$FNVT
Finnovate Acquisition Corp

2022 Q4 Form 10-K Financial Statement

#000149315223012139 Filed on April 13, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $794.6K $1.472M
YoY Change 341.12% 671.02%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $794.6K $1.472M
YoY Change 341.12% 671.02%
Operating Profit -$1.472M
YoY Change
Interest Expense $1.521M $2.583M
YoY Change -439.14% -675.84%
% of Operating Profit
Other Income/Expense, Net $2.583M
YoY Change
Pretax Income $726.6K $1.111M
YoY Change -215.57% -273.66%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $726.6K $1.111M
YoY Change -215.57% -273.66%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.03 $0.05
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $244.2K $244.2K
YoY Change -75.87% -75.87%
Cash & Equivalents $244.2K
Short-Term Investments
Other Short-Term Assets $314.5K $314.5K
YoY Change -14.43% -14.43%
Inventory
Prepaid Expenses $314.5K
Receivables
Other Receivables
Total Short-Term Assets $558.7K $558.7K
YoY Change -59.5% -59.5%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $5.000M
YoY Change 0.0%
Long-Term Investments $178.5M $178.5M
YoY Change 1.47% 1.47%
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $178.5M $178.5M
YoY Change 1.29% 1.29%
TOTAL ASSETS
Total Short-Term Assets $558.7K $558.7K
Total Long-Term Assets $178.5M $178.5M
Total Assets $179.1M $179.1M
YoY Change 0.82% 0.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $522.8K $522.8K
YoY Change
Accrued Expenses $0.00 $0.00
YoY Change -100.0% -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $41.46K $41.46K
YoY Change 591.0% 591.0%
Long-Term Debt Due $449.8K $449.8K
YoY Change
Total Short-Term Liabilities $1.014M $1.014M
YoY Change 363.81% 363.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.014M $1.014M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $1.014M $1.014M
YoY Change 51.71% 51.71%
SHAREHOLDERS EQUITY
Retained Earnings -$455.8K
YoY Change -28.73%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$455.3K $178.1M
YoY Change
Total Liabilities & Shareholders Equity $179.1M $179.1M
YoY Change 0.82% 0.82%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $726.6K $1.111M
YoY Change -215.57% -273.66%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$312.4K -$767.6K
YoY Change -49.37% 19.57%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -312.4K -$767.6K
Cash From Investing Activities
Cash From Financing Activities 0.000
Net Change In Cash -312.4K -$767.6K
YoY Change -130.87% -175.87%
FREE CASH FLOW
Cash From Operating Activities -$312.4K -$767.6K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022 us-gaap Use Of Estimates
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<p id="xdx_842_eus-gaap--UseOfEstimates_zYgPcjcGf2Ub" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_864_zvhUEdnnvb8i">Use of Estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with US 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_846_eus-gaap--ConcentrationRiskCreditRisk_zrFdeo2757Nb" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86C_zd9nmAxeHpU4">Concentration of Credit Risk</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $<span id="xdx_909_eus-gaap--ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposure_c20220101__20221231_zoDEwkfTqCOc" title="Concentration risk financial instrument, Federal depository insurance">250,000</span>. As of December 31, 2022, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
CY2022 us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposure
250000 usd
CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
4171912 usd
CY2021Q4 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
3450000 usd
CY2021Q4 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
721912 usd
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
175950000 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
172500000 usd
CY2021 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3721236 usd
CY2022 FNVT Remeasurement Of Class Redeemables Shares To Redemption Value
RemeasurementOfClassRedeemablesSharesToRedemptionValue
2581059 usd
CY2021 FNVT Remeasurement Of Class Redeemable Shares To Redemption Value
RemeasurementOfClassRedeemableSharesToRedemptionValue
7171236 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
178531059 usd
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
175950000 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
0 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
178531059 usd
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
175952102 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2250000 shares
CY2022Q4 FNVT Cash Fee Percentage
CashFeePercentage
0.035 pure
CY2022 us-gaap Professional Fees
ProfessionalFees
6037500 usd
CY2022Q3 FNVT Percentage Of Private Placement Fee
PercentageOfPrivatePlacementFee
0.025 pure
CY2021Q4 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
2250000 shares
CY2021Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
25000 shares
CY2021Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.006
CY2021Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Forfeited
StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited
562500 shares
CY2021Q1 FNVT Percentage Of Issued And Outstanding Shares
PercentageOfIssuedAndOutstandingShares
0.20 pure
CY2021Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
562500 usd
CY2021Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
250000 usd
CY2022Q4 FNVT Working Capital Loans
WorkingCapitalLoans
1500000 usd
CY2022Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
449765 usd
CY2021Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
449765 usd
CY2022Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
10000 usd
CY2022Q4 FNVT Advance Non Refundable Expense
AdvanceNonRefundableExpense
10000 usd
CY2022 FNVT Percentage Of Private Placement Fee
PercentageOfPrivatePlacementFee
0.025 pure
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares

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