2024 Q2 Form 10-K Financial Statement

#000149315224014684 Filed on April 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $290.5K $723.1K $1.189M
YoY Change 107.05% 92601.28% 151568.49%
Operating Profit
YoY Change
Interest Expense $675.8K $951.4K $3.130M
YoY Change -19.54%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $385.4K $228.3K $1.941M
YoY Change -44.95% -29367.95% -248961.54%
Income Tax
% Of Pretax Income
Net Earnings $385.4K $228.3K $1.941M
YoY Change -45.07% -29367.95% -247691.58%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.06 $0.03 $0.22
COMMON SHARES
Basic Shares Outstanding 6.873M shares 9.034M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.470K $15.05K $15.05K
YoY Change -98.87%
Cash & Equivalents $1.473K $15.05K
Short-Term Investments
Other Short-Term Assets $62.82K $43.05K $43.05K
YoY Change -37.18% -92.74% -92.74%
Inventory
Prepaid Expenses $62.82K $43.05K
Receivables
Other Receivables
Total Short-Term Assets $64.30K $58.11K $58.11K
YoY Change -71.72% -90.19% -90.19%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $52.55M $74.06M $74.06M
YoY Change -26.83%
Other Assets
YoY Change
Total Long-Term Assets $52.55M $74.06M $74.06M
YoY Change -26.82%
TOTAL ASSETS
Total Short-Term Assets $64.30K $58.11K $58.11K
Total Long-Term Assets $52.55M $74.06M $74.06M
Total Assets $52.62M $74.12M $74.12M
YoY Change -26.96% 12408.28% 12408.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.018M $649.6K $649.6K
YoY Change 475.66% 230.07% 230.06%
Deferred Revenue
YoY Change
Short-Term Debt $1.043M $690.0K $690.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.510M $1.539M $1.539M
YoY Change 1319.19% 166.54% 166.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.415M $2.415M $2.415M
YoY Change -0.21%
Total Long-Term Liabilities $2.415M $2.415M $2.415M
YoY Change -0.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.510M $1.539M $1.539M
Total Long-Term Liabilities $2.415M $2.415M $2.415M
Total Liabilities $4.925M $3.954M $3.954M
YoY Change 90.03% 584.81% 584.81%
SHAREHOLDERS EQUITY
Retained Earnings -$4.861M -$3.896M
YoY Change 105.58% 39647.14%
Common Stock $214.00 $214.00
YoY Change 0.0% 23.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.861M -$3.896M $70.17M
YoY Change
Total Liabilities & Shareholders Equity $52.62M $74.12M $74.12M
YoY Change -26.96% 12408.28% 12408.28%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $385.4K $228.3K $1.941M
YoY Change -45.07% -29367.95% -247691.58%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$10.45K -$46.06K -$376.1K
YoY Change -65.17%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$165.0K -$692.0K -$70.93M
YoY Change
Cash From Investing Activities -$165.0K -$692.0K -$70.93M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $69.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 167.5K 693.1K $71.32M
YoY Change -658.33%
NET CHANGE
Cash From Operating Activities -10.45K -46.06K -$376.1K
Cash From Investing Activities -165.0K -692.0K -$70.93M
Cash From Financing Activities 167.5K 693.1K $71.32M
Net Change In Cash -7.950K -44.95K $15.05K
YoY Change -86.75%
FREE CASH FLOW
Cash From Operating Activities -$10.45K -$46.06K -$376.1K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023 us-gaap Use Of Estimates
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<p id="xdx_846_eus-gaap--UseOfEstimates_zVyBR2bYXGse" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zjaWMuoiHym4">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statement 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 expenses during the reporting period. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zBcB9ndZQuK7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zzJQ5xd3ET7h">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><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_90D_eus-gaap--CashFDICInsuredAmount_iI_c20231231_zejXxhfsecC2" title="Cash, FDIC insured amount">250,000</span>. On December 31, 2023, the Company did not experience 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; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
1941118 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-784 usd
CY2023 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
3130199 usd
CY2023 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
8427382 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9616463 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-784 usd
CY2023Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2023Q1 us-gaap Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
70242000 usd
CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.18
CY2023Q1 us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
The Founder Shares and Private Units (and underlying securities) will not, subject to certain exceptions, be transferred, assigned, sold or released from escrow in the case of (i) 50% of the Founder Shares and Private Units (and underlying securities) until the earlier to occur of: (A) six months after the date of the consummation of our initial business combination, or (B) the date on which the closing price of our ordinary shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after our initial business combination and (ii) the remaining 50% of the Founder Shares and Private Units (and underlying securities) until six months after the date of the consummation of our initial business combination, or earlier, in either case, if, subsequent to our initial business combination, we consummate a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of our shareholders having the right to exchange their shares for cash, securities or other property.
CY2022 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
120000 usd
CY2023Q1 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
1500000 usd
CY2023Q1 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
112500 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
The option and the 58,000 Units, as well as the 58,000 ordinary shares, the warrants to purchase 58,000 ordinary shares that may be issued upon exercise of the option and the rights to purchase 5,800 ordinary shares upon the completion of an initial business combination, have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the commencement of sales in our IPO pursuant to Rule 5110(e)(1) of FINRA’s Rules, during which time the option may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging, short sale, derivative or put or call transaction that would result in the economic disposition of the securities, except as permitted under FINRA Rule 5110(e)(2). The Company determined fair value of the Unit Purchase Option issued to the underwriters and recorded an amount to additional paid-in capital, net of purchased cost, in the balance sheets on the day of the IPO which is the grant date.
CY2022Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
58000 usd
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
58000 shares
CY2022Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5800 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Holders of ordinary shares are entitled to one vote for each share. Further, the shareholders also approved the amendment and restatement of the memorandum and articles of association filed with the Cayman Registrar.
CY2023Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
115500 shares
CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.00
CY2023Q1 us-gaap Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
231000 usd
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2134200 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2134200 shares
CY2023Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
6900000 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1725000 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1725000 shares
CY2023Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
74062199 usd
CY2023Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
74062199 usd

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