2023 Q2 Form 10-Q Financial Statement

#000156459023007275 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 $300.0K $890.1K $985.1K
YoY Change 200.0% -9.64% 347.06%
Operating Profit -$303.3K -$890.1K -$985.1K
YoY Change 197.69% -9.64% 347.06%
Interest Expense $152.2K $68.33K $52.88K
YoY Change 29.21% 10962.76%
% of Operating Profit
Other Income/Expense, Net -$1.202M $237.6K $3.553M
YoY Change -231.7% -93.31% -40.75%
Pretax Income -$1.505M -$652.6K $2.568M
YoY Change -285.68% -125.41% -55.55%
Income Tax $5.149K $1.709K
% Of Pretax Income
Net Earnings -$1.510M -$654.3K $2.568M
YoY Change -286.32% -125.48% -55.55%
Net Earnings / Revenue
Basic Earnings Per Share -$0.35 -$0.14 $0.18
Diluted Earnings Per Share -$0.35 -$0.14 $175.4K
COMMON SHARES
Basic Shares Outstanding 4.320M 4.320M 14.64M
Diluted Shares Outstanding 4.320M shares 4.779M 14.64M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $37.57K $9.640K
YoY Change 289.73% -97.21%
Cash & Equivalents $3.184K $37.57K $9.642K
Short-Term Investments
Other Short-Term Assets $100.0K $169.5K $101.6K
YoY Change -50.0% 66.78% -59.59%
Inventory
Prepaid Expenses $149.0K $149.6K
Receivables
Other Receivables
Total Short-Term Assets $170.8K $207.0K $111.3K
YoY Change 0.73% 86.08% -81.37%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $12.80M $12.56M $119.1M
YoY Change -74.09% -89.45% 2.04%
Other Assets
YoY Change
Total Long-Term Assets $12.84M $12.56M $119.1M
YoY Change -74.01% -89.45% 2.04%
TOTAL ASSETS
Total Short-Term Assets $170.8K $207.0K $111.3K
Total Long-Term Assets $12.84M $12.56M $119.1M
Total Assets $13.01M $12.77M $119.2M
YoY Change -73.75% -89.29% 1.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K $338.2K $1.258M
YoY Change -88.89% -73.12% 3210.21%
Accrued Expenses $100.0K $71.55K $249.3K
YoY Change 0.0% -71.3% 405.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $281.0K
YoY Change -100.0% -100.0%
Long-Term Debt Due $6.807M $6.251M
YoY Change 193.25%
Total Short-Term Liabilities $7.057M $6.660M $4.114M
YoY Change 69.43% 61.91% 1824.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.400M $1.016M $3.609M
YoY Change -14.29% -71.86% -68.65%
Total Long-Term Liabilities $2.400M $1.016M $3.609M
YoY Change -14.29% -71.86% -68.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.057M $6.660M $4.114M
Total Long-Term Liabilities $2.400M $1.016M $3.609M
Total Liabilities $9.426M $7.676M $7.722M
YoY Change 36.08% -0.6% -34.13%
SHAREHOLDERS EQUITY
Retained Earnings -$9.048M -$7.413M
YoY Change 34.93%
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 -$9.047M -$7.413M -$7.501M
YoY Change
Total Liabilities & Shareholders Equity $13.01M $12.77M $119.2M
YoY Change -73.75% -89.29% 1.62%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.510M -$654.3K $2.568M
YoY Change -286.32% -125.48% -55.55%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$460.0K -$586.6K -$276.8K
YoY Change -36.11% 111.94% -20.46%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$110.0K $5.223M -$1.150M
YoY Change -100.16% -554.17%
Cash From Investing Activities -$110.0K $5.223M -$1.150M
YoY Change -100.16% -554.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 540.0K -4.613M 1.431M
YoY Change -100.78% -422.36%
NET CHANGE
Cash From Operating Activities -460.0K -586.6K -276.8K
Cash From Investing Activities -110.0K 5.223M -1.150M
Cash From Financing Activities 540.0K -4.613M 1.431M
Net Change In Cash -30.00K 23.44K 4.239K
YoY Change 452.96% -101.22%
FREE CASH FLOW
Cash From Operating Activities -$460.0K -$586.6K -$276.8K
Capital Expenditures
Free Cash Flow
YoY Change

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StockRedeemedOrCalledDuringPeriodShares
6732987
CY2022Q2 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
69700628
CY2022Q2 brez Cash Withdrawn From Trust Account
CashWithdrawnFromTrustAccount
109000
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 Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
31845056
CY2022Q3 brez Cash Withdrawn From Trust Account
CashWithdrawnFromTrustAccount
122247
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
CY2022Q3 us-gaap Temporary Equity Value Excluding Additional Paid In Capital
TemporaryEquityValueExcludingAdditionalPaidInCapital
59157
CY2023Q1 brez Business Combination Completion Date Of Acquisition
BusinessCombinationCompletionDateOfAcquisition
2023-09-26
CY2023Q1 brez Business Combination Incomplete Maximum Dissolution Expenses To Be Paid
BusinessCombinationIncompleteMaximumDissolutionExpensesToBePaid
100000
CY2023Q1 brez Assets Remaining Available For Distribution Per Share Maximum
AssetsRemainingAvailableForDistributionPerShareMaximum
10.595
CY2022Q4 brez Business Combination Expected To Close
BusinessCombinationExpectedToClose
third quarter of 2023
CY2023Q1 us-gaap Cash
Cash
37569
CY2023Q1 brez Working Capital
WorkingCapital
6381703
CY2020Q4 brez Proceeds From Sale Of Founder Shares
ProceedsFromSaleOfFounderShares
25000
CY2020Q4 brez Proceeds From Unsecured And Non Interest Bearing Promissory Notes
ProceedsFromUnsecuredAndNonInterestBearingPromissoryNotes
300000
CY2023Q1 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
509712
CY2023Q1 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
5400000
CY2023Q1 brez Percentage Of Excise Tax On Redemption Amount Paid
PercentageOfExciseTaxOnRedemptionAmountPaid
0.01
CY2023Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
53959
CY2023Q1 brez Percentage Of Excise Tax Liability Shares Redeemed
PercentageOfExciseTaxLiabilitySharesRedeemed
0.01
CY2023Q1 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>
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 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
CY2023Q1 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.56
CY2023Q1 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
509712
CY2023Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
1180484
CY2023Q1 brez Offering Costs Incurred In Connection With Issuance Of Common Stock
OfferingCostsIncurredInConnectionWithIssuanceOfCommonStock
3704282
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q1 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-654261
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
2567790
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4779225
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4779225
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14640000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14640000
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2023Q1 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 FDIC 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>
CY2023Q1 us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposure
250000
CY2023Q1 brez Percentage Of Advisor Cash Fee On Gross Proceeds Of Initial Public Offering
PercentageOfAdvisorCashFeeOnGrossProceedsOfInitialPublicOffering
0.0275
CY2023Q1 brez Cash Fee For Advisory Services Upon Consummation Of Business Combination
CashFeeForAdvisoryServicesUponConsummationOfBusinessCombination
3162500
CY2023Q1 brez Number Of Fractional Shares Issued Upon Exercise Of Public Warrant
NumberOfFractionalSharesIssuedUponExerciseOfPublicWarrant
0
CY2023Q1 brez Warrants Exercisable Period After Completion Of Business Combination
WarrantsExercisablePeriodAfterCompletionOfBusinessCombination
P30D
CY2023Q1 brez Warrants Exercisable Period From Closing Of Initial Public Offering
WarrantsExercisablePeriodFromClosingOfInitialPublicOffering
P12M
CY2023Q1 brez Warrant Expiration Period After Completion Of Business Combination Or Earlier Upon Redemption Or Liquidation
WarrantExpirationPeriodAfterCompletionOfBusinessCombinationOrEarlierUponRedemptionOrLiquidation
P5Y
CY2023Q1 brez Class Of Warrant Or Right Exercisable
ClassOfWarrantOrRightExercisable
0
CY2023Q1 brez Class Of Warrant Or Right Redemption Price
ClassOfWarrantOrRightRedemptionPrice
0.01
CY2023Q1 brez Minimum Period Of Prior Written Notice Of Redemption Of Warrants
MinimumPeriodOfPriorWrittenNoticeOfRedemptionOfWarrants
P30D
CY2023Q1 brez Minimum Price Per Share Required For Redemption Of Warrants
MinimumPricePerShareRequiredForRedemptionOfWarrants
18.00
CY2023Q1 brez Maximum Effective Issue Price To Closing Of Business Combination
MaximumEffectiveIssuePriceToClosingOfBusinessCombination
9.20
CY2023Q1 brez Minimum Percentage Of Equity Proceeds From Issuances
MinimumPercentageOfEquityProceedsFromIssuances
0.60
CY2023Q1 brez Percentage Of Exercise Price Of Warrants Adjusted Equal To Higher Of Market Value And Issued Price
PercentageOfExercisePriceOfWarrantsAdjustedEqualToHigherOfMarketValueAndIssuedPrice
1.15
CY2023Q1 brez Minimum Price Per Share Required For Redemption Of Warrants
MinimumPricePerShareRequiredForRedemptionOfWarrants
18.00
CY2023Q1 brez Percentage Of Redemption Triggered Price Of Warrants Adjusted Equal To Higher Of Market Value And Issued Price
PercentageOfRedemptionTriggeredPriceOfWarrantsAdjustedEqualToHigherOfMarketValueAndIssuedPrice
1.80
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
5425000
CY2023Q1 brez Warrant Price Per Share
WarrantPricePerShare
1.00
CY2023Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
5425000
CY2023Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-169250
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-3500000
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q1 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
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Holders of common stock are entitled to one vote for each share.
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3140000
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3140000
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3140000
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3140000
CY2023Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
1180484
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
1690196
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
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
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1184750
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0026
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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