$ABL
Abacus Life, Inc.

2022 Q4 Form 10-K Financial Statement

#000156459023005819 Filed on April 18, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $6.250M
YoY Change 744.59%
Gross Profit $38.47M
YoY Change 8263.04%
Gross Profit Margin
Selling, General & Admin $3.660M
YoY Change 3560.0%
% of Gross Profit 9.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change
% of Gross Profit 0.0%
Operating Expenses $2.163M $11.72M
YoY Change 489.65% 747.79%
Operating Profit $26.75M
YoY Change -2998.92%
Interest Expense -$908.4K $10.62M
YoY Change -149.67% -38.35%
% of Operating Profit 39.7%
Other Income/Expense, Net $513.2K $11.13M
YoY Change -35.37%
Pretax Income -$2.559M -$591.1K
YoY Change -275.01% -103.73%
Income Tax -$12.29K $52.49K
% Of Pretax Income
Net Earnings -$2.546M -$643.6K
YoY Change -274.17% -104.06%
Net Earnings / Revenue
Basic Earnings Per Share $0.63
Diluted Earnings Per Share -$0.14 -$0.02
COMMON SHARES
Basic Shares Outstanding 50.37M shares
Diluted Shares Outstanding 50.37M shares

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.57K $86.57K
YoY Change -89.85% -89.85%
Cash & Equivalents $86.57K $30.05M
Short-Term Investments
Other Short-Term Assets $64.91K $64.91K
YoY Change -29.16% -29.16%
Inventory
Prepaid Expenses $64.91K
Receivables $2.920M
Other Receivables $190.0K
Total Short-Term Assets $151.5K $151.5K
YoY Change -83.97% -83.97%
LONG-TERM ASSETS
Property, Plant & Equipment $18.62K $100.0K
YoY Change -33.33%
Goodwill $0.00
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments $99.22M $99.22M
YoY Change -71.24% -71.24%
Other Assets $890.8K $890.0K
YoY Change
Total Long-Term Assets $99.22M $99.22M
YoY Change -71.24% -71.24%
TOTAL ASSETS
Total Short-Term Assets $151.5K $151.5K
Total Long-Term Assets $99.22M $99.22M
Total Assets $99.37M $99.37M
YoY Change -71.28% -71.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.924M $4.924M
YoY Change 228.29% 228.29%
Accrued Expenses $9.228M $9.228M
YoY Change 6296.72% 6296.89%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $18.78M $18.78M
YoY Change 9.47% 9.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.78M $18.78M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $18.78M $18.78M
YoY Change -35.75% -35.75%
SHAREHOLDERS EQUITY
Retained Earnings -$18.41M
YoY Change -34.84%
Common Stock $24.14K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$18.39M $80.59M
YoY Change
Total Liabilities & Shareholders Equity $99.37M $99.37M
YoY Change -71.28% -71.28%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$2.546M -$643.6K
YoY Change -274.17% -104.06%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change
Cash From Operating Activities -$626.1K -$2.602M
YoY Change 83.83% 110.45%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$962.2K $246.5M
YoY Change
Cash From Investing Activities -$962.2K $246.5M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities 0.000 -244.7M
YoY Change -16410.86%
NET CHANGE
Cash From Operating Activities -626.1K -2.602M
Cash From Investing Activities -962.2K 246.5M
Cash From Financing Activities 0.000 -244.7M
Net Change In Cash -1.588M -766.6K
YoY Change 366.33% -390.97%
FREE CASH FLOW
Cash From Operating Activities -$626.1K -$2.602M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$626.1K -$2.602M
YoY Change 105.46%

Facts In Submission

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The Company will have until July 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.
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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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CY2022 us-gaap Debt Conversion Description
DebtConversionDescription
Upon the consummation of a Business Combination, the holder of the Note (or a permitted assignee) shall have the option, but not the obligation, to convert up to $1,500,000 or a portion of the unpaid principal balance of the Note into that number of Working Capital Warrants equal to the principal amount of the Note so converted divided by $1.50.
CY2022Q3 eresu Sponsor Agreed Loan
SponsorAgreedLoan
1500000
CY2022Q3 eresu Loans From Related Party For Working Capital
LoansFromRelatedPartyForWorkingCapital
1500000
CY2022 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Reclassification</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;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
CY2022 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote
CY2022 eresu Number Of Fractional Shares Issued Upon Exercise Of Public Warrants
NumberOfFractionalSharesIssuedUponExerciseOfPublicWarrants
0
CY2022 eresu Public Warrants Exercisable Period After Completion Of Business Combination
PublicWarrantsExercisablePeriodAfterCompletionOfBusinessCombination
P30D
CY2022 eresu Public Warrants Exercisable Period From Closing Of Proposed Offering
PublicWarrantsExercisablePeriodFromClosingOfProposedOffering
P12M
CY2022 eresu Public Warrants Expiration Term After Completion Of Business Combination
PublicWarrantsExpirationTermAfterCompletionOfBusinessCombination
P5Y
CY2022 eresu Obligation To Settle Public Warrant Exercise
ObligationToSettlePublicWarrantExercise
0
CY2022 eresu Class Of Warrant Or Right Warrants Exercisable
ClassOfWarrantOrRightWarrantsExercisable
0
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2022 eresu Minimum Period Prior Written Notice Of Redemption To Each Warrant Holder
MinimumPeriodPriorWrittenNoticeOfRedemptionToEachWarrantHolder
P30D
CY2022Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
18.00
CY2022 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 Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
57440
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
753230
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
322752
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
753230
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
380192
CY2022Q4 eresu Deferred Tax Assets Valuation Allowance Net
DeferredTaxAssetsValuationAllowanceNet
-753230
CY2021Q4 eresu Deferred Tax Assets Valuation Allowance Net
DeferredTaxAssetsValuationAllowanceNet
-380192
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
41592
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-243908
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-380192
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
10893
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-129130
CY2022 eresu Change In Valuation Allowance Income Tax Expense Benefit
ChangeInValuationAllowanceIncomeTaxExpenseBenefit
373038
CY2021 eresu Change In Valuation Allowance Income Tax Expense Benefit
ChangeInValuationAllowanceIncomeTaxExpenseBenefit
380192
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
52485
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
373038
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
380192
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.2039
CY2022 eresu Effective Income Tax Rate Reconciliation Merger Costs
EffectiveIncomeTaxRateReconciliationMergerCosts
-3.5838
CY2022 eresu Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrants
3.3168
CY2021 eresu Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrants
-0.211
CY2022 eresu Effective Income Tax Rate Reconciliation Change In Fair Value Of Forward Purchase Agreement Liability
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfForwardPurchaseAgreementLiability
0.2132
CY2021 eresu Effective Income Tax Rate Reconciliation Change In Fair Value Of Forward Purchase Agreement Liability
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfForwardPurchaseAgreementLiability
-0.017
CY2022 eresu Effective Income Tax Rate Reconciliation Deferred Underwriting Fees
EffectiveIncomeTaxRateReconciliationDeferredUnderwritingFees
0.1823
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.6311
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.018
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0887
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2022Q4 eresu Redemption Price Per Share
RedemptionPricePerShare
10.00

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