2023 Q2 Form 10-Q Financial Statement
#000149315223017112 Filed on May 15, 2023
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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IncreaseDecreaseInAccruedLiabilities
|
-83757 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-103827 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
142579 | usd |
CY2023Q1 | BRAC |
Increase Decrease In Franchise Tax Expenses
IncreaseDecreaseInFranchiseTaxExpenses
|
146353 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-740369 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-563240 | usd |
CY2023Q1 | us-gaap |
Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
|
43354304 | usd |
CY2023Q1 | BRAC |
Interest Withdraw From Trust Account
InterestWithdrawFromTrustAccount
|
422495 | usd |
CY2023Q1 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
1112177 | usd |
CY2022Q1 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
102606596 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-42664622 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-102606596 | usd |
CY2023Q1 | BRAC |
Common Stock Subject To Possible Redemption
CommonStockSubjectToPossibleRedemption
|
-43354304 | usd |
CY2023Q1 | BRAC |
Proceeds From Working Capital Loan
ProceedsFromWorkingCapitalLoan
|
20250 | usd |
CY2023Q1 | BRAC |
Proceeds From Extension Loan
ProceedsFromExtensionLoan
|
1112177 | usd |
CY2022Q1 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
99429074 | usd |
CY2022Q1 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
4511301 | usd |
CY2022Q1 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
133357 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-42221877 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
103807018 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-297624 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
637182 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
391924 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
2164 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
94300 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
639346 | usd |
CY2023Q1 | BRAC |
Extension Funds Attributable To Common Stock Subject To Redemption
ExtensionFundsAttributableToCommonStockSubjectToRedemption
|
1112177 | usd |
CY2023Q1 | BRAC |
Accretion Of Common Stock Subject To Redemption
AccretionOfCommonStockSubjectToRedemption
|
28210 | usd |
CY2022Q1 | BRAC |
Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
|
3555674 | usd |
CY2022Q1 | BRAC |
Initial Classification Of Common Stock Subject To Redemption
InitialClassificationOfCommonStockSubjectToRedemption
|
102606597 | usd |
CY2022Q1 | BRAC |
Deferred Offering Costs Paid For By Promissory Note Related Party
DeferredOfferingCostsPaidForByPromissoryNoteRelatedParty
|
176 | usd |
CY2022Q1 | BRAC |
Underwriters Deferred Discount
UnderwritersDeferredDiscount
|
31814 | usd |
CY2022Q1 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
101000000 | shares |
CY2022Q1 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10.10 | |
CY2023Q1 | BRAC |
Business Combination Condition Minimum Tangible Assets
BusinessCombinationConditionMinimumTangibleAssets
|
5000001 | usd |
CY2022Q4 | BRAC |
Percentage Of The Public Shareholding To Be Redeemed In Case The Business Combination Is Not Consummated
PercentageOfThePublicShareholdingToBeRedeemedInCaseTheBusinessCombinationIsNotConsummated
|
1 | pure |
CY2023Q1 | us-gaap |
Liquidation Basis Of Accounting Accrued Costs To Dispose Of Assets And Liabilities
LiquidationBasisOfAccountingAccruedCostsToDisposeOfAssetsAndLiabilities
|
100000 | usd |
CY2023Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
94300 | usd |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
25000 | usd | |
CY2022Q1 | us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
133533 | usd |
CY2023Q1 | BRAC |
Working Capital Loan
WorkingCapitalLoan
|
20250 | usd |
CY2023Q1 | BRAC |
Extension Loan
ExtensionLoan
|
1112177 | usd |
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. |