$ABL
Abacus Life, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021039240 Filed on July 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $245.2K
YoY Change
Operating Profit
YoY Change
Interest Expense $11.03M
YoY Change
% of Operating Profit
Other Income/Expense, Net $11.03M
YoY Change
Pretax Income $10.79M
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $10.79M
YoY Change
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $250.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $317.4K
YoY Change
Cash & Equivalents $317.4K
Short-Term Investments
Other Short-Term Assets $247.9K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $565.3K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $345.0M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $345.0M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $565.3K
Total Long-Term Assets $345.0M
Total Assets $345.6M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $127.3K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.88M
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 $33.88M
Total Long-Term Liabilities $0.00
Total Liabilities $33.88M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$33.31M
YoY Change
Common Stock $24.14K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$33.29M
YoY Change
Total Liabilities & Shareholders Equity $345.6M
YoY Change

Cashflow Statement

Concept 2021 Q1
OPERATING ACTIVITIES
Net Income $10.79M
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$272.3K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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
YoY Change
NET CHANGE
Cash From Operating Activities -272.3K
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash -272.3K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$272.3K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2020Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q1 us-gaap Deferred Income Noncurrent
DeferredIncomeNoncurrent
12075000
CY2021Q1 eresu Forward Purchase Agreement Liability Noncurrent
ForwardPurchaseAgreementLiabilityNoncurrent
500000
CY2021Q1 eresu Warrant Liability Noncurrent
WarrantLiabilityNoncurrent
21182000
CY2021Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2021Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
24137
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-33312830
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-33287830
CY2021Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
345596517
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 eresu Formation And Operating Costs
FormationAndOperatingCosts
245161
CY2021Q1 us-gaap Liabilities
Liabilities
33884347
CY2021Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-245161
CY2021Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-8629000
CY2021Q1 eresu Change In Fair Value Of Forward Purchase Agreement Liability
ChangeInFairValueOfForwardPurchaseAgreementLiability
-2400000
CY2021Q1 us-gaap Interest Income Other
InterestIncomeOther
11
CY2021Q1 eresu Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
5096
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
11034107
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
10788946
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
10788946
CY2021Q1 us-gaap Profit Loss
ProfitLoss
10788946
CY2021Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
13167
CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-13968
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-272285
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
317400
CY2020Q4 eresu Forward Purchase Agreement Liability Noncurrent
ForwardPurchaseAgreementLiabilityNoncurrent
2900000
CY2020Q4 us-gaap Deferred Income Noncurrent
DeferredIncomeNoncurrent
12075000
CY2020Q4 eresu Warrant Liability Noncurrent
WarrantLiabilityNoncurrent
29811000
CY2020Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
24137
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-44101776
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-44076776
CY2020Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
345850539
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Liabilities
Liabilities
44927315
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-272285
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
589685
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:3.32%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed 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 periods.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:3.32%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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>
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:3.32%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.32%;font-family:Times New Roman;font-size:5pt;">&nbsp;</p>
CY2020Q3 us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
6900000
CY2020Q3 eresu Deferred Underwriting Fees
DeferredUnderwritingFees
12075000
CY2020Q3 eresu Other Offering Costs
OtherOfferingCosts
865171
CY2020Q3 us-gaap Deposit Assets
DepositAssets
45000000
CY2020Q3 us-gaap Common Stock Held In Trust
CommonStockHeldInTrust
345000000
CY2020Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
19840171
CY2021Q1 eresu Business Combination Terms And Description
BusinessCombinationTermsAndDescription
The Company will have until July 27, 2022 to complete a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to its obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.
CY2021Q1 eresu Percentage Of Redemption Of Company S Outstanding Public Shares
PercentageOfRedemptionOfCompanySOutstandingPublicShares
1.00
CY2021Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q1 eresu Non Redeemable Common Stock Net Income Loss
NonRedeemableCommonStockNetIncomeLoss
10788946
CY2021Q1 eresu Non Redeemable Common Stock Net Income Loss Available To Common Stockholders Basic
NonRedeemableCommonStockNetIncomeLossAvailableToCommonStockholdersBasic
10788946
CY2021Q1 eresu Non Redeemable Common Stock Weighted Average Number Of Share Outstanding Basic And Diluted
NonRedeemableCommonStockWeightedAverageNumberOfShareOutstandingBasicAndDiluted
8625000
CY2021Q1 eresu Non Redeemable Common Stock Income Loss From Continuing Operations Per Basic And Diluted Share
NonRedeemableCommonStockIncomeLossFromContinuingOperationsPerBasicAndDilutedShare
1.25
CY2021Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2020Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2020Q3 us-gaap Sale Of Stock Transaction Date
SaleOfStockTransactionDate
2020-08-25
CY2021Q1 eresu Loans From Related Party For Working Capital
LoansFromRelatedPartyForWorkingCapital
1500000
CY2021Q1 eresu Warrant Conversion Price
WarrantConversionPrice
1.50
CY2021Q1 eresu Loans From Sponsor For Working Capital Purpose
LoansFromSponsorForWorkingCapitalPurpose
500000
CY2021Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote
eresu Number Of Fractional Shares Issued Upon Exercise Of Public Warrants
NumberOfFractionalSharesIssuedUponExerciseOfPublicWarrants
0
eresu Public Warrants Exercisable Period After Completion Of Business Combination
PublicWarrantsExercisablePeriodAfterCompletionOfBusinessCombination
P30D
eresu Public Warrants Exercisable Period From Closing Of Proposed Offering
PublicWarrantsExercisablePeriodFromClosingOfProposedOffering
P12M
eresu Public Warrants Expiration Term After Completion Of Business Combination
PublicWarrantsExpirationTermAfterCompletionOfBusinessCombination
P5Y
eresu Obligation To Settle Public Warrant Exercise
ObligationToSettlePublicWarrantExercise
0
eresu Class Of Warrant Or Right Warrants Exercisable
ClassOfWarrantOrRightWarrantsExercisable
0
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
eresu Minimum Period Prior Written Notice Of Redemption To Each Warrant Holder
MinimumPeriodPriorWrittenNoticeOfRedemptionToEachWarrantHolder
P30D
CY2021Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
18.00
eresu Warrants Redemption Terms
WarrantsRedemptionTerms
the last sale price of the Class A 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 warrant holders.
eresu Adjustment Of Warrant Exercise Price Description
AdjustmentOfWarrantExercisePriceDescription
the volume weighted average trading price of the Company’s shares of Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company completes a Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the Public Warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price
eresu Adjusted Percentage Of Higher Of The Market Value And The Newly Issued Price For Redemption Of Warrants For Cash
AdjustedPercentageOfHigherOfTheMarketValueAndTheNewlyIssuedPriceForRedemptionOfWarrantsForCash
1.00
CY2021Q1 eresu Redemption Price Per Share
RedemptionPricePerShare
10.00

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