2024 Q1 Form 10-Q Financial Statement

#000121390024004925 Filed on January 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q3
Revenue $7.000K $10.00K
YoY Change -46.15% -28.57%
Cost Of Revenue $70.00K
YoY Change 400.0%
Gross Profit -$60.00K
YoY Change
Gross Profit Margin -600.0%
Selling, General & Admin $988.0K $4.717M
YoY Change -84.4% -42.96%
% of Gross Profit
Research & Development $165.0K $283.0K
YoY Change -46.6% -49.28%
% of Gross Profit
Depreciation & Amortization $260.0K $75.00K
YoY Change -72.01% 7.14%
% of Gross Profit
Operating Expenses $1.186M $3.447M
YoY Change -83.98% -60.95%
Operating Profit -$1.179M -$3.507M
YoY Change -84.05% -60.21%
Interest Expense $42.00K $148.0K
YoY Change -81.33% -65.09%
% of Operating Profit
Other Income/Expense, Net -$325.0K -$41.00K
YoY Change -115.62% -94.74%
Pretax Income -$1.504M -$3.660M
YoY Change -80.31% -91.08%
Income Tax
% Of Pretax Income
Net Earnings -$1.504M -$3.660M
YoY Change -80.31% -91.08%
Net Earnings / Revenue -21485.71% -36600.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.24 -$0.75
COMMON SHARES
Basic Shares Outstanding 8.946M shares 51.98M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.000K $42.00K
YoY Change -99.86% -99.6%
Cash & Equivalents $3.000K $42.00K
Short-Term Investments
Other Short-Term Assets $104.0K $106.0K
YoY Change -2.8% 430.0%
Inventory $1.131M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $262.0K $2.585M
YoY Change -95.83% -85.48%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $2.621M
YoY Change 40.69%
Long-Term Investments
YoY Change
Other Assets $111.0K $118.0K
YoY Change -93.58% -99.5%
Total Long-Term Assets $2.732M $546.0K
YoY Change -24.05% -98.98%
TOTAL ASSETS
Total Short-Term Assets $262.0K $2.585M
Total Long-Term Assets $2.732M $546.0K
Total Assets $2.994M $3.131M
YoY Change -69.67% -95.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.988M $4.816M
YoY Change 67.55% 77.97%
Accrued Expenses $1.815M $1.528M
YoY Change 49.75% 205.6%
Deferred Revenue
YoY Change
Short-Term Debt $386.0K $0.00
YoY Change
Long-Term Debt Due $4.461M $4.006M
YoY Change 32.37%
Total Short-Term Liabilities $17.07M $13.52M
YoY Change 98.86% -59.06%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $859.0K $718.0K
YoY Change -34.92% -96.59%
Total Long-Term Liabilities $859.0K $718.0K
YoY Change -34.92% -97.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.07M $13.52M
Total Long-Term Liabilities $859.0K $718.0K
Total Liabilities $17.93M $14.23M
YoY Change 81.07% -74.46%
SHAREHOLDERS EQUITY
Retained Earnings -$179.2M -$172.3M
YoY Change 15.72% 33.65%
Common Stock $1.000K $6.000K
YoY Change 100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$14.94M -$11.10M
YoY Change
Total Liabilities & Shareholders Equity $2.994M $3.131M
YoY Change -69.67% -95.62%

Cashflow Statement

Concept 2024 Q1 2023 Q3
OPERATING ACTIVITIES
Net Income -$1.504M -$3.660M
YoY Change -80.31% -91.08%
Depreciation, Depletion And Amortization $260.0K $75.00K
YoY Change -72.01% 7.14%
Cash From Operating Activities $1.716M -$865.0K
YoY Change -151.07% -79.74%
INVESTING ACTIVITIES
Capital Expenditures $2.122M $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.122M $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $371.0K 692.0K
YoY Change -120.97%
NET CHANGE
Cash From Operating Activities $1.716M -865.0K
Cash From Investing Activities -$2.122M 0.000
Cash From Financing Activities $371.0K 692.0K
Net Change In Cash -$35.00K -173.0K
YoY Change -98.96% -97.85%
FREE CASH FLOW
Cash From Operating Activities $1.716M -$865.0K
Capital Expenditures $2.122M $0.00
Free Cash Flow -$406.0K -$865.0K
YoY Change -87.92% -81.75%

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -45.35pt"><b><span style="text-decoration:underline">Note 1  DESCRIPTION OF BUSINESS</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FOXO Technologies Inc. (“FOXO” or the “Company”), formerly known as Delwinds Insurance Acquisition Corp. (“Delwinds”), a Delaware corporation, was originally formed in April 2020 as a publicly traded special purpose company for the purpose of effecting a merger, capital stock exchange, asset acquisition, reorganization, or similar business combination involving one or more businesses. FOXO is a leader in commercializing epigenetic biomarker technology to support groundbreaking scientific research and disruptive next-generation business initiatives. The Company applies automated machine learning and artificial intelligence technologies to discover epigenetic biomarkers of human health, wellness and aging. On October 29<sup>th</sup>, 2023 the Company entered into a Letter Agreement with KR8 AI Inc. to develop a Direct to Consumer app (iOS and Android) combining its AI Machine Learning technology to provide a commercial application of Foxo’s epigenetic biomarker technology as a subscription consumer engagement platform. <span>The Letter Agreement limits the distribution of any such apps to consumers in North America. The Letter Agreement provides that KR8 will grant the Company a non-provisional exclusive License with a perpetual term upon the parties’ signing of a definitive license agreement.</span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company manages and reports results of operations for the Company’s epigenetic biomarker technology business operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The Business Combination</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 24, 2022, Delwinds entered into a definitive Agreement and Plan of Merger, dated as of February 24, 2022, as amended on April 26, 2022, July 6, 2022 and August 12, 2022 (the “Merger Agreement”), with FOXO Technologies Inc., now known as FOXO Technologies Operating Company (“FOXO Technologies Operating Company” or “Legacy FOXO”), DWIN Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Delwinds (“Merger Sub”), and DIAC Sponsor LLC (the “Sponsor”), in its capacity as the representative of the stockholders of Delwinds from and after the closing (the “Closing”) of the transactions contemplated by the Merger Agreement (collectively, the “Business Combination”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Business Combination was approved by Delwinds’ stockholders on September 14, 2022 and closed on September 15, 2022 (the “Closing Date”) whereby Merger Sub merged into FOXO Technologies Operating Company, with FOXO Technologies Operating Company surviving the merger as a wholly owned subsidiary of the Company (the “Combined Company”), and with FOXO Technologies Operating Company security holders becoming security holders of the Combined Company. Immediately upon the Closing, the name of Delwinds was changed to FOXO Technologies Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the Closing, FOXO is a holding company whose wholly-owned subsidiary, FOXO Technologies Operating Company, conducts all of the core business operations. FOXO Technologies Operating Company maintains its two wholly-owned subsidiaries, FOXO Labs Inc. and FOXO Life, LLC. FOXO Labs maintains a wholly-owned subsidiary, Scientific Testing Partners, LLC, while FOXO Life Insurance Company was a wholly-owned subsidiary of FOXO Life, LLC. See Note 10 for more information on FOXO Life Insurance Company. References to “FOXO” and the “Company” in these condensed consolidated financial statements refer to FOXO Technologies Operating Company and its wholly-owned subsidiaries prior to the Closing and FOXO Technologies Inc. following the Closing.</p>
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TreasuryStockValueAcquiredCostMethod
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foxo Loss From Pik Note Amendment And2022 Debenture Release
LossFromPIKNoteAmendmentAnd2022DebentureRelease
usd
foxo Cantor Commitment Fee
CantorCommitmentFee
usd
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
usd
foxo Change In Fair Value Of Convertible Debentures
ChangeInFairValueOfConvertibleDebentures
usd
foxo Change In Fair Value Of Forward Purchase Agreement Collateral Derivative
ChangeInFairValueOfForwardPurchaseAgreementCollateralDerivative
usd
foxo Change In Fair Value Of Forward Purchase Agreement Put Derivative
ChangeInFairValueOfForwardPurchaseAgreementPutDerivative
usd
foxo Conversion Of Accrued Interest
ConversionOfAccruedInterest
usd
us-gaap Paid In Kind Interest
PaidInKindInterest
usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
usd
foxo Contributions In The Form Of Rent Payments
ContributionsInTheFormOfRentPayments
usd
foxo Recognition Of Prepaid Offering Costs Upon Election Of Fair Value Option
RecognitionOfPrepaidOfferingCostsUponElectionOfFairValueOption
usd
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
usd
foxo Increase Decrease In Cloud Computing Arrangements
IncreaseDecreaseInCloudComputingArrangements
usd
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
usd
us-gaap Payments For Software
PaymentsForSoftware
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
usd
us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
usd
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
usd
foxo Reverse Recapitalization Proceeds
ReverseRecapitalizationProceeds
usd
foxo Forward Purchase Agreement Escrow
ForwardPurchaseAgreementEscrow
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
foxo Forward Purchase Agreement Collateral Release To Meteora
ForwardPurchaseAgreementCollateralReleaseToMeteora
usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
usd
foxo Debenture Release
DebentureRelease
usd
foxo Pik Note Amendment
PIKNoteAmendment
usd
foxo Exchange Offer
ExchangeOffer
usd
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
usd
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
usd
foxo Accrued Internal Use Softwares
AccruedInternalUseSoftwares
usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
usd
CY2023Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
usd
CY2022Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-25058000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-41026000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-76932000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-3660000 usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001812360

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0001213900-24-004925.txt Edgar Link pending
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f10q0923ex31-1_foxotech.htm Edgar Link pending
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foxo-20230930_cal.xml Edgar Link unprocessable
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foxo-20230930_def.xml Edgar Link unprocessable
foxo-20230930_lab.xml Edgar Link unprocessable
f10q0923_foxotech_htm.xml Edgar Link completed
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