$BLAC
Bellevue Life Sciences Acquisition Corp.

2024 Q1 Form 10-Q Financial Statement

#000119312524139407 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $450.8K $278.1K
YoY Change 62.09%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $450.8K $278.1K
YoY Change 62.09%
Operating Profit
YoY Change
Interest Expense $480.8K $420.0K
YoY Change 14.48%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $30.04K $140.0K
YoY Change -78.54%
Income Tax $90.47K $29.32K
% Of Pretax Income 301.18% 20.94%
Net Earnings -$60.43K $110.3K
YoY Change -154.78% -87643.65%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 $0.02
Diluted Earnings Per Share -$0.01 $0.02
COMMON SHARES
Basic Shares Outstanding 5.623M 9.055M shares
Diluted Shares Outstanding 5.623M 5.231M

Balance Sheet

Concept 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.640K $350.0K
YoY Change -98.96%
Cash & Equivalents $3.637K $348.8K
Short-Term Investments
Other Short-Term Assets $64.54K $80.00K
YoY Change -19.33%
Inventory
Prepaid Expenses $64.54K $81.07K
Receivables
Other Receivables
Total Short-Term Assets $68.18K $429.9K
YoY Change -84.14%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $37.21M $70.63M
YoY Change -47.32%
Other Assets $0.00
YoY Change
Total Long-Term Assets $37.21M $70.63M
YoY Change -47.32%
TOTAL ASSETS
Total Short-Term Assets $68.18K $429.9K
Total Long-Term Assets $37.21M $70.63M
Total Assets $37.27M $71.06M
YoY Change -47.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.548M $390.0K
YoY Change 296.95%
Accrued Expenses $360.0K $0.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $135.0K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.745M $403.4K
YoY Change 580.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.745M $403.4K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $4.815M $2.473M
YoY Change 94.67%
SHAREHOLDERS EQUITY
Retained Earnings -$4.308M -$1.830M
YoY Change 135.34%
Common Stock $216.00 $216.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.308M -$1.830M
YoY Change
Total Liabilities & Shareholders Equity $37.27M $71.06M
YoY Change -47.54%

Cashflow Statement

Concept 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$60.43K $110.3K
YoY Change -154.78% -87643.65%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$41.78K -$48.43K
YoY Change -13.72% 38333.33%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$120.0K -$70.21M
YoY Change -99.83%
Cash From Investing Activities -$120.0K -$70.21M
YoY Change -99.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 150.0K $70.48M
YoY Change -99.79% 599170.7%
NET CHANGE
Cash From Operating Activities -41.78K -$48.43K
Cash From Investing Activities -120.0K -$70.21M
Cash From Financing Activities 150.0K $70.48M
Net Change In Cash -11.78K $224.3K
YoY Change -105.25% 1827.81%
FREE CASH FLOW
Cash From Operating Activities -$41.78K -$48.43K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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The Company will provide its holders of the outstanding shares of its Common Stock sold in the Initial Public Offering (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares (as described in Note 1) for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.175 per Public Share plus any pro rata interest then in the Trust Account, net of taxes payable). The per share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5).
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<div style="margin-top: 5pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="text-indent: 9%; font-family: Times New Roman; font-size: 10pt; margin-top: 5pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The preparation of financial statements in conformity with 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 unaudited condensed financial statements and the reported amounts of expenses during the reporting periods. </div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="text-indent: 9%; font-family: Times New Roman; font-size: 10pt; margin-top: 8pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effects of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. </div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
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CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Concentration of Credit Risk </div></div><div style="text-indent: 9%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">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 Deposit Insurance Corporation coverage 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. </div></div></div>
CY2024Q1 us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposure
250000
CY2024Q1 blacu Number Of Shares Issued Per Unit
NumberOfSharesIssuedPerUnit
1
CY2024Q1 blacu Common Stock Shares Excluded From Calculation Of Net Income Loss Per Share
CommonStockSharesExcludedFromCalculationOfNetIncomeLossPerShare
7330000
CY2024Q1 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
90473
CY2023Q1 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
29321
CY2024Q1 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
0
CY2023Q1 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
0
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
90473
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
29321
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2024Q1 blacu Effective Income Tax Rate Reconciliation Permanent Differences Change In Fv Of Warrant Liability
EffectiveIncomeTaxRateReconciliationPermanentDifferencesChangeInFvOfWarrantLiability
0
CY2023Q1 blacu Effective Income Tax Rate Reconciliation Permanent Differences Change In Fv Of Warrant Liability
EffectiveIncomeTaxRateReconciliationPermanentDifferencesChangeInFvOfWarrantLiability
0
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2024Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q1 blacu Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
2
CY2024Q1 blacu Effective Excise Tax Rate
EffectiveExciseTaxRate
1
CY2024Q1 blacu Effective Excise Tax Rate
EffectiveExciseTaxRate
1
CY2024Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
359957
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Common stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders.
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
7330000
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
7330000
CY2024Q1 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
37205930
CY2023Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
36605106
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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