$ABL
Abacus Life, Inc.

2021 Q4 Form 10-K Financial Statement

#000156459022023957 Filed on June 22, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $740.0K
YoY Change
Gross Profit $460.0K
YoY Change
Gross Profit Margin
Selling, General & Admin $100.0K
YoY Change
% of Gross Profit 21.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change
% of Gross Profit 0.0%
Operating Expenses $366.9K $1.383M $330.0K
YoY Change 11.18% 188.06%
Operating Profit -$922.7K
YoY Change
Interest Expense $1.829M $17.22M $10.00K
YoY Change 18188.8% 57306.83%
% of Operating Profit
Other Income/Expense, Net $0.00 $17.22M
YoY Change
Pretax Income $1.462M $15.84M -$320.0K
YoY Change -556.87% -3619.86%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $1.462M $15.84M -$320.0K
YoY Change -556.87% -3619.86%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $33.90K $367.3K -$25.56K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $853.1K $853.1K $600.0K
YoY Change 42.19% 42.19%
Cash & Equivalents $853.1K $100.0K $589.7K
Short-Term Investments
Other Short-Term Assets $91.63K $91.63K $200.0K
YoY Change -54.19% -54.19%
Inventory
Prepaid Expenses $91.63K $234.8K
Receivables $0.00
Other Receivables $70.00K
Total Short-Term Assets $944.8K $944.8K $824.4K
YoY Change 14.59% 18.1%
LONG-TERM ASSETS
Property, Plant & Equipment $150.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $345.0M $345.0M $345.0M
YoY Change 0.01% 0.01%
Other Assets $0.00
YoY Change
Total Long-Term Assets $345.0M $345.0M $345.0M
YoY Change 0.01% -0.01%
TOTAL ASSETS
Total Short-Term Assets $944.8K $944.8K $824.4K
Total Long-Term Assets $345.0M $345.0M $345.0M
Total Assets $346.0M $346.0M $345.9M
YoY Change 0.04% 0.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.500M $1.500M
YoY Change
Accrued Expenses $144.3K $144.3K $141.3K
YoY Change 2.08% 44.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.16M $17.16M $100.0K
YoY Change 17056.05% 17056.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.08M $12.08M $12.10M
YoY Change -0.21% -0.21%
Total Long-Term Liabilities $12.08M $12.08M $12.10M
YoY Change -0.21% -0.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.16M $17.16M $100.0K
Total Long-Term Liabilities $12.08M $12.08M $12.10M
Total Liabilities $29.23M $29.23M $44.93M
YoY Change -34.94% 139.6%
SHAREHOLDERS EQUITY
Retained Earnings -$28.26M -$44.10M
YoY Change -35.92%
Common Stock $24.14K $24.14K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$28.24M $316.8M -$44.08M
YoY Change
Total Liabilities & Shareholders Equity $346.0M $346.0M $345.9M
YoY Change 0.04% 0.03%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $1.462M $15.84M -$320.0K
YoY Change -556.87% -3619.86%
Depreciation, Depletion And Amortization $0.00
YoY Change
Cash From Operating Activities -$340.6K -$1.237M -$180.0K
YoY Change 89.22% 116.94%
INVESTING ACTIVITIES
Capital Expenditures $30.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 1.500M 0.000
YoY Change -99.57%
NET CHANGE
Cash From Operating Activities -340.6K -1.237M -180.0K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 0.000 1.500M 0.000
Net Change In Cash -340.6K 263.4K -180.0K
YoY Change 89.22% -55.35%
FREE CASH FLOW
Cash From Operating Activities -$340.6K -$1.237M -$180.0K
Capital Expenditures $30.00K
Free Cash Flow -$1.267M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Proceeds From Notes Payable
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us-gaap Proceeds From Related Party Debt
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CY2021 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.
CY2021 eresu Percentage Of Redemption Of Company S Outstanding Public Shares
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us-gaap Net Income Loss
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use<span style="font-style:normal;"> </span>of Estimates</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of 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="margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;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>
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CashEquivalentsAtCarryingValue
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CY2021Q4 us-gaap Cash Equivalents At Carrying Value
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;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 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>
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CY2021 us-gaap Debt Conversion Description
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The Company believes that the likelihood of the Sponsor’s exercise of the option to convert the Note to warrants is de minimis. As a result, the Company recorded zero liability related to the conversion option.
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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eresu Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants
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eresu Effective Income Tax Rate Reconciliation Change In Fair Value Of Forward Purchase Agreement Liability
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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us-gaap Effective Income Tax Rate Continuing Operations
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0.000
CY2021Q4 eresu Redemption Price Per Share
RedemptionPricePerShare
10.00

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