$CNXX
CONX Corp.

2021 Q3 Form 10-Q Financial Statement

#000110465921135058 Filed on November 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $92.77K $230.2K $8.530K
YoY Change 987.57%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $92.77K $230.2K $8.530K
YoY Change 987.57%
Operating Profit -$92.77K -$230.2K -$8.525K
YoY Change 988.15%
Interest Expense $6.036M -$3.591M
YoY Change
% of Operating Profit
Other Income/Expense, Net $59.43M -$3.591M
YoY Change
Pretax Income $5.943M -$3.821M -$8.525K
YoY Change -69810.37%
Income Tax $4.420K $4.905K
% Of Pretax Income 0.07%
Net Earnings $5.938M -$3.826M -$8.525K
YoY Change -69758.52%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $63.34K -$40.81K -$88.33
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $866.3K $894.6K $200.0K
YoY Change 333.16%
Cash & Equivalents $866.3K $894.6K $220.0K
Short-Term Investments
Other Short-Term Assets $22.88K $49.33K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $892.7K $947.5K $220.0K
YoY Change 305.77%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $750.1M $750.0M
YoY Change
Other Assets $400.0K
YoY Change
Total Long-Term Assets $750.1M $750.0M $358.0K
YoY Change 209414.43%
TOTAL ASSETS
Total Short-Term Assets $892.7K $947.5K $220.0K
Total Long-Term Assets $750.1M $750.0M $358.0K
Total Assets $751.0M $751.0M $578.0K
YoY Change 129822.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.983K $0.00
YoY Change
Accrued Expenses $186.0K $150.0K $188.5K
YoY Change -1.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $400.0K
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $197.1K $154.7K $561.5K
YoY Change -64.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $61.12M $67.14M
YoY Change
Total Long-Term Liabilities $61.12M $67.14M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $197.1K $154.7K $561.5K
Total Long-Term Liabilities $61.12M $67.14M $0.00
Total Liabilities $61.32M $67.29M $600.0K
YoY Change 10119.65%
SHAREHOLDERS EQUITY
Retained Earnings -$60.37M $4.997M -$8.525K
YoY Change 707998.79%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$60.36M -$66.30M $0.00
YoY Change
Total Liabilities & Shareholders Equity $751.0M $751.0M $578.0K
YoY Change 129822.9%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q3
OPERATING ACTIVITIES
Net Income $5.938M -$3.826M -$8.525K
YoY Change -69758.52%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$28.33K -$137.2K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 220.0K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -28.33K -137.2K
Cash From Investing Activities
Cash From Financing Activities 0.000 220.0K
Net Change In Cash -28.33K -137.2K 220.0K
YoY Change -112.88%
FREE CASH FLOW
Cash From Operating Activities -$28.33K -$137.2K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 18pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">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 Corporation coverage limit of $250,000. At September 30, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 18pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of unaudited condensed 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 during the reporting period. The determination of the fair value of the warrant liabilities is a significant accounting estimate included in these financial statements. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 18pt;">Cash and Cash Equivalents</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents held outside the Trust Account as of September 30, 2021, and December 31, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 18pt;">Offering Costs Associated with The Initial Public Offering</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Offering costs consist of legal, accounting, underwriting commissions and other costs incurred that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the condensed statements of operations. Offering costs associated with the Class A common stock were charged against the carrying value of the shares of Class A common stock upon the completion of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.</p>
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DeferredLegalFees
275000
conxu Percent Of Difference Between Total Return And Price Threshold Multiplied By Sum Of Any Stock Splits Stock Capitalizations Stock Combinations Stock Dividends Reorganizations Recapitalizations
PercentOfDifferenceBetweenTotalReturnAndPriceThresholdMultipliedBySumOfAnyStockSplitsStockCapitalizationsStockCombinationsStockDividendsReorganizationsRecapitalizations
0.20
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q3 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
34595832
CY2020Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
45726666
CY2021Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0

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