$FNVT
Finnovate Acquisition Corp

2023 Q4 Form 10-K Financial Statement

#000149315224012498 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $511.4K $1.993M $1.472M
YoY Change -35.64% 35.36% 671.02%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $511.4K $1.993M $1.472M
YoY Change -35.64% 35.36% 671.02%
Operating Profit -$1.993M -$1.472M
YoY Change 35.36%
Interest Expense $593.9K $4.488M $2.583M
YoY Change -60.96% 73.75% -675.84%
% of Operating Profit
Other Income/Expense, Net $4.488M $2.583M
YoY Change 73.75%
Pretax Income $82.48K $2.495M $1.111M
YoY Change -88.65% 124.64% -273.66%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $82.48K $2.495M $1.111M
YoY Change -88.65% 124.64% -273.66%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.01 $0.19 $0.05
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.00 $40.00 $244.2K
YoY Change -99.98% -99.98% -75.87%
Cash & Equivalents $37.00
Short-Term Investments
Other Short-Term Assets $37.39K $37.39K $314.5K
YoY Change -88.11% -88.11% -14.43%
Inventory
Prepaid Expenses $37.39K
Receivables
Other Receivables
Total Short-Term Assets $37.43K $37.43K $558.7K
YoY Change -93.3% -93.3% -59.5%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $5.000M
YoY Change 0.0%
Long-Term Investments $51.20M $51.20M $178.5M
YoY Change -71.32% -71.32% 1.47%
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $51.20M $51.20M $178.5M
YoY Change -71.32% -71.32% 1.29%
TOTAL ASSETS
Total Short-Term Assets $37.43K $37.43K $558.7K
Total Long-Term Assets $51.20M $51.20M $178.5M
Total Assets $51.24M $51.24M $179.1M
YoY Change -71.39% -71.39% 0.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.435M $1.435M $522.8K
YoY Change 174.52% 174.52%
Accrued Expenses $0.00
YoY Change -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $856.6K $856.6K $41.46K
YoY Change 1966.09% 1966.09% 591.0%
Long-Term Debt Due $542.5K $542.5K $449.8K
YoY Change 20.62% 20.62%
Total Short-Term Liabilities $2.834M $2.834M $1.014M
YoY Change 179.51% 179.51% 363.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.834M $2.834M $1.014M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.834M $2.834M $1.014M
YoY Change 179.51% 179.51% 51.71%
SHAREHOLDERS EQUITY
Retained Earnings -$2.797M
YoY Change 513.73%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.797M $48.40M $178.1M
YoY Change
Total Liabilities & Shareholders Equity $51.24M $51.24M $179.1M
YoY Change -71.39% -71.39% 0.82%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income $82.48K $2.495M $1.111M
YoY Change -88.65% 124.64% -273.66%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$543.3K -$786.6K -$767.6K
YoY Change 73.95% 2.48% 19.57%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$300.0K $131.8M
YoY Change
Cash From Investing Activities -$300.0K $131.8M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $132.6M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 842.5K -$131.3M
YoY Change
NET CHANGE
Cash From Operating Activities -543.3K -$786.6K -$767.6K
Cash From Investing Activities -300.0K $131.8M
Cash From Financing Activities 842.5K -$131.3M
Net Change In Cash -840.0 -$244.1K -$767.6K
YoY Change -99.73% -68.19% -175.87%
FREE CASH FLOW
Cash From Operating Activities -$543.3K -$786.6K -$767.6K
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_847_eus-gaap--UseOfEstimates_zrotoyR1IoB5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_zhuA1LbZXgA7">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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 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-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_zDpZzZWRvCzc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_z7vKVc9rrN2f">Concentration of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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_908_eus-gaap--CashFDICInsuredAmount_iI_c20231231_z8bTfbsxhp94" title="Cash FDIC insured amount">250,000</span>. As of December 31, 2023, 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-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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800000 usd
CY2023 FNVT Redemptions
Redemptions
-132616922 usd
CY2023Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
51200344 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
178531059 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2021Q4 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
172500000 usd
CY2021Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
175950000 usd
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.20
CY2021Q1 FNVT Percentage Of Issued And Outstanding Shares
PercentageOfIssuedAndOutstandingShares
0.20 pure
CY2023Q2 us-gaap Sponsor Fees
SponsorFees
100000 usd
CY2023Q4 FNVT Extension Note Payable Related Party
ExtensionNotePayableRelatedParty
800000 usd
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
51200344 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
178531059 usd
CY2023Q4 FNVT Cash Fee Percentage
CashFeePercentage
0.0175 pure
CY2023 us-gaap Professional Fees
ProfessionalFees
3018750 usd
CY2023 FNVT Payment For Legal Agreement
PaymentForLegalAgreement
20000 usd
CY2023 FNVT Contractual Milestones
ContractualMilestones
90000 usd
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares

Files In Submission

Name View Source Status
0001493152-24-012498-index-headers.html Edgar Link pending
0001493152-24-012498-index.html Edgar Link pending
0001493152-24-012498.txt Edgar Link pending
0001493152-24-012498-xbrl.zip Edgar Link pending
ex10-21.htm Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
ex32-2.htm Edgar Link pending
ex97.htm Edgar Link pending
ex99-1.htm Edgar Link pending
ex99-2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
fnvt-20231231.xsd Edgar Link pending
form10-k.htm Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
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R2.htm Edgar Link pending
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R3.htm Edgar Link pending
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R32.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
fnvt-20231231_cal.xml Edgar Link unprocessable
fnvt-20231231_def.xml Edgar Link unprocessable
fnvt-20231231_lab.xml Edgar Link unprocessable
fnvt-20231231_pre.xml Edgar Link unprocessable
form10-k_htm.xml Edgar Link completed
FilingSummary.xml Edgar Link unprocessable