2023 Q4 Form 10-Q Financial Statement

#000149315223042170 Filed on November 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 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 $244.1K $421.5K
YoY Change 76.76%
% of Gross Profit
Research & Development $1.148M
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $244.1K $421.5K $0.00
YoY Change 76.76%
Operating Profit -$421.5K
YoY Change
Interest Expense $1.277M $579.4K
YoY Change 146.18%
% of Operating Profit
Other Income/Expense, Net $30.37K $579.4K
YoY Change
Pretax Income $1.033M $157.9K $0.00
YoY Change 171.35%
Income Tax $144.0K
% Of Pretax Income 13.94%
Net Earnings $1.033M $157.9K
YoY Change 171.35%
Net Earnings / Revenue
Basic Earnings Per Share -$0.07 $0.02 $0.00
Diluted Earnings Per Share $0.12 $0.02 $0.00
COMMON SHARES
Basic Shares Outstanding 8.941M shares 8.941M shares 1.500M shares
Diluted Shares Outstanding 67.50M shares 6.600M shares 1.500M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.75K $26.52K
YoY Change -88.67%
Cash & Equivalents $32.75K $26.52K
Short-Term Investments
Other Short-Term Assets $25.45K $58.63K
YoY Change -71.14%
Inventory
Prepaid Expenses $25.45K $58.63K
Receivables
Other Receivables
Total Short-Term Assets $58.20K $85.16K
YoY Change -84.58%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $72.57M $70.63M
YoY Change 7.01%
Other Assets $256.7K
YoY Change
Total Long-Term Assets $72.57M $70.63M
YoY Change 7.01%
TOTAL ASSETS
Total Short-Term Assets $58.20K $85.16K
Total Long-Term Assets $72.57M $70.63M
Total Assets $72.62M $70.71M $256.7K
YoY Change 6.5% 27442.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.289M
YoY Change
Accrued Expenses $375.9K $383.7K $73.69K
YoY Change 1080.55% 420.7%
Deferred Revenue
YoY Change
Short-Term Debt $1.320M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.046M $1.169M $266.9K
YoY Change 6325.94% 337.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.046M $1.169M $266.9K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.046M $1.169M $266.9K
YoY Change 6325.13% 337.9%
SHAREHOLDERS EQUITY
Retained Earnings -$1.988M -$1.084M -$10.11K
YoY Change -675.71% 10614.82%
Common Stock $167.00 $167.00 $173.00
YoY Change -30.99% -3.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.988M -$1.083M -$10.11K
YoY Change
Total Liabilities & Shareholders Equity $72.62M $70.71M $256.7K
YoY Change 6.5% 27442.14%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $1.033M $157.9K
YoY Change 171.35%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$218.8K -$112.5K $0.00
YoY Change 356.06%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$660.0K -$660.0K
YoY Change -99.02%
Cash From Investing Activities -$660.0K -$660.0K
YoY Change -99.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 885.0K 429.9K
YoY Change -98.69%
NET CHANGE
Cash From Operating Activities -218.8K -112.5K 0.000
Cash From Investing Activities -660.0K -660.0K
Cash From Financing Activities 885.0K 429.9K
Net Change In Cash 6.230K -342.6K 0.000
YoY Change -97.85%
FREE CASH FLOW
Cash From Operating Activities -$218.8K -$112.5K $0.00
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_848_eus-gaap--UseOfEstimates_zKiKb6xrYTIa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zJuJtAbHvkf9">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with US 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 at the date of the financial statements and the reported amounts of expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0 usd
CY2022Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0 usd
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2022Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
225000 shares
CY2022Q4 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
2922480 usd
CY2022Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
SharesSubjectToMandatoryRedemptionSettlementTermsAmount
66000000 usd
CY2022Q4 TENK Proceeds Allocated To Public Rights
ProceedsAllocatedToPublicRights
-1056000 usd
CY2022Q4 TENK Offering Costs Allocated Ordinary Shares Subject To Redemption
OfferingCostsAllocatedOrdinarySharesSubjectToRedemption
-4755805 usd
CY2022Q4 TENK Temporary Equity Accrued Interest In Trust
TemporaryEquityAccruedInterestInTrust
7624825 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
67813020 usd
CY2023Q1 TENK Temporary Equity Accrued Interest In Trust
TemporaryEquityAccruedInterestInTrust
759647 usd
CY2023Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
68572667 usd
CY2023Q2 TENK Temporary Equity Accrued Interest In Trusts
TemporaryEquityAccruedInterestInTrusts
815850 usd
CY2023Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
69388517 usd
CY2023Q3 TENK Temporary Equity Accrued Interest In Trusts
TemporaryEquityAccruedInterestInTrusts
1239398 usd
CY2023Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
70627915 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zyIXlDQkDaN7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zWaTikVr4DS8">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $<span id="xdx_905_eus-gaap--CashFDICInsuredAmount_iI_c20230930_zaT3U2oqybtd" title="FDIC insured amount">250,000</span>. The Company has not experienced losses on this account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2021Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
12.00
CY2023Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
30000 usd
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
90000 usd
CY2022Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
0 usd
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
0 usd
CY2023Q3 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
30000 usd
CY2022Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
0 usd
CY2023Q3 us-gaap Share Price
SharePrice
10.00
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
2416000 shares

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