$ABL
Abacus Life, Inc.

2022 Q2 Form 10-Q Financial Statement

#000156459022029884 Filed on August 22, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $666.1K $1.420M
YoY Change
Gross Profit $7.733M $8.460M
YoY Change
Gross Profit Margin
Selling, General & Admin $1.025M $1.270M
YoY Change
% of Gross Profit 13.26% 15.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.098K $0.00
YoY Change
% of Gross Profit 0.01% 0.0%
Operating Expenses $360.1K $298.3K $366.9K
YoY Change 75.6% 21.67% 11.18%
Operating Profit $5.334M $8.162M
YoY Change
Interest Expense -$756.1K $9.682M $1.829M
YoY Change -89.15% -12.25% 18188.8%
% of Operating Profit -14.18% 118.63%
Other Income/Expense, Net -$756.1K $9.682M $0.00
YoY Change -89.15% -12.25%
Pretax Income -$1.116M $9.384M $1.462M
YoY Change -84.44% -13.02% -556.87%
Income Tax $17.73K $180.0K
% Of Pretax Income 1.92%
Net Earnings -$1.134M $9.384M $1.462M
YoY Change -84.2% -13.02% -556.87%
Net Earnings / Revenue
Basic Earnings Per Share $0.09
Diluted Earnings Per Share -$26.29K $217.6K $33.90K
COMMON SHARES
Basic Shares Outstanding 50.37M shares
Diluted Shares Outstanding 50.37M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $562.5K $624.9K $853.1K
YoY Change 451.67% 96.88% 42.19%
Cash & Equivalents $562.5K $624.9K $853.1K
Short-Term Investments
Other Short-Term Assets $66.42K $119.7K $91.63K
YoY Change -64.3% -51.72% -54.19%
Inventory
Prepaid Expenses $66.42K $91.63K
Receivables
Other Receivables
Total Short-Term Assets $629.0K $744.6K $944.8K
YoY Change 118.38% 31.71% 14.59%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $345.0M $345.0M $345.0M
YoY Change -0.01% 0.0% 0.01%
Other Assets
YoY Change
Total Long-Term Assets $345.0M $345.0M $345.0M
YoY Change -0.01% 0.0% 0.01%
TOTAL ASSETS
Total Short-Term Assets $629.0K $744.6K $944.8K
Total Long-Term Assets $345.0M $345.0M $345.0M
Total Assets $345.6M $345.8M $346.0M
YoY Change 0.09% 0.05% 0.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.500M $1.500M $1.500M
YoY Change
Accrued Expenses $150.7K $190.0K $144.3K
YoY Change 173.59% 49.18% 2.08%
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 $8.541M $7.558M $17.16M
YoY Change -79.06% -77.69% 17056.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.08M $12.08M $12.08M
YoY Change -0.21%
Total Long-Term Liabilities $12.08M $12.08M $12.08M
YoY Change -0.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.541M $7.558M $17.16M
Total Long-Term Liabilities $12.08M $12.08M $12.08M
Total Liabilities $20.62M $19.63M $29.23M
YoY Change -49.45% -42.06% -34.94%
SHAREHOLDERS EQUITY
Retained Earnings -$20.01M -$18.88M -$28.26M
YoY Change -43.33% -35.92%
Common Stock $24.14K $24.14K $24.14K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$19.99M -$18.85M -$28.24M
YoY Change
Total Liabilities & Shareholders Equity $345.6M $345.8M $346.0M
YoY Change 0.09% 0.05% 0.04%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$1.134M $9.384M $1.462M
YoY Change -84.2% -13.02% -556.87%
Depreciation, Depletion And Amortization $1.098K $0.00
YoY Change
Cash From Operating Activities -$345.7K -$280.6K -$340.6K
YoY Change 60.46% 3.06% 89.22%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $283.3K $52.40K $0.00
YoY Change
Cash From Investing Activities $283.3K $52.40K $0.00
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 3.880M 3.860M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -345.7K -280.6K -340.6K
Cash From Investing Activities 283.3K 52.40K 0.000
Cash From Financing Activities 3.880M 3.860M 0.000
Net Change In Cash -62.36K -228.2K -340.6K
YoY Change -71.05% -16.18% 89.22%
FREE CASH FLOW
Cash From Operating Activities -$345.7K -$280.6K -$340.6K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Increase Decrease In Accrued Taxes Payable
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us-gaap Net Cash Provided By Used In Operating Activities
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CY2020Q3 eresu Other Offering Costs
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eresu Business Combination Terms And Description
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The Company will have until January 27, 2023 (or such earlier time that the Company elects not to deposit additional funds into the Trust Account, as described below) 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.
eresu Percentage Of Redemption Of Company S Outstanding Public Shares
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us-gaap Use Of Estimates
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<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;"><span style="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.</span></p>
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2020Q2 eresu Sponsor Agreed Loan
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q2 eresu Non Redeemable Common Stock Income Loss From Continuing Operations Per Basic And Diluted Share
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us-gaap Concentration Risk Credit Risk
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<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 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>
CY2022Q2 us-gaap Cash Fdic Insured Amount
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;">Reclassification</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain prior period amounts have been reclassified to conform to current presentation.</p>
CY2020Q3 us-gaap Repayment Of Notes Receivable From Related Parties
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us-gaap Administrative Fees Expense
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us-gaap Administrative Fees Expense
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CY2022Q2 eresu Warrant Conversion Price
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us-gaap Debt Conversion Description
DebtConversionDescription
The Company believes that the likelihood of the Sponsor’s exercise of the option to convert the Working Capital Note to warrants is de minimis. As a result, the Company recorded zero liability related to the conversion option.
eresu Proceeds From Working Capital Loan Related Party
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CY2021 eresu Proceeds From Working Capital Loan Related Party
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CY2021Q4 us-gaap Preferred Stock Shares Outstanding
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us-gaap Common Stock Voting Rights
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eresu Number Of Fractional Shares Issued Upon Exercise Of Public Warrants
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eresu Obligation To Settle Public Warrant Exercise
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eresu Class Of Warrant Or Right Warrants Exercisable
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eresu Minimum Period Prior Written Notice Of Redemption To Each Warrant Holder
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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityChangeInFairValueOfWarrants
-801000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
-1700000
CY2021Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
10545000
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1600000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
-480000
CY2022Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1120000
CY2022Q2 eresu Redemption Price Per Share
RedemptionPricePerShare
10.00
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-8158800
CY2022Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-360069
CY2021Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-205051
us-gaap Interest Income Other
InterestIncomeOther
377
us-gaap Interest Income Other
InterestIncomeOther
17
CY2022Q2 eresu Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
248170
CY2021Q2 eresu Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
5211
eresu Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
286835
eresu Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
10307
CY2022Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-756096
CY2021Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-6970283
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
8926012
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
4063824

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