2022 Q3 Form 10-K Financial Statement

#000149315222024263 Filed on August 29, 2022

View on sec.gov

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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CY2022Q3 us-gaap Assets Held In Trust Noncurrent
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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

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