2023 Q2 Form 10-Q Financial Statement

#000149315223017112 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
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 $230.0K $1.231M $459.4K
YoY Change 96.06% 167.84%
Operating Profit -$225.2K -$1.231M -$459.5K
YoY Change 91.96% 167.78%
Interest Expense $23.35K $6.946K $39.95K
YoY Change -78.47% -82.61%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $475.2K -$509.7K -$419.5K
YoY Change -5469.15% 21.51%
Income Tax $135.1K $142.6K
% Of Pretax Income 28.43%
Net Earnings $340.1K -$652.3K -$419.5K
YoY Change -3942.73% 55.51%
Net Earnings / Revenue
Basic Earnings Per Share $0.04 -$0.05 -$0.04
Diluted Earnings Per Share $0.04 -$0.05 -$28.95K
COMMON SHARES
Basic Shares Outstanding 2.991M shares 2.991M shares 11.90M shares
Diluted Shares Outstanding 8.597M shares 13.49M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.70M $62.32M $639.4K
YoY Change -52.89% 9647.31%
Cash & Equivalents $52.15K $94.30K $639.3K
Short-Term Investments $48.65M $62.23M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $52.15K $94.30K $639.4K
YoY Change -91.62% -85.25%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $48.70M $62.23M $102.6M
YoY Change -52.61% -39.38%
Other Assets $0.00
YoY Change
Total Long-Term Assets $48.65M $62.23M $102.6M
YoY Change -52.65% -39.38%
TOTAL ASSETS
Total Short-Term Assets $52.15K $94.30K $639.4K
Total Long-Term Assets $48.65M $62.23M $102.6M
Total Assets $48.70M $62.32M $103.3M
YoY Change -52.89% -39.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $749.9K $927.2K
YoY Change 9898.33%
Accrued Expenses $674.5K $565.1K $47.50K
YoY Change 380.71% 1089.74%
Deferred Revenue
YoY Change
Short-Term Debt $2.200M $1.132M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.193M $3.102M $47.50K
YoY Change 2736.98% 6430.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.600M $3.556M $3.556M
YoY Change 1.25% 0.0%
Total Long-Term Liabilities $3.600M $3.556M $3.556M
YoY Change 1.25% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.193M $3.102M $47.50K
Total Long-Term Liabilities $3.600M $3.556M $3.556M
Total Liabilities $7.749M $6.657M $3.603M
YoY Change 109.24% 84.77%
SHAREHOLDERS EQUITY
Retained Earnings -$7.084M -$6.086M
YoY Change 141.54%
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 -$7.084M -$6.086M -$2.924M
YoY Change
Total Liabilities & Shareholders Equity $48.70M $62.32M $103.3M
YoY Change -52.89% -39.66%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $340.1K -$652.3K -$419.5K
YoY Change -3942.73% 55.51%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$320.0K -$740.4K -$563.2K
YoY Change 1783.46% 31.45%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $14.30M $42.66M -$102.6M
YoY Change -141.58%
Cash From Investing Activities $14.30M -$42.66M -$102.6M
YoY Change -58.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.03M -$42.22M 103.8M
YoY Change -140.67%
NET CHANGE
Cash From Operating Activities -320.0K -$740.4K -563.2K
Cash From Investing Activities 14.30M -$42.66M -102.6M
Cash From Financing Activities -14.03M -$42.22M 103.8M
Net Change In Cash -50.00K -$85.63M 637.2K
YoY Change 194.29% -13538.41%
FREE CASH FLOW
Cash From Operating Activities -$320.0K -$740.4K -$563.2K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zzzRZwsrGwAk" 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_864_zCENGMQkiTv2">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>
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q1 us-gaap Marketable Securities
MarketableSecurities
62225137 usd
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
104162029 usd
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zC8z4QTWtSJh" 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_86F_zVgyVQuZo124">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_900_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20230331_zXP48wthqhY" title="Federal depository insurance coverage amount">250,000</span>. As of March 31, 2023, 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>
CY2023Q1 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.
CY2023Q1 BRAC Working Capital Loan
WorkingCapitalLoan
20250 usd
CY2023Q1 BRAC Working Capital Loan
WorkingCapitalLoan
20250 usd
CY2023Q1 BRAC Extension Loan
ExtensionLoan
1112177 usd
CY2023Q1 BRAC Extension Loan
ExtensionLoan
1112177 usd
CY2023Q1 BRAC Servicer Fees
ServicerFees
30000 usd
CY2022 BRAC Servicer Fees
ServicerFees
110000 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.000001
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2990897 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2990897 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2990897 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2990897 shares
CY2023Q1 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
5931608 shares
CY2022Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
10159069 shares
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.000001
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
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.

Files In Submission

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0001493152-23-017112-index-headers.html Edgar Link pending
0001493152-23-017112-index.html Edgar Link pending
0001493152-23-017112.txt Edgar Link pending
0001493152-23-017112-xbrl.zip Edgar Link pending
brac-20230331.xsd Edgar Link pending
ex31-1.htm Edgar Link pending
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form10-q_htm.xml Edgar Link completed