap Interest Paid
InterestPaid
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us-gaap Interest Paid
InterestPaid
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CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2021 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
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CY2022 qomo Outstanding Promissory Note
OutstandingPromissoryNote
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us-gaap Interest Costs Incurred
InterestCostsIncurred
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CY2021Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
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CY2021Q4 us-gaap Deferred Tax Liabilities Unrealized Gains On Trading Securities
DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
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CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
1.69 pure
CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001894210

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