$ATEK
Athena Technology Acquisition Corp. II

2022 Q4 Form 10-K Financial Statement

#000121390023024750 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $474.7K $1.509M
YoY Change 259.34% 1032.18%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $474.7K $1.509M
YoY Change 259.34% 1032.19%
Operating Profit
YoY Change
Interest Expense $2.168M $3.697M
YoY Change 264276.83% 450712.2%
% of Operating Profit
Other Income/Expense, Net $463.9K
YoY Change
Pretax Income $1.693M $2.188M
YoY Change -1389.73% -1751.91%
Income Tax $458.5K $733.9K
% Of Pretax Income 27.08% 33.55%
Net Earnings $1.235M $1.454M
YoY Change -1150.07% -1324.41%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.04 $0.04
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $418.9K $418.9K
YoY Change -72.56% -72.56%
Cash & Equivalents $418.9K
Short-Term Investments
Other Short-Term Assets $287.5K $287.5K
YoY Change -5.74% -5.74%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $706.3K $706.3K
YoY Change -61.95% -61.95%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $260.0M $260.0M
YoY Change 1.44% 1.44%
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $260.0M $260.0M
YoY Change 1.33% 1.33%
TOTAL ASSETS
Total Short-Term Assets $706.3K $706.3K
Total Long-Term Assets $260.0M $260.0M
Total Assets $260.7M $260.7M
YoY Change 0.87% 0.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $519.4K $519.4K
YoY Change -18.51% -18.51%
Accrued Expenses $268.0K $268.0K
YoY Change 294.12% 294.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.508M $1.508M
YoY Change 113.74% 113.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.956M $8.956M
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $8.956M $8.956M
YoY Change 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.508M $1.508M
Total Long-Term Liabilities $8.956M $8.956M
Total Liabilities $10.46M $10.46M
YoY Change 8.3% 8.3%
SHAREHOLDERS EQUITY
Retained Earnings -$8.770M
YoY Change 16.71%
Common Stock $95.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.769M $250.2M
YoY Change
Total Liabilities & Shareholders Equity $260.7M $260.7M
YoY Change 0.87% 0.87%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $1.235M $1.454M
YoY Change -1150.07% -1324.41%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$97.52K -$1.108M
YoY Change 181.52% 3097.4%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00
YoY Change -100.0%
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 -100.0%
NET CHANGE
Cash From Operating Activities -97.52K -$1.108M
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000
Net Change In Cash -97.52K -$1.108M
YoY Change -106.39% -172.56%
FREE CASH FLOW
Cash From Operating Activities -$97.52K -$1.108M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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ATHENA TECHNOLOGY ACQUISITION CORP. II
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The Initial Stockholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Stockholders should acquire Public Shares in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to its deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.10 per shares held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by (i) any third party for services rendered or products sold to the Company or (ii) any prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement (a “Target”), reduce the amount of funds in the Trust Account; provided, however, that such indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure that any such claims by a third party or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.10 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.10 per Public Share is then held in the Trust Account due to reductions in the value of the trust assets, less taxes payable. This liability will not apply with respect to any claims by a third party or a Target which executed a waiver of any and all rights to the monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. 
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Use of Estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The preparation of 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 financial statements and the reported amounts of income and expenses during the reporting periods. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. 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 financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p>
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us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Other Tax Expense Benefit
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CY2021Q3 us-gaap Stockholders Equity Note Stock Split
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On August 31, 2021, the Sponsor purchased 7,362,500 shares of the Company’s Class B common stock, par value $0.0001 (“Founder Shares”), for an aggregate price of $25,000, and in November 2021, the Company effected a 1.36672326 for 1 stock split of its common stock, so that the Sponsor owned an aggregate of 10,062,500 Founder Shares.
CY2022 us-gaap Stock Issued During Period Shares Conversion Of Units
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1312500 shares
CY2022 us-gaap Stock Issued During Period Shares Restricted Stock Award Forfeited
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CY2021Q3 us-gaap Costs And Expenses Related Party
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CY2021Q4 us-gaap Securities Borrowed
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CY2022 atek Working Capital Loans
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CY2022 us-gaap Sponsor Fees
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CY2022 us-gaap Payments For Rent
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CY2022 atek Price Per Unit
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CY2022 us-gaap Debt Instrument Fee
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$8,956,250
CY2022Q4 us-gaap Preferred Stock Shares Authorized
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1000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2022Q4 us-gaap Deferred Tax Assets Net
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0 pure
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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0.329 pure
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CY2022Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
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CY2021Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
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CY2022Q4 us-gaap Due From Affiliate Current
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CY2022 us-gaap Increase Decrease In Deferred Income Taxes
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us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Payments To Acquire Held To Maturity Securities
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CY2022 us-gaap Proceeds From Issuance Initial Public Offering
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CY2022 us-gaap Proceeds From Issuance Of Private Placement
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CY2022 us-gaap Proceeds From Related Party Debt
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CY2022 us-gaap Repayments Of Related Party Debt
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CY2022 atek Prepaid Expenses Paid By Sponsor In Exchange For Issuance Of Class B Common Stock
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CY2022 us-gaap Payments Of Stock Issuance Costs
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 atek Deferred Offering Costs Included In Accrued Offering Costs
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CY2022Q4 us-gaap Deferred Tax Assets Other
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CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
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CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001882198

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