2022 Q4 Form 10-Q Financial Statement

#000183537822000134 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $33.70M $34.47M $64.32M
YoY Change 29.77% -46.41%
Cost Of Revenue $8.376M $8.534M $12.42M
YoY Change 56.06% -31.28%
Gross Profit $25.32M $25.94M $51.91M
YoY Change 22.92% -50.03%
Gross Profit Margin 75.14% 75.24% 80.69%
Selling, General & Admin $20.56M $22.77M $34.12M
YoY Change 4.8% -33.26%
% of Gross Profit 81.18% 87.8% 65.74%
Research & Development $6.842M $7.312M $16.93M
YoY Change -10.99% -56.82%
% of Gross Profit 27.02% 28.19% 32.62%
Depreciation & Amortization $2.662M $1.882M $156.0K
YoY Change 1429.89% 1106.41% -67.5%
% of Gross Profit 10.51% 7.26% 0.3%
Operating Expenses $30.06M $30.08M $51.05M
YoY Change 10.11% -41.07%
Operating Profit -$4.739M -$6.031M $853.0K
YoY Change -29.29% -807.03%
Interest Expense $2.693M -$4.962M -$3.878M
YoY Change -630.12% 27.95%
% of Operating Profit -454.63%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.046M -$10.99M -$3.025M
YoY Change -71.62% 263.4%
Income Tax $1.383M $839.0K $829.0K
% Of Pretax Income
Net Earnings -$3.429M -$11.83M -$3.854M
YoY Change -54.99% 207.01%
Net Earnings / Revenue -10.18% -34.33% -5.99%
Basic Earnings Per Share -$0.09 -$0.45
Diluted Earnings Per Share -$0.03 -$0.09 -$32.40K
COMMON SHARES
Basic Shares Outstanding 133.7M shares 132.4M shares 18.85M shares
Diluted Shares Outstanding 133.0M shares 18.85M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.54M $46.51M $14.47M
YoY Change -69.66% 221.37%
Cash & Equivalents $37.54M $46.51M $14.47M
Short-Term Investments
Other Short-Term Assets $616.0K $3.812M $1.966M
YoY Change 22.47% 93.9%
Inventory
Prepaid Expenses $1.721M
Receivables $43.65M $40.22M $34.22M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $93.83M $90.54M $50.66M
YoY Change -51.94% 78.73%
LONG-TERM ASSETS
Property, Plant & Equipment $14.32M $11.72M $3.298M
YoY Change 195.91% 255.34%
Goodwill $117.0M $114.7M
YoY Change 2468.08%
Intangibles $29.92M $34.21M
YoY Change
Long-Term Investments $277.0K $310.0K $317.0K
YoY Change -10.65% -2.21%
Other Assets $938.0K $795.0K $4.321M
YoY Change 708.62% -81.6%
Total Long-Term Assets $165.8M $165.3M $12.49M
YoY Change 1512.09% 1223.6%
TOTAL ASSETS
Total Short-Term Assets $93.83M $90.54M $50.66M
Total Long-Term Assets $165.8M $165.3M $12.49M
Total Assets $259.6M $255.9M $63.15M
YoY Change 26.31% 305.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.361M $2.950M $2.564M
YoY Change -33.13% 15.05%
Accrued Expenses $5.474M $6.573M $11.44M
YoY Change 77.61% -42.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $21.19M $22.11M $14.00M
YoY Change -3.04% 57.9%
LONG-TERM LIABILITIES
Long-Term Debt $20.00M $15.00M $6.000M
YoY Change 150.0%
Other Long-Term Liabilities $6.554M $3.918M $6.544M
YoY Change 89.7% -40.13%
Total Long-Term Liabilities $32.49M $28.79M $12.54M
YoY Change 44.87% 129.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.19M $22.11M $14.00M
Total Long-Term Liabilities $32.49M $28.79M $12.54M
Total Liabilities $53.68M $50.90M $26.55M
YoY Change 21.23% 91.73%
SHAREHOLDERS EQUITY
Retained Earnings -$150.9M -$147.5M
YoY Change 13.9%
Common Stock $13.00K $13.00K
YoY Change 8.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $205.9M $205.0M -$41.29M
YoY Change
Total Liabilities & Shareholders Equity $259.6M $255.9M $63.15M
YoY Change 26.31% 305.17%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$3.429M -$11.83M -$3.854M
YoY Change -54.99% 207.01%
Depreciation, Depletion And Amortization $2.662M $1.882M $156.0K
YoY Change 1429.89% 1106.41% -67.5%
Cash From Operating Activities -$1.473M $5.813M -$1.301M
YoY Change -73.06% -546.81% -47.54%
INVESTING ACTIVITIES
Capital Expenditures $3.192M -$3.520M -$1.143M
YoY Change -286.01% 207.96% -242.88%
Acquisitions
YoY Change
Other Investing Activities -$9.447M $6.000K -$34.00K
YoY Change 34888.89% -117.65% -168.0%
Cash From Investing Activities -$12.64M -$3.514M -$1.177M
YoY Change 625.13% 198.56% 56.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.168M 181.0K 515.0K
YoY Change -96.54% -64.85% -94.61%
NET CHANGE
Cash From Operating Activities -1.473M 5.813M -1.301M
Cash From Investing Activities -12.64M -3.514M -1.177M
Cash From Financing Activities 5.168M 181.0K 515.0K
Net Change In Cash -8.944M 2.480M -1.963M
YoY Change -106.29% -226.34% -131.01%
FREE CASH FLOW
Cash From Operating Activities -$1.473M $5.813M -$1.301M
Capital Expenditures $3.192M -$3.520M -$1.143M
Free Cash Flow -$4.665M $9.333M -$158.0K
YoY Change 24.37% -6006.96% -95.18%

Facts In Submission

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110725000 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-74808000 usd
CY2021Q3 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
8189000 usd
CY2021Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
131801000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-96042000 usd
CY2021Q3 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
8189000 usd
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
591000 usd
CY2021Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
513000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-259000 usd
CY2021Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
73690340 shares
CY2021Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
139990000 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
-103386000 usd
CY2021Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0 shares
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
161255000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
47152000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1496000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
462000 usd
CY2022Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0 shares
CY2022Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
202916000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4628000 usd
CY2022Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
174000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
4300000 usd
CY2022Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0 shares
CY2022Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
212018000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4612000 usd
CY2022Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
181000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-11832000 usd
CY2022Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0 shares
CY2022Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
204979000 usd
us-gaap Net Income Loss
NetIncomeLoss
-14981000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16092000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
710000 usd
iacb Decrease In Operating Lease Right Of Use Assets
DecreaseInOperatingLeaseRightOfUseAssets
1332000 usd
us-gaap Net Income Loss
NetIncomeLoss
-3854000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3481000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
487000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
9956000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2311000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-11382000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
3191000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1294000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-581000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-514000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1587000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1032000 usd
iacb Decrease In Operating Lease Right Of Use Assets
DecreaseInOperatingLeaseRightOfUseAssets
0 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
2227000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
355000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46915000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14917000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1782000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
0 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
2872000 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
852000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10089000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3046000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
99568000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
6975000 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1049000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
282000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
378000 usd
us-gaap Origination Of Notes Receivable From Related Parties
OriginationOfNotesReceivableFromRelatedParties
0 usd
us-gaap Origination Of Notes Receivable From Related Parties
OriginationOfNotesReceivableFromRelatedParties
459000 usd
iacb Proceeds From Payments For Deposits Investing Activities
ProceedsFromPaymentsForDepositsInvestingActivities
38000 usd
iacb Proceeds From Payments For Deposits Investing Activities
ProceedsFromPaymentsForDepositsInvestingActivities
-58000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-106787000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1944000 usd
iacb Repayment Of Acquisition Liability
RepaymentOfAcquisitionLiability
0 usd
iacb Repayment Of Acquisition Liability
RepaymentOfAcquisitionLiability
126000 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
9000000 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3033000 usd
us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
3185000 usd
us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
0 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
817000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
882000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6632000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2277000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-110243000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1175000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
157158000 usd
CY2021Q4 iacb Temporary Equity Secondary Sale Amount
TemporaryEquitySecondarySaleAmount
68855000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
727000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
216000 usd
us-gaap Interest Paid Net
InterestPaidNet
371000 usd
us-gaap Interest Paid Net
InterestPaidNet
189000 usd
iacb Noncash Or Part Noncash Acquisition Equity Instrument Consideration Equity Issued
NoncashOrPartNoncashAcquisitionEquityInstrumentConsiderationEquityIssued
47152000 usd
iacb Noncash Or Part Noncash Acquisition Equity Instrument Consideration Equity Issued
NoncashOrPartNoncashAcquisitionEquityInstrumentConsiderationEquityIssued
0 usd
iacb Noncash Preferred Stock Accretion Of Redemption Value
NoncashPreferredStockAccretionOfRedemptionValue
0 usd
iacb Noncash Preferred Stock Accretion Of Redemption Value
NoncashPreferredStockAccretionOfRedemptionValue
52993000 usd
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
0 usd
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
2406000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
46509000 usd
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
14472000 usd
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
406000 usd
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
445000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46915000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14917000 usd
us-gaap Cost Of Revenue
CostOfRevenue
12359000 usd
CY2021Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
156000 usd
us-gaap Cost Of Revenue
CostOfRevenue
21811000 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
Prior period reclassification:<div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the second quarter of 2022, we presented depreciation and amortization expenses as a separate line item on our condensed consolidated statements of operations and all prior periods have been adjusted. Depreciation and amortization expenses were previously included in cost of sales and other operating expenses depending on the underlying asset’s function. Additionally, we no longer present gross profit as a subtotal on our condensed consolidated statements of operations. </span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The reclassification is to better reflect the financial performance of transactions with customers as our business has evolved and include our most recent acquisition. The change provides more clarity about changes in cost of revenue and other operating expenses exclusive of depreciation and amortization, and better align with how our peers and competitors present their financial statements. </span></div>In accordance with US GAAP, all periods presented below have been retrospectively adjusted to reflect the reclassification of cost of revenue and other operating expenses exclusive of depreciation and amortization. There was no net impact to loss from operations, net loss attributable to common stockholders or net loss per stock for any periods presented. The condensed consolidated balance sheets, condensed statements of changes in temporary equity and stockholders’ equity (deficit), and the condensed consolidated statements of cash flows are not affected by this reclassification.
CY2022Q3 us-gaap Cost Of Revenue
CostOfRevenue
8534000 usd
CY2021Q3 us-gaap Cost Of Revenue
CostOfRevenue
4548000 usd
CY2022Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7312000 usd
CY2021Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5342000 usd
CY2022Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13726000 usd
CY2021Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8689000 usd
CY2022Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9046000 usd
CY2021Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3982000 usd
CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1882000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
24276000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16698000 usd
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
38397000 usd
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
23366000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
30456000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10561000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
3481000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
487000 usd
us-gaap Use Of Estimates
UseOfEstimates
Use of estimates:The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates, judgments, and assumptions. The Company’s management believes that the estimates, judgments, and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The COVID-19 pandemic created, and continues to create significant uncertainty in macroeconomic conditions, including supply chain disruptions and labor shortages. Further, other global events such as the war in the Ukraine and the current macro-economic inflationary environment could have an impact on our customers. Based on public reporting and our observations, some advertisers in certain industries decreased and may continue to decrease their short-term advertising spending considering some or all of these factors. This in turn could negatively impact our revenues from such advertisers.The Company has considered the impact of COVID-19 and other global events on its estimates and assumptions and determined that there were no material adverse impacts on the unaudited interim condensed consolidated financial statements for the three and nine-month period ended September 30, 2022 (unaudited). As events continue to evolve and additional information becomes available, the Company’s estimates and assumptions may change materially in future periods.
CY2021Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2022Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
CY2021Q3 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
CY2022Q3 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
CY2022Q2 iacb Business Acquisition Accrued Transaction Costs
BusinessAcquisitionAccruedTransactionCosts
3185000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentrations of credit risks:<div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, deposits and trade receivables, net.</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Most of the Company’s cash and cash equivalents are invested in deposits with major banks in US and Israel. Generally, these investments may be redeemed upon demand and, therefore, bear minimal risk.</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s trade receivables, net is mainly derived from sales to customers located in the APAC, EMEA, and LATAM. The Company mitigates its credit risks by performing an ongoing credit evaluations of its customers’ financial conditions.</span></div>The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements.
iacb Revenue From Contract With Customer Payment Term
RevenueFromContractWithCustomerPaymentTerm
P60D
CY2022Q3 iacb Revenue Recognition Advertisement Serving And Creative Services Percentage
RevenueRecognitionAdvertisementServingAndCreativeServicesPercentage
0.772
CY2021Q3 iacb Revenue Recognition Advertisement Serving And Creative Services Percentage
RevenueRecognitionAdvertisementServingAndCreativeServicesPercentage
0.988
iacb Revenue Recognition Advertisement Serving And Creative Services Percentage
RevenueRecognitionAdvertisementServingAndCreativeServicesPercentage
0.809
iacb Revenue Recognition Advertisement Serving And Creative Services Percentage
RevenueRecognitionAdvertisementServingAndCreativeServicesPercentage
0.986
CY2022Q3 iacb Revenue Recognition Measurement Serving Percentage
RevenueRecognitionMeasurementServingPercentage
0.225
CY2021Q3 iacb Revenue Recognition Measurement Serving Percentage
RevenueRecognitionMeasurementServingPercentage
0.011
iacb Revenue Recognition Measurement Serving Percentage
RevenueRecognitionMeasurementServingPercentage
0.188
iacb Revenue Recognition Measurement Serving Percentage
RevenueRecognitionMeasurementServingPercentage
0.009
CY2021Q4 us-gaap Preferred Stock Convertible Conversion Ratio
PreferredStockConvertibleConversionRatio
1.337
CY2021 iacb Accrued Direct Transaction Cost
AccruedDirectTransactionCost
3185000 usd
CY2021 iacb Accrued Transaction Cost Not Yet Paid
AccruedTransactionCostNotYetPaid
3185000 usd
CY2021 iacb Temporary Equity Secondary Sale Amount
TemporaryEquitySecondarySaleAmount
68855000 usd
CY2021 iacb Payments Of Reverse Recapitalization Transaction Costs
PaymentsOfReverseRecapitalizationTransactionCosts
31160000 usd
CY2021 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
6199000 usd
CY2021 iacb Net Proceeds From The Transaction Before Secondary Sale Amount
NetProceedsFromTheTransactionBeforeSecondarySaleAmount
149252000 usd
CY2021 iacb Warrant Assumed As Part Of Transaction
WarrantAssumedAsPartOfTransaction
22791000 usd
CY2021 iacb Payments Of Reverse Recapitalization Transaction Costs Warrants
PaymentsOfReverseRecapitalizationTransactionCostsWarrants
2750000 usd
CY2021 iacb Reverse Recapitalization Net Of Transaction Costs Before Secondary Sale Amount
ReverseRecapitalizationNetOfTransactionCostsBeforeSecondarySaleAmount
126026000 usd
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
10000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
20000 usd
CY2021Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
1 shares
CY2021Q4 iacb Warrants And Rights Outstanding Exercisable Term From Closing Of Business Combination
WarrantsAndRightsOutstandingExercisableTermFromClosingOfBusinessCombination
P30D
CY2021Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3217000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
4183000 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1904000 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2279000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
4183000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
466000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1413000 usd
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
126000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
334000 usd
iacb Fractional Shares Issued Upon Exercise
FractionalSharesIssuedUponExercise
0 shares
iacb Threshold Period For Not To Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination
ThresholdPeriodForNotToTransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P30D
CY2022Q3 us-gaap Lease Cost
LeaseCost
602000 usd
us-gaap Lease Cost
LeaseCost
1767000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.031
us-gaap Operating Lease Payments
OperatingLeasePayments
1688000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
iacb Right Of Use Assets Obtained In Exchange For Operating Lease Liabilities Upon Lease Modification
RightOfUseAssetsObtainedInExchangeForOperatingLeaseLiabilitiesUponLeaseModification
610000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
471000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2160000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1035000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
695000 usd
CY2022Q3 iacb Lessee Operating Lease Liability Undiscounted Lease Payments
LesseeOperatingLeaseLiabilityUndiscountedLeasePayments
4361000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
178000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4183000 usd
CY2022Q3 iacb Bank Guarantees In Connection With Office Lease Agreement
BankGuaranteesInConnectionWithOfficeLeaseAgreement
231000 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
290000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
780000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
152000 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
5401000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7D
CY2022Q3 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
839000 usd
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18849710 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
129768724 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13157022 shares
CY2021Q3 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
304000 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
34469000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
23469000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
93419000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
64324000 usd
CY2022Q3 us-gaap Noncurrent Assets
NoncurrentAssets
14936000 usd
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
4840000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-11832000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-259000 usd
us-gaap Net Income Loss
NetIncomeLoss
-14981000 usd
us-gaap Net Income Loss
NetIncomeLoss
-3854000 usd
CY2022Q3 iacb Preferred Stocks Accretion To Redemption Value Adjustment
PreferredStocksAccretionToRedemptionValueAdjustment
0 usd
CY2021Q3 iacb Preferred Stocks Accretion To Redemption Value Adjustment
PreferredStocksAccretionToRedemptionValueAdjustment
8189000 usd
iacb Preferred Stocks Accretion To Redemption Value Adjustment
PreferredStocksAccretionToRedemptionValueAdjustment
0 usd
iacb Preferred Stocks Accretion To Redemption Value Adjustment
PreferredStocksAccretionToRedemptionValueAdjustment
52993000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11832000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-11832000 usd
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-8448000 usd
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8448000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14981000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-14981000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-56847000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-56847000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132959511 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18849710 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
129768724 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13157022 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132959511 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.45
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.32
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.45
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.32

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0001835378-22-000134.txt Edgar Link pending
0001835378-22-000134-xbrl.zip Edgar Link pending
exhibit311q3.htm Edgar Link pending
exhibit312q3.htm Edgar Link pending
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