2022 Q3 Form 10-K Financial Statement
#000149315222024263 Filed on August 29, 2022
Income Statement
Concept | 2022 Q3 | 2022 | 2021 Q3 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | $6.487M | ||
YoY Change | 2.96% | ||
Gross Profit | $3.354M | ||
YoY Change | -20.97% | ||
Gross Profit Margin | |||
Selling, General & Admin | $9.056M | ||
YoY Change | 69.48% | ||
% of Gross Profit | 269.99% | ||
Research & Development | $17.21K | ||
YoY Change | -86.69% | ||
% of Gross Profit | 0.51% | ||
Depreciation & Amortization | $23.35K | ||
YoY Change | -32.37% | ||
% of Gross Profit | 0.7% | ||
Operating Expenses | $1.233M | $1.986M | $8.380K |
YoY Change | 14612.29% | 23596.3% | |
Operating Profit | -$1.986M | ||
YoY Change | 61.68% | ||
Interest Expense | $213.5K | $222.9K | |
YoY Change | 1.32% | ||
% of Operating Profit | |||
Other Income/Expense, Net | $222.9K | ||
YoY Change | -89.76% | ||
Pretax Income | -$1.019M | -$1.763M | -$8.380K |
YoY Change | 12064.32% | 20936.28% | |
Income Tax | $17.42K | ||
% Of Pretax Income | |||
Net Earnings | -$1.019M | -$1.763M | -$8.380K |
YoY Change | 12064.32% | 20936.25% | |
Net Earnings / Revenue | |||
Basic Earnings Per Share | -$2.07 | ||
Diluted Earnings Per Share | -$91.80K | -$213.9K | -$4.469K |
COMMON SHARES | |||
Basic Shares Outstanding | 11.07M shares | 12.03M shares | |
Diluted Shares Outstanding | 12.03M shares |
Balance Sheet
Concept | 2022 Q3 | 2022 | 2021 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $193.6K | $193.6K | |
YoY Change | 1.87% | ||
Cash & Equivalents | $193.5K | ||
Short-Term Investments | |||
Other Short-Term Assets | $86.58M | $86.58M | |
YoY Change | 20086.06% | ||
Inventory | |||
Prepaid Expenses | $109.1K | $181.0K | |
Receivables | $1.852M | ||
Other Receivables | $22.17M | ||
Total Short-Term Assets | $86.78M | $86.78M | $428.9K |
YoY Change | 20131.19% | 20131.19% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $124.5K | ||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $478.1K | ||
YoY Change | |||
Total Long-Term Assets | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | $86.78M | $86.78M | $428.9K |
Total Long-Term Assets | $0.00 | $0.00 | $0.00 |
Total Assets | $86.78M | $86.78M | $428.9K |
YoY Change | 20131.19% | 20131.19% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $1.635M | ||
YoY Change | |||
Accrued Expenses | $824.4K | $824.4K | $3.640K |
YoY Change | 22548.63% | 22548.63% | |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $800.0K | $800.0K | |
YoY Change | |||
Long-Term Debt Due | $7.190K | ||
YoY Change | |||
Total Short-Term Liabilities | $4.730M | $4.730M | |
YoY Change | 1083.1% | ||
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | |
YoY Change | |||
Other Long-Term Liabilities | $0.00 | ||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $4.730M | $4.730M | |
Total Long-Term Liabilities | $0.00 | $0.00 | |
Total Liabilities | $4.730M | $4.730M | $399.8K |
YoY Change | 1083.11% | 1083.1% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$3.724M | -$8.377K | |
YoY Change | 44349.68% | ||
Common Stock | $0.00 | $0.00 | |
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$3.724M | $82.05M | $29.12K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $86.78M | $86.78M | $428.9K |
YoY Change | 20131.19% | 20131.19% |
Cashflow Statement
Concept | 2022 Q3 | 2022 | 2021 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$1.019M | -$1.763M | -$8.380K |
YoY Change | 12064.32% | 20936.25% | |
Depreciation, Depletion And Amortization | $23.35K | ||
YoY Change | -32.37% | ||
Cash From Operating Activities | -$353.3K | -$1.006M | |
YoY Change | |||
INVESTING ACTIVITIES | |||
Capital Expenditures | $18.14K | ||
YoY Change | 826.78% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | -$86.25M | |
YoY Change | 0.0% | ||
Cash From Investing Activities | $0.00 | -$86.25M | |
YoY Change | 24115.08% | ||
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 | $87.45M | |
YoY Change | -52038.12% | ||
NET CHANGE | |||
Cash From Operating Activities | -353.3K | -$1.006M | |
Cash From Investing Activities | 0.000 | -$86.25M | |
Cash From Financing Activities | 0.000 | $87.45M | |
Net Change In Cash | -353.3K | $193.5K | |
YoY Change | |||
FREE CASH FLOW | |||
Cash From Operating Activities | -$353.3K | -$1.006M | |
Capital Expenditures | $18.14K | ||
Free Cash Flow | -$1.024M | ||
YoY Change | 52243.69% |
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-8377 | usd | |
LAXXU |
Formation And Operating Costs Paid By Related Party
FormationAndOperatingCostsPaidByRelatedParty
|
-8377 | usd | |
CY2022 | LAXXU |
Dividends Earned On Cash And Marketable Securities Held In Trust Account
DividendsEarnedOnCashAndMarketableSecuritiesHeldInTrustAccount
|
222912 | usd |
CY2022 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-71857 | usd |
CY2022 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
820770 | usd |
CY2022 | us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
86894 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1006229 | usd |
CY2022 | LAXXU |
Principal Deposited In Trust Account
PrincipalDepositedInTrustAccount
|
86250000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-86250000 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
86250000 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
2922500 | usd |
CY2022 | LAXXU |
Proceeds From Underwriters Purchase Option
ProceedsFromUnderwritersPurchaseOption
|
100 | usd |
CY2022 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
800000 | usd |
CY2022 | LAXXU |
Payment Of Underwriting Commission
PaymentOfUnderwritingCommission
|
-1725000 | usd |
CY2022 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
396157 | usd |
CY2022 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
401668 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
87449775 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
193546 | usd |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
193546 | usd |
LAXXU |
Deferred Offering Costs Paid By Sponsor In Exchange For Issuance Of Ordinary Shares
DeferredOfferingCostsPaidBySponsorInExchangeForIssuanceOfOrdinaryShares
|
37500 | usd | |
LAXXU |
Deferred Offering Costs Paid By Related Party
DeferredOfferingCostsPaidByRelatedParty
|
206780 | usd | |
LAXXU |
Deferred Offering Costs Included In Accrued Offering Costs And Expenses
DeferredOfferingCostsIncludedInAccruedOfferingCostsAndExpenses
|
3640 | usd | |
LAXXU |
Prepaid Expense Paid By Related Party
PrepaidExpensePaidByRelatedParty
|
181000 | usd | |
CY2022 | LAXXU |
Initial Value Of Ordinary Shares Subject To Possible Redemption
InitialValueOfOrdinarySharesSubjectToPossibleRedemption
|
85546185 | usd |
CY2022 | LAXXU |
Subsequent Measurement Of Ordinary Shares Subject To Possible Redemption
SubsequentMeasurementOfOrdinarySharesSubjectToPossibleRedemption
|
222912 | usd |
CY2022 | LAXXU |
Deferred Underwriting Commission
DeferredUnderwritingCommission
|
3018750 | usd |
CY2022Q3 | us-gaap |
Cash
Cash
|
193546 | usd |
CY2022Q3 | LAXXU |
Working Capital
WorkingCapital
|
1408615 | usd |
CY2021Q3 | LAXXU |
Working Capital
WorkingCapital
|
218797 | usd |
CY2021Q4 | us-gaap |
Noninterest Expense Offering Cost
NoninterestExpenseOfferingCost
|
5876815 | usd |
CY2021Q4 | us-gaap |
Payments For Underwriting Expense
PaymentsForUnderwritingExpense
|
1725000 | usd |
CY2021Q4 | us-gaap |
Deferred Offering Costs
DeferredOfferingCosts
|
3018750 | usd |
CY2021Q4 | us-gaap |
Other Deferred Costs Net
OtherDeferredCostsNet
|
649588 | usd |
CY2021Q4 | us-gaap |
Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
|
483477 | usd |
CY2021Q4 | us-gaap |
Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
|
100 | usd |
CY2021Q4 | us-gaap |
Common Stock Shares Subscriptions
CommonStockSharesSubscriptions
|
25000 | usd |
CY2021Q4 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
87114830 | usd |
us-gaap |
Payment For Administrative Fees
PaymentForAdministrativeFees
|
83000 | usd | |
CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_841_eus-gaap--UseOfEstimates_zTOGlkbAdga6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zSNdwB8CTBQ5">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2022Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
193546 | usd |
CY2022Q3 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
86472912 | usd |
CY2022 | LAXXU |
Dividends On Marketable Securities Held In Trust
DividendsOnMarketableSecuritiesHeldInTrust
|
222912 | usd |
CY2021Q4 | us-gaap |
Underwriting Expense Ratio
UnderwritingExpenseRatio
|
0.020 | pure |
CY2021Q4 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
1725000 | usd |
CY2021Q4 | LAXXU |
Deferred Underwriting Expense Ratio
DeferredUnderwritingExpenseRatio
|
0.035 | pure |
CY2022 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zLVYi3pwq4fj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zjHSgYSFpuX3">Concentration of credit risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $<span id="xdx_908_eus-gaap--MalpracticeInsuranceCoverageFloor_c20210801__20220731_zSt0AhFORMh8" title="Federal depository insurance coverage">250,000</span>. As of July 31, 2022 and 2021, the Company had not experienced losses on this account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2022 | us-gaap |
Malpractice Insurance Coverage Floor
MalpracticeInsuranceCoverageFloor
|
250000 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1762838 | usd |
CY2022 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
14695090 | usd |
CY2022 | LAXXU |
Net Loss Including Accretion Of Temporary Equity To Redemption Value
NetLossIncludingAccretionOfTemporaryEquityToRedemptionValue
|
-16457928 | usd |
CY2021Q4 | us-gaap |
Deferred Offering Costs
DeferredOfferingCosts
|
3018750 | usd |
CY2021Q4 | us-gaap |
Other Underwriting Expense
OtherUnderwritingExpense
|
225000 | usd |
CY2022 | us-gaap |
Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
|
500000 | usd |
CY2022Q3 | us-gaap |
Common Stock No Par Value
CommonStockNoParValue
|
0 | |
CY2021Q3 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
1437500 | shares |
CY2022Q3 | us-gaap |
Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
|
3306524 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
86250000 | usd |
CY2022 | LAXXU |
Proceeds Allocated To Pubic Warrants And Public Rights
ProceedsAllocatedToPubicWarrantsAndPublicRights
|
9979125 | usd |
CY2022 | LAXXU |
Proceeds From Issuance Of Redeemable Stock
ProceedsFromIssuanceOfRedeemableStock
|
5196868 | usd |
CY2022 | LAXXU |
Accretion Of Carrying Value To Redemption Value Deemed Dividend
AccretionOfCarryingValueToRedemptionValueDeemedDividend
|
14695090 | usd |
CY2022 | LAXXU |
Temporary Equity Carrying Amount Subject To Possible Redemption
TemporaryEquityCarryingAmountSubjectToPossibleRedemption
|
85769097 | usd |
CY2022Q3 | us-gaap |
Debt Instrument Fee Amount
DebtInstrumentFeeAmount
|
3894 | usd |
CY2022Q3 | us-gaap |
Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
|
3894 | usd |
CY2021Q4 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
396157 | usd |
CY2021Q3 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
25000 | usd |
CY2022Q3 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
11.50 | |
CY2022 | us-gaap |
Class Of Warrant Or Right Reason For Issuing To Nonemployees
ClassOfWarrantOrRightReasonForIssuingToNonemployees
|
No fractional warrant will be issued and only whole warrants will trade. The Company may redeem the warrants at a price of $0.01 per warrant upon 30 days’ notice, only in the event that the last sale price of the ordinary shares is at least $16.50 per share for any 20 trading days within a 30-trading day period ending on the third day prior to the date on which notice of redemption is given, provided there is an effective registration statement and current prospectus in effect with respect to the ordinary shares underlying such warrants during the 30 day redemption period. If a registration statement is not effective within 60 days following the consummation of a business combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. | |
CY2022 | LAXXU |
Warrants Redemption Price
WarrantsRedemptionPrice
|
0.01 | |
CY2022Q3 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
86472912 | usd |
CY2022Q3 | us-gaap |
Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
|
86472912 | usd |