$BRZH
Breeze Holdings Acquisition Corp.

2022 Q4 Form 10-Q Financial Statement

#000156459022037661 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
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 $712.5K $523.6K $591.6K
YoY Change 57.72% -11.48%
Operating Profit -$523.6K -$591.6K
YoY Change -11.48%
Interest Expense $0.00 $813.00 $14.52K
YoY Change -100.0% -94.4%
% of Operating Profit
Other Income/Expense, Net -$338.5K $1.987M $3.778M
YoY Change -119.38% -47.41%
Pretax Income -$1.051M $1.463M $3.201M
YoY Change -180.11% -54.29%
Income Tax -$1.630K $3.715K
% Of Pretax Income 0.25%
Net Earnings -$1.049M $1.459M $3.602M
YoY Change -179.98% -59.48%
Net Earnings / Revenue
Basic Earnings Per Share $0.20 $0.22
Diluted Earnings Per Share -$0.22 $0.20 $218.7K
COMMON SHARES
Basic Shares Outstanding 4.830M 7.907M 14.63M
Diluted Shares Outstanding 7.338M 14.63M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.13K $80.00 $9.580K
YoY Change 161.67% -99.16%
Cash & Equivalents $14.13K $76.00 $9.584K
Short-Term Investments
Other Short-Term Assets $188.6K $253.0K $177.5K
YoY Change 51.88% 42.55% 77.45%
Inventory
Prepaid Expenses $160.5K $253.0K
Receivables
Other Receivables
Total Short-Term Assets $202.7K $253.0K $187.0K
YoY Change 56.46% 35.29% 87.03%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $17.73M $17.55M $116.8M
YoY Change -84.97% -84.97%
Other Assets $0.00
YoY Change
Total Long-Term Assets $17.73M $17.55M $116.8M
YoY Change -84.97% -84.97%
TOTAL ASSETS
Total Short-Term Assets $202.7K $253.0K $187.0K
Total Long-Term Assets $17.73M $17.55M $116.8M
Total Assets $17.93M $17.81M $117.0M
YoY Change -84.81% -84.77% 116851.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $67.50K $890.6K $244.9K
YoY Change -88.72% 263.66%
Accrued Expenses $0.00 $0.00 $149.6K
YoY Change -100.0% -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.422M $0.00
YoY Change -100.0%
Long-Term Debt Due $5.481M $2.396M
YoY Change 357.39%
Total Short-Term Liabilities $5.551M $4.712M $452.5K
YoY Change 177.98% 941.52% 352.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.185M $846.3K $8.855M
YoY Change -83.33% -90.44%
Total Long-Term Liabilities $1.185M $846.3K $8.855M
YoY Change -83.33% -90.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.551M $4.712M $452.5K
Total Long-Term Liabilities $1.185M $846.3K $8.855M
Total Liabilities $6.735M $5.559M $9.308M
YoY Change -26.03% -40.28% 9207.71%
SHAREHOLDERS EQUITY
Retained Earnings -$6.532M -$5.305M -$9.557M
YoY Change -26.77% -44.49%
Common Stock $315.00 $315.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.532M -$5.305M -$9.081M
YoY Change
Total Liabilities & Shareholders Equity $17.93M $17.81M $117.0M
YoY Change -84.81% -84.77% 116851.55%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$1.049M $1.459M $3.602M
YoY Change -179.98% -59.48%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.364M -$1.382M -$157.4K
YoY Change 32458.0% 777.66%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$191.7K $101.7M
YoY Change -83.33%
Cash From Investing Activities -$191.7K $101.7M
YoY Change -83.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.570M -100.3M
YoY Change 36.51%
NET CHANGE
Cash From Operating Activities -1.364M -1.382M -157.4K
Cash From Investing Activities -191.7K 101.7M
Cash From Financing Activities 1.570M -100.3M
Net Change In Cash 14.05K -9.570K -157.4K
YoY Change -435.32% -93.92%
FREE CASH FLOW
Cash From Operating Activities -$1.364M -$1.382M -$157.4K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2020Q4 brez Proceeds From Sale Of Founder Shares
ProceedsFromSaleOfFounderShares
25000
CY2020Q4 brez Proceeds From Unsecured And Non Interest Bearing Promissory Notes
ProceedsFromUnsecuredAndNonInterestBearingPromissoryNotes
300000
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of estimates</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the condensed financial statements in conformity with GAAP requires the Company’s 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.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
CY2022Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q2 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
6732987
CY2022Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
4767013
CY2022Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.35
CY2022Q3 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
3076817
CY2022Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
1690196
brez Offering Costs Incurred In Connection With Issuance Of Common Stock
OfferingCostsIncurredInConnectionWithIssuanceOfCommonStock
3704282
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q3 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
1459229
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
1459229
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
3200700
us-gaap Net Income Loss
NetIncomeLoss
4837633
us-gaap Net Income Loss
NetIncomeLoss
7391957
us-gaap Net Income Loss
NetIncomeLoss
7391957
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7338471
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14634130
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14634130
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10798286
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10798286
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14628077
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14628077
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.45
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of credit risk</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposure
250000
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
brez Percentage Of Advisor Cash Fee On Gross Proceeds Of Initial Public Offering
PercentageOfAdvisorCashFeeOnGrossProceedsOfInitialPublicOffering
0.0275
brez Cash Fee For Advisory Services Upon Consummation Of Business Combination
CashFeeForAdvisoryServicesUponConsummationOfBusinessCombination
3162500
CY2022Q3 brez Number Of Fractional Shares Issued Upon Exercise Of Public Warrant
NumberOfFractionalSharesIssuedUponExerciseOfPublicWarrant
0
brez Warrants Exercisable Period After Completion Of Business Combination
WarrantsExercisablePeriodAfterCompletionOfBusinessCombination
P30D
brez Warrants Exercisable Period From Closing Of Initial Public Offering
WarrantsExercisablePeriodFromClosingOfInitialPublicOffering
P12M
brez Warrant Expiration Period After Completion Of Business Combination Or Earlier Upon Redemption Or Liquidation
WarrantExpirationPeriodAfterCompletionOfBusinessCombinationOrEarlierUponRedemptionOrLiquidation
P5Y
CY2022Q3 brez Class Of Warrant Or Right Exercisable
ClassOfWarrantOrRightExercisable
0
CY2022Q3 brez Class Of Warrant Or Right Redemption Price
ClassOfWarrantOrRightRedemptionPrice
0.01
CY2022Q3 brez Minimum Price Per Share Required For Redemption Of Warrants
MinimumPricePerShareRequiredForRedemptionOfWarrants
18.00
CY2022Q3 brez Maximum Effective Issue Price To Closing Of Business Combination
MaximumEffectiveIssuePriceToClosingOfBusinessCombination
9.20
CY2022Q3 brez Minimum Percentage Of Equity Proceeds From Issuances
MinimumPercentageOfEquityProceedsFromIssuances
0.60
CY2022Q3 brez Percentage Of Exercise Price Of Warrants Adjusted Equal To Higher Of Market Value And Issued Price
PercentageOfExercisePriceOfWarrantsAdjustedEqualToHigherOfMarketValueAndIssuedPrice
1.15
CY2022Q3 brez Minimum Price Per Share Required For Redemption Of Warrants
MinimumPricePerShareRequiredForRedemptionOfWarrants
18.00
brez Percentage Of Redemption Triggered Price Of Warrants Adjusted Equal To Higher Of Market Value And Issued Price
PercentageOfRedemptionTriggeredPriceOfWarrantsAdjustedEqualToHigherOfMarketValueAndIssuedPrice
1.80
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
5425000
CY2022Q3 brez Warrant Price Per Share
WarrantPricePerShare
1.00
CY2022Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
5425000
CY2022Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-6262250
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-8631750
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Holders of common stock are entitled to one vote for each share.
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3140000
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3140000
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3140000
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3140000
CY2022Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
1690196
CY2021Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
11500000
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
17487000
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
5978000
CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
3777750
CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
8855250
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
7108500
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
3500000
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
3608500
CY2022Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
846250
CY2022Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2762250
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
1916000
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
846250
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0025
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0008
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q3 brez Us Federal Excise Tax On Repurchase Of Stock
USFederalExciseTaxOnRepurchaseOfStock
0.01
CY2022Q3 brez Amount Of Excise Tax Percentage Of Fair Market Value Of Shares Repurchased
AmountOfExciseTaxPercentageOfFairMarketValueOfSharesRepurchased
0.01
CY2022Q3 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.035
CY2022Q3 us-gaap Temporary Equity Value Excluding Additional Paid In Capital
TemporaryEquityValueExcludingAdditionalPaidInCapital
59157

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