2023 Q2 Form 10-Q Financial Statement

#000101376223006701 Filed on October 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $491.3K $339.5K
YoY Change 44.69% 38480.68%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.448K $388.8K
YoY Change -98.86% 876.2%
Operating Profit -$541.2K -$388.8K
YoY Change 39.2% 876.14%
Interest Expense $209.6K $3.223M
YoY Change -93.5%
% of Operating Profit
Other Income/Expense, Net $327.0K $3.223M
YoY Change -89.85%
Pretax Income -$214.3K $2.834M
YoY Change -107.56% -7215.94%
Income Tax $169.2K
% Of Pretax Income
Net Earnings -$383.5K $2.834M
YoY Change -113.53% -7215.4%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.04 $94.48K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $144.6K $126.5K
YoY Change 14.3% 406.0%
Cash & Equivalents $144.6K $126.5K
Short-Term Investments
Other Short-Term Assets $642.5K $571.4K
YoY Change 12.45%
Inventory
Prepaid Expenses $85.00K $571.4K
Receivables
Other Receivables
Total Short-Term Assets $787.1K $697.9K
YoY Change 12.78% 2691.56%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $29.84M $241.3M
YoY Change -87.63%
Other Assets $83.33K
YoY Change -77.22%
Total Long-Term Assets $29.84M $241.4M
YoY Change -87.64% 65874.33%
TOTAL ASSETS
Total Short-Term Assets $787.1K $697.9K
Total Long-Term Assets $29.84M $241.4M
Total Assets $30.63M $242.1M
YoY Change -87.35% 61833.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $91.06K $94.64K
YoY Change -3.79% 55.4%
Accrued Expenses $549.3K $72.44K
YoY Change 658.28% -75.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.752M $218.3K
YoY Change 1618.89% -46.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.289M $15.86M
YoY Change -54.04%
Total Long-Term Liabilities $7.289M $15.86M
YoY Change -54.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.752M $218.3K
Total Long-Term Liabilities $7.289M $15.86M
Total Liabilities $11.04M $16.08M
YoY Change -31.33% 3862.93%
SHAREHOLDERS EQUITY
Retained Earnings -$10.14M -$15.18M
YoY Change -33.2%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$10.14M -$15.18M
YoY Change
Total Liabilities & Shareholders Equity $30.63M $242.1M
YoY Change -87.35% 61833.48%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$383.5K $2.834M
YoY Change -113.53% -7215.4%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$646.1K -$442.9K
YoY Change 45.88%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.960K
YoY Change
Cash From Investing Activities -$1.960K
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 -1.390K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -646.1K -442.9K
Cash From Investing Activities -1.960K
Cash From Financing Activities -1.390K 0.000
Net Change In Cash -649.5K -442.9K
YoY Change 46.64% -1871.6%
FREE CASH FLOW
Cash From Operating Activities -$646.1K -$442.9K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0 usd
us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
the Company effected a 1:1.1162791 stock split of Class B common stock
CY2023Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
30000 usd
us-gaap Interest Costs Incurred
InterestCostsIncurred
60000 usd
CY2023Q1 inaq Waiver Of Underwriting Commissions
WaiverOfUnderwritingCommissions
5400000 usd
CY2023Q1 inaq Deferred Underwriting Commissions
DeferredUnderwritingCommissions
8400000 usd
CY2023Q1 inaq Gain Loss On Forgiveness Of Deferred Underwriting Fees Payable
GainLossOnForgivenessOfDeferredUnderwritingFeesPayable
273110 usd
CY2023Q1 inaq Reminder Of Deferred Underwriting Commissions
ReminderOfDeferredUnderwritingCommissions
3000000 usd
CY2023Q2 inaq Deferred Underwriting Commissions Noncurrent
DeferredUnderwritingCommissionsNoncurrent
6600000 usd
CY2022Q4 inaq Deferred Underwriting Commissions Noncurrent
DeferredUnderwritingCommissionsNoncurrent
12000000 usd
CY2023Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
2848607 shares
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
inaq Redemption Payment
RedemptionPayment
19208848 usd
CY2023Q2 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
usd
CY2022Q4 inaq Forward Purchase Agreement Liability Non Current
ForwardPurchaseAgreementLiabilityNonCurrent
usd
us-gaap Business Acquisition Planned Restructuring Activities Description
BusinessAcquisitionPlannedRestructuringActivitiesDescription
if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Initial Stockholders or their affiliates, without taking into account any Founder Shares held by the Initial Stockholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of Class A common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of warrants” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
us-gaap Class Of Warrant Or Right Expense Or Revenue Recognized
ClassOfWarrantOrRightExpenseOrRevenueRecognized
Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash (except as described herein with respect to the Private Placement Warrants): ●in whole and not in part; ●at a price of $0.01 per warrant; ●upon a minimum of 30 days’ prior written notice of redemption; and ●if, and only if, the closing price of Class A common stock equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.
CY2023Q2 us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
420000 usd
us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
596000 usd
CY2022Q2 us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
3000000 usd
us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
6900000 usd
us-gaap Other Expenses
OtherExpenses
300000 usd
inaq Redemption Exchange
RedemptionExchange
1847662 shares
CY2023Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q2 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2023Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
usd
CY2022Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
usd
CY2022Q2 inaq Change In Fair Value Of Forward Purchases Agreement Liability
ChangeInFairValueOfForwardPurchasesAgreementLiability
usd
inaq Change In Fair Value Of Forward Purchases Agreement Liability
ChangeInFairValueOfForwardPurchasesAgreementLiability
usd
CY2022Q2 inaq Gain On Forgiveness Of Deferred Underwriting Fee Payable
GainOnForgivenessOfDeferredUnderwritingFeePayable
usd
inaq Gain On Forgiveness Of Deferred Underwriting Fee Payable
GainOnForgivenessOfDeferredUnderwritingFeePayable
usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2023Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
usd
inaq Gain On Forgiveness Of Deferred Underwriting Fee Payable
GainOnForgivenessOfDeferredUnderwritingFeePayable
usd
inaq Gain Loss Change In Fair Value Of Forward Purchase Agreement Liability
GainLossChangeInFairValueOfForwardPurchaseAgreementLiability
usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
usd
inaq Cash Withdrawn From Trust Account To Pay Franchise And Income Taxes
CashWithdrawnFromTrustAccountToPayFranchiseAndIncomeTaxes
usd
inaq Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
usd
CY2022Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
usd
inaq Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
usd
inaq Value Of Excise Tax Liability
ValueOfExciseTaxLiability
usd
inaq Initial Value Of Forward Purchase Agreement Liability
InitialValueOfForwardPurchaseAgreementLiability
usd
us-gaap Common Stock Voting Rights
CommonStockVotingRights
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001862463

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