2024 Q2 Form 10-Q Financial Statement

#000119312524200695 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2
Revenue $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 $424.0K
YoY Change 69.61%
Operating Profit -$424.0K
YoY Change 67.51%
Interest Expense $737.3K
YoY Change -12.22%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $313.3K
YoY Change -46.64%
Income Tax $146.7K
% Of Pretax Income 46.81%
Net Earnings $166.7K
YoY Change -63.22%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.03
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $860.00
YoY Change -99.43%
Cash & Equivalents $862.00
Short-Term Investments
Other Short-Term Assets $55.50K
YoY Change -7.5%
Inventory
Prepaid Expenses $55.50K
Receivables
Other Receivables
Total Short-Term Assets $56.36K
YoY Change -72.66%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $29.41M
YoY Change -47.99%
Other Assets
YoY Change
Total Long-Term Assets $29.41M
YoY Change -48.0%
TOTAL ASSETS
Total Short-Term Assets $56.36K
Total Long-Term Assets $29.41M
Total Assets $29.47M
YoY Change -48.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $724.2K
YoY Change 193.49%
Accrued Expenses $399.4K
YoY Change 166.25%
Deferred Revenue
YoY Change
Short-Term Debt $1.379M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.016M
YoY Change 457.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $1.897M
YoY Change -0.14%
Total Long-Term Liabilities $1.897M
YoY Change -0.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.016M
Total Long-Term Liabilities $1.897M
Total Liabilities $4.913M
YoY Change 101.53%
SHAREHOLDERS EQUITY
Retained Earnings -$4.478M
YoY Change -1208.38%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.478M
YoY Change
Total Liabilities & Shareholders Equity $29.47M
YoY Change -48.09%

Cashflow Statement

Concept 2024 Q2
OPERATING ACTIVITIES
Net Income $166.7K
YoY Change -63.22%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$741.2K
YoY Change 641.18%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $30.69M
YoY Change
Cash From Investing Activities $30.69M
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 -29.95M
YoY Change 74773.4%
NET CHANGE
Cash From Operating Activities -741.2K
Cash From Investing Activities 30.69M
Cash From Financing Activities -29.95M
Net Change In Cash -4.380K
YoY Change -96.87%
FREE CASH FLOW
Cash From Operating Activities -$741.2K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;text-indent: 0px;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">The preparation of the unaudited condensed financial statements in conformity with U.S. GAAP requires 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. Significant assumptions include the fair value of the Company’s Public Warrants and Representative Shares, at their issuance dates, the valuation of the over-allotment option provided to the underwriters and the excise tax liability in connection with redemption of Class A common stock that occurred at the 2024 Special Meeting. Actual results could differ from those estimates. </div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div>
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dei Entity Registrant Name
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dei Entity Tax Identification Number
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<div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;text-indent: 0px;"><div style="font-weight:bold;display:inline;">Concentration of Credit Risk </div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-indent: 0px;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts. </div>
CY2024Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2024Q2 forlu Percentage Of Common Stock On Conversion Of Shares
PercentageOfCommonStockOnConversionOfShares
0.20
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0
CY2024Q2 us-gaap Share Price
SharePrice
0.81
CY2024Q2 forlu Aggregate Grant Date Fair Value Of The Awards
AggregateGrantDateFairValueOfTheAwards
40500
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
40500
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.47
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.228
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.484
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.256
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.47
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.484
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.228
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.256
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
22012
CY2024Q2 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2023Q2 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0

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