$CERO
CERo Therapeutics Holdings Inc

2022 Q4 Form 10-K Financial Statement

#000119312523078172 Filed on March 24, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 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 $1.287M $2.905M $332.0K
YoY Change 287.74% 775.05%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.287M $2.905M $331.0K
YoY Change 288.91% 775.05%
Operating Profit -$2.905M
YoY Change
Interest Expense $1.563M $2.837M -$390.00
YoY Change -400976.92% -727500.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $276.0K -$68.58K -$331.4K
YoY Change -183.28% -79.37%
Income Tax $538.7K $599.2K -$16.87K
% Of Pretax Income 195.17%
Net Earnings -$262.7K -$667.7K -$314.6K
YoY Change -16.49% 111.61%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.01 -$0.03 -$13.69K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $475.9K $475.9K $1.099M
YoY Change -56.68% -56.68%
Cash & Equivalents $475.9K $1.099M
Short-Term Investments
Other Short-Term Assets $41.89M $41.89M $262.5K
YoY Change 15858.54% 15858.54%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $42.37M $42.37M $1.361M
YoY Change 3012.77% 3012.77%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $178.5M
YoY Change -100.0% -100.0%
Other Assets $0.00 $0.00 $217.5K
YoY Change -100.0% -100.0%
Total Long-Term Assets $0.00 $0.00 $178.7M
YoY Change -100.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $42.37M $42.37M $1.361M
Total Long-Term Assets $0.00 $0.00 $178.7M
Total Assets $42.37M $42.37M $180.1M
YoY Change -76.47% -76.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.653M $1.653M $14.43K
YoY Change 11353.75% 11356.13%
Accrued Expenses $0.00 $0.00 $80.32K
YoY Change -100.0% -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $650.0K $650.0K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $30.75M $30.75M $98.07K
YoY Change 31252.82% 31253.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.150M $9.150M $9.150M
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $9.150M $9.150M $9.150M
YoY Change 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.75M $30.75M $98.07K
Total Long-Term Liabilities $9.150M $9.150M $9.150M
Total Liabilities $39.90M $39.90M $9.248M
YoY Change 331.42% 331.42%
SHAREHOLDERS EQUITY
Retained Earnings -$11.00M
YoY Change
Common Stock $88.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$10.76M $2.469M -$7.670M
YoY Change
Total Liabilities & Shareholders Equity $42.37M $42.37M $180.1M
YoY Change -76.47% -76.47%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income -$262.7K -$667.7K -$314.6K
YoY Change -16.49% 111.61%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$373.1K -$1.092M -$697.1K
YoY Change -46.48% 56.68%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $180.7M $180.8M -$178.5M
YoY Change -201.24% -201.31%
Cash From Investing Activities $180.7M $180.8M -$178.5M
YoY Change -201.24% -201.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $139.4M
YoY Change -19.16%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -138.7M -138.7M 180.3M
YoY Change -176.93% -176.93%
NET CHANGE
Cash From Operating Activities -373.1K -1.092M -697.1K
Cash From Investing Activities 180.7M 180.8M -178.5M
Cash From Financing Activities -138.7M -138.7M 180.3M
Net Change In Cash 41.63M 41.04M 1.099M
YoY Change 3689.83% 3636.06%
FREE CASH FLOW
Cash From Operating Activities -$373.1K -$1.092M -$697.1K
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates</div></div></div></div> <div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of the financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. </div></div> <div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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.</div></div>
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CY2022Q4 us-gaap Restricted Cash
RestrictedCash
41665974
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
0
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42141844
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1098573
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Concentration of Credit Risk</div></div></div></div> <div style="text-align: justify; text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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 Deposit Insurance Corporation coverage limit of $250,000. At December 31, 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. </div></div>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
599159
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-69807
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-52939
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
599159
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-16868
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
596692
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
69807
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
0
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
596692
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
52939
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
16868
CY2022Q4 pbax Deferred Tax Expenses Capitalized Expenses Before Business Combination
DeferredTaxExpensesCapitalizedExpensesBeforeBusinessCombination
596692
CY2021Q4 pbax Deferred Tax Expenses Capitalized Expenses Before Business Combination
DeferredTaxExpensesCapitalizedExpensesBeforeBusinessCombination
69807
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
596692
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
52939
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
16868
CY2022 pbax Valuation Allowance
ValuationAllowance
596692
pbax Valuation Allowance
ValuationAllowance
52939
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
8.527
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.261
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
8.737
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.051
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
1288298
CY2021Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
17500000
us-gaap Net Income Loss
NetIncomeLoss
-315547
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
-21096005
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21411552
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022 pbax Period To Exercise Warrants After Business Combination
PeriodToExerciseWarrantsAfterBusinessCombination
P30D
CY2022 pbax Notice Period To Redeem Warrants
NoticePeriodToRedeemWarrants
P30D

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