$CNXX
CONX Corp.

2024 Q2 Form 10-Q Financial Statement

#000141057824000876 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit $500.4K
YoY Change
Gross Profit Margin
Selling, General & Admin $1.072M
YoY Change 285.75%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $154.8K
YoY Change
% of Gross Profit 30.93%
Operating Expenses $1.072M
YoY Change 285.75%
Operating Profit -$1.494M -$1.072M
YoY Change 339.96% 285.74%
Interest Expense $3.436M
YoY Change -472.0%
% of Operating Profit
Other Income/Expense, Net $6.462M $3.436M
YoY Change -1213.04% -778.8%
Pretax Income $4.968M $2.364M
YoY Change -639.92% -401.46%
Income Tax $423.1K -$10.34K
% Of Pretax Income 8.52% -0.44%
Net Earnings $4.545M $2.374M
YoY Change -593.94% -402.78%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.15 $0.11
COMMON SHARES
Basic Shares Outstanding 18.93M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.1K
YoY Change -90.89%
Cash & Equivalents $172.8M $103.1K
Short-Term Investments
Other Short-Term Assets $217.4K
YoY Change 167.23%
Inventory
Prepaid Expenses $207.4K $217.4K
Receivables
Other Receivables
Total Short-Term Assets $173.0M $320.6K
YoY Change 522.65% -73.6%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $22.22M
YoY Change -73.78%
Other Assets
YoY Change
Total Long-Term Assets $23.23M $22.22M
YoY Change 580800600.0% -73.78%
TOTAL ASSETS
Total Short-Term Assets $173.0M $320.6K
Total Long-Term Assets $23.23M $22.22M
Total Assets $196.2M $22.54M
YoY Change 606.28% -73.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.22K $26.60K
YoY Change -84.6%
Accrued Expenses $2.092M $2.022M
YoY Change 156.52% 203.68%
Deferred Revenue
YoY Change
Short-Term Debt $2.608M
YoY Change 524.89%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.810M $5.356M
YoY Change -89.11% 133.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $32.87M
YoY Change 2.85%
Total Long-Term Liabilities $32.87M
YoY Change 2.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.810M $5.356M
Total Long-Term Liabilities $32.87M
Total Liabilities $205.3M $38.23M
YoY Change 486.72% 11.6%
SHAREHOLDERS EQUITY
Retained Earnings -$9.104M -$37.91M
YoY Change -73.85% 14.73%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.102M -$37.91M
YoY Change
Total Liabilities & Shareholders Equity $196.2M $22.54M
YoY Change 606.28% -73.78%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $4.545M $2.374M
YoY Change -593.94% -402.78%
Depreciation, Depletion And Amortization $154.8K
YoY Change
Cash From Operating Activities -$405.0K
YoY Change 53.08%
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
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 500.0K
YoY Change -0.18%
NET CHANGE
Cash From Operating Activities -405.0K
Cash From Investing Activities
Cash From Financing Activities 500.0K
Net Change In Cash 94.97K
YoY Change -135.9%
FREE CASH FLOW
Cash From Operating Activities -$405.0K
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;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 18pt;">Derivative Financial Instruments</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 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-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 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 Unaudited Condensed 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 Unaudited Condensed 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 12pt 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 Unaudited Condensed 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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<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 unaudited condensed 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>
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0.01
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639193
CY2023 conxu Excise Tax Imposed On Common Stock Redemption
ExciseTaxImposedOnCommonStockRedemption
639193
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2024Q1 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
CY2024Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2024Q1 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
6013658
CY2023Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
9205500
CY2023Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
9205500
CY2024Q1 conxu Financial Instruments Subject To Mandatory Redemption Settlement Terms Change In Fair Value
FinancialInstrumentsSubjectToMandatoryRedemptionSettlementTermsChangeInFairValue
-3191842
CY2024Q1 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
6013658
CY2024Q1 conxu Fair Value Assets Level1 To Level2 Transfers Amount1
FairValueAssetsLevel1ToLevel2TransfersAmount1
0
CY2023Q4 conxu Fair Value Assets Level1 To Level2 Transfers Amount1
FairValueAssetsLevel1ToLevel2TransfersAmount1
0
CY2022Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
4512500
CY2023Q1 conxu Financial Instruments Subject To Mandatory Redemption Settlement Terms Change In Fair Value
FinancialInstrumentsSubjectToMandatoryRedemptionSettlementTermsChangeInFairValue
4693000
CY2023Q1 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
9205500
CY2023Q1 conxu Fair Value Assets Level1 To Level2 Transfers Amount1
FairValueAssetsLevel1ToLevel2TransfersAmount1
0
CY2022Q4 conxu Fair Value Assets Level1 To Level2 Transfers Amount1
FairValueAssetsLevel1ToLevel2TransfersAmount1
0
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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conxu-20240331.xsd Edgar Link pending
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