$EMCG
Embrace Change Acquisition Corp

2024 Q1 Form 10-Q Financial Statement

#000119312524055930 Filed on March 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $49.80K $488.0K
YoY Change -61.17% 216.4%
Operating Profit -$49.80K -$488.0K
YoY Change -61.17% 216.4%
Interest Expense $735.6K $942.8K
YoY Change -10.55% 662.88%
% of Operating Profit
Other Income/Expense, Net $357.1K $942.8K
YoY Change -56.58%
Pretax Income $307.3K $454.8K
YoY Change -55.73% -1583.37%
Income Tax
% Of Pretax Income
Net Earnings $307.3K $454.8K
YoY Change -55.73% -1583.51%
Net Earnings / Revenue
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share $0.04 -$0.05
COMMON SHARES
Basic Shares Outstanding 7.423M 8.138M
Diluted Shares Outstanding 9.109M

Balance Sheet

Concept 2024 Q1 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.310K $9.210K
YoY Change -98.67% -98.08%
Cash & Equivalents $5.308K $9.208K
Short-Term Investments
Other Short-Term Assets $17.50K
YoY Change
Inventory
Prepaid Expenses $17.50K
Receivables
Other Receivables
Total Short-Term Assets $5.308K $26.71K
YoY Change -98.67% -94.43%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $57.27M $64.06M
YoY Change -25.98% -15.6%
Other Assets
YoY Change
Total Long-Term Assets $57.27M $64.06M
YoY Change -25.98% -15.6%
TOTAL ASSETS
Total Short-Term Assets $5.308K $26.71K
Total Long-Term Assets $57.27M $64.06M
Total Assets $57.27M $64.09M
YoY Change -26.35% -16.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $918.2K
YoY Change
Accrued Expenses $1.049M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $770.1K $10.00K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.882M $928.2K
YoY Change 571.4% 2701.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.966M $2.588M
YoY Change 14.63% 0.0%
Total Long-Term Liabilities $2.966M $2.588M
YoY Change 14.63% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.882M $928.2K
Total Long-Term Liabilities $2.966M $2.588M
Total Liabilities $4.848M $3.516M
YoY Change 69.04% 34.15%
SHAREHOLDERS EQUITY
Retained Earnings -$4.843M -$3.489M
YoY Change 96.1% 62.94%
Common Stock $230.00 $230.00
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.842M -$3.489M
YoY Change
Total Liabilities & Shareholders Equity $57.27M $64.09M
YoY Change -26.35% -16.09%

Cashflow Statement

Concept 2024 Q1 2023 Q3
OPERATING ACTIVITIES
Net Income $307.3K $454.8K
YoY Change -55.73% -1583.51%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$77.73K -$87.97K
YoY Change 1616.16% -27.36%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$300.0K $15.19M
YoY Change -120.04%
Cash From Investing Activities -$300.0K $15.19M
YoY Change -120.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $377.7K -15.38M
YoY Change -120.13%
NET CHANGE
Cash From Operating Activities -$77.73K -87.97K
Cash From Investing Activities -$300.0K 15.19M
Cash From Financing Activities $377.7K -15.38M
Net Change In Cash $0.00 -15.46M
YoY Change -100.0% -3356.79%
FREE CASH FLOW
Cash From Operating Activities -$77.73K -$87.97K
Capital Expenditures
Free Cash Flow
YoY Change

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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;">Use of Estimates </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 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 revenues and expenses during the reporting period. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </div>
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
3898030
CY2023Q3 emcgu Deferred Underwriter Fee Payable Non Current
DeferredUnderwriterFeePayableNonCurrent
2587499
us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
571245
emcgu Accretion Of Offering Costs To Deficit
AccretionOfOfferingCostsToDeficit
210873
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
7392855
CY2023Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
5951964
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
7392855
CY2022Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
6109374
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6109374
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
9493462
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9493462
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
3284209
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3284209
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Concentration of Credit Risk </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. On September 30, 2023, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. On September 30, 2023, the Company had $9,208 cash held in operating bank account. </div>
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2023Q3 us-gaap Cash
Cash
9208
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
3898030
CY2022Q3 emcgu Deferred Underwriter Fee Payable Non Current
DeferredUnderwriterFeePayableNonCurrent
2587499
emcgu Accretion Of Offering Costs To Deficit
AccretionOfOfferingCostsToDeficit
210873
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
3737500
CY2022Q3 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
159478
emcgu Underwriting Discount Percentage
UnderwritingDiscountPercentage
-0.01
emcgu Deferred Underwriting Commission Percentage
DeferredUnderwritingCommissionPercentage
-0.035
emcgu Percenatge Of Gross Proceeds Of The Ordinary Shares
PercenatgeOfGrossProceedsOfTheOrdinaryShares
0.01
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1437500
CY2021Q4 us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
0.5
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2295893
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2295893
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2295893
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2295893
CY2023Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
5951964
CY2022Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
7392855
emcgu Warrants Not Exercisable Term From The Consummation Of Business Combination
WarrantsNotExercisableTermFromTheConsummationOfBusinessCombination
P90D
us-gaap Common Stock Conversion Basis
CommonStockConversionBasis
1/8

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