$DEVS
DevvStream Corp.

2023 Q4 Form 10-K Financial Statement

#000114036124018430 Filed on April 08, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $0.00 $0.00 $150.0K
YoY Change -100.0%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.192M $5.220M $1.785M
YoY Change 65.31% 192.46% 315.08%
Operating Profit -$5.220M -$1.935M
YoY Change 169.79%
Interest Expense $747.0K $5.365M $14.11M
YoY Change -74.54% -61.98% 195.82%
% of Operating Profit
Other Income/Expense, Net $1.362M $681.0K $14.11M
YoY Change -95.17% -2866.74%
Pretax Income $916.6K $1.136M $12.18M
YoY Change -58.58% -90.67% 217.9%
Income Tax $173.4K $1.112M $645.4K
% Of Pretax Income 18.92% 97.89% 5.3%
Net Earnings $743.2K $23.95K $11.53M
YoY Change -58.67% -99.79% 201.05%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.40
Diluted Earnings Per Share $0.07 $0.00 $0.40
COMMON SHARES
Basic Shares Outstanding 5.750M 5.750M
Diluted Shares Outstanding 5.750M 5.750M

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $224.4K $224.4K $1.426M
YoY Change -84.26% -84.26% 2.59%
Cash & Equivalents $0.00
Short-Term Investments
Other Short-Term Assets $79.86K $79.86K $367.2K
YoY Change -78.25% -78.25% -20.18%
Inventory
Prepaid Expenses $4.091K
Receivables
Other Receivables
Total Short-Term Assets $318.2K $318.2K $1.793M
YoY Change -82.25% -82.25% -3.59%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $62.42M $62.42M $237.0M
YoY Change -73.67% -73.67% 1.04%
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $62.42M $62.42M $237.0M
YoY Change -73.67% -73.67% 0.88%
TOTAL ASSETS
Total Short-Term Assets $318.2K $318.2K $1.793M
Total Long-Term Assets $62.42M $62.42M $237.0M
Total Assets $62.74M $62.74M $238.8M
YoY Change -73.73% -73.73% 0.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.408M $4.408M
YoY Change
Accrued Expenses $2.235M $2.235M $1.002M
YoY Change 123.06% 123.06% 51.82%
Deferred Revenue
YoY Change
Short-Term Debt $1.875M $1.875M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.44M $52.44M $1.831M
YoY Change 2764.35% 2764.35% 120.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $604.0K $604.0K $9.935M
YoY Change -93.92% -93.92% -51.42%
Total Long-Term Liabilities $604.0K $604.0K $9.935M
YoY Change -93.92% -93.92% -51.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.44M $52.44M $1.831M
Total Long-Term Liabilities $604.0K $604.0K $9.935M
Total Liabilities $53.04M $53.04M $11.77M
YoY Change 350.82% 350.82% -44.71%
SHAREHOLDERS EQUITY
Retained Earnings -$9.160M
YoY Change -7.99%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.694M $9.694M $227.1M
YoY Change
Total Liabilities & Shareholders Equity $62.74M $62.74M $238.8M
YoY Change -73.73% -73.73% 0.85%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income $743.2K $23.95K $11.53M
YoY Change -58.67% -99.79% 201.05%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$630.2K -$3.110M -$967.1K
YoY Change 200.2% 221.63% 130.25%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$133.0K $180.0M $999.1K
YoY Change -119.37% 17912.86% -100.43%
Cash From Investing Activities -$133.0K $180.0M $999.1K
YoY Change -119.37% 17912.84% -100.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$179.9M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 850.0K -178.0M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -630.2K -3.110M -967.1K
Cash From Investing Activities -133.0K 180.0M 999.1K
Cash From Financing Activities 850.0K -178.0M 0.000
Net Change In Cash 86.83K -1.126M 32.07K
YoY Change -81.78% -3610.9% -97.71%
FREE CASH FLOW
Cash From Operating Activities -$630.2K -$3.110M -$967.1K
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Warrant Liability</div> <div>  </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company accounted for the 22,700,000 warrants issued in connection with the IPO and Private Placement in accordance with the guidance contained in FASB ASC 815 “Derivatives and Hedging” whereby under that provision the warrants do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classified the warrant instrument as a liability at fair value and will adjust the instrument to fair value at each reporting period. This liability will be re-measured at each balance sheet date until the warrants are exercised or expire, and any change in fair value will be recognized in the Company’s consolidated statement of operations. The fair value of privately-held warrants was estimated using an internal valuation model. Our valuation model utilized inputs such as assumed share prices, volatility, discount factors and other assumptions and may not be reflective of the price at which they can be settled. Such warrant classification is also subject to re-evaluation at each reporting period.</div>
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-1125839
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
32067
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
300167
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1426006
CY2023 fiac Remeasurement Adjustment Value Of Class A Common Stock To Redemption Amount
RemeasurementAdjustmentValueOfClassACommonStockToRedemptionAmount
5333891
CY2022 fiac Remeasurement Adjustment Value Of Class A Common Stock To Redemption Amount
RemeasurementAdjustmentValueOfClassACommonStockToRedemptionAmount
2420680
CY2023 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
500
CY2022 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
0
CY2023 fiac Redeemable Of Excise Tax Payable In Connection
RedeemableOfExciseTaxPayableInConnection
2235006
CY2022 fiac Redeemable Of Excise Tax Payable In Connection
RedeemableOfExciseTaxPayableInConnection
0
CY2023 fiac Impact Of Waiver Of Deferred Commission By Underwriters
ImpactOfWaiverOfDeferredCommissionByUnderwriters
8340466
CY2022 fiac Impact Of Waiver Of Deferred Commission By Underwriters
ImpactOfWaiverOfDeferredCommissionByUnderwriters
0
CY2023 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
43640022
CY2022 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1770029
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2023 fiac Percentage Of Public Shares That Would Not Be Redeemed If Business Combination Is Not Completed Within Initial Combination Period
PercentageOfPublicSharesThatWouldNotBeRedeemedIfBusinessCombinationIsNotCompletedWithinInitialCombinationPeriod
1
CY2023 fiac Cash Deposited In Trust Account Per Unit
CashDepositedInTrustAccountPerUnit
10.2
CY2023 fiac Percentage Of Public Shares That Would Not Be Redeemed If Business Combination Is Not Completed Within Initial Combination Period
PercentageOfPublicSharesThatWouldNotBeRedeemedIfBusinessCombinationIsNotCompletedWithinInitialCombinationPeriod
1
CY2023 fiac Cash Deposited In Trust Account Per Unit
CashDepositedInTrustAccountPerUnit
10.2
CY2023 fiac Period Of Extension To Consummate Business Combination
PeriodOfExtensionToConsummateBusinessCombination
P1M
CY2023 fiac Period Of Advance Notice To Consummate Initial Business Combination
PeriodOfAdvanceNoticeToConsummateInitialBusinessCombination
P5D
CY2023 fiac Period Of Additional Charter Extension Date
PeriodOfAdditionalCharterExtensionDate
P12M
CY2023Q2 fiac Redemption Limitation Amendment Proposal Amount
RedemptionLimitationAmendmentProposalAmount
5000000
CY2023 fiac Number Of Business Days
NumberOfBusinessDays
P10D
CY2023Q2 fiac Lenders Contribution Deposited In Trust Account
LendersContributionDepositedInTrustAccount
162500
CY2023Q2 fiac Lenders Contribution Deposited In Trust Account Amount Per Share
LendersContributionDepositedInTrustAccountAmountPerShare
0.0325
CY2023 fiac Period Of Extension To Consummate Business Combination
PeriodOfExtensionToConsummateBusinessCombination
P1M
CY2023Q4 fiac Additional Payments To Acquire Marketable Securities
AdditionalPaymentsToAcquireMarketableSecurities
162500
CY2023Q4 fiac Additional Payments To Acquire Marketable Securities
AdditionalPaymentsToAcquireMarketableSecurities
162500
CY2023 fiac Trust Extension Funding
TrustExtensionFunding
1300000
CY2023Q2 fiac Class Of Warrant Or Right Redemption Price
ClassOfWarrantOrRightRedemptionPrice
1
CY2023 fiac Period Of Extension To Consummate Business Combination
PeriodOfExtensionToConsummateBusinessCombination
P1M
CY2023 fiac Period Of Advance Notice To Consummate Initial Business Combination
PeriodOfAdvanceNoticeToConsummateInitialBusinessCombination
P5D
CY2023Q4 fiac Period Of Additional Charter Extension Date
PeriodOfAdditionalCharterExtensionDate
P10M
CY2023Q4 fiac Minimum Number Of Public Holders Required For Continued Listing
MinimumNumberOfPublicHoldersRequiredForContinuedListing
400
CY2023Q4 fiac Advisory Fee Payable
AdvisoryFeePayable
2500000
CY2023Q4 fiac Transaction Fee
TransactionFee
0.04
CY2023Q4 fiac Discretionary Fee Payable
DiscretionaryFeePayable
500000
CY2023 fiac Advisory Offering And Discretionary Fee Due
AdvisoryOfferingAndDiscretionaryFeeDue
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Use of Estimates</div> <div>  </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The preparation of the consolidated 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 consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</div>
CY2023Q4 us-gaap Cash
Cash
224394
CY2022Q4 us-gaap Cash
Cash
1426006
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
75773
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.979
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.053
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
75773
CY2021Q4 fiac Underwriting Fees Deferred
UnderwritingFeesDeferred
8650000
CY2023Q3 fiac Recovery Of Offering Costs Allocated To Warrants
RecoveryOfOfferingCostsAllocatedToWarrants
309534
CY2023Q3 fiac Waiver Of Deferred Underwriters Fee
WaiverOfDeferredUnderwritersFee
8340466
CY2023Q3 fiac Underwriting Fees Deferred
UnderwritingFeesDeferred
0
CY2022Q4 fiac Underwriting Fees Deferred
UnderwritingFeesDeferred
8650000
CY2023Q3 fiac Underwriting Fees Deferred
UnderwritingFeesDeferred
0
CY2023 fiac Recovery Of Offering Costs Allocated To Warrants
RecoveryOfOfferingCostsAllocatedToWarrants
309534
CY2023 us-gaap Professional Fees
ProfessionalFees
150000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023 fiac Stock Conversion Ratio
StockConversionRatio
1
CY2023Q4 fiac Stock Conversion As Converted Percentage
StockConversionAsConvertedPercentage
0.20
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
0
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
0
CY2023Q4 fiac Deferred Tax Assets Organizational Or Startup Costs
DeferredTaxAssetsOrganizationalOrStartupCosts
966411
CY2022Q4 fiac Deferred Tax Assets Organizational Or Startup Costs
DeferredTaxAssetsOrganizationalOrStartupCosts
418972
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
966411
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
418972
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
966411
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
418972
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
1078985
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
645442
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-531316
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-329066
CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
32746
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-16125
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
547441
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
329066
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1111731
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
645442
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
547441
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
329066
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.006
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2023 fiac Effective Income Tax Rate Reconciliation Tax Penalty Percentage
EffectiveIncomeTaxRateReconciliationTaxPenaltyPercentage
0.001
CY2022 fiac Effective Income Tax Rate Reconciliation Tax Penalty Percentage
EffectiveIncomeTaxRateReconciliationTaxPenaltyPercentage
0
CY2023 fiac Effective Income Tax Rate Reconciliation Changes In Fair Value Of Warrant Liability Percent
EffectiveIncomeTaxRateReconciliationChangesInFairValueOfWarrantLiabilityPercent
-0.13
CY2022 fiac Effective Income Tax Rate Reconciliation Changes In Fair Value Of Warrant Liability Percent
EffectiveIncomeTaxRateReconciliationChangesInFairValueOfWarrantLiabilityPercent
-0.184
CY2023 fiac Effective Income Tax Rate Reconciliation Transaction Cost Allocated To Warrant Liability Percent
EffectiveIncomeTaxRateReconciliationTransactionCostAllocatedToWarrantLiabilityPercent
-0.059
CY2022 fiac Effective Income Tax Rate Reconciliation Transaction Cost Allocated To Warrant Liability Percent
EffectiveIncomeTaxRateReconciliationTransactionCostAllocatedToWarrantLiabilityPercent
0
CY2023 fiac Effective Income Tax Rate Reconciliation Business Combination Expenses Percentage
EffectiveIncomeTaxRateReconciliationBusinessCombinationExpensesPercentage
0.474
CY2022 fiac Effective Income Tax Rate Reconciliation Business Combination Expenses Percentage
EffectiveIncomeTaxRateReconciliationBusinessCombinationExpensesPercentage
0
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.477
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.027
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.979
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.053

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