$BNZI
Banzai International Inc

2022 Q4 Form 10-K Financial Statement

#000119312523086073 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $1.957M
YoY Change
Gross Profit $3.376M
YoY Change
Gross Profit Margin
Selling, General & Admin $1.382M $3.244M $2.680M
YoY Change 126.74% 21.05% 2580.29%
% of Gross Profit 96.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.588K
YoY Change
% of Gross Profit 0.28%
Operating Expenses $1.382M $3.244M $2.680M
YoY Change 126.74% 21.05% 2580.29%
Operating Profit -$3.244M -$2.680M
YoY Change 21.05%
Interest Expense $840.6K $13.45M $14.31M
YoY Change -272.89% -6.01% -409.02%
% of Operating Profit
Other Income/Expense, Net -$9.256M
YoY Change
Pretax Income -$541.6K $10.20M $11.63M
YoY Change -50.57% -12.24% -292.19%
Income Tax $541.9K $765.6K
% Of Pretax Income 7.5%
Net Earnings -$1.083M $9.438M $11.63M
YoY Change -1.13% -18.83% -292.19%
Net Earnings / Revenue
Basic Earnings Per Share -$2.40
Diluted Earnings Per Share -$0.04 $0.33 $404.4K
COMMON SHARES
Basic Shares Outstanding 6.441M
Diluted Shares Outstanding 6.441M

Balance Sheet

Concept 2022 Q4 2022 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.017M $1.017M $711.7K
YoY Change 42.89% 42.89% -58.14%
Cash & Equivalents $1.017M
Short-Term Investments
Other Short-Term Assets $4.750K $4.750K $264.2K
YoY Change -98.2% -98.2% -55.97%
Inventory
Prepaid Expenses $4.750K
Receivables $68.42K
Other Receivables
Total Short-Term Assets $1.022M $1.022M $975.9K
YoY Change 4.69% 4.69% -57.57%
LONG-TERM ASSETS
Property, Plant & Equipment $11.80K
YoY Change
Goodwill $2.172M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $52.13M $52.13M $230.0M
YoY Change -77.34% -77.34% 0.01%
Total Long-Term Assets $52.13M $52.13M $230.0M
YoY Change -77.34% -77.34% 0.01%
TOTAL ASSETS
Total Short-Term Assets $1.022M $1.022M $975.9K
Total Long-Term Assets $52.13M $52.13M $230.0M
Total Assets $53.15M $53.15M $231.0M
YoY Change -76.99% -76.99% -0.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.591M $1.591M $342.5K
YoY Change 364.58% 364.58%
Accrued Expenses $1.760M $1.760M $1.004M
YoY Change 75.3% 75.3% 903.76%
Deferred Revenue
YoY Change
Short-Term Debt $1.100M $1.100M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.344M $5.344M $1.520M
YoY Change 251.5% 251.5% 1420.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.370M $9.370M $19.62M
YoY Change -52.25% -52.25% -42.12%
Total Long-Term Liabilities $9.370M $9.370M $19.62M
YoY Change -52.25% -52.25% -42.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.344M $5.344M $1.520M
Total Long-Term Liabilities $9.370M $9.370M $19.62M
Total Liabilities $14.71M $14.71M $21.14M
YoY Change -30.41% -30.41% -38.0%
SHAREHOLDERS EQUITY
Retained Earnings -$13.48M
YoY Change -33.08%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.48M $38.44M $209.9M
YoY Change
Total Liabilities & Shareholders Equity $53.15M $53.15M $231.0M
YoY Change -76.99% -76.99% -0.56%

Cashflow Statement

Concept 2022 Q4 2022 2021
OPERATING ACTIVITIES
Net Income -$1.083M $9.438M $11.63M
YoY Change -1.13% -18.83% -292.19%
Depreciation, Depletion And Amortization $9.588K
YoY Change
Cash From Operating Activities -$237.1K -$956.8K -$1.013M
YoY Change 61.84% -5.52% 74.6%
INVESTING ACTIVITIES
Capital Expenditures $10.81K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $180.7M $181.1M $0.00
YoY Change -100.0%
Cash From Investing Activities $180.7M $181.1M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -179.8M -179.8M
YoY Change
NET CHANGE
Cash From Operating Activities -237.1K -956.8K -1.013M
Cash From Investing Activities 180.7M 181.1M
Cash From Financing Activities -179.8M -179.8M
Net Change In Cash 693.9K 305.2K $0.00
YoY Change -573.74% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$237.1K -$956.8K -$1.013M
Capital Expenditures $10.81K
Free Cash Flow -$967.6K
YoY Change

Facts In Submission

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The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the day of liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).
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<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;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of consolidated financial statements in conformity with GAAP requires 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. 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 consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the most significant accounting estimates included in these consolidated financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates.</div>
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CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation limit of $250,000, and any investments held in the Trust Account.</div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Trust Account as of December 31, 2022 was held in an interest-bearing demand deposit account. As of December 31, 2021, investments held in the Trust Account were comprised of investments in money market funds that invest solely in U.S. <div style="display:inline;">T</div>reasury securities. </div>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2022 us-gaap Valuation Allowance Methodologies And Assumptions
ValuationAllowanceMethodologiesAndAssumptions
$981,000
CY2021 us-gaap Valuation Allowance Methodologies And Assumptions
ValuationAllowanceMethodologiesAndAssumptions
$558,000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration
0
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration
234000
CY2021 vii Change In Valuation Allowance
ChangeInValuationAllowance
0.048
CY2022 vii Initial Public Offering Description
InitialPublicOfferingDescription
Each Unit consists of one Public Share and one-half of one Public Warrant. Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 8).
CY2022Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10
CY2022 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
10000
CY2021 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
120000
CY2022 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
120000
CY2022 vii Underwriting Discount Percentage
UnderwritingDiscountPercentage
0.02
CY2022 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
4600000
CY2022 vii Underwriters Deferred Fee Percentage
UnderwritersDeferredFeePercentage
0.035
CY2022 vii Gross Proceeds
GrossProceeds
8100000
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements Foreign
EffectiveIncomeTaxRateReconciliationTaxSettlementsForeign
0.01
CY2022Q3 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Redemption Restriction Percentage
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionRestrictionPercentage
0.01
CY2022 vii Warrants Exercise Price Description
WarrantsExercisePriceDescription
The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation. The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. In addition, 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 its 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 and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor 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 Company’s initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s 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 will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
CY2022 vii Warrants Exercisable Description
WarrantsExercisableDescription
Once the warrants become exercisable, the Company may redeem the outstanding warrants (except for 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 (the “30-day redemption period”); and     •   if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable and ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.07
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2022 vii Change In Fair Value Of Derivative Warrants Liabilities
ChangeInFairValueOfDerivativeWarrantsLiabilities
-0.281
CY2021 vii Change In Fair Value Of Derivative Warrants Liabilities
ChangeInFairValueOfDerivativeWarrantsLiabilities
-0.258
CY2022 vii Effective Income Tax Rate Reconciliation Change In Rate On Deferred Tax Asset
EffectiveIncomeTaxRateReconciliationChangeInRateOnDeferredTaxAsset
-0.018
CY2021 vii Effective Income Tax Rate Reconciliation Change In Rate On Deferred Tax Asset
EffectiveIncomeTaxRateReconciliationChangeInRateOnDeferredTaxAsset
0
CY2022 vii Change In Valuation Allowance
ChangeInValuationAllowance
0.095
CY2022Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
900000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
2068988
CY2021Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
530288
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.057
CY2021Q4 us-gaap Share Price
SharePrice
9.76
CY2021 vii Fair Value Measurements Term
FairValueMeasurementsTerm
P0Y6M
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0131
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
25856500
CY2021 vii Transfer Of Public Warrants To Level1
TransferOfPublicWarrantsToLevel1
-8740000
CY2021 vii Change In Fair Value Of Derivative Warrant Liabilities
ChangeInFairValueOfDerivativeWarrantLiabilities
-12559500
CY2021Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
4557000
CY2022 vii Change In Fair Value Of Derivative Warrant Liabilities
ChangeInFairValueOfDerivativeWarrantLiabilities
-4410000
CY2022 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Out Of Level3
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3
-147000
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
0
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
49118
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
49118
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
2118106
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.076
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0

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