2023 Q1 Form 10-K Financial Statement

#000149315223008111 Filed on March 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
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 $1.231M $874.4K $1.703M
YoY Change 167.84% 4250.0% 8374.58%
Operating Profit -$1.231M -$1.703M
YoY Change 167.78%
Interest Expense $6.946K $928.8K $1.555M
YoY Change -82.61%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$509.7K $54.49K -$148.0K
YoY Change 21.51% -371.09% 636.08%
Income Tax $142.6K $285.7K $285.7K
% Of Pretax Income 524.24%
Net Earnings -$652.3K -$231.2K -$433.6K
YoY Change 55.51% 1050.1% 2057.29%
Net Earnings / Revenue
Basic Earnings Per Share -$0.05 -$0.03
Diluted Earnings Per Share -$0.05 -$0.02 -$0.03
COMMON SHARES
Basic Shares Outstanding 2.991M shares 13.15M shares 13.00M shares
Diluted Shares Outstanding 13.49M shares 13.00M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.32M $104.6M $391.9K
YoY Change 9647.31% 4831413.54% 18044.44%
Cash & Equivalents $94.30K $391.9K
Short-Term Investments $62.23M $104.2M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $94.30K $391.9K $391.9K
YoY Change -85.25% 35.26% 18044.44%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $62.23M $104.2M $104.2M
YoY Change -39.38%
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $62.23M $104.2M $104.2M
YoY Change -39.38% 36116.41%
TOTAL ASSETS
Total Short-Term Assets $94.30K $391.9K $391.9K
Total Long-Term Assets $62.23M $104.2M $104.2M
Total Assets $62.32M $104.6M $104.6M
YoY Change -39.66% 35982.33% 35981.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $927.2K $200.0K $200.0K
YoY Change
Accrued Expenses $565.1K $648.9K $844.0K
YoY Change 1089.74% 328.3% 457.11%
Deferred Revenue
YoY Change
Short-Term Debt $1.132M $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.102M $1.330M $1.330M
YoY Change 6430.1% 366.8% 366.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.556M $3.556M $3.556M
YoY Change 0.0%
Total Long-Term Liabilities $3.556M $3.556M $3.556M
YoY Change 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.102M $1.330M $1.330M
Total Long-Term Liabilities $3.556M $3.556M $3.556M
Total Liabilities $6.657M $4.885M $4.885M
YoY Change 84.77% 1615.01% 1615.01%
SHAREHOLDERS EQUITY
Retained Earnings -$6.086M -$4.293M
YoY Change 21265.84%
Common Stock $3.00 $3.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.086M -$4.293M $99.67M
YoY Change
Total Liabilities & Shareholders Equity $62.32M $104.6M $104.6M
YoY Change -39.66% 35982.33% 35981.7%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$652.3K -$231.2K -$433.6K
YoY Change 55.51% 1050.1% 2057.29%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$740.4K -$137.6K -$810.7K
YoY Change 31.45% 137540.0% 810561.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $42.66M $0.00 -$102.6M
YoY Change -141.58%
Cash From Investing Activities -$42.66M $0.00 -$102.6M
YoY Change -58.42%
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 -$42.22M 0.000 $103.8M
YoY Change -140.67% -100.0% 4593130.88%
NET CHANGE
Cash From Operating Activities -$740.4K -137.6K -$810.7K
Cash From Investing Activities -$42.66M 0.000 -$102.6M
Cash From Financing Activities -$42.22M 0.000 $103.8M
Net Change In Cash -$85.63M -137.6K $389.8K
YoY Change -13538.41% -8923.08% 17944.44%
FREE CASH FLOW
Cash From Operating Activities -$740.4K -$137.6K -$810.7K
Capital Expenditures
Free Cash Flow
YoY Change

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100000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
391924 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
25000 usd
CY2022Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
133533 usd
CY2022 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
285662 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zf3nfh1eDbdk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_zlmQvupJrZt6">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
104162029 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
285662 usd
CY2022Q4 BRAC Startup Costs
StartupCosts
320952 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
320952 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
320952 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
320952 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2100 pure
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2022Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
285662 usd
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zaupLto5N98g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_z0KnFkj4pMG5">Concentration of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><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_907_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20221231_z0TCbN3UmFs9" title="Federal depository insurance coverage amount">250,000</span>. On December 31, 2022, the Company had not experienced 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: 0; text-align: justify; text-indent: 35.4pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q1 us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
Each Unit consists of one share of common stock and one right to receive one-tenth (1/10) of one share of common stock upon the consummation of an initial business combination
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.000001
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2990897 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2990897 shares
CY2022Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
10159069 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.000001
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022 BRAC Public Right Description
PublicRightDescription
Except in cases where the Company is not the surviving company in a Business Combination, each holder of a Public Right will automatically receive one-tenth (1/10) of one share of common stock upon consummation of a Business Combination, even if the holder of a Public Right converted all shares held by him, her or it in connection with a Business Combination or an amendment to the Company’s Amended and Restated Certificate of Incorporation with respect to its pre-business combination activities. In the event that the Company will not be the surviving company upon completion of a Business Combination, each holder of a Public Right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of a share underlying each Public Right upon consummation of the Business Combination.

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0001493152-23-008111.txt Edgar Link pending
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