$ABL
Abacus Global Management, Inc.

2022 Q3 Form 10-Q Financial Statement

#000156459022038104 Filed on November 21, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2021 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $1.755M
YoY Change
Gross Profit $9.753M
YoY Change
Gross Profit Margin
Selling, General & Admin $74.72K
YoY Change
% of Gross Profit 0.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.071K
YoY Change
% of Gross Profit 0.01%
Operating Expenses $8.900M $565.6K
YoY Change 1473.72% 303.98%
Operating Profit $10.67M
YoY Change
Interest Expense $2.600M $11.33M
YoY Change -77.05% 56546.75%
% of Operating Profit 24.38%
Other Income/Expense, Net $2.600M $11.33M
YoY Change -77.05%
Pretax Income -$6.300M $10.76M
YoY Change -158.53% -8379.83%
Income Tax $47.04K
% Of Pretax Income
Net Earnings -$6.347M $10.76M
YoY Change -158.97% 117.38%
Net Earnings / Revenue
Basic Earnings Per Share $0.20
Diluted Earnings Per Share -$255.8K $249.6K
COMMON SHARES
Basic Shares Outstanding 50.37M shares
Diluted Shares Outstanding 50.37M shares

Balance Sheet

Concept 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.675M $1.194M
YoY Change 40.31% 49.21%
Cash & Equivalents $1.675M $1.194M
Short-Term Investments
Other Short-Term Assets $308.3K $139.8K
YoY Change 120.59% -53.42%
Inventory
Prepaid Expenses $308.3K
Receivables
Other Receivables
Total Short-Term Assets $1.983M $1.333M
YoY Change 48.72% 25.76%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $98.26M $345.0M
YoY Change -71.52% 0.01%
Other Assets
YoY Change
Total Long-Term Assets $98.26M $345.0M
YoY Change -71.52% 0.01%
TOTAL ASSETS
Total Short-Term Assets $1.983M $1.333M
Total Long-Term Assets $98.26M $345.0M
Total Assets $100.2M $346.4M
YoY Change -71.06% 0.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.924M $1.500M
YoY Change 228.29%
Accrued Expenses $7.940M $166.1K
YoY Change 4680.78% 266.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.93M $19.00M
YoY Change -31.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.08M $12.08M
YoY Change 0.0% -0.21%
Total Long-Term Liabilities $12.08M $12.08M
YoY Change 0.0% -0.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.93M $19.00M
Total Long-Term Liabilities $12.08M $12.08M
Total Liabilities $29.67M $31.07M
YoY Change -4.53% 156.38%
SHAREHOLDERS EQUITY
Retained Earnings -$27.51M
YoY Change
Common Stock $24.14K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$27.48M -$29.70M
YoY Change
Total Liabilities & Shareholders Equity $100.2M $346.4M
YoY Change -71.06% 0.09%

Cashflow Statement

Concept 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$6.347M $10.76M
YoY Change -158.97% 117.38%
Depreciation, Depletion And Amortization $1.071K
YoY Change
Cash From Operating Activities -$1.350M -$408.3K
YoY Change 230.65% 4.68%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $247.1M
YoY Change
Cash From Investing Activities $247.1M
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 -244.7M 1.500M
YoY Change -16410.86% -99.57%
NET CHANGE
Cash From Operating Activities -1.350M -408.3K
Cash From Investing Activities 247.1M
Cash From Financing Activities -244.7M 1.500M
Net Change In Cash 1.112M 1.092M
YoY Change 1.88% 47.53%
FREE CASH FLOW
Cash From Operating Activities -$1.350M -$408.3K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2022Q3 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
4924356
CY2022Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
64771
CY2021Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
1500000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-28237411
CY2022Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-8900483
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7940400
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
-27480838
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2022Q3 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
24137
CY2021Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
24137
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-27505838
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-28262411
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
-27480838
CY2022Q3 us-gaap Liabilities Current
LiabilitiesCurrent
12929527
CY2021Q4 us-gaap Liabilities Current
LiabilitiesCurrent
1644254
CY2022Q3 us-gaap Deferred Income Noncurrent
DeferredIncomeNoncurrent
12075000
CY2021Q4 us-gaap Deferred Income Noncurrent
DeferredIncomeNoncurrent
12075000
CY2022Q3 eresu Forward Purchase Agreement Liability Noncurrent
ForwardPurchaseAgreementLiabilityNoncurrent
1000000
CY2021Q4 eresu Forward Purchase Agreement Liability Noncurrent
ForwardPurchaseAgreementLiabilityNoncurrent
1600000
CY2021Q4 eresu Warrant Liability Noncurrent
WarrantLiabilityNoncurrent
13911800
CY2021Q4 us-gaap Liabilities
Liabilities
29231054
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-28237411
CY2022Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
100243663
CY2021Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
345993643
CY2022Q3 eresu Formation And Operating Costs
FormationAndOperatingCosts
8900483
CY2021Q3 eresu Formation And Operating Costs
FormationAndOperatingCosts
565570
eresu Formation And Operating Costs
FormationAndOperatingCosts
9558846
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-1015780
CY2021Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-10724115
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-10250800
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-13077615
CY2022Q3 eresu Change In Fair Value Of Forward Purchase Agreement Liability
ChangeInFairValueOfForwardPurchaseAgreementLiability
-120000
CY2021Q3 eresu Change In Fair Value Of Forward Purchase Agreement Liability
ChangeInFairValueOfForwardPurchaseAgreementLiability
-600000
eresu Change In Fair Value Of Forward Purchase Agreement Liability
ChangeInFairValueOfForwardPurchaseAgreementLiability
-600000
eresu Change In Fair Value Of Forward Purchase Agreement Liability
ChangeInFairValueOfForwardPurchaseAgreementLiability
-2300000
CY2022Q3 us-gaap Interest Income Other
InterestIncomeOther
2804
CY2021Q3 us-gaap Interest Income Other
InterestIncomeOther
19
us-gaap Interest Income Other
InterestIncomeOther
3181
us-gaap Interest Income Other
InterestIncomeOther
34
CY2022Q3 eresu Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
385604
CY2021Q3 eresu Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
5211
eresu Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
672439
eresu Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
15518
CY2022Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2600408
CY2021Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
11329345
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
11526420
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
15393167
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6300075
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10763775
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1967574
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
47044
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
14377387
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
441792
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
64771
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-6347119
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
10763775
us-gaap Net Income Loss
NetIncomeLoss
14377387
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
9383814
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
-18853597
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-1133892
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-19987489
CY2022Q3 eresu Remeasurement Of Common Stock To Redemption Value
RemeasurementOfCommonStockToRedemptionValue
-1146230
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-6347119
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-44076776
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
10788946
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-33287830
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-7175334
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-40463164
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
10763775
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
-29699389
us-gaap Profit Loss
ProfitLoss
1902803
us-gaap Profit Loss
ProfitLoss
14377387
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-10250800
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-13077615
eresu Change In Fair Value Of Forward Purchase Agreement Liability
ChangeInFairValueOfForwardPurchaseAgreementLiability
-600000
eresu Change In Fair Value Of Forward Purchase Agreement Liability
ChangeInFairValueOfForwardPurchaseAgreementLiability
-2300000
eresu Amortization Of Prepaid Insurance
AmortizationOfPrepaidInsurance
225144
eresu Amortization Of Prepaid Insurance
AmortizationOfPrepaidInsurance
99105
eresu Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
672439
eresu Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
15518
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
4105
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
7796146
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
24772
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
64771
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1976167
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-895974
eresu Trust Account Withdrawal For Redemption Of Shares
TrustAccountWithdrawalForRedemptionOfShares
248087256
eresu Payment To Trust Account
PaymentToTrustAccount
962178
eresu Trust Account Withdrawal For Payment Of Taxes
TrustAccountWithdrawalForPaymentOfTaxes
-335723
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
247460801
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
3424356
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1500000
eresu Redemption Of Common Stock Value
RedemptionOfCommonStockValue
248087256
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-244662900
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1500000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
821734
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
604026
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
853130
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
589685
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1674864
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1193711
eresu Remeasurement Of Common Stock To Redemption Value
RemeasurementOfCommonStockToRedemptionValue
1146230
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
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
eresu Business Combination Terms And Description
BusinessCombinationTermsAndDescription
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
PercentageOfRedemptionOfCompanySOutstandingPublicShares
1
CY2022Q3 us-gaap Cash
Cash
1674864
CY2022Q3 eresu Working Capital
WorkingCapital
10946390
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 Consolidated 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>
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0075
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0329
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q3 eresu Us Federal Excise Tax On Repurchases Of Stock
USFederalExciseTaxOnRepurchasesOfStock
0.01
CY2022Q3 eresu Amount Of Excise Tax Is Percentage Of Fair Market Value Of Shares Repurchased
AmountOfExciseTaxIsPercentageOfFairMarketValueOfSharesRepurchased
0.01
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-6347119
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
10763775
us-gaap Net Income Loss
NetIncomeLoss
1902803
us-gaap Net Income Loss
NetIncomeLoss
14377387
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6347119
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10763775
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1902803
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
14377387
CY2022Q3 eresu Non Redeemable Common Stock Net Income Loss Available To Common Stockholders Basic
NonRedeemableCommonStockNetIncomeLossAvailableToCommonStockholdersBasic
-2206651
CY2021Q3 eresu Non Redeemable Common Stock Net Income Loss Available To Common Stockholders Basic
NonRedeemableCommonStockNetIncomeLossAvailableToCommonStockholdersBasic
2152755
eresu Non Redeemable Common Stock Net Income Loss Available To Common Stockholders Basic
NonRedeemableCommonStockNetIncomeLossAvailableToCommonStockholdersBasic
444130
eresu Non Redeemable Common Stock Net Income Loss Available To Common Stockholders Basic
NonRedeemableCommonStockNetIncomeLossAvailableToCommonStockholdersBasic
2875477
CY2022Q3 eresu Non Redeemable Common Stock Weighted Average Number Of Share Outstanding Basic And Diluted
NonRedeemableCommonStockWeightedAverageNumberOfShareOutstandingBasicAndDiluted
8625000
CY2021Q3 eresu Non Redeemable Common Stock Weighted Average Number Of Share Outstanding Basic And Diluted
NonRedeemableCommonStockWeightedAverageNumberOfShareOutstandingBasicAndDiluted
8625000
eresu Non Redeemable Common Stock Weighted Average Number Of Share Outstanding Basic And Diluted
NonRedeemableCommonStockWeightedAverageNumberOfShareOutstandingBasicAndDiluted
8625000
eresu Non Redeemable Common Stock Weighted Average Number Of Share Outstanding Basic And Diluted
NonRedeemableCommonStockWeightedAverageNumberOfShareOutstandingBasicAndDiluted
8625000
CY2022Q3 eresu Non Redeemable Common Stock Income Loss From Continuing Operations Per Basic And Diluted Share
NonRedeemableCommonStockIncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.26
CY2021Q3 eresu Non Redeemable Common Stock Income Loss From Continuing Operations Per Basic And Diluted Share
NonRedeemableCommonStockIncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.25
eresu Non Redeemable Common Stock Income Loss From Continuing Operations Per Basic And Diluted Share
NonRedeemableCommonStockIncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.05
eresu Non Redeemable Common Stock Income Loss From Continuing Operations Per Basic And Diluted Share
NonRedeemableCommonStockIncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.33
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 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>
CY2022Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
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 Sale Of Stock Transaction Date
SaleOfStockTransactionDate
2020-08-25
CY2020Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2020Q2 eresu Minimum Commencement Period
MinimumCommencementPeriod
P150D
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
0
CY2021Q3 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
60000
CY2022Q3 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
60000
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
180000
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
180000
CY2022Q3 eresu Warrant Conversion Price
WarrantConversionPrice
1.50
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
ProceedsFromWorkingCapitalLoanRelatedParty
1500000
CY2021 eresu Proceeds From Working Capital Loan Related Party
ProceedsFromWorkingCapitalLoanRelatedParty
1500000
CY2022Q3 eresu Loans From Sponsor For Working Capital Purpose
LoansFromSponsorForWorkingCapitalPurpose
0
CY2020Q2 eresu Sponsor Agreed Loan
SponsorAgreedLoan
300000
CY2020Q3 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
97126
CY2020Q3 us-gaap Due From Related Parties
DueFromRelatedParties
265763
CY2020Q3 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
265763
CY2022Q3 eresu Sponsor Agreed Loan
SponsorAgreedLoan
1500000
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
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
CY2022Q3 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
CY2022Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
18.00
eresu Adjusted Percentage Of Higher Of The Market Value And The Newly Issued Price For Redemption Of Warrants For Cash
AdjustedPercentageOfHigherOfTheMarketValueAndTheNewlyIssuedPriceForRedemptionOfWarrantsForCash
1
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
-600000
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1000000
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
13046000
eresu Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Change In Fair Value Of Warrants
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityChangeInFairValueOfWarrants
-4450890
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
5695110
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
-2300000
CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
600000
CY2022Q3 eresu Redemption Price Per Share
RedemptionPricePerShare
10.00

Files In Submission

Name View Source Status
0001564590-22-038104-index-headers.html Edgar Link pending
0001564590-22-038104-index.html Edgar Link pending
0001564590-22-038104.txt Edgar Link pending
0001564590-22-038104-xbrl.zip Edgar Link pending
eresu-10q_20220930.htm Edgar Link pending
eresu-20220930.xsd Edgar Link pending
eresu-ex101_8.htm Edgar Link pending
eresu-ex311_7.htm Edgar Link pending
eresu-ex312_9.htm Edgar Link pending
eresu-ex321_10.htm Edgar Link pending
eresu-ex322_6.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
eresu-20220930_cal.xml Edgar Link unprocessable
eresu-20220930_def.xml Edgar Link unprocessable
eresu-10q_20220930_htm.xml Edgar Link completed
eresu-20220930_lab.xml Edgar Link unprocessable
eresu-20220930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending