$BURU
Nuburu, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023011357 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $470.0K $430.0K $1.440M
YoY Change
Cost Of Revenue $1.212M $1.210M $4.860M
YoY Change 118.44% 61.33% 174.58%
Gross Profit -$742.4K -$770.0K -$3.420M
YoY Change 59.65% 11.59% 146.04%
Gross Profit Margin -157.97% -179.07% -237.5%
Selling, General & Admin $3.227M $1.300M $6.030M
YoY Change 170.72% -11.56% 9.04%
% of Gross Profit
Research & Development $1.332M $1.860M $4.550M
YoY Change 110.97% 287.5% 84.96%
% of Gross Profit
Depreciation & Amortization $126.1K $70.00K $450.0K
YoY Change -6.69% -50.0% -18.18%
% of Gross Profit
Operating Expenses $4.559M $3.150M $10.58M
YoY Change 1724.11% 258.86% 89.88%
Operating Profit -$5.301M -$3.920M -$1.959M
YoY Change 2021.2% 150.04% -64.85%
Interest Expense $30.00K -$90.00K -$130.0K
YoY Change -82.77% -336.9% -208.28%
% of Operating Profit
Other Income/Expense, Net $501.3K $13.46M
YoY Change -94.68% -42.39%
Pretax Income -$4.768M -$4.020M $11.50M
YoY Change -152.0% -639.69% -35.36%
Income Tax $0.00 $358.2K
% Of Pretax Income 3.11%
Net Earnings -$4.768M -$4.020M $11.14M
YoY Change -152.04% -639.69% -37.37%
Net Earnings / Revenue -1014.39% -934.88% 773.71%
Basic Earnings Per Share -$0.19 -$2.59
Diluted Earnings Per Share -$0.19 -$0.12 -$0.42
COMMON SHARES
Basic Shares Outstanding 33.59M 5.458M
Diluted Shares Outstanding 25.52M 5.458M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.520M $2.880M $2.880M
YoY Change 367.03% 500.39% 500.39%
Cash & Equivalents $1.523M $4.749K $2.880M
Short-Term Investments
Other Short-Term Assets $39.95K $11.85K $4.310M
YoY Change -39.12% -89.39% 3759.59%
Inventory $1.249M $972.7K $970.0K
Prepaid Expenses $80.88K
Receivables $522.8K $327.2K $330.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.273M $85.62K $8.490M
YoY Change 992.53% -85.52% 1335.67%
LONG-TERM ASSETS
Property, Plant & Equipment $4.013M $3.772M $4.600M
YoY Change 15.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $34.36K $34.36K $30.00K
YoY Change 0.0%
Total Long-Term Assets $4.743M $33.03M $4.630M
YoY Change -98.58% -90.12% -98.62%
TOTAL ASSETS
Total Short-Term Assets $4.273M $85.62K $8.490M
Total Long-Term Assets $4.743M $33.03M $4.630M
Total Assets $9.016M $33.12M $13.12M
YoY Change -97.31% -90.11% -96.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.257M $4.457M $4.460M
YoY Change 8.68% 1927.27%
Accrued Expenses $2.282M $2.312M $2.660M
YoY Change -43.33% -41.85% -33.1%
Deferred Revenue $173.8K $178.8K
YoY Change 0.4%
Short-Term Debt $0.00 $7.300M $7.300M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.063M $34.64M $14.59M
YoY Change 75.16% 771.08% 266.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.120M $370.0K $370.0K
YoY Change -93.08% -98.55% -98.55%
Total Long-Term Liabilities $1.120M $370.0K $370.0K
YoY Change -93.08% -98.55% -98.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.063M $34.64M $14.59M
Total Long-Term Liabilities $1.120M $370.0K $370.0K
Total Liabilities $8.181M $48.78M $14.96M
YoY Change -59.54% 65.88% -49.13%
SHAREHOLDERS EQUITY
Retained Earnings -$65.96M -$18.87M
YoY Change 239.48% -34.01%
Common Stock $3.359K $1.077K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $835.1K -$18.87M -$1.840M
YoY Change
Total Liabilities & Shareholders Equity $9.016M $33.12M $13.12M
YoY Change -97.31% -90.11% -96.08%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$4.768M -$4.020M $11.14M
YoY Change -152.04% -639.69% -37.37%
Depreciation, Depletion And Amortization $126.1K $70.00K $450.0K
YoY Change -6.69% -50.0% -18.18%
Cash From Operating Activities -$4.051M -$2.940M -$1.182M
YoY Change 2526.3% 1275.5% -32.45%
INVESTING ACTIVITIES
Capital Expenditures $344.8K $260.0K $540.0K
YoY Change 236.78% 136.36% 25.58%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$344.8K -$260.0K $303.0M
YoY Change 236.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $302.9M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.038M 2.030M -302.3M
YoY Change 1777981.68%
NET CHANGE
Cash From Operating Activities -4.051M -2.940M -1.182M
Cash From Investing Activities -344.8K -260.0K 303.0M
Cash From Financing Activities 3.038M 2.030M -302.3M
Net Change In Cash -1.357M -1.170M -474.9K
YoY Change 779.98% 447.39% -73.11%
FREE CASH FLOW
Cash From Operating Activities -$4.051M -$2.940M -$1.182M
Capital Expenditures $344.8K $260.0K $540.0K
Free Cash Flow -$4.395M -$3.200M -$1.722M
YoY Change 1612.85% 888.45% -21.0%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of consolidated financial statements in conformity with U.S. 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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 consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these consolidated financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. Accordingly, the actual results could differ significantly from those estimates.</span></p>
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CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company had significant cash balances at financial institutions which throughout the year regularly exceed the Federal Deposit Insurance Coverage limit of $</span><span style="font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">250,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2022Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
600000
CY2022 buru Notes Payables Related Parties Repayment Date
NotesPayablesRelatedPartiesRepaymentDate
2023-02-01
CY2022 buru Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
3
CY2022Q4 buru Deferred Underwriting Commissions
DeferredUnderwritingCommissions
11697550
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
1
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
19569
CY2022Q4 buru Deferred Tax Assets Startup And Organizational Expenses
DeferredTaxAssetsStartupAndOrganizationalExpenses
1401201
CY2021Q4 buru Deferred Tax Assets Startup And Organizational Expenses
DeferredTaxAssetsStartupAndOrganizationalExpenses
1184552
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1401201
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1204121
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1401201
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1204121
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
358204
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-143034
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1144921
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-54046
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
197080
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1144921
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
358204
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
197080
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1144921
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.070
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.000
CY2022 buru Effective Income Tax Rate Reconciliation True Up Of Net Operation Loss State Percent
EffectiveIncomeTaxRateReconciliationTrueUpOfNetOperationLossStatePercent
-0.001
CY2021 buru Effective Income Tax Rate Reconciliation True Up Of Net Operation Loss State Percent
EffectiveIncomeTaxRateReconciliationTrueUpOfNetOperationLossStatePercent
0.000
CY2022 buru Effective Income Tax Rate Reconciliation Change In Deferred Tax Asset Warrant Liability Percent
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetWarrantLiabilityPercent
-0.289
CY2021 buru Effective Income Tax Rate Reconciliation Change In Deferred Tax Asset Warrant Liability Percent
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetWarrantLiabilityPercent
-0.274
CY2022 buru Effective Income Tax Rate Reconciliation Interest And Penalties Percent
EffectiveIncomeTaxRateReconciliationInterestAndPenaltiesPercent
0.000
CY2021 buru Effective Income Tax Rate Reconciliation Interest And Penalties Percent
EffectiveIncomeTaxRateReconciliationInterestAndPenaltiesPercent
0.000
CY2022 buru Effective Income Tax Rate Reconciliation Merger And Acquisition Expenses Percent
EffectiveIncomeTaxRateReconciliationMergerAndAcquisitionExpensesPercent
0.024
CY2021 buru Effective Income Tax Rate Reconciliation Merger And Acquisition Expenses Percent
EffectiveIncomeTaxRateReconciliationMergerAndAcquisitionExpensesPercent
0.000
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.017
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.064
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.031
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2022Q4 buru Cash Held In Trust Account
CashHeldInTrustAccount
33034062
CY2021Q4 buru Cash Held In Trust Account
CashHeldInTrustAccount
2040
CY2022 buru Proceeds From Cash Withdrawn From Trust Account To Pay Franchise And Income Taxes
ProceedsFromCashWithdrawnFromTrustAccountToPayFranchiseAndIncomeTaxes
706648
CY2021 buru Proceeds From Cash Withdrawn From Trust Account To Pay Franchise And Income Taxes
ProceedsFromCashWithdrawnFromTrustAccountToPayFranchiseAndIncomeTaxes
0

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