$CNXX
CONX Corp.

2022 Q4 Form 10-K Financial Statement

#000110465923027429 Filed on March 01, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $335.5K $888.8K
YoY Change 102.19% 59.99%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $335.5K $888.8K
YoY Change 102.19% 59.99%
Operating Profit -$888.7K
YoY Change 59.99%
Interest Expense -$103.7K $26.30M
YoY Change -101.19% 31.95%
% of Operating Profit
Other Income/Expense, Net $26.30M
YoY Change 31.95%
Pretax Income -$439.2K $25.41M
YoY Change -105.12% 31.14%
Income Tax $487.3K $1.213M
% Of Pretax Income 4.77%
Net Earnings -$926.5K $24.19M
YoY Change -110.81% 25.0%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.01 $0.29
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.397M $1.397M
YoY Change 86.21% 86.21%
Cash & Equivalents $1.397M
Short-Term Investments
Other Short-Term Assets $23.11K $23.11K
YoY Change -66.99% -66.99%
Inventory
Prepaid Expenses $23.11K
Receivables
Other Receivables
Total Short-Term Assets $1.420M $1.420M
YoY Change 72.4% 72.4%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $84.24M $84.24M
YoY Change -88.77% -88.77%
Other Assets
YoY Change
Total Long-Term Assets $84.24M $84.24M
YoY Change -88.77% -88.77%
TOTAL ASSETS
Total Short-Term Assets $1.420M $1.420M
Total Long-Term Assets $84.24M $84.24M
Total Assets $85.66M $85.66M
YoY Change -88.59% -88.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.11K $19.11K
YoY Change
Accrued Expenses $575.3K $575.3K
YoY Change 101.15% 101.15%
Deferred Revenue
YoY Change
Short-Term Debt $333.9K $333.9K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.137M $2.137M
YoY Change 615.25% 615.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $31.04M $31.04M
YoY Change -40.76% -40.76%
Total Long-Term Liabilities $31.04M $31.04M
YoY Change -40.76% -40.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.137M $2.137M
Total Long-Term Liabilities $31.04M $31.04M
Total Liabilities $33.17M $33.17M
YoY Change -37.05% -37.05%
SHAREHOLDERS EQUITY
Retained Earnings -$31.76M
YoY Change -38.69%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$31.75M $52.49M
YoY Change
Total Liabilities & Shareholders Equity $85.66M $85.66M
YoY Change -88.59% -88.59%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$926.5K $24.19M
YoY Change -110.81% 25.0%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$171.0K -$547.4K
YoY Change 47.5% 18.62%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $670.8M $670.8M
YoY Change
Cash From Investing Activities $670.8M $670.8M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -669.6M -669.6M
YoY Change
NET CHANGE
Cash From Operating Activities -171.0K -547.4K
Cash From Investing Activities 670.8M 670.8M
Cash From Financing Activities -669.6M -669.6M
Net Change In Cash 1.023M 646.9K
YoY Change -982.62% -240.19%
FREE CASH FLOW
Cash From Operating Activities -$171.0K -$547.4K
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-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 Deposit Insurance Corporation coverage limit of $250,000. As of each of the periods in the three-year periods ended 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.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 18pt;"><span style="font-style:italic;font-weight:bold;">Derivative Financial Instruments </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company evaluated the Public and Private Warrants as either equity-classified or liability-classified instruments based on an assessment of the warrants’ specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The Company’s derivative instruments are recorded at fair value as of the Initial Public Offering (November 3, 2020) and re-valued at each reporting date, with changes in the fair value reported in the Statements of Operations. Derivative assets and liabilities are classified on 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. The Company has determined the Warrants are a derivative instrument. As the Warrants meet the definition of a derivative the Warrants are measured at fair value at issuance and at each reporting date in accordance with ASC 820, “Fair Value Measurements and Disclosures,” with changes in fair value recognized in the Statement of Operations in the period of change.</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-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of 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 and the reported amounts of revenues and expenses 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>
CY2022Q4 conxu Redemption Price Of Shares Sold In Initial Public Offering
RedemptionPriceOfSharesSoldInInitialPublicOffering
10.00
CY2022 conxu Redemption Of Percentage Of Common Stock Included In Units Sold In Offering
RedemptionOfPercentageOfCommonStockIncludedInUnitsSoldInOffering
0.15
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 conxu Deferred Tax Assets Startup And Organizational Costs
DeferredTaxAssetsStartupAndOrganizationalCosts
234069
CY2021Q4 conxu Deferred Tax Assets Startup And Organizational Costs
DeferredTaxAssetsStartupAndOrganizationalCosts
87767
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
140810
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
70343
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
374879
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
158110
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
374879
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
158110
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
995966
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
15035
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
1122
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
220738
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
100903
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
34100
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
217252
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
3413
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
55054
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
23108
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
275792
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
124010
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
34100
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1213218
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18449
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1122
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
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 conxu Effective Income Tax Rate Reconciliation Change In Fair Value Of Derivative Warrant Liabilities Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfDerivativeWarrantLiabilitiesPercent
0.177
CY2021 conxu Effective Income Tax Rate Reconciliation Change In Fair Value Of Derivative Warrant Liabilities Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfDerivativeWarrantLiabilitiesPercent
0.215
CY2020 conxu Effective Income Tax Rate Reconciliation Change In Fair Value Of Derivative Warrant Liabilities Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfDerivativeWarrantLiabilitiesPercent
0.207
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.007
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.006
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.003
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.040
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.001
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2022 conxu Founder Shares Hold Period From Business Combination
FounderSharesHoldPeriodFromBusinessCombination
P180D
CY2022 conxu Threshold Period For Not To Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination
ThresholdPeriodForNotToTransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P30D
CY2022Q4 conxu Cash Underwriting Discount Per Unit
CashUnderwritingDiscountPerUnit
0.20
CY2022 conxu Payment Of Underwriter Discount
PaymentOfUnderwriterDiscount
15000000
CY2022Q4 conxu Deferred Fee Per Unit
DeferredFeePerUnit
0.35
CY2022Q4 conxu Deferred Underwriting Commissions
DeferredUnderwritingCommissions
26250000
CY2021Q4 conxu Deferred Legal Fees
DeferredLegalFees
275000
CY2022Q4 conxu Deferred Legal Fees
DeferredLegalFees
275000
CY2022 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
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
4512500
CY2021Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
25871666
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
25871666
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
21359166
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
4512500

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