$CNXX
CONX Corp.

2023 Q4 Form 10-K Financial Statement

#000110465924040673 Filed on March 29, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $355.0K $1.179M
YoY Change 5.8% 32.6%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $355.0K $1.179M
YoY Change 5.8% 32.6%
Operating Profit -$1.179M
YoY Change 32.6%
Interest Expense -$4.751M -$4.751M
YoY Change 4482.35% -118.07%
% of Operating Profit
Other Income/Expense, Net -$4.751M
YoY Change -118.07%
Pretax Income -$5.106M -$5.929M
YoY Change 1062.43% -123.34%
Income Tax $65.47K $65.47K
% Of Pretax Income
Net Earnings -$5.171M -$5.995M
YoY Change 458.14% -124.78%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.25 -$0.25
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.160K $8.160K
YoY Change -99.42% -99.42%
Cash & Equivalents $8.162K
Short-Term Investments
Other Short-Term Assets $9.170K $9.170K
YoY Change -60.32% -60.32%
Inventory
Prepaid Expenses $9.166K
Receivables
Other Receivables
Total Short-Term Assets $17.33K $17.33K
YoY Change -98.78% -98.78%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $21.97M $21.97M
YoY Change -73.93% -73.93%
Other Assets
YoY Change
Total Long-Term Assets $21.97M $21.97M
YoY Change -73.93% -73.93%
TOTAL ASSETS
Total Short-Term Assets $17.33K $17.33K
Total Long-Term Assets $21.97M $21.97M
Total Assets $21.98M $21.98M
YoY Change -74.34% -74.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $76.83K $76.83K
YoY Change 301.96% 302.04%
Accrued Expenses $1.736M $1.736M
YoY Change 201.79% 201.79%
Deferred Revenue
YoY Change
Short-Term Debt $2.108M $2.108M
YoY Change 531.38% 531.38%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.991M $3.991M
YoY Change 86.79% 86.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $36.06M $36.06M
YoY Change 16.17% 16.17%
Total Long-Term Liabilities $36.06M $36.06M
YoY Change 16.17% 16.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.991M $3.991M
Total Long-Term Liabilities $36.06M $36.06M
Total Liabilities $40.05M $40.05M
YoY Change 20.72% 20.72%
SHAREHOLDERS EQUITY
Retained Earnings -$40.03M
YoY Change 26.06%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$18.06M -$18.06M
YoY Change
Total Liabilities & Shareholders Equity $21.98M $21.98M
YoY Change -74.34% -74.34%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$5.171M -$5.995M
YoY Change 458.14% -124.78%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$149.1K -$1.789M
YoY Change -12.79% 226.85%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $6.235M $62.54M
YoY Change -99.07% -90.68%
Cash From Investing Activities $6.235M $62.54M
YoY Change -99.07% -90.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$6.339M -$63.92M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.085M -62.14M
YoY Change -99.09% -90.72%
NET CHANGE
Cash From Operating Activities -149.1K -1.789M
Cash From Investing Activities 6.235M 62.54M
Cash From Financing Activities -6.085M -62.14M
Net Change In Cash 870.0 -1.389M
YoY Change -99.91% -314.73%
FREE CASH FLOW
Cash From Operating Activities -$149.1K -$1.789M
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. 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.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 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 10pt 0pt;">The Company evaluated the Public and Private Warrants and the Equity Forward 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”) ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”), and ASC 815, “Derivatives and Hedging” (“ASC 815”). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">The Company’s Public and Private Warrants 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 Sheets 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 Statements of Operations in the period of change.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;"><span style="white-space:pre-wrap;">The Equity Forward is a liability classified instrument in accordance with ASC 480 because the underlying instrument contains a contingent redemption feature. The Equity Forward was recorded at fair value on the date of issuance and re-valued at each reporting period, with changes in the fair value reported in the Statements of Operations. The Equity Forward is classified on the Balance Sheets as current or non-current based on whether or not the contingent redemption feature could be required within 12 months of the Balance Sheet date.</span></p>
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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 10pt 18pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 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>
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2023 conxu Redemption Of Percentage Of Common Stock Included In Units Sold In Offering
RedemptionOfPercentageOfCommonStockIncludedInUnitsSoldInOffering
0.15
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023Q4 conxu Deferred Tax Assets Startup And Organizational Costs
DeferredTaxAssetsStartupAndOrganizationalCosts
394830
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
663332
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
374879
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
663332
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
374879
CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
65469
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
995966
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
247488
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
220738
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
217252
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
40965
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
55054
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
288453
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
275792
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
65469
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1213218
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2023 conxu Effective Income Tax Rate Reconciliation Change In Fair Value Of Derivative Warrant Liabilities And Equity Forward Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfDerivativeWarrantLiabilitiesAndEquityForwardPercent
0.176
CY2022 conxu Effective Income Tax Rate Reconciliation Change In Fair Value Of Derivative Warrant Liabilities And Equity Forward Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfDerivativeWarrantLiabilitiesAndEquityForwardPercent
0.177
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.041
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.007
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.007
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.040
CY2023 conxu Founder Shares Hold Period From Business Combination
FounderSharesHoldPeriodFromBusinessCombination
P180D
CY2023 conxu Threshold Period For Not To Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination
ThresholdPeriodForNotToTransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P30D
CY2023Q4 conxu Cash Underwriting Discount Per Unit
CashUnderwritingDiscountPerUnit
0.20
CY2023 conxu Payment Of Underwriter Discount
PaymentOfUnderwriterDiscount
15000000
CY2023Q4 conxu Deferred Fee Per Unit
DeferredFeePerUnit
0.35
CY2023Q4 conxu Deferred Underwriting Commissions
DeferredUnderwritingCommissions
26250000
CY2023 conxu Percentage Of Excise Tax Liability Recorded On Stock Redemption
PercentageOfExciseTaxLiabilityRecordedOnStockRedemption
0.01
CY2023 conxu Excise Tax Imposed On Common Stock Redemption
ExciseTaxImposedOnCommonStockRedemption
639193
CY2021Q4 conxu Deferred Legal Fees
DeferredLegalFees
275000
CY2022Q4 conxu Deferred Legal Fees
DeferredLegalFees
275000
CY2023 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
CY2023 conxu Threshold Conversion Ratio Of Stock
ThresholdConversionRatioOfStock
1
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
9205500
CY2022Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
4512500

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