2024 Q4 Form 10-Q Financial Statement

#000121390024102370 Filed on November 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024 Q1
Revenue
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 $260.0K
YoY Change -51.63%
Operating Profit -$391.7K -$1.141M
YoY Change 24.25% 112.27%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $84.24K $96.48K
YoY Change -77.02% -97.07%
Pretax Income -$307.4K -$1.045M
YoY Change -698.44% -137.98%
Income Tax $27.65K $4.140K
% Of Pretax Income
Net Earnings -$335.1K -$1.049M
YoY Change 650.84% -150.65%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 51.52M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q4 2024 Q3 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $13.60K $10.61K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $20.25K $15.14K
Receivables
Other Receivables
Total Short-Term Assets $1.560M $25.76K
YoY Change 48.08% -95.5%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $30.00M
YoY Change -17.73%
Other Assets
YoY Change
Total Long-Term Assets $6.298M $7.508M
YoY Change -82.73% -97.6%
TOTAL ASSETS
Total Short-Term Assets $1.560M $25.76K
Total Long-Term Assets $6.298M $7.508M
Total Assets $7.858M $7.534M
YoY Change -79.06% -97.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.041M $6.605M
YoY Change 64.12% 109.13%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $9.041M $6.605M
Total Long-Term Liabilities
Total Liabilities $19.54M $17.11M
YoY Change 22.06% 25.23%
SHAREHOLDERS EQUITY
Retained Earnings -$17.81M -$16.99M
YoY Change 18.28% 45.62%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$17.81M -$16.99M
YoY Change
Total Liabilities & Shareholders Equity $7.858M $7.534M
YoY Change -79.06% -97.6%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2024 Q1
OPERATING ACTIVITIES
Net Income -$335.1K -$1.049M
YoY Change 650.84% -150.65%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$263.9K
YoY Change 171.47%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $29.69M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $29.73M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -29.68M
YoY Change
NET CHANGE
Cash From Operating Activities -263.9K
Cash From Investing Activities 29.69M
Cash From Financing Activities -29.68M
Net Change In Cash -253.9K
YoY Change 161.18%
FREE CASH FLOW
Cash From Operating Activities -$263.9K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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acab Percentage Of Underpayment Penalty Per Month
PercentageOfUnderpaymentPenaltyPerMonth
0.05 pure
acab Percentage Of Liability Total
PercentageOfLiabilityTotal
0.25 pure
CY2023Q4 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
126122 shares
CY2024Q3 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
1423594 shares
acab Excise Tax Liability
ExciseTaxLiability
3076240 usd
CY2023 acab Excise Tax Liability
ExciseTaxLiability
3062004 usd
CY2023 acab Percentage Of Shares Redeemed
PercentageOfSharesRedeemed
0.01 pure
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s 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 unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 unaudited condensed consolidated 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>
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
13597 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
264538 usd
CY2024Q1 us-gaap Operating Expenses
OperatingExpenses
260000 usd
us-gaap Operating Expenses
OperatingExpenses
260000 usd
CY2022 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
300000000 usd
CY2022 acab Proceeds Allocated To Public Warrants
ProceedsAllocatedToPublicWarrants
-8100000 usd
CY2022 acab Common Stock Issuance Costs
CommonStockIssuanceCosts
-16699058 usd
CY2022 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
33896988 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
309097930 usd
CY2023 acab Temporary Equity Redemption Value
TemporaryEquityRedemptionValue
-276471460 usd
CY2023 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
29728990 usd
CY2023 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
4395161 usd
CY2023Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
7292641 usd
CY2024Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
121197 usd
CY2024Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
7413838 usd
CY2024Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
73483 usd
CY2024Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
7487321 usd
CY2024Q3 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
1423594 usd
CY2024Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
63908 usd
CY2024Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
6127635 usd
CY2022Q1 acab Offering Costs
OfferingCosts
17204107 usd
CY2022Q1 acab Offering Costs Allocated In Temporary Equity
OfferingCostsAllocatedInTemporaryEquity
16699058 usd
CY2022Q1 acab Offering Costs Allocated In Shareholders Equity
OfferingCostsAllocatedInShareholdersEquity
505049 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration of Credit Risk</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Deposit Insurance Corporation 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.</span></p>
CY2024Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0899 pure
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.8687 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0348 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2788 pure
CY2024Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
3224 usd
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
3224 usd
CY2024Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
28850000 shares
acab Disclosure Of Initial Public Offering
DisclosureOfInitialPublicOffering
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><b>NOTE 3. INITIAL PUBLIC OFFERING</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0in; text-align: justify">Pursuant to the Initial Public Offering, the Company sold 30,000,000 Units, which include the partial exercise by the underwriters of their over-allotment option in the amount of 3,900,000 units, at a purchase price of $10.00 per Unit. Each Unit consists of one share of the Company’s Series A common stock and one-half of one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Series A common stock at an exercise price of $11.50 per whole share (see Note 7).</p>
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
50000 shares
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
362500 usd
CY2024Q3 acab Promissory Note Amount
PromissoryNoteAmount
103000 usd
CY2024Q3 us-gaap Repayments Of Debt
RepaymentsOfDebt
206000 usd
CY2024Q3 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
103000 usd
acab Underwriting Discount Per Share
UnderwritingDiscountPerShare
0.2
acab Cash Underwriting Discount
CashUnderwritingDiscount
6000000 usd
acab Underwriters Deferred Fee Per Unit
UnderwritersDeferredFeePerUnit
0.35
acab Underwriters Deferred Fee
UnderwritersDeferredFee
10500000 usd
CY2024Q1 acab Percentage Of Gross Amount Payable To Sponsor Raised From Investors
PercentageOfGrossAmountPayableToSponsorRaisedFromInvestors
0.04 pure
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
5000001 usd
CY2024Q3 acab Minimum Cash And Cash Equivalents Needed To Consummate Business Combination
MinimumCashAndCashEquivalentsNeededToConsummateBusinessCombination
8700000 usd
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
541269 shares
CY2023Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
541269 shares
acab Number Of Days After Consummation Of Business Combination With In Which The Securities Shall Be Registered
NumberOfDaysAfterConsummationOfBusinessCombinationWithInWhichTheSecuritiesShallBeRegistered
P20D
acab Number Of Days After Which Business Combination With In Which Securities Registration Shall Be Effective
NumberOfDaysAfterWhichBusinessCombinationWithInWhichSecuritiesRegistrationShallBeEffective
P60D
acab Percentage Of Market Value And Newly Issued Price
PercentageOfMarketValueAndNewlyIssuedPrice
1.15 pure
CY2024Q3 acab Additional Shares Issued
AdditionalSharesIssued
14500000 shares
CY2024Q3 acab Sponser Agreement Description
SponserAgreementDescription
(i) retain 2,950,000 shares of Series A Common Stock of ACAB, (ii) retain 291,667 shares, and transfer 983,333 shares to Abpro and 983,333 of the shares Abpro Bio, for such parties to use to obtain non-redemption commitments from SPAC stockholders or other capital for SPAC or the Surviving Corporation (with any shares unused for such purpose to be retained by such party), and (iii) forfeit the remainder of any Series A Common Stock and Series B Common Stock held by Sponsor (or 966,441 Series A shares and 1 Series B shares).
CY2024Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
200000 shares
CY2024Q3 us-gaap Other Additional Capital
OtherAdditionalCapital
14300000 usd
CY2024Q3 acab Promissory Note Liabilities
PromissoryNoteLiabilities
2000000 usd
CY2024Q3 us-gaap Debt Conversion Converted Instrument Rate
DebtConversionConvertedInstrumentRate
0.94 pure
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
usd
CY2024Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2024Q3 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2023Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2024Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2024Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
usd
CY2023Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
usd
CY2024Q3 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
usd
CY2023Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
usd
us-gaap Payments To Acquire Trust Preferred Investments
PaymentsToAcquireTrustPreferredInvestments
usd
acab Proceeds From Trust Account To Pay Franchise And Income Taxes
ProceedsFromTrustAccountToPayFranchiseAndIncomeTaxes
usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
usd
CY2024Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
usd
CY2024Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
usd
CY2023Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
usd
CY2024Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
usd
CY2024Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001893219

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acab-20240930.xsd Edgar Link pending
ea0221502-10q_abprohold.htm Edgar Link pending
ea022150201ex31-1_abprohold.htm Edgar Link pending
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