$ELIQQ
Electriq Power Holdings, Inc.

2022 Q4 Form 10-K Financial Statement

#000119312523074903 Filed on March 20, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $15.60M $3.030M
YoY Change 414.92% 12.64%
Gross Profit $374.5K $374.3K
YoY Change 0.05% -142.84%
Gross Profit Margin
Selling, General & Admin $2.589M $4.676M $4.621M
YoY Change 154.02% 1.2%
% of Gross Profit 1248.75% 1234.59%
Research & Development $3.303M $2.596M
YoY Change 27.23% 23.52%
% of Gross Profit 882.15% 693.7%
Depreciation & Amortization $179.8K $85.25K
YoY Change 110.96% -56.14%
% of Gross Profit 48.02% 22.78%
Operating Expenses $2.589M $4.676M $4.621M
YoY Change 154.02% 1.2%
Operating Profit -$4.676M -$4.621M
YoY Change 1.2% 428.92%
Interest Expense $4.165M $16.17M $22.54M
YoY Change 32.59% -28.26% -3715.26%
% of Operating Profit
Other Income/Expense, Net -$31.74M -$21.78M
YoY Change 45.7% -4426.16%
Pretax Income $1.575M $11.50M $17.92M
YoY Change -25.75% -35.85%
Income Tax $628.8K $1.056M $0.00
% Of Pretax Income 39.92% 9.18% 0.0%
Net Earnings $946.5K $10.44M $17.92M
YoY Change -55.39% -41.74%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.02 $0.21 $385.5K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.75K $19.75K $48.49K
YoY Change -59.27% -59.27%
Cash & Equivalents $19.75K
Short-Term Investments
Other Short-Term Assets $108.2K $108.2K $105.7K
YoY Change 2.38% 2.38% -67.72%
Inventory $13.53M $13.53M $8.361M
Prepaid Expenses $108.2K
Receivables $317.4K $317.4K $917.6K
Other Receivables $0.00 $0.00
Total Short-Term Assets $127.9K $127.9K $154.2K
YoY Change -17.02% -17.02%
LONG-TERM ASSETS
Property, Plant & Equipment $1.422M $4.664M $499.5K
YoY Change 833.81% 567.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $80.95M $80.95M $400.0M
YoY Change -79.76% -79.76% 124907.4%
Total Long-Term Assets $80.95M $80.95M $400.0M
YoY Change -79.76% -79.76% 124907.4%
TOTAL ASSETS
Total Short-Term Assets $127.9K $127.9K $154.2K
Total Long-Term Assets $80.95M $80.95M $400.0M
Total Assets $81.07M $81.07M $400.2M
YoY Change -79.74% -79.74% 124955.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $276.9K $276.9K $48.92K
YoY Change 466.1% 466.07%
Accrued Expenses $4.472M $4.472M $2.550M
YoY Change 84.13% 75.36% 1493.93%
Deferred Revenue $192.0K
YoY Change
Short-Term Debt $2.330M $2.330M $920.0K
YoY Change 153.3% 153.3% 557.14%
Long-Term Debt Due $11.38M $1.856M
YoY Change 512.94%
Total Short-Term Liabilities $8.135M $8.135M $3.519M
YoY Change 131.17% 131.17% 1073.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.80M $14.80M $24.60M
YoY Change -39.84% -39.84% 20923.84%
Total Long-Term Liabilities $14.80M $14.80M $24.60M
YoY Change -39.84% -39.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.135M $8.135M $3.519M
Total Long-Term Liabilities $14.80M $14.80M $24.60M
Total Liabilities $22.94M $22.94M $28.12M
YoY Change -18.44% -18.44% 9273.07%
SHAREHOLDERS EQUITY
Retained Earnings -$21.60M
YoY Change -22.69%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$21.60M $58.14M $372.1M
YoY Change
Total Liabilities & Shareholders Equity $81.07M $81.07M $400.2M
YoY Change -79.74% -79.74% 124955.57%

Cashflow Statement

Concept 2022 Q4 2022 2021
OPERATING ACTIVITIES
Net Income $946.5K $10.44M $17.92M
YoY Change -55.39% -41.74%
Depreciation, Depletion And Amortization $179.8K $85.25K
YoY Change 110.96% -56.14%
Cash From Operating Activities -$502.5K -$2.529M -$2.212M
YoY Change 48.19% 14.33%
INVESTING ACTIVITIES
Capital Expenditures $1.103M $509.9K
YoY Change 116.24% 3552.79%
Acquisitions
YoY Change
Other Investing Activities $324.4M $324.8M -$400.0M
YoY Change -181.19% 9803821.57%
Cash From Investing Activities $324.4M $324.8M -$400.0M
YoY Change -181.19% 2217194.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00K $410.0M
YoY Change -99.99%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -324.2M -322.3M 402.3M
YoY Change -92717.75% -180.11%
NET CHANGE
Cash From Operating Activities -502.5K -2.529M -2.212M
Cash From Investing Activities 324.4M 324.8M -400.0M
Cash From Financing Activities -324.2M -322.3M 402.3M
Net Change In Cash -222.5K -28.74K 47.99K
YoY Change -2147.38% -159.89%
FREE CASH FLOW
Cash From Operating Activities -$502.5K -$2.529M -$2.212M
Capital Expenditures $1.103M $509.9K
Free Cash Flow -$3.631M -$2.722M
YoY Change 33.42% 19396.63%

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CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of financial statements in conformity with 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 income and expenses during the reporting period. 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 consolidated 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. </div>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="null;text-indent: 0px;;display:inline;">The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of</div> $250,000. <div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div></div>
CY2021Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
80900000
CY2021 tlga Terms Of Restricted Investments
TermsOfRestrictedInvestments
P185D
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
349000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1600000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022 tlga Minimum Lock In Period For Transfer Assign Or Sell Warrants After Completion Of Ipo
MinimumLockInPeriodForTransferAssignOrSellWarrantsAfterCompletionOfIpo
P30D
CY2022 tlga Underwriting Discount Paid Per Unit
UnderwritingDiscountPaidPerUnit
0.2
CY2022 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
8000000
CY2022 tlga Deferred Underwriting Commission Per Unit
DeferredUnderwritingCommissionPerUnit
0.35
CY2021Q4 tlga Deferred Underwriting Commissions Noncurrent
DeferredUnderwritingCommissionsNoncurrent
14000000
CY2022Q4 tlga Contingent Fee
ContingentFee
949000
CY2021Q4 tlga Contingent Fee
ContingentFee
0
CY2022Q3 tlga Percentage Of Federal Excise Tax On Stock Buy Back
PercentageOfFederalExciseTaxOnStockBuyBack
0.01
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 tlga Percentage Of Ownership Held By Initial Shareholders
PercentageOfOwnershipHeldByInitialShareholders
0.20
CY2022Q4 tlga Minimum Percentage Of Outstanding Shareholders Approval Required For Amendment
MinimumPercentageOfOutstandingShareholdersApprovalRequiredForAmendment
0.90
CY2022Q4 tlga Common Stock Threshold Percentage On Conversion Of Shares
CommonStockThresholdPercentageOnConversionOfShares
0.20
CY2022 tlga Minimum Lock In Period For Transfer Assign Or Sell Warrants After Completion Of Ipo
MinimumLockInPeriodForTransferAssignOrSellWarrantsAfterCompletionOfIpo
P30D
CY2022 tlga Number Of Consecutive Trading Days For Determining Share Price
NumberOfConsecutiveTradingDaysForDeterminingSharePrice
P10D
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1100000
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
1055679
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-348546
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1572412
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
348546
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1572412
CY2022 tlga Income Tax Provision
IncomeTaxProvision
1055679
CY2021 tlga Income Tax Provision
IncomeTaxProvision
0
CY2022Q4 tlga Deferred Tax Assets Startup Or Organization Costs
DeferredTaxAssetsStartupOrOrganizationCosts
708381
CY2021Q4 tlga Deferred Tax Assets Startup Or Organization Costs
DeferredTaxAssetsStartupOrOrganizationCosts
926801
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
0
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
645611
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
708381
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1572412
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
708381
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1572412
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
708000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1600000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 tlga Effective Income Tax Rate Reconciliation Change In Fair Value Of Derivative Warrant Liabilities
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfDerivativeWarrantLiabilities
-0.19
CY2021 tlga Effective Income Tax Rate Reconciliation Change In Fair Value Of Derivative Warrant Liabilities
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfDerivativeWarrantLiabilities
-0.28
CY2022 tlga Effective Income Tax Rate Reconciliation Transaction Costs Allocated To Derivative Warrant Liabilities
EffectiveIncomeTaxRateReconciliationTransactionCostsAllocatedToDerivativeWarrantLiabilities
0
CY2021 tlga Effective Income Tax Rate Reconciliation Transaction Costs Allocated To Derivative Warrant Liabilities
EffectiveIncomeTaxRateReconciliationTransactionCostsAllocatedToDerivativeWarrantLiabilities
0.017
CY2022 tlga Effective Income Tax Rate Reconciliation Merger Costs
EffectiveIncomeTaxRateReconciliationMergerCosts
0.05
CY2021 tlga Effective Income Tax Rate Reconciliation Merger Costs
EffectiveIncomeTaxRateReconciliationMergerCosts
-0.034
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.032
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.088
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.102
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0

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