$BNZI
Banzai International, Inc.

2023 Q1 Form 10-Q Financial Statement

#000119312523149485 Filed on May 19, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $412.2K
YoY Change
Gross Profit $764.8K
YoY Change
Gross Profit Margin
Selling, General & Admin $642.8K $389.0K
YoY Change 65.23% -7.38%
% of Gross Profit 84.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.404K
YoY Change
% of Gross Profit 0.31%
Operating Expenses $642.8K $389.0K
YoY Change 65.23% -7.38%
Operating Profit -$642.8K -$389.0K
YoY Change 65.23%
Interest Expense -$29.38K $7.062M
YoY Change -100.42% -38.38%
% of Operating Profit
Other Income/Expense, Net $1.042K $0.00
YoY Change
Pretax Income -$671.1K $6.673M
YoY Change -110.06% -39.56%
Income Tax $136.1K
% Of Pretax Income
Net Earnings -$807.2K $6.673M
YoY Change -112.1% -39.58%
Net Earnings / Revenue
Basic Earnings Per Share -$0.59
Diluted Earnings Per Share -$0.07 $232.1K
COMMON SHARES
Basic Shares Outstanding 6.382M
Diluted Shares Outstanding 6.382M

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $805.2K $478.5K
YoY Change 68.26% -68.1%
Cash & Equivalents $805.2K $478.5K
Short-Term Investments
Other Short-Term Assets $127.3K $253.6K
YoY Change -49.79% -49.29%
Inventory
Prepaid Expenses $127.3K
Receivables $61.76K
Other Receivables
Total Short-Term Assets $932.5K $732.1K
YoY Change 27.38% -63.4%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $52.66M $230.0M
YoY Change -77.11% 0.02%
Total Long-Term Assets $52.66M $230.0M
YoY Change -77.11% 0.02%
TOTAL ASSETS
Total Short-Term Assets $932.5K $732.1K
Total Long-Term Assets $52.66M $230.0M
Total Assets $53.60M $230.8M
YoY Change -76.77% -0.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.581M $425.1K
YoY Change 271.95%
Accrued Expenses $2.171M $1.017M
YoY Change 113.44% 408.53%
Deferred Revenue
YoY Change
Short-Term Debt $1.278M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.033M $1.666M
YoY Change 262.2% 455.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.935M $12.57M
YoY Change -20.99% -43.87%
Total Long-Term Liabilities $9.935M $12.57M
YoY Change -20.99% -43.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.033M $1.666M
Total Long-Term Liabilities $9.935M $12.57M
Total Liabilities $15.97M $14.24M
YoY Change 12.14% -37.55%
SHAREHOLDERS EQUITY
Retained Earnings -$14.64M
YoY Change
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$14.64M -$13.47M
YoY Change
Total Liabilities & Shareholders Equity $53.60M $230.8M
YoY Change -76.77% -0.53%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$807.2K $6.673M
YoY Change -112.1% -39.58%
Depreciation, Depletion And Amortization $2.404K
YoY Change
Cash From Operating Activities -$389.2K -$163.1K
YoY Change 138.57% -9.37%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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 177.5K -70.00K
YoY Change -353.57%
NET CHANGE
Cash From Operating Activities -389.2K -163.1K
Cash From Investing Activities
Cash From Financing Activities 177.5K -70.00K
Net Change In Cash -211.7K -233.1K
YoY Change -9.2% 29.52%
FREE CASH FLOW
Cash From Operating Activities -$389.2K -$163.1K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023Q1 dei Document Transition Report
DocumentTransitionReport
false
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001826011
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
00-0000000
CY2023Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
CY2023Q1 dei Document Type
DocumentType
10-Q
CY2023Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2023Q1 dei Document Period End Date
DocumentPeriodEndDate
2023-03-31
CY2023Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023Q1 dei Entity Registrant Name
EntityRegistrantName
7GC & Co. Holdings Inc.
CY2023Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2023Q1 dei Entity File Number
EntityFileNumber
001-39826
CY2023Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
388 Market Street
CY2023Q1 dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 1300
CY2023Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
San Francisco
CY2023Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
94111
CY2023Q1 dei City Area Code
CityAreaCode
(628)
CY2023Q1 dei Local Phone Number
LocalPhoneNumber
400-9284
CY2023Q1 dei Security12b Title
Security12bTitle
Shares of Class A Common Stock, par value $0.0001 per share
CY2023Q1 dei Trading Symbol
TradingSymbol
VII
CY2023Q1 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2023Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2023Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2023Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2023Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2023Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2023Q1 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2023Q1 dei Entity Shell Company
EntityShellCompany
true
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
805181
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1016853
CY2023Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
127332
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4750
CY2023Q1 us-gaap Assets Current
AssetsCurrent
932513
CY2022Q4 us-gaap Assets Current
AssetsCurrent
1021603
CY2023Q1 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
52664543
CY2022Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
52128420
CY2023Q1 us-gaap Assets
Assets
53597056
CY2022Q4 us-gaap Assets
Assets
53150023
CY2023Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
1581179
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1591356
CY2023Q1 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
51745
CY2022Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
47694
CY2023Q1 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
1277500
CY2022Q4 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
1100000
CY2023Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
50000
CY2022Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
80050
CY2023Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
901668
CY2022Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
765554
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2170869
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1759569
CY2023Q1 us-gaap Liabilities Current
LiabilitiesCurrent
6032961
CY2022Q4 us-gaap Liabilities Current
LiabilitiesCurrent
5344223
CY2023Q1 vii Deferred Underwriting Fees Payable Noncurrent
DeferredUnderwritingFeesPayableNoncurrent
8050000
CY2022Q4 vii Deferred Underwriting Fees Payable Noncurrent
DeferredUnderwritingFeesPayableNoncurrent
8050000
CY2023Q1 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
1885000
CY2022Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
1319500
CY2023Q1 us-gaap Liabilities
Liabilities
15967961
CY2022Q4 us-gaap Liabilities
Liabilities
14713723
CY2023Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2023Q1 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
52267001
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
51916992
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2022Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2023Q1 us-gaap Common Stock Value
CommonStockValue
0
CY2022Q4 us-gaap Common Stock Value
CommonStockValue
0
CY2023Q1 vii Commonstockvalue1
Commonstockvalue1
575
CY2022Q4 vii Commonstockvalue1
Commonstockvalue1
575
CY2023Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
0
CY2022Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
0
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-14638481
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-13481267
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
-14637906
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-13480692
CY2023Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
53597056
CY2022Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
53150023
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
592756
CY2022Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
339632
CY2023Q1 us-gaap Production Tax Expense
ProductionTaxExpense
50000
CY2022Q1 us-gaap Production Tax Expense
ProductionTaxExpense
49365
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-642756
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-388997
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
565500
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
565500
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-7048000
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-7048000
CY2023Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
536123
CY2022Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
13600
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1042
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-671091
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6672603
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
136114
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-807205
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
6672603
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-13480692
CY2023Q1 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
-350009
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-807205
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
-14637906
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-20143355
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
6672603
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
-13470752
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-807205
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
6672603
CY2023Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
536123
CY2022Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
13600
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
565500
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-7048000
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
122582
CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-10625
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-10177
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
82562
CY2023Q1 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
4051
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
411300
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
83310
CY2023Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
136114
CY2022Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
0
CY2023Q1 vii Increase Decrease In Franchise Tax Payable
IncreaseDecreaseInFranchiseTaxPayable
-30050
CY2022Q1 vii Increase Decrease In Franchise Tax Payable
IncreaseDecreaseInFranchiseTaxPayable
49366
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-389172
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-163134
CY2023Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
177500
CY2022Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0
CY2023Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0
CY2022Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
70000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
177500
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-70000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-211672
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-233134
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1016853
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
711652
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
805181
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
478518
CY2023Q1 vii Minimum Percentage Specified For Aggregate Fair Market Value Of Assets Held In Trust Account
MinimumPercentageSpecifiedForAggregateFairMarketValueOfAssetsHeldInTrustAccount
0.80
CY2023Q1 vii Threshold Percentage Of Outstanding Voting Securities In Business Combination
ThresholdPercentageOfOutstandingVotingSecuritiesInBusinessCombination
0.50
CY2023Q1 vii Minimum Amount Of Net Tangible Assets For Business Combination
MinimumAmountOfNetTangibleAssetsForBusinessCombination
5000001
CY2023Q1 us-gaap Public Utilities Approved Return On Equity Percentage
PublicUtilitiesApprovedReturnOnEquityPercentage
0.15
CY2023Q1 vii Dissolution Expenses
DissolutionExpenses
100000
CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10
CY2023Q1 vii Trust Account Description
TrustAccountDescription
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”).
CY2022Q4 us-gaap Common Stock Voting Rights
CommonStockVotingRights
ten votes
CY2023Q1 vii Operating Cash Account
OperatingCashAccount
805000
CY2023Q1 vii Working Capital
WorkingCapital
3800000
CY2023Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
0
CY2023Q1 vii Cash Withdrawn From Trust Account To Pay Tax Obligations
CashWithdrawnFromTrustAccountToPayTaxObligations
1100000
CY2023Q1 vii Tax Obligations Can Be Withdrawn From The Trust Account
TaxObligationsCanBeWithdrawnFromTheTrustAccount
297000
CY2023Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
1100000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of unaudited condensed 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 unaudited condensed 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 unaudited condensed 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 unaudited condensed 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. Actual results could differ from those estimates. </div>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;;text-indent: 0px;"><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 style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">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 style="display:inline;"> </div><div style="display:inline;">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 style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">The Trust Account as of March 31, 2023 and December 31, 2022 was held in an interest-bearing demand deposit account. </div>
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2023Q1 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.
CY2023Q1 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 Company’s board of directors 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.
CY2023Q1 vii Initial Public Offering Description
InitialPublicOfferingDescription
Each Unit consists of one share of Class A common stock, and one-half of one redeemable warrant (each, a “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).
CY2023Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10
CY2023Q1 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
10000
CY2023Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
30000
CY2022Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
30000
CY2023Q1 vii Underwriting Discount Percentage
UnderwritingDiscountPercentage
0.02
CY2023Q1 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
4600000
CY2023Q1 vii Underwriters Deferred Fee Percentage
UnderwritersDeferredFeePercentage
0.035
CY2023Q1 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
CY2022Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
900000
CY2023Q1 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
900000
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
4557000
CY2022Q1 vii Change In Fair Value Of Derivative Warrant Liabilities
ChangeInFairValueOfDerivativeWarrantLiabilities
-2793000
CY2022Q1 vii Transfer Of Public Warrants To Level1
TransferOfPublicWarrantsToLevel1
0
CY2022Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1764000

Files In Submission

Name View Source Status
0001193125-23-149485-index-headers.html Edgar Link pending
0001193125-23-149485-index.html Edgar Link pending
0001193125-23-149485.txt Edgar Link pending
0001193125-23-149485-xbrl.zip Edgar Link pending
d457231d10q.htm Edgar Link pending
d457231dex311.htm Edgar Link pending
d457231dex312.htm Edgar Link pending
d457231dex321.htm Edgar Link pending
d457231dex322.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
d457231d10q_htm.xml Edgar Link completed
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
vii-20230331.xsd Edgar Link pending
vii-20230331_cal.xml Edgar Link unprocessable
vii-20230331_def.xml Edgar Link unprocessable
vii-20230331_lab.xml Edgar Link unprocessable
vii-20230331_pre.xml Edgar Link unprocessable