2024 Q1 Form 10-K Financial Statement

#000192998024000086 Filed on April 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $0.00 $125.3K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $232.7K $82.02K $466.7K
YoY Change -2433.35%
Operating Profit -$232.7K -$466.7K
YoY Change 408119.3%
Interest Expense $781.2K $786.8K $1.525M
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $548.5K $704.8K $1.059M
YoY Change 5194.05%
Income Tax
% Of Pretax Income
Net Earnings $548.5K $704.8K $1.059M
YoY Change 189024.48% 5194.05%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.07 $0.09 $0.23
COMMON SHARES
Basic Shares Outstanding 7.762M shares 7.762M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.51K $295.4K $295.4K
YoY Change -60.61%
Cash & Equivalents $31.51K $295.4K
Short-Term Investments
Other Short-Term Assets $118.1K $101.7K $101.7K
YoY Change -52.78% -59.33%
Inventory
Prepaid Expenses $118.1K $101.7K
Receivables
Other Receivables $0.00
Total Short-Term Assets $149.6K $397.1K $397.1K
YoY Change -56.01% 24.09% 24.08%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $60.67M $59.88M $59.88M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $60.67M $59.88M $59.88M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $149.6K $397.1K $397.1K
Total Long-Term Assets $60.67M $59.88M $59.88M
Total Assets $60.81M $60.28M $60.28M
YoY Change 17786.75% 18738.97% 18737.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $112.3K $118.9K $118.9K
YoY Change 1022.6% 98.2%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $142.8K $157.6K $157.6K
YoY Change -56.73% -49.73% -49.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.150M $1.150M $1.150M
YoY Change
Total Long-Term Liabilities $1.150M $1.150M $1.150M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $142.8K $157.6K $157.6K
Total Long-Term Liabilities $1.150M $1.150M $1.150M
Total Liabilities $1.293M $1.308M $1.308M
YoY Change 291.75% 317.12% 321.81%
SHAREHOLDERS EQUITY
Retained Earnings $0.00 $0.00
YoY Change -100.0%
Common Stock $202.00 $202.00
YoY Change 40.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.600M $58.97M $58.97M
YoY Change
Total Liabilities & Shareholders Equity $60.81M $60.28M $60.28M
YoY Change 17786.75% 18738.97% 18737.91%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $548.5K $704.8K $1.059M
YoY Change 189024.48% 5194.05%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$263.9K $69.99K -$361.7K
YoY Change -476.95% 1708.25%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$58.36M
YoY Change
Cash From Investing Activities $0.00 $0.00 -$58.36M
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $55.49M
YoY Change 184858.33%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -129.7K 59.02M
YoY Change -100.0% 294997.6%
NET CHANGE
Cash From Operating Activities -$263.9K 69.99K -361.7K
Cash From Investing Activities $0.00 0.000 -58.36M
Cash From Financing Activities 0.000 -129.7K 59.02M
Net Change In Cash -$263.9K -59.74K 295.4K
YoY Change -393.18%
FREE CASH FLOW
Cash From Operating Activities -$263.9K $69.99K -$361.7K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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.</p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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>
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CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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 Depository Insurance 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><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Furthermore, recent bank failures, non-performance, or other adverse developments that affect financial institutions could impair the ability of one or more of the banks participating in the credit facility from honoring their commitments. Such events could have a material adverse effect on the Company’s financial condition or results of operations.</p>
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
59884239 usd
CY2022Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
0 usd
CY2023 bukit Purchase Of Aggregate Shares
PurchaseOfAggregateShares
5750000 shares
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1058806 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-18504 usd
CY2023 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
-6412764 usd
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
0 usd
CY2023 bukit Net Loss Includingaccretionofcarryingvalueofredemptionvalue
NetLossIncludingaccretionofcarryingvalueofredemptionvalue
-5353958 usd
bukit Net Loss Includingaccretionofcarryingvalueofredemptionvalue
NetLossIncludingaccretionofcarryingvalueofredemptionvalue
-18504 usd
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
750000 shares
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2023Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
bukit Gross Proceeds Amount
GrossProceedsAmount
57500000 usd
CY2023 us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
57500000 usd
CY2023 bukit Proceeds From Ordinary Shares Allocated To Public Rights And Warrants
ProceedsFromOrdinarySharesAllocatedToPublicRightsAndWarrants
-5149700 usd
CY2023 bukit Proceeds From Shares Allocated Towards Offering Costs Of Public Shares
ProceedsFromSharesAllocatedTowardsOfferingCostsOfPublicShares
-4236160 usd
CY2023 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
6412764 usd
CY2023 bukit Redemption Of Ordinary Share Amount
RedemptionOfOrdinaryShareAmount
54526904 usd
CY2023 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
424307 shares
CY2023Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2023 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
4243070 usd
CY2023 bukit Description Registration Rights
DescriptionRegistrationRights
the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period, which occurs (1) in the case of the insider shares, (i) with respect to 50% of the insider shares, until the earlier to occur of six months after the date of the consummation of the Company’s initial Business Combination and the date on which the closing price of ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial Business Combination and (2) with respect to the remaining 50% of the insider shares, six months after the date of the consummation of the Company’s initial Business Combination, or earlier, in either case, if, subsequent to the Company’s initial Business Combination, the Company consummates a liquidation, merger, share exchange or other similar transaction which results in all of its shareholders having the right to exchange their shares for cash, securities or other property, and (2) in the case of the Private Placement Units and the securities underlying such units, until the completion of the Company’s initial Business Combination
CY2023 bukit Underwriting Discount
UnderwritingDiscount
0.035 pure
CY2023 bukit Underwriting Discount Amount
UnderwritingDiscountAmount
2012500 usd
CY2023 bukit Cash Fee Of The Gross Proceeds Percentage
CashFeeOfTheGrossProceedsPercentage
0.020 pure
CY2023 bukit Deferred Underwriters Discount Amount
DeferredUnderwritersDiscountAmount
1150000 usd
CY2023Q4 bukit Deferred Discount Credit
DeferredDiscountCredit
1150000 usd
CY2023 bukit Issuance Of Representative Shares Upon The Consummation Of The Ipo
IssuanceOfRepresentativeSharesUponTheConsummationOfTheIpo
150000 shares
CY2023 bukit Description Of Representative Shares
DescriptionOfRepresentativeShares
The Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the date of the commencement of sales of the IPO pursuant to FINRA Rule 5110(e)(1)
CY2023 bukit Representative Issuance Of Representative Shares Upon The Consummation Of The Ipo
RepresentativeIssuanceOfRepresentativeSharesUponTheConsummationOfTheIpo
150000 shares
CY2023 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
817500 usd
CY2023 us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
5.45
CY2023Q4 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
500000000 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
490000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
2011807 shares
CY2023 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote
CY2023Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2023Q4 bukit Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
212153 shares
CY2023Q4 bukit Class Of Warrant Or Right Price
ClassOfWarrantOrRightPrice
0.01
CY2023 bukit Trading Periodgranted
TradingPeriodgranted
P30D
CY2023 bukit Description Of Warrant
DescriptionOfWarrant
if, and only if, the closing price of the ordinary shares equals or exceeds $16.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “-Warrants-Public Shareholders’ Warrants-Anti-dilution Adjustments”) for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders).

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