$CAUD
Collective Audience, Inc.

2022 Q3 Form 10-Q Financial Statement

#000121390022048191 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $30.00K
YoY Change
Gross Profit -$30.00K
YoY Change
Gross Profit Margin
Selling, General & Admin $169.8K $197.5K $303.2K
YoY Change -19.51% 20927.8%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $727.7K $504.6K $1.396M
YoY Change 145.99% 1530.97%
Operating Profit -$727.7K -$504.6K -$1.396M
YoY Change 146.0% 1530.97%
Interest Expense $329.4K $117.9K $5.340K
YoY Change 76511.63%
% of Operating Profit
Other Income/Expense, Net $67.76K
YoY Change
Pretax Income -$398.3K -$386.7K -$1.323M
YoY Change 62.36% 1130.45%
Income Tax
% Of Pretax Income
Net Earnings -$398.3K -$386.7K -$1.323M
YoY Change 62.36% 1149.98% 267093.33%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$53.37K -$51.83K -$177.2K
COMMON SHARES
Basic Shares Outstanding 7.462M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $175.1K $156.8K $5.000K
YoY Change -50.1% 33.89%
Cash & Equivalents $175.1K $156.8K $5.002K
Short-Term Investments
Other Short-Term Assets $308.5K $286.9K $319.3K
YoY Change -20.52% 30.9%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $483.6K $443.7K $324.3K
YoY Change -34.56% 31.94%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $58.18M $57.38M $57.34M
YoY Change 1.46%
Other Assets
YoY Change
Total Long-Term Assets $58.18M $57.38M $57.34M
YoY Change 1.46%
TOTAL ASSETS
Total Short-Term Assets $483.6K $443.7K $324.3K
Total Long-Term Assets $58.18M $57.38M $57.34M
Total Assets $58.66M $57.83M $57.67M
YoY Change 1.0% 17096.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $215.6K $1.717M $1.627M
YoY Change 51.27% 4348.8%
Accrued Expenses $1.890M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.106M $1.717M $1.927M
YoY Change 682.34% 400.96%
LONG-TERM LIABILITIES
Long-Term Debt $573.4K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.629M $2.362M $1.603M
YoY Change 75.3%
Total Long-Term Liabilities $3.203M $2.362M $1.603M
YoY Change 113.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.106M $1.717M $1.927M
Total Long-Term Liabilities $3.203M $2.362M $1.603M
Total Liabilities $5.309M $4.079M $3.530M
YoY Change 200.07% 1090.15%
SHAREHOLDERS EQUITY
Retained Earnings -$3.614M -$2.919M
YoY Change
Common Stock $173.00 $173.00
YoY Change 20.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.671M -$869.2K $712.9K
YoY Change
Total Liabilities & Shareholders Equity $58.66M $57.83M $57.67M
YoY Change 1.0% 17096.79%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$398.3K -$386.7K -$1.323M
YoY Change 62.36% 1149.98% 267093.33%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$281.7K -$348.2K -$449.9K
YoY Change -27.7%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$573.4K
YoY Change -99.0%
Cash From Investing Activities -$573.4K
YoY Change -99.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 873.4K 500.0K 300.0K
YoY Change -98.49%
NET CHANGE
Cash From Operating Activities -281.7K -348.2K -449.9K
Cash From Investing Activities -573.4K
Cash From Financing Activities 873.4K 500.0K 300.0K
Net Change In Cash 18.32K 151.8K -149.9K
YoY Change -92.16%
FREE CASH FLOW
Cash From Operating Activities -$281.7K -$348.2K -$449.9K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
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true
dei Document Period End Date
DocumentPeriodEndDate
2022-06-30
dei Document Fiscal Year Focus
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2022
dei Document Transition Report
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dei Entity File Number
EntityFileNumber
001-40723
dei Entity Registrant Name
EntityRegistrantName
ABRI SPAC I, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
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9663 Santa Monica Blvd
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No. 1091
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1 – NATURE OF THE ORGANIZATION AND BUSINESS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Abri SPAC I, Inc (“Abri” or the “Company”) was incorporated in the State of Delaware on March 18, 2021. The Company’s business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (our “Initial Business Combination”). The Company has selected December 31 as its fiscal year end. Throughout this report, the terms “our,” “we,” “us,” and the “Company” refer to Abri SPAC I, Inc.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of June 30, 2022, and the date of this filing, the Company had not commenced core operations. All activity for the period from March 18, 2021 (Inception) through June 30, 2022 relates to the Company’s formation and raising funds through its initial public offering (“Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of the Initial Business Combination, at the earliest. The Company is generating non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The registration statement pursuant to which the Company registered its securities offered in the Initial Public Offering was declared effective on August 9, 2021. On August 12, 2021, the Company consummated its Initial Public Offering of 5,000,000 units (each, a “Unit” and collectively, the “Units”), at $10.00 per Unit, generating gross proceeds of $50,000,000 and incurring offering costs of $973,988. The Company granted the underwriter a 45-day option to purchase up to an additional 750,000 Units at the Initial Public Offering price to cover over-allotments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Simultaneously with the consummation of the closing of the Initial Public Offering, the Company completed the private sale of 276,250 units (the “Private Units”) to Abri Ventures I, LLC, the Company’s sponsor (the “Sponsor”) at a purchase price of $10.00 per Private Unit, generating gross proceeds to the Company of $2,762,500.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the closing of the Initial Public Offering on August 12, 2021, an amount of $50,000,000 net proceeds from the Initial Public Offering and sale of the Private Units was placed in a trust account in the United States maintained by Continental Stock Transfer &amp; Trust Company, as trustee (the “Trust Account”). The funds held in the Trust Account were invested only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations so that we are not deemed to be an investment company under the Investment Company Act. Except with respect to interest earned on the funds held in the Trust Account, the Trust Account is intended as a holding place for funds pending the earliest to occur of: (i) the completion of the Initial Business Combination; (ii) the redemption of any public shares properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete the initial Business Combination within 12 months from the closing of the Initial Public Offering (or up to 18 months from the closing of this offering with the mandatory extensions of the period of time to consummate an Initial Business Combination) or (B) with respect to any other provision relating to stockholders’ rights or pre-Initial Business Combination activity; or (iii) absent an Initial Business Combination within 12 months from the closing of the Initial Public Offering (or up to 18 months from the closing of this offering with the mandatory extensions of the period of time to consummate an Initial Business Combination), the return of the funds held in the Trust Account to the public stockholders as part of redemption of the public shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 19, 2021, the underwriters notified the Company of their intent to exercise of the over-allotment option in part and, on August 23, 2021, the underwriters purchased 733,920 additional Units (the “Additional Units”) at $10.00 per Additional Unit upon the closing of the over-allotment option, generating additional gross proceeds of $7,339,200. On August 23, 2021, simultaneously with the sale of the Additional Units, the Company consummated the sale of an additional 18,348 Private Units at $10.00 per additional Private Unit (the “Additional Private Units”), generating additional gross proceeds of $183,480. A total of $7,339,200 of the net proceeds from the sale of the Additional Units and the Additional Private Units was deposited in the Trust Account, bringing the aggregate proceeds held in the Trust Account on that date to $57,339,200.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The stock exchange listing rules provide that the Initial Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the value of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable) at the time of the Company signing a definitive agreement in connection with the Initial Business Combination. The Company will only complete an Initial Business Combination if the post-Initial Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect an Initial Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The payment to the Company’s Sponsor of a monthly fee of $10,000 is for general and administrative services including office space, utilities and secretarial support, which the Company records as operating expense on its statements of operations. However, pursuant to the terms of such agreement, we may delay payment of such monthly fee upon a determination by our audit committee that we lack sufficient funds held outside the trust to pay actual or anticipated expenses in connection with our Initial Business Combination. Any such unpaid amount will accrue without interest and be due and payable no later than the date of the consummation of our Initial Business Combination. This arrangement is being agreed to by its Sponsor for our benefit. We believe that the fee charged by our Sponsor is at least as favorable as we could have obtained from an unaffiliated person. This arrangement will terminate upon completion of our Initial Business Combination or the distribution of the Trust Account to our public stockholders. Other than the $10,000 per month fee, no compensation of any kind (including finder’s fees, consulting fees or other similar compensation) will be paid to our insiders, members of our management team or any of our or their respective affiliates, for services rendered to us prior to or in connection with the consummation of our Initial Business Combination (regardless of the type of transaction that it is). However, such individuals will receive reimbursement for any out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying potential target businesses, performing business due diligence on suitable target businesses and business combinations, as well as traveling to and from the offices, plants or similar locations of prospective target businesses to examine their operations. Since the role of present management after our Initial Business Combination is uncertain, we have no ability to determine what remuneration, if any, will be paid to those persons after our Initial Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The funds outside of the Trust Account are for our working capital requirements in searching for our Initial Business Combination. The allocation such funds represents our best estimate of the intended uses of these funds. If our estimate of the costs of undertaking due diligence and negotiating our Initial Business Combination is less than the actual amount necessary to do so, we may be required to raise additional capital, the amount, availability and cost of which is currently unascertainable. In this event, we could seek such additional capital through loans or additional investments from our insiders, members of our management team or third parties, but our insiders, members of our management team or third parties are not under any obligation to advance funds to, or invest in, us.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will likely use substantially all of the net proceeds of this offering, including the funds held in the Trust Account, in connection with our Initial Business Combination and to pay our expenses relating thereto, including the deferred underwriting commission payable to the underwriter in an amount equal to 3.0% of the total gross proceeds raised in the offering upon consummation of our Initial Business Combination. To the extent that our capital stock is used in whole or in part as consideration to effect our Initial Business Combination, the proceeds held in the Trust Account which are not used to consummate an Initial Business Combination will be disbursed to the combined company and will, along with any other net proceeds not expended, be used as working capital to finance the operations of the target business. Such working capital funds could be used in a variety of ways, including continuing or expanding the target business’ operations, for strategic acquisitions and for marketing, research and development of existing or new products.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent we are unable to consummate an Initial Business Combination, we will pay the costs of liquidation from our remaining assets outside of the Trust Account. If such funds are insufficient, our insiders have agreed to pay the funds necessary to complete such liquidation (currently anticipated to be no more than $15,000) and have agreed not to seek repayment of such expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that we will not have sufficient available funds to operate for up to the next 12 months (or up to 18 months from the Initial Public Offering if we are required to extend the period of time to consummate an Initial Business Combination), assuming that our Initial Business Combination is not consummated during that time. However, if necessary, in order to meet our working capital needs following the consummation of this offering, our insiders may, but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of our Initial Business Combination, without interest, or, at the lender’s discretion, up to $750,000 of the notes may be converted upon consummation of our Initial Business Combination into additional Private Warrants at a price of $1.00 per warrant. Notwithstanding, there is no guarantee that the Company will receive such funds. Our stockholders have approved the issuance of the Private Warrants upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the consummation of our Initial Business Combination. If we do not complete an Initial Business Combination, any loans and advances from our insiders or their affiliates, will be repaid only from amounts remaining outside our Trust Account, if any.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company’s Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their insider shares and any public shares they may hold in connection with the completion of our Initial Business Combination. In addition, our Sponsor and its officers and directors have agreed to waive their rights to liquidating distributions from the Trust Account with respect to their insider shares if we fail to complete our Initial Business Combination within the prescribed time frame. However, if its Sponsor or any of its officers, directors or affiliates acquire public shares in or after this offering, they will be entitled to liquidating distributions from the Trust Account with respect to such public shares if we fail to complete our Initial Business Combination within the prescribed time frame.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will provide its public stockholders with the opportunity to redeem all or a portion of their shares of common stock upon the completion of the Initial Business Combination either (i) in connection with a stockholder meeting called to approve the Initial Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed Initial Business Combination or conduct a tender offer will be made by the Company, solely in the Company’s discretion. The public stockholders will be entitled to redeem their shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Initial Business Combination including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes, divided by the number of then outstanding public shares, subject to the limitations. The amount in the Trust Account is initially anticipated to be approximately $10.00 per public share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shares of common stock subject to redemption was classified as temporary equity upon the completion of the Initial Public Offering and will subsequently be accreted to redemption value, in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 480 “Distinguishing Liabilities from Equity” (“ASC 480”). In such case, the Company will proceed with a business combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a business combination and, if the Company seeks stockholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Initial Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company had 12 months from the closing of the Initial Public Offering (the “Combination Period”) to complete the Initial Business Combination. However, if we were not able to consummate the Initial Business Combination within 12 months, we will extend the period of time to consummate a business combination up to two times, each by an additional three months (for a total of up to 18 months to complete an Initial Business Combination). The Sponsor and its affiliates or designees are obligated to fund the Trust Account to extend the time for the Company to complete its Initial Business Combination. On August 5, 2022, the Company deposited $573,392 into the Trust Account to extend the time to complete its Initial Business Combination for an additional three months, or until November 12, 2022. If the Company is unable to complete its Initial Business Combination within such 15-month period from the closing of the Initial Public Offering or during any mandatory extension period, the Company will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and the Company’s board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the warrants, which will expire worthless if the Company fails to complete its Initial Business Combination within the 12-month time period or during any extension period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Risks and Uncertainties</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management continues to evaluate the impact of the COVID-19 pandemic and Russia-Ukraine war on the economy and the capital markets and has concluded that, while it is reasonably possible that such events could have negative effects on the Company’s financial position, results of its operations, and/or search for a target company, the specific impacts are not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Going Concern and Management Liquidity Plans</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of June 30, 2022, we had cash of $156,755 and a working capital deficit of $1,273,123. Our liquidity needs through the date of this filing had been satisfied through proceeds from notes payable and advances from related party and from the issuance of common stock. Our liquidity needs consist of paying existing accounts payable, identifying and evaluating prospective business combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating an Initial Business Combination. Although certain of our initial stockholders, officers and directors or their affiliates have committed to loan us funds from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, there is no guarantee that we will receive such funds.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, the accompanying unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which contemplate continuation of the Company as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. Further, we have incurred and expect to continue to incur significant costs in pursuit of our financing and acquisition plans. Management plans to address this uncertainty during period leading up to the Initial Business Combination. The Company cannot provide any assurance that its plans to raise capital or to consummate an Initial Business Combination will be successful. Based on the foregoing, management believes that the Company will not have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of the Initial Business Combination or one year from this filing. These factors, among others, raise substantial doubt about our ability to continue as a going concern.</p>
us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
276250 shares
aspa Purchase Price Per Unit
PurchasePricePerUnit
10
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
2762500 usd
CY2021Q3 aspa Additional Private Sale Units
AdditionalPrivateSaleUnits
18348 shares
CY2021Q3 aspa Additional Private Per Share
AdditionalPrivatePerShare
10
CY2021Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
183480 usd
CY2021Q3 aspa Net Proceeds
NetProceeds
7339200 usd
CY2021Q3 us-gaap Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
57339200 usd
aspa Percentage Of Fair Market Value
PercentageOfFairMarketValue
0.80 pure
aspa Percentage Of Outstanding Voting Rights
PercentageOfOutstandingVotingRights
0.50 pure
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
10000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
10000 usd
aspa Repayment Expenses
RepaymentExpenses
15000 usd
aspa Warrant Price Per Share
WarrantPricePerShare
1
aspa Public Per Share
PublicPerShare
10
CY2022Q2 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
5000001 usd
CY2022Q3 us-gaap Deposits
Deposits
573392 usd
CY2022Q2 us-gaap Restricted Cash
RestrictedCash
156755 usd
aspa Proceeds Value Of Initial Public Offering
ProceedsValueOfInitialPublicOffering
2762500 usd
CY2021Q3 aspa Additional Private Sale Units
AdditionalPrivateSaleUnits
18348 shares
CY2021Q3 aspa Additional Value Of Initial Public Offering
AdditionalValueOfInitialPublicOffering
183480 usd
CY2021Q3 aspa Net Proceedss
NetProceedss
7339200 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Use of Estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of unaudited 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 unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. 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 unaudited 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2021Q4 aspa Unrecognized Accretion
UnrecognizedAccretion
5015911 usd
CY2021Q2 aspa Private Units Description
PrivateUnitsDescription
On April 12, 2021, the Company’s sponsor, Abri Ventures I, LLC (the “Sponsor”) purchased 1,437,500 shares (the “Founder Shares”) of the Company’s common stock for an aggregate price of $25,000. 
CY2021Q3 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
276250 shares
aspa Fair Value Of Common Shares Total
FairValueOfCommonSharesTotal
80000 shares
CY2022Q2 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
80000 shares
CY2022Q2 aspa Fair Value Of Common Shares Total
FairValueOfCommonSharesTotal
80000 shares
aspa Redeemable Public Shares Percentage
RedeemablePublicSharesPercentage
0.77 pure
aspa Nonredeemable Share Percentage
NonredeemableSharePercentage
0.23 pure
CY2021Q3 aspa Maturity Terms
MaturityTerms
P185D
CY2021Q3 aspa Aggregate Offering Costs
AggregateOfferingCosts
973988 usd
CY2021Q3 us-gaap Fair Value Option Ineligible Items Aggregate Carrying Amount
FairValueOptionIneligibleItemsAggregateCarryingAmount
359900 usd
aspa Description Of Policy Election
DescriptionOfPolicyElection
The Company has made a policy election in accordance with ASC 480-10-S99-3A and will recognize changes in redemption value in additional paid-in capital (or accumulated deficit in the absence of additional paid-in capital) over an 18-month period leading up to an Initial Business Combination. As of June 30, 2022, the Company recorded accretion of 4,028,315 (including a beginning balance on January 1, 2022 of $1,733,440 and $1,195,374 and $2,294,875 during the three and six months ended June 30, 2022, respectively), with unrecognized accretion remaining of $2,721,036 as of June 30, 2022.
CY2021Q4 aspa Accretion
Accretion
1733440 usd
CY2022Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
823000 usd
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
316000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Concentration of Credit Risk</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage. As of June 30, 2022 and December 31, 2021, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022Q2 us-gaap Share Price
SharePrice
11.5
CY2021Q3 aspa Additional Sale Amount
AdditionalSaleAmount
18348 usd
CY2021Q3 us-gaap Sale Leaseback Transaction Gross Proceeds Investing Activities
SaleLeasebackTransactionGrossProceedsInvestingActivities
183480 usd
CY2021Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
300000 usd
CY2022Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
300000 usd
us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Derivative Financial Instruments</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the issuance date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
80000 shares
CY2022Q2 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
-386732 usd
CY2022Q2 aspa Accretion Of Temporary Equity To Redemption Value
AccretionOfTemporaryEquityToRedemptionValue
-1195374 usd
CY2022Q2 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
1582106 usd
us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
-1709339 usd
aspa Accretion Of Temporary Equity To Redemption Value
AccretionOfTemporaryEquityToRedemptionValue
-2294875 usd
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
4004214 usd
CY2021Q3 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
1250000 usd
CY2021Q3 us-gaap Other Expenses
OtherExpenses
973988 usd
CY2021Q3 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
1500000 usd
CY2021Q3 aspa Additional Shares1
AdditionalShares1
750000 shares
us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
276250 shares
aspa Purchase Price Per Unit
PurchasePricePerUnit
10
CY2022Q2 aspa Convertible Promissory Description
ConvertiblePromissoryDescription
At any time, up to a day prior to the closing of a business combination, the holder may convert the principal amount into private units of the Company at a conversion price of $10.00 per unit. As of June 30, 2022, there was $300,000 outstanding under the note.On April 4, 2022, the Company entered a convertible promissory with its Sponsor of principal amount received of $500,000 to be used for operating expenses. The note was non-interest bearing, unsecured and payable on the date the Company consummates a Business Combination. In the event that a Business Combination did not close prior to August 12, 2022 (or up to February 12, 2023, if the period of time to consummate a business combination is extended) the note shall be deemed terminated and no amounts will be owed. At any time, up to a day prior to the closing of a business combination, the holder may convert the principal amount into private units of the Company at a conversion price of $10.00 per unit. As of June 30, 2022, there was $500,000 outstanding under the note. 
CY2022Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10
aspa Outstanding Under Note
OutstandingUnderNote
300000 usd
aspa General And Administrative Services
GeneralAndAdministrativeServices
10000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y6M
CY2022Q2 us-gaap Payments For Fees
PaymentsForFees
30000 usd
us-gaap Payments For Fees
PaymentsForFees
60000 usd
CY2022Q3 us-gaap Deposits
Deposits
573392 usd
CY2022Q3 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
3 usd
aspa Founder Shares Percentage
FounderSharesPercentage
0.50 pure
aspa Common Stock Equals Or Exceeds Per Shares
CommonStockEqualsOrExceedsPerShares
12.5
aspa Business Combination Remaining Percentage
BusinessCombinationRemainingPercentage
0.50 pure
aspa Underwriters
Underwriters
100 usd
aspa Option To Purchase Share
OptionToPurchaseShare
300000 shares
CY2022Q2 aspa Sale Of Stocks Price Per Shares
SaleOfStocksPricePerShares
11.5
aspa Expired Term
ExpiredTerm
P5Y
us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
300000 shares
aspa Common Stock Shares
CommonStockShares
300000 shares
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
300000 shares
aspa Registration Rights
RegistrationRights
Notwithstanding the foregoing, the underwriters and their related persons may not (i) have more than one demand registration right at our expense, (ii) exercise their demand registration rights more than five (5) years from the effective date of the registration statement, and (iii) exercise their “piggy-back” registration rights more than seven (7) years from the effective date of the registration statement.
us-gaap Dividends Cash
DividendsCash
100 usd
CY2022Q2 aspa Common Stock Share Authorized
CommonStockShareAuthorized
5000000 shares
CY2022Q2 aspa Common Stocks Par Or Stated Value Per Share
CommonStocksParOrStatedValuePerShare
0.0001
CY2021Q2 aspa Founder Shares
FounderShares
1437500 shares
CY2021Q2 us-gaap Partners Capital Distribution Amount Per Share
PartnersCapitalDistributionAmountPerShare
0.0001
CY2021Q2 aspa Total Receivable
TotalReceivable
25000 usd
aspa Share Subject To Forfeiture
ShareSubjectToForfeiture
187500 shares
CY2021Q3 aspa Additional Private Sale Units
AdditionalPrivateSaleUnits
18348 shares
CY2021Q3 aspa Proceeds From Issuances Initial Public Offering
ProceedsFromIssuancesInitialPublicOffering
183480 usd
aspa Founder Shares
FounderShares
4020 shares
CY2021Q3 aspa Proceeds From Issuance Of Share
ProceedsFromIssuanceOfShare
100000000 shares
CY2021Q3 us-gaap Partners Capital Distribution Amount Per Share
PartnersCapitalDistributionAmountPerShare
0.0001
CY2021Q3 aspa Preferred Stock Share Authorized
PreferredStockShareAuthorized
1000000 shares
CY2021Q3 aspa Preferred Stocks Par Or Stated Value Per Share
PreferredStocksParOrStatedValuePerShare
0.0001
aspa Common Stock Price Per Share
CommonStockPricePerShare
11.5
aspa Initial Business Combination
InitialBusinessCombination
P1Y
aspa Warrants Expire
WarrantsExpire
P5Y
aspa Description Of Warrants For Redemption
DescriptionOfWarrantsForRedemption
We may redeem the outstanding warrants, in whole and not in part, at a price of $0.01 per warrant:  ●at any time while the warrants are exercisable;    ●upon a minimum of 30 days’ prior written notice of redemption;    ●if, and only if, the last sales price of our shares of common stock equals or exceeds $16.50 per share for any 20 trading days within a 30-trading day period ending three business days before we send the notice of redemption; and    ●if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.
aspa Trigger Price
TriggerPrice
16.5
aspa Warrant Exercise Price Per Share
WarrantExercisePricePerShare
11.5
us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
57339200 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
3201883 usd
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
-3547468 usd
aspa Accretion Of Common Stock Subject To Possible Redemption Amount
AccretionOfCommonStockSubjectToPossibleRedemptionAmount
4028315 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
54618164 usd
CY2022Q2 aspa Accretion Cost
AccretionCost
1195374 usd
aspa Accretion Cost
AccretionCost
2294875 usd
us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
276250 shares
aspa Purchase Price Per Unit
PurchasePricePerUnit
10
aspa Proceeds From Issuance Initial Public Offerings
ProceedsFromIssuanceInitialPublicOfferings
2762500 usd
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
aspa Underwriters
Underwriters
100 usd
aspa Option To Purchase Share
OptionToPurchaseShare
300000 shares
aspa Warrants Expire
WarrantsExpire
P5Y
us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
300000 shares
aspa Common Stock Shares
CommonStockShares
300000 shares
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
300000 shares
CY2021Q3 aspa Cash Payment
CashPayment
100 usd
CY2021Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
18348 shares
CY2021Q3 aspa Proceeds From Issuance Initial Public Offerings
ProceedsFromIssuanceInitialPublicOfferings
183480 usd
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
aspa Fair Value Of Public Warrants Per Share
fairValueOfPublicWarrantsPerShare
0.6
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
176759 usd
us-gaap Assets Fair Value Adjustment
AssetsFairValueAdjustment
61865 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y9M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.025 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0301 pure
CY2022Q2 us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
41244 usd
us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
109002 usd
CY2021Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
170867 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.118 pure
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
11.5
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0119 pure
CY2022Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
156755 usd
CY2022Q2 us-gaap Assets Held In Trust
AssetsHeldInTrust
57383990 usd
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
61865 usd
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
154942 usd
CY2021Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
57340207 usd
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
170867 usd
CY2021Q2 us-gaap Interest Income Other
InterestIncomeOther
usd
us-gaap Interest Income Other
InterestIncomeOther
usd
CY2021Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
usd
CY2021Q2 us-gaap Interest Income Operating
InterestIncomeOperating
usd
us-gaap Interest Income Operating
InterestIncomeOperating
usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
usd
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
usd
us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
usd
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
usd
aspa Accretion Of Common Stock To Redemption Value
AccretionOfCommonStockToRedemptionValue
usd
aspa Deferred Offering Costs Paid By Related Party
DeferredOfferingCostsPaidByRelatedParty
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001854583

Files In Submission

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f10q0622_abrispac1.htm Edgar Link pending
0001213900-22-048191-index-headers.html Edgar Link pending
0001213900-22-048191-index.html Edgar Link pending
0001213900-22-048191.txt Edgar Link pending
0001213900-22-048191-xbrl.zip Edgar Link pending
aspa-20220630.xsd Edgar Link pending
f10qex31-1_abrispac1.htm Edgar Link pending
f10qex31-2_abrispac1.htm Edgar Link pending
f10qex32_abrispac1.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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R8.htm Edgar Link pending
aspa-20220630_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
aspa-20220630_def.xml Edgar Link unprocessable
aspa-20220630_lab.xml Edgar Link unprocessable
aspa-20220630_pre.xml Edgar Link unprocessable
f10q0622_abrispac1_htm.xml Edgar Link completed
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending