2023 Q4 Form 10-K Financial Statement

#000121390024028818 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $35.44M $132.2M
YoY Change 40.75%
Gross Profit $80.22M $288.4M
YoY Change 33.98%
Gross Profit Margin
Selling, General & Admin $1.637M $5.488M
YoY Change 282.31% 252.91%
% of Gross Profit 2.04% 1.9%
Research & Development $34.30M $128.5M
YoY Change 31.93%
% of Gross Profit 42.75% 44.57%
Depreciation & Amortization $128.0K $128.0K
YoY Change 66.23%
% of Gross Profit 0.16% 0.04%
Operating Expenses $1.637M $5.488M
YoY Change 282.31% 252.91%
Operating Profit $78.58M -$5.488M
YoY Change 252.91%
Interest Expense $384.9K $1.903M
YoY Change -83.64% -51.76%
% of Operating Profit 0.49%
Other Income/Expense, Net $2.263M -$1.700M
YoY Change 182.81% -110.74%
Pretax Income $1.011M -$5.285M
YoY Change -62.91% -137.03%
Income Tax $61.14K $564.0K
% Of Pretax Income 6.05%
Net Earnings $949.7K -$5.849M
YoY Change -57.61% -143.25%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.08 -$0.37
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $145.7K $145.7K
YoY Change -0.21% -0.21%
Cash & Equivalents $145.7K
Short-Term Investments
Other Short-Term Assets $113.9K $113.9K
YoY Change 49.18% 49.18%
Inventory
Prepaid Expenses
Receivables $73.50M $74.01M
Other Receivables $0.00 $0.00
Total Short-Term Assets $259.6K $259.6K
YoY Change 16.75% 16.75%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $46.74M $46.74M
YoY Change -83.92% -83.92%
Other Assets $729.0K $10.42M
YoY Change 35.65%
Total Long-Term Assets $46.74M $46.74M
YoY Change -83.92% -83.92%
TOTAL ASSETS
Total Short-Term Assets $259.6K $259.6K
Total Long-Term Assets $46.74M $46.74M
Total Assets $47.00M $47.00M
YoY Change -83.85% -83.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.099M $4.099M
YoY Change 285.32% 285.32%
Accrued Expenses $2.473M $2.473M
YoY Change -39.29%
Deferred Revenue $2.800M
YoY Change
Short-Term Debt $4.800M $4.800M
YoY Change 220.0% 220.0%
Long-Term Debt Due $10.52M $10.52M
YoY Change 29.23%
Total Short-Term Liabilities $12.87M $12.87M
YoY Change 336.74% 336.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.87M $11.87M
YoY Change 16.71% 16.71%
Total Long-Term Liabilities $11.87M $11.87M
YoY Change 16.71% 16.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.87M $12.87M
Total Long-Term Liabilities $11.87M $11.87M
Total Liabilities $24.74M $24.74M
YoY Change 88.6% 88.6%
SHAREHOLDERS EQUITY
Retained Earnings -$24.49M
YoY Change 96.23%
Common Stock $36.39M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.26M $22.26M
YoY Change
Total Liabilities & Shareholders Equity $47.00M $47.00M
YoY Change -83.85% -83.85%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $949.7K -$5.849M
YoY Change -57.61% -143.25%
Depreciation, Depletion And Amortization $128.0K $128.0K
YoY Change 66.23%
Cash From Operating Activities -$722.2K -$3.527M
YoY Change 20.88% 120.72%
INVESTING ACTIVITIES
Capital Expenditures $24.00K $24.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$252.0K $247.5M
YoY Change -164.29% 33746.05%
Cash From Investing Activities -$252.0K $247.5M
YoY Change -164.29% 33745.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$247.3M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 480.0K -244.0M
YoY Change -32627.88%
NET CHANGE
Cash From Operating Activities -722.2K -3.527M
Cash From Investing Activities -252.0K 247.5M
Cash From Financing Activities 480.0K -244.0M
Net Change In Cash -494.2K -310.0
YoY Change 140.59% -99.73%
FREE CASH FLOW
Cash From Operating Activities -$722.2K -$3.527M
Capital Expenditures $24.00K $24.00K
Free Cash Flow -$746.2K -$3.551M
YoY Change 122.23%

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Use of Estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The preparation of the 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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. One of the more significant accounting estimates included in these consolidated financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and accordingly, the actual results could differ significantly from those estimates.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.</span></p>
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CY2023 arrw Effective Income Tax Rate Reconciliation Transaction Costs Allocable To Warrant Liabilities Percent
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CY2022 arrw Effective Income Tax Rate Reconciliation Transaction Costs Allocable To Warrant Liabilities Percent
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023Q4 us-gaap Shares Issued Price Per Share
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CY2023 arrw Aggregate Redemption Amount
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CY2023Q4 us-gaap Assets Held In Trust
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CY2022 us-gaap Proceeds From Related Party Debt
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CY2022 arrw Payments For Repurchase Of Redeemable Common Stock
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CY2022 arrw Excise Tax Payable Attributable To Redemption Of Common Stock
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CY2023Q4 us-gaap Preferred Stock Shares Issued
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shares
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CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2023Q4 us-gaap Deferred Tax Assets Net
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CY2022Q4 us-gaap Deferred Tax Assets Net
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Current State And Local Tax Expense Benefit
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001835972

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