2023 Q4 Form 10-K Financial Statement

#000149315224012485 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $50.00K $120.0K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.244M $5.491M $570.2K
YoY Change 644.18% 356.04% -45.82%
Operating Profit -$5.491M
YoY Change 356.04%
Interest Expense $1.185M $8.914M $1.834M
YoY Change -35.39% 186.3% 56500.0%
% of Operating Profit
Other Income/Expense, Net $2.035M $611.3K $119.1K
YoY Change 1608.03% -94.18% -131.69%
Pretax Income -$1.024M $4.386M $1.383M
YoY Change -174.07% -52.81% -197.03%
Income Tax
% Of Pretax Income
Net Earnings -$1.024M $4.386M $1.383M
YoY Change -174.07% -52.81% -197.03%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.08 $0.19 $0.05
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.05K $44.05K $936.4K
YoY Change -95.3% -95.3% -47.63%
Cash & Equivalents $44.05K $936.4K
Short-Term Investments
Other Short-Term Assets $35.64K $35.64K $341.0K
YoY Change -89.55% -89.55% -18.85%
Inventory
Prepaid Expenses $35.64K $341.0K
Receivables
Other Receivables
Total Short-Term Assets $79.68K $79.68K $1.277M
YoY Change -93.76% -93.76% -42.15%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $55.35M $55.35M $215.5M
YoY Change -74.32% -74.32% 1.47%
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $55.35M $55.35M $215.5M
YoY Change -74.32% -74.32% 1.31%
TOTAL ASSETS
Total Short-Term Assets $79.68K $79.68K $1.277M
Total Long-Term Assets $55.35M $55.35M $215.5M
Total Assets $55.43M $55.43M $216.8M
YoY Change -74.43% -74.43% 0.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $476.6K $476.6K $953.5K
YoY Change -50.02% -50.02%
Accrued Expenses $167.8K $167.8K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $215.9K $215.9K
YoY Change
Total Short-Term Liabilities $860.3K $860.3K $978.3K
YoY Change -12.07% -12.07% 72.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $267.5K
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $588.5K $588.5K $8.387M
YoY Change -92.98% -92.98% -47.03%
Total Long-Term Liabilities $588.5K $588.5K $8.655M
YoY Change -93.2% -93.2% -45.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $860.3K $860.3K $978.3K
Total Long-Term Liabilities $588.5K $588.5K $8.655M
Total Liabilities $1.449M $1.449M $9.633M
YoY Change -84.96% -84.96% -41.27%
SHAREHOLDERS EQUITY
Retained Earnings -$1.370M -$8.356M
YoY Change -83.61% -39.7%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $53.98M $53.98M -$8.356M
YoY Change
Total Liabilities & Shareholders Equity $55.43M $55.43M $216.8M
YoY Change -74.43% -74.43% 0.86%

Cashflow Statement

Concept 2023 Q4 2023 2022 Q4
OPERATING ACTIVITIES
Net Income -$1.024M $4.386M $1.383M
YoY Change -174.07% -52.81% -197.03%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$406.9K -$1.176M -$645.4K
YoY Change -36.95% 11.04% 67.74%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $169.1M $169.1M $0.00
YoY Change -100.0%
Cash From Investing Activities $169.1M $169.1M $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$169.1M -$169.1M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -169.1M -168.8M 404.6K
YoY Change -41893.48% -81451.55% -99.81%
NET CHANGE
Cash From Operating Activities -406.9K -1.176M -645.4K
Cash From Investing Activities 169.1M 169.1M 0.000
Cash From Financing Activities -169.1M -168.8M 404.6K
Net Change In Cash -406.9K -892.4K -240.9K
YoY Change 68.96% 4.79% -113.56%
FREE CASH FLOW
Cash From Operating Activities -$406.9K -$1.176M -$645.4K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023 us-gaap Use Of Estimates
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<p id="xdx_84E_eus-gaap--UseOfEstimates_z17WQohpIhcg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zz34eHzeez3a">Use of Estimates</span> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the accompanying 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 accompanying financial statements and the reported amounts of revenues and expenses during the reporting period. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 accompanying 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. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Cash
Cash
44046 usd
CY2022Q4 us-gaap Cash
Cash
936434 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q4 CDAQ Cash Held In The Trust Account
CashHeldInTheTrustAccount
55347556 usd
CY2022Q4 CDAQ Cash Held In The Trust Account
CashHeldInTheTrustAccount
215521445 usd
CY2021Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1240488 shares
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zoEX0r4c5v53" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zEOgW0OFv1Nd">Concentration of Credit Risk</span> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Depository Insurance Corporation coverage limit of $<span id="xdx_90E_eus-gaap--CashFDICInsuredAmount_iI_c20231231_zXD0iYaFZ7Jb" title="FDIC insured amount">250,000</span>. 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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COMPASS DIGITAL ACQUISITION CORP. </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2021Q4 us-gaap Shares Issued
SharesIssued
20000000 shares
CY2021Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
10.00
CY2021Q4 CDAQ Gross Proceeds
GrossProceeds
200000000 usd
CY2021Q4 CDAQ Incurring Offering Costs
IncurringOfferingCosts
11929189 usd
CY2021Q4 us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
4000000 usd
CY2021Q4 CDAQ Deferred Underwriting Fees
DeferredUnderwritingFees
7000000 usd
CY2021Q4 CDAQ Other Offering Costs
OtherOfferingCosts
929189 usd
CY2021Q4 CDAQ Shares Issued1
SharesIssued1
20000000 shares
CY2021Q4 CDAQ Public Offering Price Per Share
PublicOfferingPricePerShare
10.00
CY2021Q4 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
248097 usd
CY2023 CDAQ Sponsor Purchased
SponsorPurchased
4666667 shares
CY2023Q4 CDAQ Price Per Warrant
PricePerWarrant
1.50
CY2023 us-gaap Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
7000000 usd
CY2023 CDAQ Aggregate Of Private Placement Warrants
AggregateOfPrivatePlacementWarrants
186667 shares
CY2021Q1 us-gaap Shares Issued
SharesIssued
5750000 shares
CY2021Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
25000 usd
CY2021Q2 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
721402 shares
CY2023 CDAQ Founder Shares Subject To Forfeiture
FounderSharesSubjectToForfeiture
750000 shares
CY2023 CDAQ Companys Issued And Outstanding Percentage
CompanysIssuedAndOutstandingPercentage
0.20 pure
CY2023Q4 us-gaap Share Price
SharePrice
12.00
CY2023Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.004
CY2023Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.50
CY2023 CDAQ Issued Of Unsecured Promissory Note
IssuedOfUnsecuredPromissoryNote
1000000 usd
CY2023Q4 CDAQ Withdrawn Of Outstanding Working Capital Loans
WithdrawnOfOutstandingWorkingCapitalLoans
125000 usd
CY2022Q4 CDAQ Withdrawn Of Outstanding Working Capital Loans
WithdrawnOfOutstandingWorkingCapitalLoans
267500 usd
CY2023Q3 CDAQ Working Capital Loans
WorkingCapitalLoans
1500000 usd
CY2023 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
10000 usd
CY2023 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
40000 usd
CY2022 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
30000 usd
CY2023 CDAQ Underwriters Shares Additional Units
UnderwritersSharesAdditionalUnits
3000000 shares
CY2023 CDAQ Deferred Underwriting Fees
DeferredUnderwritingFees
7434171 usd
CY2023 CDAQ Gain On Settlement Of Deferred Underwriting Fees
GainOnSettlementOfDeferredUnderwritingFees
7187357 usd
CY2023 CDAQ Gain On Settlement Of Deferred Underwriting Fees Attributable To Public Warrants
GainOnSettlementOfDeferredUnderwritingFeesAttributableToPublicWarrants
246814 usd
CY2023Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
6666667 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
4666667 shares
CY2023 CDAQ Warrants Expire Date
WarrantsExpireDate
P5Y
CY2023 us-gaap Sale Of Stock Percentage Of Ownership After Transaction
SaleOfStockPercentageOfOwnershipAfterTransaction
0.60 pure
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
215521445 usd
CY2023 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
1726802 usd
CY2023 us-gaap Temporary Equity Stock Issued During Period Value New Issues
TemporaryEquityStockIssuedDuringPeriodValueNewIssues
7187357 usd
CY2023 CDAQ Temporary Equity Redemption Of Class A Ordinary Shares
TemporaryEquityRedemptionOfClassAOrdinaryShares
-169088048 usd
CY2023Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
55347556 usd
CY2023Q4 us-gaap Preferred Units Authorized
PreferredUnitsAuthorized
1000000 shares
CY2022Q4 us-gaap Preferred Units Authorized
PreferredUnitsAuthorized
1000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Units Issued
PreferredUnitsIssued
0 shares
CY2023Q4 us-gaap Preferred Units Outstanding
PreferredUnitsOutstanding
0 shares
CY2022Q4 us-gaap Preferred Units Issued
PreferredUnitsIssued
0 shares
CY2022Q4 us-gaap Preferred Units Outstanding
PreferredUnitsOutstanding
0 shares
CY2023 CDAQ Companys Issued And Outstanding Percentage
CompanysIssuedAndOutstandingPercentage
0.20 pure

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