$EONR
EON Resources Inc.

2022 Q3 Form 10-Q Financial Statement

#000121390022048110 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $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 $459.3K $599.6K $280.0K
YoY Change
Operating Profit -$459.3K -$599.6K -$276.2K
YoY Change 27736.85% 19987266.67%
Interest Expense $397.7K $118.9K $10.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net $397.7K $118.9K $8.293K
YoY Change
Pretax Income -$61.63K -$480.7K -$270.0K
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$61.63K -$480.7K -$298.1K
YoY Change 3635.09% 16023100.0% 83408.96%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$5.299K -$41.33K -$23.22K
COMMON SHARES
Basic Shares Outstanding 11.63M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.55K $326.3K $610.0K
YoY Change
Cash & Equivalents $52.55K $326.2K $609.2K
Short-Term Investments
Other Short-Term Assets $202.7K $330.3K $450.0K
YoY Change
Inventory
Prepaid Expenses $202.7K $330.2K
Receivables
Other Receivables
Total Short-Term Assets $255.3K $656.5K $1.060M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $88.50M $88.10M $87.98M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $88.50M $88.10M $87.98M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $255.3K $656.5K $1.060M
Total Long-Term Assets $88.50M $88.10M $87.98M
Total Assets $88.75M $88.76M $89.04M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $239.9K $232.4K $160.1K
YoY Change
Accrued Expenses $239.9K $232.4K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $389.9K $332.4K $160.0K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.588M $2.588M $2.590M
YoY Change
Total Long-Term Liabilities $2.588M $2.588M $2.590M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $389.9K $332.4K $160.0K
Total Long-Term Liabilities $2.588M $2.588M $2.590M
Total Liabilities $2.977M $2.920M $2.750M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$2.572M -$2.137M
YoY Change
Common Stock $301.00 $301.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.572M -$2.136M -$1.656M
YoY Change
Total Liabilities & Shareholders Equity $88.75M $88.76M $89.04M
YoY Change

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$61.63K -$480.7K -$298.1K
YoY Change 3635.09% 16023100.0% 83408.96%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$273.7K -$283.0K -$680.0K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$87.97M
YoY Change
Cash From Investing Activities $0.00 $0.00 -$87.97M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 89.23M
YoY Change
NET CHANGE
Cash From Operating Activities -273.7K -283.0K -680.0K
Cash From Investing Activities 0.000 0.000 -87.97M
Cash From Financing Activities 0.000 0.000 89.23M
Net Change In Cash -273.7K -283.0K 580.0K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$273.7K -$283.0K -$680.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Basis of Presentation:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Condensed Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the period presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K as filed with the SEC on April 15, 2022. The interim results for the six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any future periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><i>Use of Estimates:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 revenues and expenses during the reporting period. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Concentration of Credit Risk:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 $250,000. At June 30, 2022, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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hnr Accretion To Redemption Value
AccretionToRedemptionValue
12340822 usd
hnr Redeemable Common Stock
RedeemableCommonStock
87975000 usd
us-gaap Reclassifications
Reclassifications
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Reclassifications</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain prior period amounts have been reclassified to conform to current period presentation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Recent Accounting Pronouncements:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.</p>
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
11.5
us-gaap Common Stock Conversion Basis
CommonStockConversionBasis
Each Warrant will become exercisable on the later of: (i) one (1) year after the date that the registration statement for the Offering (the “Registration Statement”) is declared effective by the SEC and (ii) the consummation by the Company of a Business Combination and will expire five years after the completion of the Company’s initial Business Combination or earlier upon redemption or liquidation.
us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
7500000 shares
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
18
us-gaap Business Acquisition Planned Restructuring Activities Description
BusinessAcquisitionPlannedRestructuringActivitiesDescription
The Company paid an underwriting discount of five percent (5%) of the gross proceeds of the Initial Public Offering, of which (i) two percent (2.0%) was paid at the closing of the offering in cash and (ii) three percent (3%) will be paid at the consummation of the Business Combination in cash. 
CY2020Q4 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
25000 usd
CY2022Q2 us-gaap Shares Issued
SharesIssued
2875000 shares
CY2022Q1 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
373750 shares
CY2022Q1 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
2501250 shares
CY2022Q2 hnr Aggregate Share
AggregateShare
326250 shares
hnr Underwriters Initial Stockholders Percentage
UnderwritersInitialStockholdersPercentage
0.2248 pure
hnr Initial Business Combination Description
InitialBusinessCombinationDescription
The Company’s initial stockholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier of (A) 180 days after the completion of the Company’s initial Business Combination, or earlier if, subsequent to the Company’s initial Business Combination, the last sale price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 90 days after the Company’s initial Business Combination or (B) the date on which the Company completes a liquidation, merger, stock exchange or other similar transaction after the initial Business Combination that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. 
hnr Private Placement Description
PrivatePlacementDescription
The Sponsor, together with such other members, if any, of the Company’s executive management, directors, advisors or third party investors as determined by the Sponsors in its sole discretion, purchased, in the aggregate, 505,000 units (“Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement which included a share of common stock and warrant to purchase three quarters of one share of common stock at an exercise price of $11.50 per share, subject to certain adjustments (“Private Placement Warrants” and together, the “Private Placement”) that occurred immediately prior to the Public Offering in such amounts as is required to maintain the amount in the Trust Account at $10.20 per Unit sold. The Sponsor agreed that if the over-allotment option was exercised by the underwriter in full or in part, the Sponsor and/or its designees shall purchase from us additional private placement units on a pro rata basis in an amount that is necessary to maintain in the trust account $10.20.
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
505000 shares
hnr Business Combination Into Warrants Description
BusinessCombinationIntoWarrantsDescription
In addition, in order to finance transaction costs in connection with an intended initial business combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). The Working Capital Loans may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,000,000 of the Working Capital Loans may be converted upon completion of a Business Combination into warrants at a price of $1.00 per warrant.
CY2022Q1 hnr Sponsor Advanced Total Amount
SponsorAdvancedTotalAmount
63200 usd
CY2022Q1 hnr Offering Costs
OfferingCosts
25000 usd
CY2022Q1 hnr Short Term Advances
ShortTermAdvances
88200 usd
CY2022Q1 hnr Additional Expenses
AdditionalExpenses
190202 usd
CY2022Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
275000 usd
CY2022Q2 hnr Unamortized Balance Of Prepaid Balance
UnamortizedBalanceOfPrepaidBalance
203536 usd
CY2022Q2 hnr Pay To Agreed
PayToAgreed
10000 usd
CY2022Q2 hnr Company Recognized Expenses
CompanyRecognizedExpenses
30000 usd
hnr Company Recognized Expenses
CompanyRecognizedExpenses
45000 usd
CY2021Q4 hnr Director Equal Amount
DirectorEqualAmount
100000 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2875000 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2875000 shares
CY2022Q1 hnr Forfeited Shares Outstanding
ForfeitedSharesOutstanding
373750 shares
CY2022Q1 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
373750 shares
CY2022Q1 hnr Forfeited Shares Issued
ForfeitedSharesIssued
2501250 shares
CY2021Q4 hnr Sponsor Contribution
SponsorContribution
100000 usd
CY2021Q4 us-gaap Receivable From Officers And Directors For Issuance Of Capital Stock
ReceivableFromOfficersAndDirectorsForIssuanceOfCapitalStock
100000 usd
CY2022Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
8625000 shares
CY2022Q2 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.2
us-gaap Other Underwriting Expense
OtherUnderwritingExpense
usd
hnr Underwriting Discount
UnderwritingDiscount
1725000 usd
hnr Gross Proceeds
GrossProceeds
0.02 pure
us-gaap Amortization Of Deferred Leasing Fees
AmortizationOfDeferredLeasingFees
2587500 usd
hnr Private Placement Warrants Description
PrivatePlacementWarrantsDescription
In the case of the Private Placement Warrants, representative shares issued to EF Hutton, the demand registration rights provided will not be exercisable for longer than five years from the effective date of the registration statement in compliance with FINRA Rule 5110(f)(2)(G)(iv) and the piggyback registration right provided will not be exercisable for longer than seven years from the effective date of the registration statement in compliance with FINRA Rule 5110(f)(2)(G)(v).
CY2021Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
usd
us-gaap Interest Income Securities Other Us Government
InterestIncomeSecuritiesOtherUSGovernment
usd
us-gaap Interest Income Securities Other Us Government
InterestIncomeSecuritiesOtherUSGovernment
usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
usd
hnr Deferred Offering Costs Paid Directly By Related Party
DeferredOfferingCostsPaidDirectlyByRelatedParty
usd
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
usd
hnr Diluted Net Loss Per Nonredeemable Common Stock
DilutedNetLossPerNonredeemableCommonStock
0.00
CY2022Q2 hnr Diluted Net Loss Per Nonredeemable Common Stock
DilutedNetLossPerNonredeemableCommonStock
-0.05
CY2021Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
usd
hnr Diluted Net Loss Per Nonredeemable Common Stock
DilutedNetLossPerNonredeemableCommonStock
-0.10
dei Amendment Flag
AmendmentFlag
false
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
shares
CY2021Q2 hnr Basic Net Loss Per Redeemable Common Stock
BasicNetLossPerRedeemableCommonStock
hnr Basic Net Loss Per Redeemable Common Stock
BasicNetLossPerRedeemableCommonStock
CY2022Q2 hnr Diluted Net Loss Per Redeemable Common Stock
DilutedNetLossPerRedeemableCommonStock
-0.04
hnr Diluted Net Loss Per Redeemable Common Stock
DilutedNetLossPerRedeemableCommonStock
-0.08
CY2021Q2 hnr Diluted Net Loss Per Redeemable Common Stock
DilutedNetLossPerRedeemableCommonStock
hnr Diluted Net Loss Per Redeemable Common Stock
DilutedNetLossPerRedeemableCommonStock
CY2021Q2 hnr Diluted Net Loss Per Nonredeemable Common Stock
DilutedNetLossPerNonredeemableCommonStock
0.00
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001842556

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