$BNZI
Banzai International Inc

2023 Q2 Form 10-Q Financial Statement

#000119312523217048 Filed on August 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $379.3K
YoY Change
Gross Profit $814.0K
YoY Change
Gross Profit Margin
Selling, General & Admin $940.9K $298.8K
YoY Change 214.96% -78.71%
% of Gross Profit 115.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.621K
YoY Change
% of Gross Profit 0.2%
Operating Expenses $1.314M $298.8K
YoY Change 339.72% -78.71%
Operating Profit -$1.314M -$298.8K
YoY Change 339.71% -78.71%
Interest Expense $672.7K $3.158M
YoY Change -78.7% -209.07%
% of Operating Profit
Other Income/Expense, Net $3.734K $0.00
YoY Change
Pretax Income -$637.2K $2.859M
YoY Change -122.29% -166.51%
Income Tax $96.84K $11.06K
% Of Pretax Income 0.39%
Net Earnings -$734.1K $2.848M
YoY Change -125.77% -166.25%
Net Earnings / Revenue
Basic Earnings Per Share -$0.54
Diluted Earnings Per Share -$0.07 $99.06K
COMMON SHARES
Basic Shares Outstanding 6.460M
Diluted Shares Outstanding 6.460M

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $592.6K $236.2K
YoY Change 150.94% -75.88%
Cash & Equivalents $592.6K $236.2K
Short-Term Investments
Other Short-Term Assets $44.25K $168.7K
YoY Change -73.77% -61.15%
Inventory
Prepaid Expenses $44.25K $168.7K
Receivables $109.5K
Other Receivables
Total Short-Term Assets $636.8K $404.8K
YoY Change 57.3% -71.36%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $53.64M $230.4M
YoY Change -76.72% 0.15%
Total Long-Term Assets $53.64M $230.4M
YoY Change -76.72% 0.15%
TOTAL ASSETS
Total Short-Term Assets $636.8K $404.8K
Total Long-Term Assets $53.64M $230.4M
Total Assets $54.27M $230.8M
YoY Change -76.48% -0.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.629M $349.8K
YoY Change 365.62% 1398.63%
Accrued Expenses $2.682M $977.9K
YoY Change 174.26% -2.58%
Deferred Revenue
YoY Change
Short-Term Debt $2.300M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.69M $1.648M
YoY Change 1458.81% 49.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.747M $9.747M
YoY Change 0.0% -61.55%
Total Long-Term Liabilities $9.747M $9.747M
YoY Change 0.0% -61.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.69M $1.648M
Total Long-Term Liabilities $9.747M $9.747M
Total Liabilities $35.44M $11.39M
YoY Change 211.01% -56.92%
SHAREHOLDERS EQUITY
Retained Earnings -$16.37M -$10.62M
YoY Change 54.1%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$16.37M -$10.62M
YoY Change
Total Liabilities & Shareholders Equity $54.27M $230.8M
YoY Change -76.48% -0.28%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$734.1K $2.848M
YoY Change -125.77% -166.25%
Depreciation, Depletion And Amortization $1.621K
YoY Change
Cash From Operating Activities -$746.3K -$242.4K
YoY Change 207.91% -57.11%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$488.8K
YoY Change
Cash From Investing Activities -$488.8K
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 1.023M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -746.3K -242.4K
Cash From Investing Activities -488.8K
Cash From Financing Activities 1.023M 0.000
Net Change In Cash -212.6K -242.4K
YoY Change -12.29% -57.11%
FREE CASH FLOW
Cash From Operating Activities -$746.3K -$242.4K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Entity Tax Identification Number
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dei Entity Address State Or Province
EntityAddressStateOrProvince
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dei Document Type
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dei Document Quarterly Report
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dei Document Period End Date
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2023-06-30
dei Document Fiscal Year Focus
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dei Document Transition Report
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dei Entity Registrant Name
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7GC & Co. Holdings Inc.
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dei Entity File Number
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388 Market Street
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Suite 1300
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dei City Area Code
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dei Local Phone Number
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dei Security12b Title
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Shares of Class A Common Stock, par value $0.0001 per share
dei Trading Symbol
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dei Security Exchange Name
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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:Times New Roman"><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>
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ConcentrationRiskCreditRisk
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><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">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. 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 style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Trust Account as of June 30, 2023 and December 31, 2022 was held in an interest-bearing demand deposit account. </div>
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
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).
CY2023Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10
CY2023Q2 us-gaap Loans Payable Current
LoansPayableCurrent
2300000
CY2022Q4 us-gaap Loans Payable Current
LoansPayableCurrent
1100000
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
10000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
30000
CY2023Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
30000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
60000
CY2022Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
60000
vii Underwriting Discount Percentage
UnderwritingDiscountPercentage
0.02
us-gaap Other Underwriting Expense
OtherUnderwritingExpense
4600000
vii Underwriters Deferred Fee Percentage
UnderwritersDeferredFeePercentage
0.035
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
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.
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.
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q2 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
CY2022Q2 vii Change In Fair Value Of Derivative Warrant Liabilities
ChangeInFairValueOfDerivativeWarrantLiabilities
-1102500
CY2022Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
661500

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