$AERT
Aeries Technology, Inc.

2023 Q3 Form 10-Q Financial Statement

#000182912623007441 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3
Revenue
YoY Change
Cost Of Revenue $12.75M
YoY Change
Gross Profit $4.824M
YoY Change
Gross Profit Margin
Selling, General & Admin $1.597M
YoY Change 10.6%
% of Gross Profit 33.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $334.0K
YoY Change
% of Gross Profit 6.92%
Operating Expenses $1.597M
YoY Change 10.6%
Operating Profit -$1.597M
YoY Change 10.6%
Interest Expense $75.62K
YoY Change -91.54%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$1.522M
YoY Change 337.22%
Income Tax $679.0K
% Of Pretax Income
Net Earnings -$1.522M
YoY Change 337.22%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.15
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.410K
YoY Change -91.0%
Cash & Equivalents $8.412K
Short-Term Investments
Other Short-Term Assets $837.00
YoY Change -99.79%
Inventory
Prepaid Expenses $39.85K
Receivables $14.38M
Other Receivables $0.00
Total Short-Term Assets $49.09K
YoY Change -89.98%
LONG-TERM ASSETS
Property, Plant & Equipment $9.528M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $49.99M
YoY Change -78.58%
Other Assets $4.033M
YoY Change 20365.85%
Total Long-Term Assets $49.99M
YoY Change -78.59%
TOTAL ASSETS
Total Short-Term Assets $49.09K
Total Long-Term Assets $49.99M
Total Assets $50.04M
YoY Change -78.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.352M
YoY Change 20161.11%
Accrued Expenses $62.27K
YoY Change -96.02%
Deferred Revenue
YoY Change
Short-Term Debt $557.8K
YoY Change 176.2%
Long-Term Debt Due $13.00K
YoY Change
Total Short-Term Liabilities $9.386M
YoY Change 422.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $1.002M
YoY Change -54.04%
Total Long-Term Liabilities $1.002M
YoY Change -54.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.386M
Total Long-Term Liabilities $1.002M
Total Liabilities $10.39M
YoY Change 161.25%
SHAREHOLDERS EQUITY
Retained Earnings -$10.24M
YoY Change 204.1%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$10.24M
YoY Change
Total Liabilities & Shareholders Equity $50.04M
YoY Change -78.61%

Cashflow Statement

Concept 2023 Q3
OPERATING ACTIVITIES
Net Income -$1.522M
YoY Change 337.22%
Depreciation, Depletion And Amortization $334.0K
YoY Change
Cash From Operating Activities -$33.44K
YoY Change -25.64%
INVESTING ACTIVITIES
Capital Expenditures $476.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $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 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -33.44K
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000
Net Change In Cash -33.44K
YoY Change -25.64%
FREE CASH FLOW
Cash From Operating Activities -$33.44K
Capital Expenditures $476.0K
Free Cash Flow -$509.4K
YoY Change

Facts In Submission

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us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<p id="xdx_84B_eus-gaap--DerivativesMethodsOfAccountingNonhedgingDerivatives_zIWQzpJCPJw1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zYXcDXRkkct6">Derivative Financial Instruments</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for the Warrants, Forward Purchase Agreement (as defined below), and Working Capital Loan conversion option (collectively, the “Instruments”) in accordance with the guidance contained in ASC 815-40 under which the Instruments do not meet the criteria for equity treatment and must be recorded as liabilities. The conversion feature within the Working Capital Loan gives the Sponsor an option to convert the loan to warrants of the Company’s Class A ordinary shares. This bifurcated feature is assessed at the end of each reporting period to conclude whether additional liability should be recorded. The Instruments are subjected to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. See Note 5 and 7 for further discussion of the pertinent terms of the Warrants and Forward Purchase Agreement and Note 8 for further discussion of the methodology used to determine the value of the Warrants, Forward Purchase Agreement, and Working Capital Loan conversion option.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 AERT Basic And Diluted Net Loss Income Per Share Class B Nonredeemable Ordinary Shares
BasicAndDilutedNetLossIncomePerShareClassBNonredeemableOrdinaryShares
-0.15
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zzbsx7rsJSQ2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zS4w5Qxr77j1">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of 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 consolidated financial statements and the reported amounts of expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><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 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> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Cash
Cash
8412 usd
CY2022Q4 us-gaap Cash
Cash
48126 usd
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q3 AERT Net Loss Income Allocable To Nonredeemable Class B Ordinary Shares
NetLossIncomeAllocableToNonredeemableClassBOrdinaryShares
-69615 shares
AERT Net Loss Income Allocable To Nonredeemable Class B Ordinary Shares
NetLossIncomeAllocableToNonredeemableClassBOrdinaryShares
-338044 shares
AERT Net Loss Income Allocable To Nonredeemable Class B Ordinary Shares
NetLossIncomeAllocableToNonredeemableClassBOrdinaryShares
1925214 shares
CY2023Q3 AERT Denominator Weighted Average Nonredeemable Class B Ordinary Shares
DenominatorWeightedAverageNonredeemableClassBOrdinaryShares
5750000 shares
CY2022Q3 AERT Denominator Weighted Average Nonredeemable Class B Ordinary Shares
DenominatorWeightedAverageNonredeemableClassBOrdinaryShares
5750000 shares
AERT Denominator Weighted Average Nonredeemable Class B Ordinary Shares
DenominatorWeightedAverageNonredeemableClassBOrdinaryShares
5750000 shares
CY2023Q3 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
49992699 usd
CY2022Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
234716046 usd
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
232300000 usd
CY2022 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
2316046 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
234616046 usd
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
4711256 usd
AERT Temporary Equity Stock Redeemed During Period Value
TemporaryEquityStockRedeemedDuringPeriodValue
-189434603 usd
CY2023Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
49892699 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zUoYli69ad9j" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_znCDOGjsvcs">Concentrations of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $<span id="xdx_904_eus-gaap--CashFDICInsuredAmount_c20230930_pp0p0" title="Cash, FDIC insured amount">250,000</span>. At September 30, 2023 and December 31, 2022, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q3 us-gaap Dilutive Securities
DilutiveSecurities
0 usd
us-gaap Dilutive Securities
DilutiveSecurities
0 usd
CY2023Q3 AERT Net Loss Income Allocable To Redeemable Class Ordinary Shares
NetLossIncomeAllocableToRedeemableClassOrdinaryShares
-685915 shares
CY2022Q3 AERT Net Loss Income Allocable To Redeemable Class Ordinary Shares
NetLossIncomeAllocableToRedeemableClassOrdinaryShares
-278460 shares
AERT Net Loss Income Allocable To Redeemable Class Ordinary Shares
NetLossIncomeAllocableToRedeemableClassOrdinaryShares
-682886 shares
AERT Net Loss Income Allocable To Redeemable Class Ordinary Shares
NetLossIncomeAllocableToRedeemableClassOrdinaryShares
7700858 shares
CY2023Q3 AERT Basic And Diluted Weighted Average Shares Outstanding Redeemable Class
BasicAndDilutedWeightedAverageSharesOutstandingRedeemableClass
4718054 shares
CY2022Q3 AERT Basic And Diluted Weighted Average Shares Outstanding Redeemable Class
BasicAndDilutedWeightedAverageSharesOutstandingRedeemableClass
23000000 shares
AERT Basic And Diluted Weighted Average Shares Outstanding Redeemable Class
BasicAndDilutedWeightedAverageSharesOutstandingRedeemableClass
11615638 shares
AERT Basic And Diluted Weighted Average Shares Outstanding Redeemable Class
BasicAndDilutedWeightedAverageSharesOutstandingRedeemableClass
23000000 shares
CY2023Q3 AERT Basic And Diluted Net Loss Income Per Share Class Ordinary Shares Subject To Possible Redemption
BasicAndDilutedNetLossIncomePerShareClassOrdinarySharesSubjectToPossibleRedemption
-0.15
CY2022Q3 AERT Basic And Diluted Net Loss Income Per Share Class Ordinary Shares Subject To Possible Redemption
BasicAndDilutedNetLossIncomePerShareClassOrdinarySharesSubjectToPossibleRedemption
-0.01
AERT Basic And Diluted Net Loss Income Per Share Class Ordinary Shares Subject To Possible Redemption
BasicAndDilutedNetLossIncomePerShareClassOrdinarySharesSubjectToPossibleRedemption
-0.06
AERT Basic And Diluted Net Loss Income Per Share Class Ordinary Shares Subject To Possible Redemption
BasicAndDilutedNetLossIncomePerShareClassOrdinarySharesSubjectToPossibleRedemption
0.33
CY2023Q3 AERT Net Loss Income Allocable To Nonredeemable Class B Ordinary Shares
NetLossIncomeAllocableToNonredeemableClassBOrdinaryShares
-835940 shares
AERT Denominator Weighted Average Nonredeemable Class B Ordinary Shares
DenominatorWeightedAverageNonredeemableClassBOrdinaryShares
5750000 shares
CY2022Q3 AERT Basic And Diluted Net Loss Income Per Share Class B Nonredeemable Ordinary Shares
BasicAndDilutedNetLossIncomePerShareClassBNonredeemableOrdinaryShares
-0.01
AERT Basic And Diluted Net Loss Income Per Share Class B Nonredeemable Ordinary Shares
BasicAndDilutedNetLossIncomePerShareClassBNonredeemableOrdinaryShares
-0.06
AERT Basic And Diluted Net Loss Income Per Share Class B Nonredeemable Ordinary Shares
BasicAndDilutedNetLossIncomePerShareClassBNonredeemableOrdinaryShares
0.33
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2023Q3 AERT Related Party Transaction Administrative Service Fee Payable Maximum Threshold Limit
RelatedPartyTransactionAdministrativeServiceFeePayableMaximumThresholdLimit
160000 usd
CY2023Q1 AERT Related Party Transaction Administrative Service Fee Payable Maximum Threshold Limit
RelatedPartyTransactionAdministrativeServiceFeePayableMaximumThresholdLimit
160000 usd
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1803610000 usd
CY2023Q3 AERT Related Party Transaction Administrative Service Fee Payable Maximum Threshold Limit
RelatedPartyTransactionAdministrativeServiceFeePayableMaximumThresholdLimit
160000 usd
CY2023Q1 AERT Related Party Transaction Administrative Service Fee Payable Maximum Threshold Limit
RelatedPartyTransactionAdministrativeServiceFeePayableMaximumThresholdLimit
160000 usd
AERT Deferred Underwriting Fee Percent On Gross Proceeds Of The Ipo
DeferredUnderwritingFeePercentOnGrossProceedsOfTheIpo
0.035 pure
CY2023Q3 AERT Deferred Underwriting Discount
DeferredUnderwritingDiscount
8050000 usd
AERT Overallotmentoptionvestingperiod
Overallotmentoptionvestingperiod
P45D
AERT Deferred Underwriting Fees Waived
DeferredUnderwritingFeesWaived
8050000 usd
CY2022 AERT Gain On Settlement Of Underwriting Fee
GainOnSettlementOfUnderwritingFee
202548 usd
AERT Class Of Warrant Or Right Issued During Period Warrants
ClassOfWarrantOrRightIssuedDuringPeriodWarrants
20400000 shares
CY2021Q3 AERT Class Of Warrant Or Right Redemption Threshold Consecutive Trading Days
ClassOfWarrantOrRightRedemptionThresholdConsecutiveTradingDays
P30D
CY2021Q3 AERT Class Of Warrant Or Right Threshold Period For Exercise From Date Of Closing Public Offering
ClassOfWarrantOrRightThresholdPeriodForExerciseFromDateOfClosingPublicOffering
P12D
AERT Class Of Warrant Or Right Redemption Threshold Consecutive Trading Days
ClassOfWarrantOrRightRedemptionThresholdConsecutiveTradingDays
P30D
AERT Class Of Warrant Or Right Threshold Period For Exercise From Date Of Closing Public Offering
ClassOfWarrantOrRightThresholdPeriodForExerciseFromDateOfClosingPublicOffering
P12D
AERT Number Of Business Day After The Closing Of The Initial Business Combination For Registration
NumberOfBusinessDayAfterTheClosingOfTheInitialBusinessCombinationForRegistration
P15D
CY2023Q3 AERT Class Of Warrants Redemption Price Per Unit
ClassOfWarrantsRedemptionPricePerUnit
0.10
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q3 AERT Percentage Of Common Stock Outstanding
PercentageOfCommonStockOutstanding
0.20 pure
CY2023Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
1001640 usd
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
614040 usd
CY2023Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersNet
0 usd
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersNet
0 usd
CY2022Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
614040 usd
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings
387600 usd
CY2023Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
1001640 usd
CY2023Q4 AERT Ordinary Shares
OrdinaryShares
3733263 shares

Files In Submission

Name View Source Status
aert-20230930_cal.xml Edgar Link unprocessable
aert-20230930_lab.xml Edgar Link unprocessable
aert-20230930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
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0001829126-23-007441.txt Edgar Link pending
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aeriestech_10q.htm Edgar Link pending
aeriestech_ex31-1.htm Edgar Link pending
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aert-20230930.xsd Edgar Link pending
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aert-20230930_def.xml Edgar Link unprocessable
aeriestech_10q_htm.xml Edgar Link completed
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