$CNXX
CONX Corp.

2024 Q4 Form 10-Q Financial Statement

#000141057824002048 Filed on November 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit $500.4K
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $154.8K
YoY Change
% of Gross Profit 30.93%
Operating Expenses
YoY Change
Operating Profit -$1.494M
YoY Change 339.96%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $6.462M
YoY Change -1213.04%
Pretax Income $4.968M
YoY Change -639.92%
Income Tax $423.1K
% Of Pretax Income 8.52%
Net Earnings $4.545M
YoY Change -593.94%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.15
COMMON SHARES
Basic Shares Outstanding 18.93M 18.93M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q4 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $172.8M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $207.4K
Receivables
Other Receivables
Total Short-Term Assets $173.0M
YoY Change 522.65%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $23.23M
YoY Change 580800600.0%
TOTAL ASSETS
Total Short-Term Assets $173.0M
Total Long-Term Assets $23.23M
Total Assets $196.2M
YoY Change 606.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.22K
YoY Change -84.6%
Accrued Expenses $2.092M
YoY Change 156.52%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.810M
YoY Change -89.11%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.810M
Total Long-Term Liabilities
Total Liabilities $205.3M
YoY Change 486.72%
SHAREHOLDERS EQUITY
Retained Earnings -$9.104M
YoY Change -73.85%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.102M
YoY Change
Total Liabilities & Shareholders Equity $196.2M
YoY Change 606.28%

Cashflow Statement

Concept 2024 Q4 2024 Q2
OPERATING ACTIVITIES
Net Income $4.545M
YoY Change -593.94%
Depreciation, Depletion And Amortization $154.8K
YoY Change
Cash From Operating Activities
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
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2023Q4 us-gaap Commitments And Contingencies
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CONX Corp.
dei Entity Central Index Key
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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dei Document Fiscal Period Focus
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dei Amendment Flag
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conxu Convertible Preferred Stock Redemption Term After Closing Of Initial Business Combination
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dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
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dei Document Period End Date
DocumentPeriodEndDate
2024-06-30
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dei Entity File Number
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dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
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5701 S
dei Entity Address Address Line2
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Santa Fe Dr.
dei Entity Address City Or Town
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Littleton
dei Entity Address State Or Province
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dei Entity Address Postal Zip Code
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dei City Area Code
CityAreaCode
303
dei Local Phone Number
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dei Entity Current Reporting Status
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conxu Condition For Future Business Combination Number Of Businesses Minimum
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">We routinely assess the financial strength of significant customers. As discussed in Note 1, the Property is leased to one tenant pursuant to the Seller Lease Agreement. As the tenant currently has liquidity concerns evidenced by going concern disclosure in its public filings, we will continue to monitor the realization of the rent receivable under the Seller Lease Agreement.</p>
us-gaap Derivatives Methods Of Accounting Hedging Derivatives
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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-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-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 Unaudited Condensed 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;">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.</p>
conxu Investment Maturity Period Of Initial Public Offering Proceeds Minimum
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P185D
CY2024Q2 conxu Amount Held In Trust Account Used For Redemption Of Shares
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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 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>
CY2024Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
172605059
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
CY2024Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2024Q2 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
conxu Founder Shares Hold Period From Business Combination
FounderSharesHoldPeriodFromBusinessCombination
P180D
CY2024Q2 conxu Equity Forward Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares Noncurrent
EquityForwardSubjectToMandatoryRedemptionSettlementTermsFairValueOfSharesNoncurrent
0
conxu Threshold Period For Not To Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination
ThresholdPeriodForNotToTransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P30D
CY2024Q2 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
35127963
CY2024Q2 us-gaap Land
Land
3248608
CY2024Q2 us-gaap Development In Process
DevelopmentInProcess
77863
CY2024Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
38454434
CY2024Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
15265808
CY2024Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
23188626
CY2024Q2 us-gaap Depreciation
Depreciation
154758
CY2024Q2 conxu Cash Underwriting Discount Per Unit
CashUnderwritingDiscountPerUnit
0.20
conxu Payment Of Underwriter Discount
PaymentOfUnderwriterDiscount
15000000
CY2024Q2 conxu Deferred Fee Per Unit
DeferredFeePerUnit
0.35
CY2024Q2 conxu Deferred Underwriting Commissions
DeferredUnderwritingCommissions
26250000
CY2024Q2 conxu Deferred Legal Fees
DeferredLegalFees
275000
CY2023Q4 conxu Deferred Legal Fees
DeferredLegalFees
275000
conxu Deferred Legal Fee Incurred
DeferredLegalFeeIncurred
1600000
conxu Deferred Legal Fee Paid
DeferredLegalFeePaid
1370000
CY2024Q2 conxu Deferred Legal Fees
DeferredLegalFees
275000
conxu Percentage Of Excise Tax Liability Recorded On Stock Redemption
PercentageOfExciseTaxLiabilityRecordedOnStockRedemption
0.01
CY2023 conxu Percentage Of Excise Tax Liability Recorded On Stock Redemption
PercentageOfExciseTaxLiabilityRecordedOnStockRedemption
0.01
conxu Excise Tax Imposed On Common Stock Redemption
ExciseTaxImposedOnCommonStockRedemption
860586
CY2023 conxu Excise Tax Imposed On Common Stock Redemption
ExciseTaxImposedOnCommonStockRedemption
639193
conxu Percentage Of Issued And Outstanding Shares Held By Sponsor
PercentageOfIssuedAndOutstandingSharesHeldBySponsor
0.9941
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
17391300
CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
17391300
CY2024Q2 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
1504166
CY2023Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
9205500
CY2024Q2 conxu Convertible Preferred Stock Liability
ConvertiblePreferredStockLiability
199999950
CY2024Q2 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
11.50
CY2024Q2 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
11.50
CY2023Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
9205500
conxu Financial Instruments Subject To Mandatory Redemption Settlement Terms Change In Fair Value
FinancialInstrumentsSubjectToMandatoryRedemptionSettlementTermsChangeInFairValue
-7701334
CY2024Q2 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
1504166
CY2024Q2 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
conxu Financial Instruments Subject To Mandatory Redemption Settlement Terms Change In Fair Value
FinancialInstrumentsSubjectToMandatoryRedemptionSettlementTermsChangeInFairValue
1504166
CY2023Q2 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
6016666
CY2023Q2 conxu Fair Value Assets Level1 To Level2 Transfers Amount1
FairValueAssetsLevel1ToLevel2TransfersAmount1
0
CY2022Q4 conxu Fair Value Assets Level1 To Level2 Transfers Amount1
FairValueAssetsLevel1ToLevel2TransfersAmount1
0
CY2024Q2 conxu Equity Forward Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares Noncurrent
EquityForwardSubjectToMandatoryRedemptionSettlementTermsFairValueOfSharesNoncurrent
0
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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