2023 Q3 Form 10-Q Financial Statement

#000121390023067250 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $130.0K $270.0K $10.00K
YoY Change 2600.0%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $130.0K $270.0K $10.00K
YoY Change 2600.0%
Operating Profit -$127.4K -$272.6K -$5.027K
YoY Change 105209.92% 5322.08%
Interest Expense $450.0K $670.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $320.0K $390.0K -$10.00K
YoY Change -4000.0%
Income Tax $91.92K $210.5K
% Of Pretax Income 28.73% 53.98%
Net Earnings $253.3K $311.1K -$5.027K
YoY Change -209409.92% -6288.6% 2874.56%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.06 $0.04 $0.00
COMMON SHARES
Basic Shares Outstanding 4.553M shares 7.040M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.26M $56.83M $30.00K
YoY Change 156208.28% 189344.93% -75.0%
Cash & Equivalents $65.63K $34.51K
Short-Term Investments $31.26M $56.77M
Other Short-Term Assets $180.0K $240.0K $280.0K
YoY Change -64.0% -14.29% 154.55%
Inventory
Prepaid Expenses $70.85K $146.9K
Receivables
Other Receivables
Total Short-Term Assets $31.45M $57.07M $310.0K
YoY Change 6066.86% 18309.82% 40.91%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $31.45M $57.07M $310.0K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $31.45M $57.07M $310.0K
YoY Change 6007.12% 18309.82% 40.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $200.0K $0.00
YoY Change
Accrued Expenses $30.00K $20.00K
YoY Change -85.12%
Deferred Revenue
YoY Change
Short-Term Debt $760.0K $760.0K $300.0K
YoY Change 153.33% 153.33% 50.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.068M $29.94M $300.0K
YoY Change 710.85% 9880.19% 50.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.068M $29.94M $300.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.068M $29.94M $300.0K
YoY Change 710.85% 9880.19% 50.0%
SHAREHOLDERS EQUITY
Retained Earnings -$3.879M -$3.457M
YoY Change 33087.76%
Common Stock $163.00 $163.00
YoY Change 13.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.878M -$3.457M $13.43K
YoY Change
Total Liabilities & Shareholders Equity $31.45M $57.07M $310.0K
YoY Change 6007.12% 18309.82% 40.91%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $253.3K $311.1K -$5.027K
YoY Change -209409.92% -6288.6% 2874.56%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$70.00K -$210.0K -$60.00K
YoY Change -240.0% 250.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $25.74M $110.0K
YoY Change
Cash From Investing Activities $25.74M $110.0K
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 -25.73M 130.0K -30.00K
YoY Change 42783.33% -533.33% -125.0%
NET CHANGE
Cash From Operating Activities -70.00K -210.0K -60.00K
Cash From Investing Activities 25.74M 110.0K
Cash From Financing Activities -25.73M 130.0K -30.00K
Net Change In Cash -60.00K 30.00K -90.00K
YoY Change 500.0% -133.33% -175.0%
FREE CASH FLOW
Cash From Operating Activities -$70.00K -$210.0K -$60.00K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Deferred Offering Costs</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company complies with the requirements of Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (the “ASC”) Topic 340-10-S99-1, “Other Assets and Deferred Costs – SEC Materials” and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering”. Offering costs are allocated between public shares and public rights based on the estimated fair values of public shares and public rights at the date of issuance. Deferred offering costs consisted principally of underwriting, legal, accounting and other expenses were charged to stockholders’ equity upon the completion of the IPO on October 6, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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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
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0.21 pure
CY2023Q2 us-gaap Net Income Loss Allocated To Limited Partners
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311101 usd
CY2022Q2 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
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us-gaap Net Income Loss Allocated To Limited Partners
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462907 usd
us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
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CY2023Q2 us-gaap Temporary Equity Accretion To Redemption Value
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us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
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CY2022Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
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us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentration of Credit Risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Depository Insurance Coverage of $250,000. As of June 30, 2023 and December 31, 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
250000 usd
us-gaap Interest Income Securities Other Us Government
InterestIncomeSecuritiesOtherUSGovernment
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aqu Common Stock Subject To Possible Redemption
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CY2022 us-gaap Proceeds From Issuance Of Debt
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CY2022 us-gaap Proceeds From Warrant Exercises
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CY2022 aqu Allocation Of Offering Costs Related To Redeemable Shares
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CY2022 aqu Accretion Of Carrying Value To Redemption Value
AccretionOfCarryingValueToRedemptionValue
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CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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aqu Accretion Of Carrying Value To Redemption Value
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CY2023Q2 aqu Redeemed Common Stock Payable To Public Stockholders
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CY2023Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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us-gaap Unrealized Gain Loss On Investments
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us-gaap Income Tax Expense Benefit
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us-gaap Deferred Income Taxes And Tax Credits
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us-gaap Interest Income Securities Other Us Government
InterestIncomeSecuritiesOtherUSGovernment
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us-gaap Unrealized Gain Loss On Investments
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us-gaap Increase Decrease In Prepaid Expense
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us-gaap Increase Decrease In Property And Other Taxes Payable
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CY2022Q4 us-gaap Treasury Stock Shares Acquired
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5000000 shares
CY2022Q4 us-gaap Share Price
SharePrice
10
CY2022Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10
CY2022Q4 aqu Proceed From Issuance Initial Public Offering
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125154 usd
CY2021Q2 aqu Aggregate Price
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25000 usd
CY2021Q2 aqu Share Issued And Outstanding Percentage
ShareIssuedAndOutstandingPercentage
0.20 pure
aqu Subject To Certain Limited Exceptions Percentage
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0.50 pure
CY2022Q4 us-gaap Repayments Of Debt
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200000 usd
CY2022Q4 us-gaap Repayments Of Debt
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100000 usd
CY2023Q2 us-gaap Other Loans Payable
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CY2023Q2 us-gaap Capital Units
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CY2023Q2 aqu Promissory Notes Outstanding
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CY2022Q4 aqu Promissory Notes Outstanding
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CY2023Q2 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
99846 usd
CY2022 us-gaap Related Party Tax Expense Due To Affiliates Deferred
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99846 usd
CY2023Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
8.33
us-gaap Shortterm Debt Average Outstanding Amount
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210000 usd
CY2022 us-gaap Shortterm Debt Average Outstanding Amount
ShorttermDebtAverageOutstandingAmount
0 usd
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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750000 shares
us-gaap Payments For Underwriting Expense
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812577 usd
aqu Gross Proceeds
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CY2022Q4 us-gaap Cost Of Goods And Services Sold
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100 usd
CY2022Q4 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
97509 shares
CY2022Q4 us-gaap Percentage Of Weighted Average Cost Inventory
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1.15 pure
us-gaap Increase Decrease In Accrued Income Taxes Payable
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usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
us-gaap Common Stock Voting Rights
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CY2021 us-gaap Stock Issued During Period Shares Share Based Compensation
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CY2021 aqu Initial Stockholders Percentage
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0.20 pure
CY2022Q4 us-gaap Common Stock Other Shares Outstanding
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187500 shares
CY2023Q2 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
1623060 shares
CY2022Q4 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
1623060 shares
CY2023Q2 aqu Subject To Possible Redemption
SubjectToPossibleRedemption
2930090 shares
CY2022Q4 aqu Subject To Possible Redemption
SubjectToPossibleRedemption
5417180 shares
CY2023Q2 us-gaap Marketable Securities
MarketableSecurities
56767844 usd
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Proceeds From Decommissioning Fund
ProceedsFromDecommissioningFund
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
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aqu Accretion Of Common Stock To Redemption Value
AccretionOfCommonStockToRedemptionValue
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aqu Redeemed Common Stock Payable
RedeemedCommonStockPayable
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aqu Exercise Tax Payable Charged Against Retained Earnings
ExerciseTaxPayableChargedAgainstRetainedEarnings
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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aqu Deposit From Bestpath Into Trust Account
DepositFromBestpathIntoTrustAccount
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aqu Other Payable Due To Related Party
OtherPayableDueToRelatedParty
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CY2022Q2 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
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us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
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CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
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us-gaap Related Party Tax Expense Due To Affiliates Deferred
RelatedPartyTaxExpenseDueToAffiliatesDeferred
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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
0001861063

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